Discovery Silver (TSX: DSV; OTCQX: DSVSF) President & CEO Tony Makuch joins Kitco Mining at the 2025 NBC Capital Markets CEO Mining Conference to break down Discovery’s dramatic transformation. The acquisition of Newmont’s Porcupine complex has turned the company from a silver developer into a cash-flowing, Ontario-based gold producer with major growth potential. Makuch says the deal “unlocks a lot of potential,” describing Porcupine as a platform for long-term growth.

Makuch confirms the company generated free cash flow in both Q2 and Q3 and outlines a multiyear plan to double production at Porcupine. Work continues in parallel at Cordero in Mexico, where technical studies and permitting remain on track. “We’re not sitting on our hands,” he says, stressing that Discovery is prioritizing growth over dividends or buybacks while the company builds toward its full potential.

In this interview, Tony Makuch also discusses:
 • How Discovery plans to double Porcupine production and expand mill capacity
 • The four-pillar value model: operations, reinvestment, new mines, exploration
 • Dome and TVZ as major catalysts within a 15-million-ounce resource base
 • Progress on Cordero permitting and updated engineering work
 • Financing options for Cordero and long-term capital strategy
 • Positioning the company for growth in a $4,000 gold, $50 silver environment

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