Discovery Silver Corp. reports positive Q1 2025 results with focus on gold acquisition

From GlobeNewswire: 2025-05-13 20:54:00

Discovery Silver Corp. announced financial results for Q1 2025, with a strong focus on the acquisition of the Porcupine Complex in Timmins, Ontario. The market reacted positively, with share prices tripling in Q1. Significant developments post-acquisition include a gold pour and mill enhancements to boost performance and production.

The Porcupine Operations cover 1,400 km2 in Timmins, producing over 70 million ounces of gold since 1910. The operations include Hoyle Pond, Pamour, Hollinger, Dome mine properties, and Borden. The recent Technical Report predicts an average gold production of 285,000 ounces annually for the next 10 years.

Discovery’s financial data for Q1 2025 indicates a net loss of $9,257,501, with total assets of $115,472,961 and cash equivalents of $15,115,274. The Porcupine acquisition resulted in the issuance of common shares to Newmont and completion of a public offering of subscription receipts.

With the Porcupine Acquisition completed, Discovery is now a diversified North American-focused precious metals producer. Key priorities for the Porcupine Operations in 2025 include growing mining rates, ramping up production, exploring exploration opportunities, and completing a pre-feasibility study by year-end.

In Mexico, Discovery is advancing the Cordero project, focusing on de-risking activities and awaiting approval of the Environmental Impact Assessment. The company remains optimistic about Cordero’s approval, given recent positive developments in Mexico’s political landscape.

All operating and financial estimates related to the Porcupine Complex are based on a technical report filed under the Company’s profile and available on Discovery’s website. Forward-looking statements include risks and uncertainties, such as market fluctuations, regulatory changes, and economic developments, that may affect actual results.

Discovery is a growing precious metals company with exposure to silver through its Cordero project in Mexico and gold production in Timmins, Ontario. The acquisition of the Porcupine Complex has positioned the company as a significant player in the gold mining industry, with a focus on growth and exploration opportunities.



Read more at GlobeNewswire:: Discovery Reports First Quarter 2025 Financial Results