In combination with base metals, a silver equivalent(1) production of 3.6 million oz. Year-to-date production was 5,915,874 silver oz and 32,340 gold oz for a total silver equivalent(1) production of 10.4 million oz. All dollar amounts are in US dollars ($).

Q3 2026 Production Overview

  • Consistent Throughput: Consolidated throughput and grades were consistent with throughput and grades in Q2 2026. Metal recoveries have further improved through continued process refinement, resulting in consolidated production in line with plan and silver equivalent(1) production of 3.6 million oz, compared to 3.4 million produced in Q2 2026.
     
  • Kolpa Further Increases Throughput: Throughput increased in Q3 2026 to 256,052 tonnes, compared to 233,408 tonnes in Q2 2026, reflecting the continued benefits of the plant expansion commissioned at the end of Q1 2026.
     
  • Blockade and Suspension of Operations at Terronera Mine: Operations at the Terronera mine were suspended from August 12 to August 24, 2026, resulting in a slightly lower Q3 throughput of 165,171 tonnes compared to 175,729 tonnes in Q2 2026. During the quarter, metal recoveries improved with optimization and refinement within the plant. Sill development commenced in the high-grade zones of Terronera.
     
  • Guanaceví Temporary Reduction of Capacity: The mill was taken offline on September 21 to replace the primary mill head and trunnion, with repairs expected to be completed in the first half of October. During this period, processing has continued at a lower throughput. This resulted in lower than planned throughput for the quarter of 89,722 tonnes. Ore grades improved compared to the prior quarter; however, higher prices enable mining in lower grade areas, extending mine life.
     
  • Metal Sales and Inventories: Total sales of 1,900,368 silver oz and 9,499 gold oz during the third quarter. A total of 363,854 silver oz and 1,346 gold oz of bullion inventory and 59,547 silver oz and 306 gold oz in concentrate inventory were held as at September 30, 2026.
     

Q3 2026 Operations

Consolidated silver production was 2,096,545 oz in Q3 2026, slightly below plan, and 19% higher than 1,766,926 oz produced in Q3 2025. Higher production is attributed to the higher silver production from Kolpa and the additional 710,670 oz of silver contributed by Terronera, which achieved commercial production on October 1, 2025. These higher contributions were partially offset by the sale of Bolañitos which was finalized on January 15, 2026. Silver production at Guanaceví was 31% lower in Q3 2026 compared to Q3 2025, predominantly due to 24% lower silver grades and 10% lower throughput.

Consolidated gold production was 10,126 oz in Q3 2026, 39% higher than 7,285 oz produced in Q3 2025. Higher production is primarily attributable to the addition of 7,157 oz from Terronera, partially offset by the sale of Bolañitos. Gold production at Guanacevi was 7% lower than Q3 2025, predominantly due to the 10% lower throughput and 1% lower gold grade. 

Terronera’s Q3 2026 production was slightly below plan, reflecting lower throughput during the blockade in August. In September 2026, following the resolution of the blockade, Terronera processed 60,313 tonnes and produced 299,398 oz of silver and 2,472 oz of gold during the month.

During Q3 2026, Terronera recoveries averaged 88.0% for silver and 75.0% for gold, slightly above Q1 and Q2 2026 and in line with plan. Recoveries improved during the quarter, as shown in the monthly production results table below, trending from 85.6% in July and 86.2% in August achieving a recovery of 91.1% in September reflecting the success of optimization work undertaken during the period. Ore grades of 152 grams per tonne (gpt) compared to 126 in Q2 2026 for silver and 1.80 gpt of gold compared to 1.87 in Q2 2026 for gold were in line with plan for the quarter. Grades improved as planned with sill development in higher grade zones commencing during the quarter.

Guanaceví’s throughput was 10% lower than Q3 2025 due to the reduction in capacity in September. Grades were higher than in the preceding quarters but lower than Q3 2025 due to the planned mining sequence through lower-grade areas of the deposit and higher than planned dilution. Supplies of local third-party mill feed continued to supplement Guanaceví production, amounting to 33% of quarterly throughput.

Kolpa's throughput in Q3 2026 was 256,052 tonnes producing 682,903 oz of silver, compared to 233,408 tonnes producing 633,288 oz of silver in Q2 2026, following the plant ramp-up to 2,500 tonnes per day at the end of Q1 2026. The processed material in Q3 2026 averaged grades of 92 g/t silver, 2.67% lead, 2.08% zinc and 0.25% copper. Despite the slightly lower grades, due to the significant increase in throughput, production of silver exceeded plan while production of base metals remained in line with plan.

Updated Guidance

With operational interruptions at Terronera and Guanaceví during the quarter, the Company will be performing recalculations of full year production and cost guidance. Production for the full year is expected to be at or slightly below the low end of the guided range. A guidance update will be provided with the third quarter earnings release on November 9, 2026.