Guanajuato Silver (TSXV: GSVR) closed out 2025 with a sharp increase across both its income statement and its production metrics, capping a year in which the precious metals producer moved past the working-capital constraints that defined its first half.
Revenue for the fourth quarter came in at $22.7 million, up 40% from $16.3 million in the third quarter. Mine operating income jumped to $4.0 million, a 375% increase from the prior period, while mine operating cashflow before taxes climbed more than 1,800% sequentially, hitting $5.1 million.
That improvement however was not enough to stem net losses, which increased from $5.8 million in the third quarter to $25.6 million in the fourth quarter, driven by $16.3 million in other operating expenses and a $6.8 million loss on derivatives. EBITDA declined to negative $21.8 million, down from negative $4.6 million, while on an adjusted basis, EBITDA improved to negative $0.6 million versus negative $2.2 million in the prior quarter.
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Working capital sat at $14.2 million at the end of the fourth quarter, up 163% from the $5.4 million reported at the end of Q3. That continues a turnaround that began earlier in the year, when Q3 working capital had swung to a positive $4.6 million from a $6.7 million deficit in Q2, an $11.3 million quarter-over-quarter improvement at the time.
Cash and cash equivalents stood at $41.5 million at year-end, of which $2 million was classified as restricted.
The income gains were powered in part by a precious metals tape that has been generous to producers. Realized prices in Q4 averaged $55.54 per ounce of silver and $4,161.94 per ounce of gold, figures that themselves do much of the heavy lifting in any year-over-year comparison.
Production rose across every metal the company pulls from its Mexican operations. Silver output reached 295,836 ounces, up 21% from Q3. Gold came in at 2,110 ounces, a 4% increase. Lead production rose 35% to 807,449 pounds, and zinc climbed 18% to 875,798 pounds. Silver and gold accounted for 94% of fourth quarter revenue, with silver alone contributing 64%.
But while production is rising, so too are costs. Cash costs on a silver equivalent basis rose 8% quarter over quarter to $34.67 an ounce, while all in sustaining costs increased 6% to $43.12 an ounce.
Chief Executive Officer and Chairman James Anderson framed the quarter as evidence of improving mine development and better operational discipline. “For Q4 2025, revenue was up by 40%, and mine operating cashflow before taxes* was up over 1800% vs the previous quarter; this highlights the advantageous position we have built as a producer of silver and gold during a rising market for precious metals,” added Anderson.
Guanajuato Silver last traded at $0.62 on the TSX Venture.
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