Shares declined 7.5% as investors reacted negatively to a cautious outlook masked by early-stage ramp-up challenges, capital-intensive development costs, and no clear timeline for achieving steady-state production. Margins remain under pressure, and revenue gains have yet to translate into profitability.
- Q2 silver equivalent production reached a quarterly record of 30,500 ounces, representing a significant increase supported by a 66% rise in mined tonnage from Q1.
- Revenue for Q2 was roughly $1.25 million, more than doubling the first half of 2025 results to $2.7 million year-to-date.
- Net loss widened to approximately $2.8 million for the first six months of 2026, driven by intensified development activities and higher operational costs.
- Underground development advanced 437 meters, enabling future production capacity, but development remains capital intensive and a drag on near-term profitability.
- Management reiterated a target of ramping to 350 tonnes per day by year-end but did not provide a firm timeline, highlighting ongoing uncertainties in operations and expansion phases.
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