Guanajuato Silver (TSXV: GSVR) reported a mixed Q1 2025, with revenue hitting an all-time high of $21.33 million, up 12% QoQ and 20% year-on-year YoY, propelled by a realized silver price of US$31.88 per ounce and gold at US$2,842.80 per ounce.
Cost of sales rose just 1% QoQ to $16.48 million, allowing mine operating income to jump 82% QoQ to $4.85 million.
Those operating gains, however, were neutralised by non-cash charges: a $2.85 million derivative loss (vs. $0.16 million in Q4) and $1.49 million in depreciation, among others.
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Net loss narrowed only marginally to $2.26 million versus a loss of $2.56 million last year, holding EPS at effectively zero.
Headline EBITDA plunged 53% QoQ to $1.07 million, reflecting the derivative swing and higher depletion charges. Stripping out those items, adjusted EBITDA surged 135% to $4.10 million.
Mine operating cash flow before taxes almost doubled QoQ to $6.33 million and is up more than five-fold YoY, marking a fourth consecutive positive quarter.
Negative working capital widened to –$17.14 million from –$15.39 million at year-end, an 11% deterioration.
Operationally, Guanajuato produced 738,006 silver-equivalent ounces, a 1% uptick from December despite 6% fewer tonnes milled. Unit metrics improved: cash cost fell 3% to $19.19 per ounce and AISC dropped 6% to $23.41 per ounce, although cost per tonne inched 3% higher to $109.19 as grade mix shifted toward lower-margin ore at Topia.
“Record income from operations and higher metal prices underscore the growth potential of our four Mexican assets,” CEO James Anderson said, adding that excess processing capacity positions the company “to take advantage of rising prices for both silver and gold.”
Guanajuato Silver last traded at $0.20 on the TSX Venture.
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