Kuya Silver: Ramping Toward 350 tpd with Cash Flexibility
Record Q2 production and a strengthened balance sheet set the stage for development-led growth.
KUYA.CN · Earnings Call · 2026-08-17
A Milestone Quarter
Kuya Silver's second-quarter results mark a clear inflection point. The company mined 5,097 tonnes of mineralized material, a 66% increase from Q1, and processed a record 23,912 ounces of silver (over 30,500 silver equivalent ounces). June was particularly strong, with monthly production of 13,273 silver equivalent ounces, average grades of 6.66 oz/t, and recoveries near 82%. As CEO David Stein noted, “the second quarter was another meaningful period of progress for Kuya Silver as we continue to advance the Bethania mine from an early-stage operation towards our planned Phase 1 production level.” — Operator, Moderator · 2026-08-17 The company also completed a record 437 meters of underground development, generating 1,600 tonnes of development material — a clear sign that the operation is transitioning from exploration to consistent production, with a renewed focus on increase production.Financial Strength and Flexibility
With approximately $25.5 million in cash and no pressure to raise capital, Kuya Silver is in a rare position for a junior miner. The CEO emphasized the strategic trade-off, “Look, at the end of the day, your -- I think your biggest risk as a junior mining investor is that potentially unlimited dilution when you just don't know how much money the company is going to need, what price they're going to be doing financing that, et cetera.” — David Stein, CEO, President and Director · 2026-08-17 That cash allows the company to invest heavily in underground development and exploration drilling without sacrificing near-term production. Revenue for the first half of 2026 more than doubled year-over-year, and while the net loss widened to $2.8 million, it reflects increased activity and organizational growth, not distress. The balance sheet provides a strong foundation for the planned ramp to 350 tonnes per day.Exploration and Optionality
Beyond Bethania, Kuya Silver is unlocking value from its broader asset portfolio. Preliminary sampling at the Silver Kings project in Ontario returned impressive grades, including 168 g/t silver and 0.365% cobalt from a master composite at the Kerr Lake Mill. While early-stage, these results justify further work and could add a low-cost upside to the story. The company is also progressing its expanded drilling program, which is expected to deliver results in the second half of 2026. As management noted, “the exploration results that we can generate really are going to add something really special to the story...” — David Stein, CEO, President and Director · 2026-08-17The Camila Catalyst
The pending acquisition of the Camila processing plant remains a key driver. Management indicated they are close to finalizing the agreement, which would provide additional processing capacity and flexibility.The potential ceiling on throughput could be managed by stockpiling, given the company's strong cash position. The path to 350 tpd is now supported by both operational execution and financial capacity. As the company shifts focus from exploration to production, the market will watch the development milestones and drilling results closely. “Production records achieved during the quarter and the progress made in June with the work now underway provide a solid foundation for the next stage of Kuya Silver's growth.” — David Stein, CEO, President and Director · 2026-08-17We're very close to finalizing the agreement and announcing that closed final agreement. So we just need to continue to work on that with the vendors and with Camila -- with the other party, and we will get there. I'm very confident.