James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review their Q2 2025 financials, an operations and exploration update at their 4 producing mines in Mexico, the permitting approval for future development at Pinguico, and the strategy for growth in H2 2025 and beyond.

Selected Q2 2025 Highlights:

• Mine operating income of $3.38M was the fifth consecutive positive quarter; mine operating income totaled US$8.2M for H1 2025.
• Adjusted EBITDA of $1.89M was also positive for the fifth consecutive quarter.
• Working capital deficiency improved by 56% or $8.7M during H1, 2025; down from -$15.4M to -$6.7M.
• The average realized silver price for the quarter was $33.58 per ounce, up 5.2% from Q1. 
• The average realized gold price for the quarter was $3,278 per ounce.
• Guanajuato Silver is a primary precious metals producer with over 90% of the Company’s revenue derived from the production and sale of silver and gold.
• Production for the quarter was 659,237 silver equivalent (“AgEq”) ounces. Production consisted of 321,990 ounces of silver, 2,913 ounces of gold, 683,163 pounds of lead, and 853,646 pounds of zinc.

James reviewed a number of equipment purchases and underground operational initiatives implemented in the quarter, that will improve future working efficiencies at all four of their producing assets in Mexico.  Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.

Next we discussed that the past-producing Pinguico Mine, an epithermal gold-silver vein project, and a satellite project to the nearby El Cubo Mines Complex, received a key development permit on August 6^th that allows the Company to advance this wholly owned project. Receipt of a General Use Explosives Permit, issued by the Ministry of Defense, allows for restart of development work at Pinguico. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in Q4, 2025.

We then got a comprehensive exploration update at Pinguico, the El Horcon Mine, and reviewed some of the recent drill intercepts at the new high-grade zone at the San Ignacio Mine.  Wrapping up James summarizes the various growth initiatives across the Company’s portfolio of projects, and why he anticipates improving metrics over the balance of 2025.  

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Guanajuato Silver at the time of this recording and may choose to buy or sell shares at any time.

Click here to follow the latest news from Guanajuato Silver