Discovery Silver earnings date
Discovery Silver (DSVSF) Q3 2026 Earnings Report
DSVSF Q3 2026 EPS Results
- Actual EPS
- $0.10
- Consensus EPS
- $0.10
- Beat/Miss
- Missed by -$0.00
- One Year Ago EPS
- $0.08
DSVSF Q3 2026 Revenue Results
- Actual Revenue
- $366.40M
- Expected Revenue
- $358.77M
- Beat/Miss
- Beat by +$7.64M
- YoY Revenue Growth
- +59.32%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/10/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 10, 2026
Discovery Silver's next earnings date is estimated for March 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall, supported by record revenue, EBITDA and gold production, improved mining and milling productivity, strong liquidity, completed Cordero permitting and encouraging exploration results at Pamour and Dome. The company also maintained key annual guidance and outlined substantial growth investments. Offsetting concerns included higher cash and sustaining costs, industry and site-level cost pressures, increased capital spending, a small operating loss at Kidd, mill constraints and the need for additional drilling and technical work before several exploration opportunities can be incorporated into formal resources.
Discovery said it was on track to meet its key cost production and capital guidance ranges for the year and expected to end the year within range for all key metrics, with capital and cash costs at Porcupine coming in towards the higher end of the range; 2026 Cordero capital guidance was lowered to $20 million to $30 million from the original fees and growth capital guidance of $90 million to $100 million, with $18 million in year-to-date capital spend, while Porcupine guidance included $195 million to $235 million in growth capital, $25 million to $35 million in capitalized exploration spend and $120 million to $165 million in sustaining capital, and cost guidance of $1,950 to $2,250 an ounce. Production was weighted to the second half, Pamour’s resource update was planned for early in Q1 2027 using approximately 100 holes or so, Dome’s and Pamour’s resource updates were on track for early '27, the technical report was expected in early 2027, and the updated Cordero feasibility study was expected towards the end of this year and early Q1, followed by more detailed engineering next year.
- Record Revenue and EBITDAQ3 2026 revenue reached a record $371 million, up 16% quarter-over-quarter, primarily reflecting 8% more ounces sold at Porcupine and the full-quarter contribution from Kidd Operations. EBITDA was a record $181 million, up 7% from Q2 and 49% from Q3 2025. Year-to-date EBITDA was $529 million, more than 3x the $171 million reported in the same period last year.
- Record Gold Production and Higher ThroughputDiscovery achieved record Q3 production of 70,564 ounces, up 5% quarter-over-quarter, while gold poured and gold sold each increased 8% quarter-over-quarter. The company milled 943,000 tonnes, up 4% from Q2 and 17% from Q3 2025, reflecting mill investments. Milling exceeded 11,000 tonnes per day on 48 days and 12,000 tonnes per day on 16 days.
- Improved Mining and Milling Unit CostsMining cost per tonne improved by over 10% from Q2 2026 and over 20% from Q3 2025, driven by lower mining costs at Pamour and Borden. Milling cost averaged $20.10 per tonne, improving from $21.50 in Q2 and $21.20 in Q3 2025.
- Strong Free Cash Flow and Balance SheetThe company generated $87 million of free cash flow in Q3, with operating cash flow of $203 million more than funding $116 million of cash capital expenditures. Cash increased 24% to $450 million as of September 30, up $86 million from Q2, while total liquidity reached $844 million, including the undrawn portion of the $400 million revolving credit facility.
- Adjusted Net Income GrowthAdjusted net income was $83 million, or $0.10 per share, up 36% from $61 million, or $0.08 per share, in Q3 2025. The prior quarter reported $92 million, or $0.11 per share.
- Cordero Federal Environmental Permits CompletedDiscovery received the MIA approval and change-of-land-use approval for Cordero, completing the federal environmental permitting process. The change-of-land-use fee was $12 million, below the amount assumed in the original $90 million to $100 million fees and growth capital guidance.
- Lowered Cordero Capital GuidanceCordero capital guidance for 2026 was lowered to $20 million to $30 million from the initial anticipated range because of the lower change-of-land-use fee. Q3 year-to-date Cordero capital spend was $18 million. The company is updating the feasibility study, capital and cost estimates, with completion expected around year-end or early Q1.
