Cash and cash equivalents stood at $88.9 million at June 30, with working capital of $48.6 million. Management reaffirmed full-year 2026 guidance of 3.2–3.6 million silver ounces at all-in sustaining costs of $30–$35 per ounce, weighted toward stronger production and lower costs in the second half.
What to Watch
The quarter highlights a divergence between the two operations: Cosalá is generating lower-cost ounces while Galena absorbs upgrade-related costs and temporary disruptions. The balance sheet is cleaner after the streaming settlement, but the share count has expanded. Investors will watch whether the hoisting capacity gains at Galena translate into the higher-grade stope access deferred to Q3 and whether the full-year cost guidance holds as the operation ramps up.
Can the Galena upgrade deliver the production and cost profile needed to meet the 2026 targets without further dilution or operational setbacks?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
