Q3-2025 Highlights
Operational
Record silver production of 1.35 million ("M") ounces ("oz") up 278% vs. the prior year driven by the new Zgounder plant; and up 29% increase quarter-over-quarter ("QoQ"), driven by record throughput and improved grades.
Ore processed averaged 3,326 tonnes per day (tpd), up 11% QoQ, with high mill availability of 96%.
Mill average feed grade of 146 grams per tonne ("g/t") Ag, showing improvement QoQ driven by higher-grade underground ore.
Silver recovery averaged 92.5% in Q3-2025.
Financial
Record revenue of $54.3M, up five-fold driven by higher ounces sold from ramp-up and a higher average net realized silver price of $39.85/oz; revenue rose 41% QoQ, supported by increased silver sales and stronger pricing.
Cash costs(1) per silver ounce sold of $20.79.
Record net income of $12.4M; diluted EPS of $0.09.
Strong operating cash flow of $22.4M ($38.1M year-to-date) ending the quarter with $129M in cash providing the flexibility to advance our Boumadine development-stage asset.
Development and Exploration
Announced positive Preliminary Economic Assessment ("PEA") results for Boumadine (November 4, 2025), demonstrating a robust, low-capital-intensity project with attractive scale and cost profile.
Drilled 29,524 metres ("m") at Boumadine, confirming continuity of the Main and Tizi zones and extending Imariren to 1.2 kilometer ("km"). Results returned high-grade intercepts (up to 369 g/t) over 9.0 m) and confirmed a new gold discovery at Asirem.
Drilled 9,770 m at Zgounder on near-mine and regional targets, confirming high-grade mineralization beyond the current resource boundary and advancing regional exploration.
"We are executing on all fronts. The ramp-up at Zgounder is nearly complete, and the mill is now running at a steady state. We are seeing improvements and continue to make targeted improvements to the mine plan, with a focus on optimizing grade control and minimizing dilution. This quarter's strong cash flow reflects solid production volumes and robust margins," said Benoit La Salle, President & CEO.
"We are equally excited about the significant potential of our Boumadine project, underscored by the recently announced PEA results. The study highlight industry-leading capital efficiency and operating costs. The scale of Boumadine, is expected to be about six times Zgounder's current silver-equivalent production run rate. Looking ahead, we are well positioned to deliver long-term value for our shareholders."
Operational Review
In Q3-2025, throughput ramped up to a record 3,326 tpd, up 11% QoQ, with mill availability of 96% driving silver production of 1.35 M oz. A total of 305,964 tonnes ("t") were processed during the quarter, up 12% QoQ, at an average grade of 146 g/t Ag and recovery of 92.5%. Record performance was achieved through optimized blending, circuit improvements, and increased tailings-pumping capacity.
In Q3-2025, underground mining reached steady-state operations, averaging 1,276 tpd at 159 g/t Ag, as mining accessed more continuous mineralized zones, improving overall mined grade. Open-pit activities focused on stripping in the northeast section, yielding 1,066 tpd of ore at 123 g/t Ag, positioning the mine for continued production growth. Total ore mined averaged 2,341 tpd. Additional mobile equipment arriving in Q4-2025 is expected to lift open-pit output above 2,000 tpd by Q1-2026, with enhanced grade control and ore recovery through blast-movement tracking and bench-by-bench modeling.
The operation continues to improve, with the mill currently running above 3,700 tpd and recoveries exceeding 90%. With 158,546 tonnes of stockpiled ore, Zgounder is well positioned for a strong finish to 2025.
Operational Highlights
Three-month periods ended
Nine-month periods ended
September 30,
September 30,
Operational for Zgounder
2025
2024
Variance
2025
2024
Variance
Ore Mined (tonnes)
215,405
120,985
78%
651,354
341,890
91%
Average Grade Mined (g/t Ag)
142
148
(4)%
144
161
(11)%
Ore Processed (tonnes)
305,964
83,352
267%
829,178
245,246
238%
Average Grade Processed (g/t Ag)
146
161
(9)%
149
176
(15)%
Combined Mill Recovery (%)
92.5%
83.0%
9.5%
87.4%
83.3%
4.1%
Milling Operations (tpd)
3,326
906
267%
3,037
895
239%
Silver Ingots Produced (oz)
1,346,882
114,825
1,073%
3,400,372
357,040
852%
Silver in Concentrate Produced (oz)
—
241,102
(100)%
57,479
797,914
(93)%
Total Silver Produced (oz)
1,346,882
355,927
278%
