Guanajuato Silver notches 13.7% AgEq production increase in Q3
Guanajuato Silver Company Ltd. [GSVR-TSXV] on Friday released third quarter 2026 production results from its operations in Mexico. Consolidated production in the quarter totaled 683,675 silver equivalent (AgEq) ounces. That represented a 13.7% increase over the previous quarter and a 49.4% increase over third quarter 2025 production of 475,525 AgEq ounces.
Production results are from the company’s wholly-owned Bolanitos mine, El Cubo Mines Complex, San Ignacio Mine and Valenciana Mines Complex (VMC) in Guanajuato, and the Topia Mine in Durango.
The company said Q3 2026 production consisted of 392,138 ounces of silver, 3,771 ounces of gold, 716,561 pounds of lead and 908,759 pounds of zinc. Milled tonnage across all operations was 131,774 tonnes during the quarter, up 14.6% from the second quarter of 2026, with significant increases at Bolanitos, El Cubo and San Ignacio. The company said these increases more than offset the modest decrease at Topia and the pause of mining at VMC.
GSilver shares were unchanged Friday at 34 cents. The shares trade in a 52-week range of $1.15 and 30.5 cents.
GSilver was in the news recently when the company said it has completed a 267-metre-long underground production ramp connecting its San Ignacio and Bolanitos mines. The company said this new ramp is expected to result in lower operating costs, better haulage rates and improved ventilation between the two operations. The establishment of direct underground access between San Ignacio and Bolanitos is one of the first major milestones of the full integration between these two operations.
Third quarter production at Bolanitos totaled 255,146 AgEq ounces, representing an improvement of 38.4% over the previous quarter result of 184,398 AgEq ounces. The increase reflects the expanded availability and access to multiple mining faces due to increased underground development. Q3 production at San Ignacio totaled 50,852 ounces, marking an increase of 22.3% over the previous quarter result of 41,592 ounces. El Cubo produced 154,320 ounces, up 20.9% from the previous quarter.
“This year, the company has made substantial capital expenditures primarily focused on increasing underground development at all of the company’s operations,’’ said GSilver CEO and Chairman James Anderson. “Notably, since April of this year, over 3,500 metres of underground capital development has been completed at our Bolanitos mine, surpassing the full year total for 2025,” he said. “This critical work is beginning to have a positive impact on production as we finish out the calendar year and head into 2027. We remain committed to outpacing the current mine plan regarding our capital development, in order to provide additional operational flexibility, at which point the overall monthly advance rates will drop to a sustainable long-term level.’’
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