Research Reports

Prepared Highlights

Record revenue: $54 million in Q3 2025 (CEO) (prepared)
Record net income: $12.4 million, or $0.09 per share; adjusted EPS (excluding stock option cost of $0.024/share) was ~$0.114 per share (CEO) (prepared)
Cash flow from operations: $22 million in Q3 (CEO) (prepared)
Cash position: $129 million unrestricted cash; $16 million restricted cash with EBRD; undrawn $10 million credit facility with EBRD (CEO) (prepared)
Production: 1,347,000 ounces of silver in Q3 (CEO) (prepared)
Mill throughput: Q3 average 3,300 tonnes per day; end of September at 3,600 tpd; November hitting 4,000 tpd (not expected to sustain, more toward 3,700–3,800 tpd) (CEO) (prepared)
Mill recoveries: 92.5% in Q3 (CEO) (prepared)
Mill availability: 96% in Q3 (CEO) (prepared)
Underground mine: Steady state 1,300 tonnes per day at 159 g/t grade (CEO) (prepared)
All-in sustaining cost (AISC): $20/oz in Q3 (target $18.50/oz); margin improved to ~$19/oz in Q3 (vs. $12–$13 in Q1/Q2); Q4 margin estimated at ~$28/oz at current silver price ~$50 (CEO) (prepared)
CapEx: $22 million for operations and exploration in Q3; EPC compensation of $7 million (net of legal fees) credited against CapEx (CEO) (prepared)
Exploration drilling: Zgounder: 19,659 meters drilled YTD (budget 20,000–25,000 meters); Boumadine: 109,000 meters drilled YTD (goal 140,000 meters) (CEO) (prepared)
Boumadine PEA (post-quarter): Base case at $2,800 gold / $30 silver: post-tax NPV $1.5 billion; IRR 47%–69%; payback 1.3–2 years; initial CapEx $446 million; AISC first 5 years $928/oz, mine life AISC $1,021/oz (CEO) (prepared)
Boumadine land package: 339 km² permitted mining licenses + 600 km² exploration license (CEO) (prepared)
2025 production guidance: Confirmed; production expected at lower end of guidance range (CEO) (prepared)
2026 drilling plan: 250,000–300,000 meters planned (CEO) (prepared)

Official Guidance

2025 production: Within guidance range, likely lower end (CEO) (prepared)
2026 drilling: 250,000–300,000 meters (CEO) (prepared)

Mgmt Quotes

"Q3 is a strong quarter. We're delivering across all key pillars of our strategy." (CEO) (prepared)
"We have the money to develop Boumadine. And that is extremely important as Boumadine is becoming a world-class Tier 1 asset." (CEO) (prepared)
"The ramp-up has been very smooth. And the execution is on track with a very strong plant that is processing way above the plant capacity." (CEO) (prepared)
"The NPV to CapEx, the CapEx intensity is absolutely unique. It's between 3:1 to 5:1." (CEO) (prepared)
"We're looking at a situation where the same suppliers are going to be coming in to work with us. We know them, they know us. We work very well together." (CEO) (prepared)

Prepared Metrics

Metric	Value	Speaker/Context
Revenue (Q3 2025)	$54 million	CEO (prepared)
Net income (Q3 2025)	$12.4 million ($0.09/share)	CEO (prepared)
Cash flow from operations (Q3)	$22 million	CEO (prepared)
Unrestricted cash (end Q3)	$129 million	CEO (prepared)
Silver production (Q3)	1,347,000 oz	CEO (prepared)
Mill throughput (Q3 avg)	3,300 tpd	CEO (prepared)
Mill recoveries (Q3)	92.5%	CEO (prepared)
Mill availability (Q3)	96%	CEO (prepared)
Underground mine grade	159 g/t	CEO (prepared)
AISC (Q3)	$20/oz	CEO (prepared)
Boumadine PEA post-tax NPV (base case)	$1.5 billion	CEO (prepared)
Boumadine PEA initial CapEx	$446 million	CEO (prepared)
Boumadine PEA AISC first 5 years	$928/oz	CEO (prepared)
Boumadine drilling YTD	109,000 meters	CEO (prepared)
Zgounder drilling YTD	19,659 meters	CEO (prepared)

Q&A Batch (1-5 of 5)

Q1 — Justin Chan

Topic: 开场问候
Key points: 无实质内容，仅为祝贺团队成员。
Mgmt stance: 中性（未提供具体信息）。

Q2 — Justin Chan

Topic: 露天矿与地下矿产量及品位提升时间
Key points: 地下矿日产量已稳定超过1,000吨，品位维持在150-160克/吨附近；露天矿总物料移动量从年初4,000吨/日提升至目前45,000吨/日（9月接近40,000吨/日）；当前工厂处理能力为3,700吨/日，未来长期目标：地下矿产量约1,500吨/日，剩余由露天矿补充，且有15万吨库存可调节；露天矿品位拐点预计在2026年Q1出现，Q4仍处于整理阶段。
Mgmt stance: 谨慎乐观——强调露天矿学习曲线尚未完成，需稳定工序以控制稀释，但长期产量和品位改善路径清晰。

Q3 — Bryce Adams

Topic: 新Zgounder矿计划中的处理率基准与发布时间
Key points: 工厂有能力运行至3,800吨/日，但新矿计划仍在最后审核中，预计2-3周内完成；计划中不会将产量降至2,700吨/日，但具体处理率、品位及边界品位等情景尚未最终确定；管理层对12月发布计划“99%”有信心，仅极低概率延迟至1月。
Mgmt stance: 自信——强调新团队人员已到位，资源与矿计划基本完成，发布时间承诺可靠。

Q4 — Ingrid Rico

Topic: 工厂处理率可持续性、露天矿品位改善措施及信贷安排原因
Key points: 工厂处理率可持续，若未来矿石硬度增加可快速添加三级破碎机（相对便宜）；品位改善需通过减少外部稀释（转向更大矿块开采）和增加内部稀释来实现，实施约1-1.5个月后，预计最早Q4、更可能在Q1见效；Q3提取1,500万美元信贷额度系对欧洲复兴开发银行（EBRD）的协议承诺（初始协议要求至少提款一次），且利差极低（SOFR下降中），公司现金充足（Q3运营现金流强劲），另还有1,000万美元可用额度。
Mgmt stance: 中性偏积极——环保达标无虑，运营稳健；信贷提款纯属履行协议，非资金需求驱动。

Q5 — Don DeMarco

Topic: 地下矿品位预期、矿计划模型可靠性及成本改善展望
Key points: 地下矿品位稳定在150-160克/吨，预计Q4维持此区间；新矿计划将比以往更激进（更大矿块、更注重控制稀释与单位成本）；年初至今成本高于指引范围，主因氰化物消耗量及价格上涨（氧化物物料），Q4目标将单位成本降至20美元/吨以下，但价格合同改善主要影响2026年；地下矿改进源于多水平开拓、更优地质控制（通道采样等），使品位与产量双升。
Mgmt stance: 中性——成本改善有明确目标但受Q4剥离率及一次性支出影响，管理层承认存在不确定性；地下矿前景乐观。