Sotkamo Silver increased third-quarter revenue by 55% year-on-year to approximately €15.4 million, while EBITDA rose to €8.2 million from €3.1 million. Results included a €2 million one-off gain from the conversion of a Business Finland research and development loan into a grant. Excluding this item, EBITDA was €6.3 million, representing a 41% margin.
Ore processing reached 144,000 tonnes, up 27%, while silver production declined to 231,098 ounces from 255,194 ounces as average silver grades fell from 85 g/t to around 60 g/t. Gold output increased to 620 ounces, zinc production to 454 tonnes and lead output to 180 tonnes.
Underground Development and Exploration
Underground drifting increased 71% to 927 metres. Monthly ore production from underground operations reached 43,400 tonnes, up 25%, while the mine decline extended to a depth of 612 metres. Difficult ground conditions delayed access to new mining areas, but improved silver grades were recorded in September.
The company continued exploration west of the mine, completing 15 drill holes totalling 3,620 metres. All seven holes with available assay results intersected mineralisation.
Financial Position and Outlook
Operating cash flow reached €3.9 million in the quarter and €19.3 million during the first nine months. Cash and financial assets totalled approximately €10.6 million at the end of September, while the equity ratio improved to 58%.
Sotkamo Silver maintained its 2026 guidance of 900,000–1.2 million ounces of silver production and EBITDA above €33 million. The company aims to increase annual silver output to approximately 1.4 million ounces by 2028. Plans to expand the tailings storage facility to support mining through 2035 or beyond are progressing, with the environmental permit expected in the fourth quarter of 2026. Concentrate sales agreements with Boliden have been extended to the end of 2030 or later.
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