Sinda (SIND) Q2 2026 earnings summary

Executive summary

• Raised $331.3 million in gross proceeds through IPO, over-allotment, and concurrent placement with Fresnillo, securing a strong capital base for exploration and development in Mexico's Guanajuato Sur district.

• Completed Phase 1 surface drilling (60,810–61,000 meters), with Phase 2 underway targeting an additional 122,000 meters by end of 2027 to accelerate resource definition and support a planned Mineral Resource Estimate update.

• Achieved high-grade drilling results at Dolores and Don Diego, confirming continuity, expansion potential, and significant district-scale upside.

• Advanced preparations for a 9-kilometer underground exploration decline at Caracol, with construction set to begin in the second half of 2026.

• Ended the quarter with zero safety incidents and continued strong community engagement.

Financial highlights

• Raised $331.3 million in gross proceeds from IPO, over-allotment, and private placement, with strategic investments from Fresnillo and Franco-Nevada.

• Net loss for Q2 2026 was $16.6 million, up from $2.2 million in Q2 2025, driven by increased exploration and administrative expenses.

• Cash and cash equivalents totaled $204.3 million as of June 30, 2026, with post-IPO liquidity reaching $320.7 million after July transactions.

• Drilling costs for Phase 1 averaged $234–$247 per meter, with $15.1 million invested in the program.

• Zero debt at quarter-end.

Outlook and guidance

• Fully funded to execute exploration, engineering, permitting, and development initiatives for the next two to three years.

• Updated Mineral Resource Estimate targeted for year-end 2026, incorporating recent drilling results.

• Initial Assessment (PEA) planned for Q2 or mid-2027, with a pre-feasibility study targeted by year-end 2028.

• Construction of the first mine (Caracol) expected to begin by 2030, with production targeted for 2031.

• Plans to expand drilling fleet to 18 rigs and drill an additional 122,000 meters by end of 2027.