Kuya Silver Corporation

Kuya Silver said Q2 revenue was approximately $1.25 million, bringing first-half 2026 revenue to over $2.7 million, more than double the comparable period of 2025. The company reported a net loss of approximately $2.8 million for the first 6 months of 2026 versus $1.35 million in the prior period. Operationally, Bethania mined 5,097 tonnes of mineralized material in Q2, up 66% quarter over quarter, and processed a record 23,912 ounces of silver, or just over 30,500 silver equivalent ounces. June production hit a record 13,273 silver equivalent ounces, with average silver grade of 6.66 oz/t and recoveries of approximately 82%. Kuya ended the quarter with approximately USD 25.5 million in cash. Management kept the Phase 1 goal at 350 tonnes per day and said it is building toward a larger step-up in Q4, while exploration spending is expected to increase in the second half of the year.

David Stein framed the quarter as proof that Bethania is moving from early-stage operation toward Phase 1 scale, with production records, record underground advancement, and more infrastructure being built to support a larger, steadier mine. He emphasized that the company is using its cash position to “trade off the short term for the long term,” prioritizing development, drilling, and future mine access rather than maximizing near-term output. His tone was constructive and confident, especially around 2027 and beyond.

No separate CFO remarks were provided, so the financial commentary came from the CEO. He highlighted approximately USD 25.5 million in cash at quarter-end, first-half revenue of over $2.7 million, and a first-half net loss of about $2.8 million versus $1.35 million a year earlier. He said the loss mainly reflected increased activity at Bethania and expansion of the organization, partially offset by higher revenue, and noted that exploration and evaluation spending should rise in the second half as drilling ramps up.

Analysts focused on the Bethania ramp to a steady-state rate, the status of the Camila acquisition, and how the company will manage potential processing bottlenecks. Management said it remains on track for 350 tonnes per day and expects a sizable fourth-quarter step-up, while Camila is “very close” to a final agreement; if the toll plant becomes a short-term bottleneck, Kuya said it can stockpile mined material because of its strong cash position. Management also said the cash balance lets it do multiple capital projects at once, including underground development, drilling, and possible early plant-related work such as an on-site lab.