Impact Silver – Q2 2026 Revenue Increased by 124%, Gross Profit Up 756%, Exploration Strategy

The KE Report Aug 28, 2026

Summary

Impact Silver's record Q2 revenue jumped 124% on higher grades from the new Kenna vein discovery, not just silver price tailwind.

Kenna is still mostly development muck (ore from mine driving, not formal stoping), so future quarters may swing even at steady tonnage.

Plomosas remains an earnings drag (~$1.8M standby costs) while Impact reinterprets the geology; toll milling third-party ore could bridge revenue.

The Carlos Pacheco hit (1,333 g/t silver over 5.72m) adds copper-gold optionality, with the idle Capire mill positioned to process its ore.

Impact holds $52M cash and no debt and plans aggressive drilling across the 200 km² Mexican district plus possible bolt-on mine acquisitions.

Q2 2026 was a record quarter: the CEO reports revenue up 124% and gross profit up 756% year-on-year, with roughly $22M generated in the quarter and over $50M for H1 2026 — already more than the full prior year.
The Carlos Pacheco area returned a bonanza 1,333 g/t silver intersection over 5.72 meters (June 15 release) and is shaping up as a polymetallic target carrying silver, lead, zinc, gold and copper; the CEO says it will be in production in 2027 regardless of which processing route is chosen.
The Kenna underground discovery — still largely being mined as development muck — is delivering very high grades across a couple hundred meters of strike and vertical extent and is the main reason current mill feed is running rich.
As of late August 2026 the company has over $50M in cash and no debt, and the CEO frames that war chest as funding an expanded rig count, more personnel and aggressive drilling across both owned projects and third-party review targets.
Plomosa is a near-term drag — roughly $1.8M of standby costs in Q2 versus an underlying ~$4.5M of net income the CEO estimates the quarter would have printed — with management weighing toll milling and possible equity deals with neighbouring artisanal miners to fill the mill.

Top takeaway Davidson argues Impact Silver is now in a cash-rich, debt-free, aggressive-growth posture and plans to add rigs, personnel and drill programs across owned projects and incoming third-party review targets over the next year or two.
On Carlos Pacheco he argues the deposit is structurally polymetallic — silver/lead/zinc with an underlying northwest-trending copper-gold zone that shallows toward surface — and is committed to putting it into production in 2027 even if it requires personal effort.
He credits the Kenna discovery for the H1 grade uplift, says Q1 was an unusually high-grade/high-price/high-tonnage combination while Q2 was more normal but still strong, and expects Zaculpan mine and mill to keep performing through the balance of 2026.
On Plomosa he admits the prior owner’s geological interpretation was wrong, has brought in a specialist to rework the model, and is exploring toll-milling plus potential equity stakes in nearby artisanal miners as a near-term fix to the standby-cost drag.
He treats the Guadalupe mill (running ~450 t/d with room for another ~100 t/d) and the dormant Kapiri mill (capable of over 200 t/d and designed to double) as flexible processing optionality that could be dedicated to Carlos Pacheco’s copper-gold-silver ore for better recoveries.

Top takeaway Markwitz opens the interview by flagging the headline Q2 figures — 124% revenue growth and 756% gross profit growth — and attributes the beat to a combination of higher silver prices and higher grades out of Kenna.
He steers the discussion toward operational throughput at Guadalupe, Carlos Pacheco’s path to production, Kapiri as a second processing center, Plomosa toll-milling optionality and upcoming regional drill targets, framing Impact Silver as a hybrid producer-explorer with multiple irons in the fire.