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Discovery Reports 63,154 Ounces Of Gold Production, $86.8 Million Of Free Cash Flow(1) In Q3 2025

By The Northwire Desk — AI Analysis Nov 12, 2025 · 23:45 DSV · 6.73 Discovery Silver Corp.
DSV · Price

Executive Summary

  • Discovery Silver reported a strong turnaround in Q3 2025 with net earnings of $42.4 M ($0.05/share) versus a loss a year ago and adjusted net earnings of $61.1 M ($0.08/share).
  • Cash surged 35% to $341.5 M, supported by free cash flow of $86.8 M and a new revolving credit facility for up to $350 M.
  • Gold production rose to 63,154 oz (up from 50,552 oz Q2) with operating cash costs of $1,339/oz and AISC of $1,734/oz, reflecting improved margins.

Key Details

  • Financial Performance – Revenue $237 M; EBITDA $122.1 M; net earnings $42.4 M (+$46.3 M YoY). Adjusted net earnings $61.1 M (+$63.4 M YoY).
  • Cash & Liquidity – Cash at 30 Sep 2025: $341.5 M (up from $252.5 M); Working capital $224.2 M. New revolving credit facility: up to $250 M with a $100 M accordion, expected close Q4 2025.
  • Gold Production & Sales – Produced 63,154 oz; sold 66,200 oz at an average realized price of $3,489/oz (up from $3,337/oz in Q2).
  • Cost Metrics – Operating cash costs $1,339/oz (vs. $1,341/oz prior quarter); Site‑level AISC $1,699/oz (down from $1,849/oz).
  • Cash Flow – Net cash from operating activities $153.5 M; Free cash flow $86.8 M.
  • Capital Expenditures – Total capex Q3 2025: $65.2 M (growth capex $44.4 M, sustaining capex $20.8 M).
  • Exploration Update – Strong drill results at Hoyle Pond, Borden, Pamour and Owl Creek; commencement of drilling at Dome Mine and TVZ Zone targeting 140,000 m program to complete early 2026.
  • Cordero Project – Feasibility study highlights: 37 M AgEq/yr (first 12 yrs), AISC <$12.50/AgEq, NPV $1.2 B; capital spend $606 M; ongoing de‑risking activities (power, water, permitting).
  • Outlook – Continued investment to raise mining rates at Hoyle Pond & Borden, ramp up Pamour, and advance Dome, TVZ, and regional targets; ample liquidity to fund growth.

Notable Quotes

“During Q3 2025, we generated solid operating and financial results while integrating the Porcupine acquisition… With our current cash, as well as a new revolving credit facility for $250 M plus a $100 M accordion feature, Discovery is very well capitalized as it moves forward with investment plans aimed at growing production, improving costs and maximizing value creation at Porcupine.” – Tony Makuch, President & CEO.

Read the original news release →

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