Guanajuato Silver (TSXV: GSVR) just reported its second consecutive profitable quarter, but the underlying numbers tell a much tougher story. Revenue was essentially flat, EBITDA fell 61%, net income dropped 90%, and all-in sustaining costs climbed to $71.66 per silver-equivalent ounce.
In this video, we break down why margins remain so thin despite historically strong silver prices, what is happening at Bolañitos and the company’s other Mexican mines, and why Guanajuato can look cheap on its asset base while still trading at a premium on earnings.
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