Sierra Madre Gold & Silver Ltd (SM CN) reported full year net revenues of US$25.0m (VSA forecast US$23.4m), with a 40% QoQ increase to US$8.3m in Q4, largely due to higher prices which will average up into Q1 2026. Adjusted EBITDA reached US$6.0m for the full year, modestly higher than our forecast of US$5.7m. Silver production totalled 272.3koz with 4,066oz of gold, equating to 629.3k AgEqoz, with ounces sold broadly in line with production. Cost pressure from wet weather in Q2/Q3, a stronger M ....
