Silverco Mining Announces Filing of Q2 2026 Financial Statements and MD&A and Provides Corporate Update
Silverco Mining Ltd. (SICO) has released its unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2026. The company reported a net loss of $6,102,105, or $0.13 per share, for the second quarter. This loss was driven largely by provisional pricing adjustments related to La Negra concentrate sales prior to the company’s acquisition of the asset in May 2026.
For the quarter, Silverco reported revenue of $10,387,168 and mine operating earnings from La Negra of $374,984. The net loss included provisional pricing adjustments of $2,372,538, attributed to silver price declines on pre-acquisition sales, general and administrative expenses of $2,775,889, and transaction expenses of $503,789. The company’s cash position stood at $53,619,837 as of June 30, 2026.
Operations at the La Negra Mine, which covers the post-acquisition period from May 19 to June 30, 2026, yielded 73,264 ounces of silver, 457,848 pounds of copper, 1,368,779 pounds of zinc, and 141,644 pounds of lead. This production equated to a total silver equivalent of 158,259 ounces. The mine is currently classified as being in pre-commercial production, with optimization expected in the first half of 2027 to reach a nameplate capacity of 2,500 tonnes per day.
Silverco commenced a 15,000-metre drilling program for 2026 on July 13, 2026. Operational advancements include the appointment of a new general manager, the ordering of new underground fleet equipment, the implementation of campaign milling, and a tailings filtration project on track for completion in the first quarter of 2027. Additionally, SGS has been engaged to provide an updated resource estimate and preliminary economic assessment, expected in the third quarter of 2026.
At the Cusi Mining Complex, a preliminary economic assessment conducted in April 2026 outlined an 8.3-year mine life with initial capital costs of US$19.2 million. Exploration efforts have yielded initial drill results on June 16 and a second set on July 7, both identifying additional mineralization consistent with the PEA resource. These findings offer opportunities to lower development costs and enhance economics.
Construction and restart activities at Cusi are progressing, with two local underground mining contractors mobilizing on June 25 and the first underground development blast achieved on August 4. Plant refurbishment is advancing across crushing, grinding, flotation, and laboratory facilities, and primary ventilation equipment has arrived. Silverco expects to deliver its first mineral resource from Promontorio in the third quarter of 2026, with first concentrate delivery targeted for the fourth quarter of 2026.
In corporate news, Sean Fallis is stepping down as chief financial officer, with Victoria Avila promoted to the role effective September 30, 2026. Dr. Jesus Velador has been appointed Vice President, Exploration, effective September 1, 2026.
Mark Ayranto, CEO of Silverco, commented on the company's progress. "During Q2 2026, and to date, we have made significant progress at Cusi and La Negra. At Cusi we remain on track to deliver first concentrate in Q4 2026. At La Negra we have seen initial operating improvements and are making investments to allow the mine to reach its 2,500 tonne per day nameplate capacity in H1 2027. The unwavering drive from the entire Silverco team will result in us exiting 2026 with two operating silver mines."
Addressing the management changes, Ayranto added, "We want to express our sincere gratitude to Sean Fallis for his substantial efforts over the past year... We also congratulate Victoria Avila on her promotion to CFO. She brings a proven financial track record and extensive operational experience... Her skillset directly aligns with Silverco's strategic focus to scale its mining operations and become a multi-asset silver producer by the end of 2026."
Nico Harvey, P.Eng., Vice President Project Development, serves as the qualified person for the technical information contained in this release.