Sinda Ltd. (NYSE: SIND) announced its financial results for the quarter ended September 30, 2026, highlighting significant progress in drilling and site preparation for its silver-gold project in Mexico. The company filed its Form 10-Q alongside the announcement.
Operational highlights for the third quarter included the launch of earthworks in September, which involved preparing the exploration decline portal and the Waste Rock Storage Facility (WRSF). Approximately 6,500 cubic meters of material were moved during this period. The company also advanced Phase 2 drilling, deploying 18 rigs to complete approximately 31,150 meters of drilling. This work focused on resource conversion at the Caracol area, infill drilling at Agaves, and exploration along the Don Diego corridor.
A key finding from the drilling program was the achievement of the highest-grade drill intercept to date at Caracol. This intercept measured 3.05 meters grading 12,494 grams per tonne silver-equivalent (AgEq), including a 0.65-meter interval grading 24,548 g/t AgEq. Additionally, initial drilling at Don Diego identified a possible structural link between the Caracol and Agaves areas, suggesting broader exploration potential across the company's land package.
Safety and community relations were also emphasized. The company maintained a record of over 501,480 work hours without lost-time incidents or recordable injuries, achieving a Total Recordable Injury Frequency Rate (TRIFR) of 0.00. Furthermore, the company provided specialized upskilling training to more than 1,500 women.
On the corporate front, Sinda added its shares to the VanEck Junior Gold Miners ETF (GDXJ) on September 18, 2026. The company also listed its shares on the International Quotation System (SIC) of the Mexican Stock Exchange on September 28, 2026. Additionally, the Board of Directors was strengthened with the appointment of Alberto Zinser, a seasoned Mexican legal and business leader, effective October 12, 2026.
Regarding the project's development, Sinda received environmental impact authorization for the approximately 9-kilometer exploration decline in March 2026. The cost for the decline is budgeted at approximately $98 million over three and a half years. Site preparation is currently on track for completion during the fourth quarter 2026. The company also plans to complete an updated Mineral Resource Estimate (“MRE”) by year-end 2026.
In terms of liquidity, Sinda successfully raised aggregate net proceeds of $309.3 million through a series of milestone transactions. This included $192.9 million from its initial public offering on the New York Stock Exchange on June 29, 2026, and an additional $21.4 million from the exercise of the underwriters' overallotment option on July 15, 2026. The company also completed a concurrent private placement to strategic investor Fresnillo plc on July 27, 2026, which contributed an additional $95.0 million in net proceeds. As of September 30, 2026, Sinda had cash and cash equivalents totaling $305.6 million.
