Revenues totaled $326.4 million in fiscal 2025, a 15% increase year-over-year, while gross profit more than doubled to $109.4 million and adjusted EBITDA reached $104.6 million, up 99%. Net income declined 74% to $42.2 million due to a significant non-recurring gain in the prior year.

Total silver equivalent production fell 11% to 14.4 million ounces as flooding at Bolivar reduced output, but average realized price rose 36% to $39.00 per ounce. All-in sustaining cash cost increased 18% to $30.81 per ounce, driving a realized margin of $8.19, up 209%.

Cash and highly liquid marketable securities climbed 87% to $66.7 million, including $44.3 million cash and $22.5 million in US Treasury notes and bills. The company completed full debt repayment to Glencore and ended the year with working capital of $63.7 million, up 38%.

The 2026 plan focuses on completing Bolivar’s dewatering program ahead of schedule for full recovery by Q4 2026, advancing Soracaya toward production, and enhancing metallurgical recoveries and concentrate quality at Zimapan. Operational efficiency initiatives and cost discipline across processing plants aim to support long-term value creation.