Discovery Silver (TSX: DSV; OTCQX: DSVSF) CEO Tony Makuch has been named Kitco Mining’s CEO of the Year after leading a rapid turnaround of the Porcupine complex in Ontario and repositioning the former non-core asset into a cash-generating growth platform.
Speaking at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Makuch highlighted 2025 production of 180,000 ounces of gold, net profit of $107 million, and free cash flow of $172 million in the company’s first full year operating the asset. Discovery is accelerating investment, increasing exploration spending to more than $65 million as it works to extend mine life beyond current plans, grow resources at Borden, Hoyle Pond, and Pamour, and ultimately lift production while lowering costs. Makuch said the company is targeting all-in sustaining costs of between $1,250 and $1,500 per ounce over time.
“Shareholder return over the next few years is going to be an investment of capital into the business to improve the value of the equity,” he said.
Makuch also outlined balance sheet strength, a debt-free position, and continued permitting progress at the Cordero project in Mexico as Discovery focuses on reinvesting cash flow to build long-term value.
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00:33 – Record 2025 Gold Production, Profit & Free Cash Flow
02:30 – Reinvesting Higher Gold Prices Into Growth
03:52 – Porcupine Exploration & Mine Life Expansion
05:58 – Workforce Integration & Culture Shift
07:10 – Debt-Free Balance Sheet & Credit Facility Reset
09:35 – Shareholder Returns Through Reinvestment
11:00 – Cordero Permitting Progress in Mexico
13:45 – Investor Questions at BMO Conference
15:52 – Mid-Tier Gold Sector Outlook & Cycles
18:15 – Kitco Mining CEO of the Year Announcement
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