Discovery Mining Ltd. (TSX: DSV, OTCQX: DSVSF) reported record Q2 2026 revenue of $319.1 million on August 13, 2026 — more than double Q2 2025 and 12% above Q1 2026 — driven by gold production of 67,309 oz, up 33% year over year and 12% quarter over quarter.
Gold sold in the quarter totalled 66,068 oz. Net earnings came in at $52.1 million ($0.06/share), compared with $5.5 million in Q2 2025. Adjusted net earnings reached $92.3 million ($0.11/share), up from $28.4 million a year earlier and 12% above Q1 2026. Q2 EBITDA was $170.0 million.
"Q2 2026 was a pivotal quarter as we work to substantially grow gold production in Timmins," said Anthony Paul Makuch, Discovery's President and CEO.
The quarter's results include one month of production from Kidd Operations, acquired from Glencore Canada Corp. on June 1, 2026 for $10 million, per the company's June 1, 2026 news release. The Kidd Met Site, located in Timmins, Ontario, adds four independent processing circuits, 90 MW of available power, significant tailings capacity, a large metallurgical lab, fresh water supply and treatment capabilities, and rail access — all fully permitted. For the remainder of 2026, Discovery expects Kidd to contribute 10–15 thousand tonnes of zinc, 5–7 thousand tonnes of copper, and approximately 0.4 million ounces of silver, per the company's August 13, 2026 news release.
Kidd's copper and zinc output sits alongside silver exposure Discovery carried into the acquisition: the company's 100%-owned Cordero project in Chihuahua State, Mexico, which the company's filings describe as one of the world's largest undeveloped silver deposits. Discovery's multi-asset gold base in Timmins itself dates to April 2025, when the company acquired the Porcupine Complex and established its position as a multi-operation Canadian gold producer in that camp, per the August 13, 2026 news release.
On the balance sheet, Discovery ended Q2 with $364.3 million in cash and $607.8 million in total liquidity, carrying no debt, per the August 13, 2026 news release. Subsequent to quarter-end, the company increased its revolving credit facility to $400 million and extended its maturity to 2030. Shares outstanding stand at 810.86 million, with a market cap of CA$7.01 billion as of July 10, 2026, per Morningstar data.
Full-year 2026 guidance remains unchanged: gold production of 260–300 koz, operating cash costs of $1,250–$1,400/oz, and all-in sustaining costs of $1,950–$2,250/oz. Growth capital is projected at $120–$165 million, with exploration spending of $55–$75 million.
On the commodity front, gold futures were trading at $4,120.65 on August 13, per Investing.com data, while copper fell to $6.57 USD/lb, down 0.44% from the prior session, per Trading Economics. Silver hovered near seven-week highs around $66 an ounce before slipping below $65 during the August 13 session, per Trading Economics — a backdrop relevant to both Kidd's near-term silver output and the Cordero project's longer-term optionality.
What's next per the company's August 13, 2026 news release: execution against full-year guidance, continued ramp of Kidd Operations through the balance of 2026, and $55–$75 million in exploration spend across the Timmins portfolio.