- Positive Pamour Exploration ResultsPamour drilling continued to extend mineralization east, west and at depth, with additional strong results from Pamour West and the North Contact zone. Hole PAM29 intersected 4.58 grams per tonne over 20.7 meters, 7.39 grams per tonne over 18 meters and 1.8 grams per tonne over 29 meters. The overall strike length is approaching 4 kilometers, and a larger resource update incorporating approximately 100 holes from 2025 and 2026 is planned for early Q1 2027.
- Dome Exploration ExpansionDome drilling identified new zones to the north and extended mineralization up to 600 meters south of the current pit along the Dome Fault. Highlights included 3.41 grams per tonne over 17.3 meters, 1.42 grams per tonne over 17 meters and 3.56 grams per tonne over 21 meters. The company stated that several shallow zones remain open for expansion, with an updated resource estimate targeted for early 2027.
- Large Existing Timmins Resource BaseDome has more than 17 million ounces mined historically and an existing 11 million ounce resource. Discovery owns 100% of Paymaster, whose contiguous land package contains extensions of the geological structures being tested and additional targets near the Dome Mill.
- Continued Exploration InvestmentDrilling is continuing with four rigs at Pamour and two to three rigs at both the north and south areas of Dome. Future exploration will continue at Pamour, Dome, Borden, the Paymaster properties, the Kidd package and other Timmins targets, with the company expecting significant exploration updates over the next three to five years.
- Borden Operating Changes and Growth PlansDiscovery transitioned Borden operations from the contractor and hired most of the contractor's production personnel, while development remains with a contractor. Management said the change is delivering more footage per man shift. The company also purchased new equipment, is building a camp to support employee attraction and retention, and expects a technical report covering Borden and broader Porcupine growth plans in early 2027.
- Kidd Processing Infrastructure for Borden OreKidd growth capital is being used for tailings buttressing and mill plant modifications to support processing Borden ore, targeted to begin in 2027. Work includes modifications to the Kidd mine site's bins, crusher and rail loadout facilities, as well as changes to circuits at the Kidd Met Site. The site has four separate circuits and can process base-metal and Borden ore separately and simultaneously.
- Kidd Generated Positive Cash FlowKidd Operations generated Q3 revenue of $72.3 million versus $29.7 million for the month of June in Q2, its first full quarter following the June 1 acquisition. Production costs were $45.1 million versus $18.9 million in June, and Kidd generated positive cash flow.
- Planned Porcupine Capital InvestmentAt Porcupine, Discovery planned $195 million to $235 million of growth capital, $25 million to $35 million of capitalized exploration spend and $120 million to $165 million of sustaining capital. Spending priorities include equipment replacement, mill-capacity expansion, exploration and conversion drilling.
- Maintained Key Annual GuidanceManagement stated that the company is on track to meet its key production, cost and capital guidance ranges for the year. Porcupine capital and cash costs are expected to come in toward the higher end of the range, while the company maintained cost guidance of $1,950 to $2,250 per ounce.
- Cordero Strategic OptionsAfter updating the feasibility study and advancing detailed engineering, Discovery plans to evaluate alternatives for Cordero, including building the project itself, working with a partner or other approaches. Management stated that the mine plan and process plant design in the feasibility study are not being changed, aside from filling certain gaps.
DSVSF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 26, 2027 | 2026 (Q4) | 0.11- | 0.14 | ― | ― |
| Nov 10, 2026 | 2026 (Q3) | 0.100.10 | 0.08 | 25.00% (+0.02) | |
| Aug 13, 2026 | 2026 (Q2) | 0.100.11 | 0.04 | 175.00% (+0.07) | |
| May 14, 2026 | 2026 (Q1) | 0.100.10 | -0.01 | 814.29% (+0.11) | |
| Feb 19, 2026 | 2025 (Q4) | 0.100.14 | -0.01 | 1100.00% (+0.15) | |
| Nov 12, 2025 | 2025 (Q3) | 0.050.08 | -0.01 | 1242.86% (+0.09) | |
| Aug 12, 2025 | 2025 (Q2) | 0.040.04 | -0.01 | 366.67% (+0.06) | |
| May 14, 2025 | 2025 (Q1) | 0.00-0.01 | 0 | ― | |
| Mar 27, 2025 | 2024 (Q4) | 0.00-0.01 | -0.01 | -100.00% (-0.01) | |
| Nov 13, 2024 | 2024 (Q3) | -0.00-0.01 | -0.01 | 0.00% (+0.00) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
