Equinox Gold reported a record Q1 2025, producing ~145,000 oz of gold and generating $423.7 M in revenue, up 76 % year-over-year. Despite higher income from operations, the company posted a $75.5 M net loss and $36.6 M adjusted net loss due to finance costs and other expenses. Adjusted EBITDA was $137.9 M. Operations at Los Filos were indefinitely suspended.
Tocvan Ventures discovered a near-surface high-grade corridor at Gran Pilar Gold-Silver Project, Mexico. Drillhole JES-25-114: 6.1m of 5.4 g/t Au & 39 g/t Ag within broader 41.2m of 1.0 g/t Au & 10 g/t Ag from 33.6m depth. Targets link to 4-T trend; more results pending. (May 7, 2025)
First Majestic Silver reported Q1 2025 financial results with a record cash and liquidity position (~US $462.6 M in cash), record revenue and cash flow, and strong production gains. The company also declared a quarterly dividend to shareholders, reflecting confidence in its financial strength and performance.
Fortuna Mining Corp. reported a record $111.3 million in free cash flow for Q1 2025, up 30% from Q4 2024, with a 38% margin. Attributable net income was $61.7 million ($0.20/share). Gold equivalent production reached 103,459 ounces, with lower cash costs ($929/GEO) and AISC ($1,640/GEO). The company divested the San Jose Mine and plans to sell Yaramoko, redirecting capital to high-value opportunities.
Torex Gold reported Q1 2025 results, with its Morelos Complex in Mexico achieving 59,630 oz AuEq payable production, aligning with expectations despite a four-week plant shutdown. The Media Luna Project reached commercial production, with first concentrate shipments in April. Revenue was $170 million, driven by a record $2,793/oz gold price. All-in sustaining costs were $1,405/oz AuEq, with a 50% margin. The company drew $130 million on its credit facility due to high tax/royalty payments and Media Luna capital expenditures but expects positive free cash flow by mid-2025 as production ramps up.
Pan American Silver (May 7, 2025) reported strong unaudited Q1 2025 results: revenue $773.2M (+28%); record mine earnings $250.8M; net earnings $169.3M ($0.47/share) vs. prior loss; silver 5.0M oz; gold 182K oz; AISC silver $13.94/oz, gold $1,485/oz. 2025 guidance reaffirmed; production back-end loaded.
Sierra Madre Gold & Silver reported positive Q1 2025 results, with US $4.8 M in revenue, 165,093 silver-equivalent ounces sold, $1.2 M gross profit and $535 k in operating cash during its first full quarter of commercial production at the Guitarra mine. Costs per ounce fell versus Q4 2024, and mining at the higher-grade Coloso zone has begun boosting prospects.
Coeur Mining’s Q1 2025 results highlight strong performance from its Mexican operations, Las Chispas and Palmarejo. Las Chispas, acquired mid-quarter, produced 714,239 ounces of silver and 7,175 ounces of gold, contributing $58 million in revenue. Palmarejo produced 1.7 million ounces of silver and 23,032 ounces of gold, generating $95.8 million. Both mines bolstered Coeur’s $360 million revenue and $18 million free cash flow.
GoGold Resources Inc. reported $17.6 million in revenue for Q1 2025 from Parral, selling 555,511 silver equivalent ounces. The company generated $5.1 million in operating cash flow, increasing its cash balance by $2 million to $78.3 million. A recent financing boosted the cash position to ~$135 million, strengthening GoGold’s ability to advance its Los Ricos South project.
Endeavour Silver has begun wet commissioning at its Terronera Project in Jalisco, Mexico — a key step toward full-scale production. This phase introduces water and slurry into plant systems to test equipment under real conditions following dry commissioning. The first slurry has been sent to the concentrate filter, and teams are monitoring performance as they prepare to ramp up throughput and approach commercial production.
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