Highlander Silver posts $0.08 per-share loss and $37.746 million in third-quarter revenue
Key Facts
Highlander Silver reported a diluted loss of $0.08 per share in the third quarter of 2026, compared with a loss of $0.06 per share in the same period of 2025, while revenue totaled $37.746 million after coming in at zero a year earlier. The company said in its filing with the U.S. Securities and Exchange Commission that the revenue came from gold and silver sales at the Mercedes mine, following its acquisition of Bear Creek on February 26, 2026. The company prepares its financial statements under IFRS. Quarterly net loss rose to $17.137 million from $3.107 million in the third quarter of last year. The results show operating revenue from the mine entering the group’s accounts alongside higher expenses related to its projects.
The company reported sales of 8,368 ounces of gold and 41,829 ounces of silver during the quarter, according to its filing. The average realized price was $4,203 per ounce of gold and $62 per ounce of silver. The Mercedes mine produced 7,605 ounces of gold and 37,176 ounces of silver over the same period. The company does not provide a prior quarterly comparison for the mine’s production or sales, having acquired Bear Creek in February 2026. These figures represent the mine’s first full-quarter contribution to Highlander’s results presented here, with revenue recorded from sales of the metals produced at Mercedes.
Cost of sales was $24.010 million in the quarter, compared with zero in the corresponding period of 2025, and includes the costs of producing gold and silver at the Mercedes mine, the company said. Exploration expenses, meanwhile, rose to $22.259 million from $2.103 million a year earlier. Highlander attributed the increase primarily to activities at the Corani project following the Bear Creek acquisition. The project began its first exploration drilling program using five drill rigs, according to the filing. The start of production activity at Mercedes therefore coincided with increased spending on Corani exploration, while the quarterly loss widened from a year earlier.
Highlander had $68.093 million in cash and cash equivalents on September 30, 2026, compared with $78.942 million on December 31, 2025, according to its financial statements. The balance provides a snapshot of liquidity at quarter-end, while the net loss still rose year over year during the period. The company announced on September 23 that it had signed a mandate letter with Natixis to lead financing for the proposed Corani project. The financing includes a $330 million, seven-year secured structured facility, alongside a cost-overrun facility of up to $100 million provided by the company. Financial close is expected in the first quarter of 2027, but remains subject to completion of final documentation and due diligence, as well as credit approvals.
Highlander said the first drilling program at Corani in more than a decade is continuing high-impact exploration, targeting resource expansion, infill and technical drilling. The company expects to announce drilling results in the fourth quarter of 2026. It also said an updated feasibility study for the project, based on a staged development approach, was scheduled for completion by year-end. The company said the approach aims to maximize returns per share and limit capital spending, financing, schedule and execution risks. HSLV shares closed at $4.25 on November 12, 2026, according to EL7 data.