Friday, May 29, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First-quarter 2026 Financial Performance.Kuya Silver generated first-quarter revenue of $1,464,997 compared to $225,997 during the first quarter of 2025. The company reported a loss of $1,237,166, or $(0.01) per share, compared to a loss of $1,348,986, or $(0.01) per share, during the prior year period. We have adjusted our 2026 estimates to reflect lower production than previously estimated due to a modestly slower ramp-up in production and expected variability in grade and recoveries. The company expects to produce between 150.0 thousand and 200.0 thousand silver equivalent ounces in 2026, and we think 2027 production could be in the range of 1.0 million and 1.5 million silver equivalent ounces.
Operational Momentum. The company remains focused on ramping up production at the Bethania project, with production expected to accelerate later in the year. Key underground development initiatives, including the construction of a new ramp and ore handling systems to support Phase 1 expansion to 350 tonnes per day, are progressing and are expected to improve operational stability and long-term production capacity. Kuya Silver is also advancing due diligence on the proposed Camila plant acquisition, which would give the company full control over processing schedules and ore blend strategies, eliminate future toll-milling costs, and improve costs and margins as production from the Bethania mine increases.
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