TORONTO, Ontario — February 19, 2026 — Leads & Copy — Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) has announced its financial and operating results for the fourth quarter and full year of 2025, marking its first year reporting gold production and sales since acquiring the Porcupine Complex. The company ended the year with $410.7 million in cash, a 20% increase.
Net earnings reached $65.3 million, or $0.08 per share, compared to $61.1 million, or $0.08 per share, in Q3 2025. Adjusted net earnings were $113.5 million, or $0.14 per share, versus $61.1 million, or $0.08 per share in the previous quarter.
Gold production increased by 6%, totaling 66,718 ounces compared to 63,154 ounces in Q3 2025. Operating cash costs improved by 12% to $1,185 per ounce sold, down from $1,339 per ounce in the previous quarter.
The company’s strong cash position is supported by an undrawn revolving credit facility of $250 million and a $100 million accordion feature. Exploration efforts have yielded positive drill results at Hoyle Pond, Borden, Pamour, Owl Creek, Dome, TVZ, and Broulan Pit.
Discovery’s CEO, Tony Makuch, stated that the company has built considerable momentum since acquiring Porcupine last April. Q4 2025 production totaled 66,718 ounces and operating cash costs improved to $1,185/oz. Makuch added that the solid operating performance, combined with higher gold prices, has resulted in improved profitability and substantial cash flow generation.
The 2026 guidance includes production growth, with output expected to be weighted towards the second half of the year, between 260,000 and 300,000 ounces. Operating cash costs are projected at $1,250 to $1,400 per ounce, and AISC at $1,950 to $2,250 per ounce. The company plans to invest $55 to $75 million in exploration.
Discovery’s Porcupine Operations consist of the Hoyle Pond, Pamour and Hollinger mine properties, the Dome mine property and milling facility, and numerous near-mine and regional exploration targets. Current operations include the Hoyle Pond and Borden underground mines, with the Pamour open-pit project ramping up towards commercial levels of production. All mineralization is processed at Dome, including mineralization from Borden, which is trucked 190 km to the Dome Mill.
During Q4 2025, a total of 892,818 tonnes were processed at Porcupine Complex at an average grade of 2.58 g/t, with recovery rates averaging 90.2%, which compared to 808,688 tonnes at an average grade of 2.69 g/t and recovery rates averaging 90.3% in the previous quarter. A total of 66,718 ounces of gold were produced over this period, with total gold poured of 67,010 ounces, compared to 63,154 and 65,978 ounces produced and poured respectively, in the previous quarter.
Discovery’s Cordero Project, acquired in 2019, is one of the world’s largest undeveloped silver deposits. A feasibility study confirmed the project’s potential for large-scale production at low unit costs. During Q4 2025, Discovery continued work on key initiatives to further de-risk the project. This included a third-party assessment to use natural gas power sources versus grid power supply and commencement of a peer review and follow up work to reach a decision point in 2026 for the primary source of power for Cordero.
The company’s exploration work program for the year involves an estimated 255,000 – 280,000 metres of drilling, as well as 1,200 – 1,400 metres of exploration development.
As at February 18, 2026, the Company had 20 exploration drill rigs operating. Hoyle Pond has five underground drills, TVZ Zone has two underground drills, Owl Creek has two surface drills, Borden has six drills (four underground and two surface), Pamour has four surface drills, and Dome has one surface drill.
Corporate G&A in 2026 is estimated at $35 – $40 million.
Discovery is a growing precious metals company that is creating value for stakeholders through exposure to both gold and silver.
Source: Discovery Silver Corp.
