Americas Gold and Silver Q1 Earnings Call Highlights

Key Points

• Americas Gold and Silver reported a record first quarter with 787,000 ounces of silver produced, $68 million in revenue, and a swing to net income of $10 million from a loss a year earlier, helped by much higher silver prices.
• The company said it remains on track to meet its 2026 production guidance of 3.2 million to 3.6 million silver ounces, while advancing major growth projects at Galena, including shaft upgrades, a paste backfill plant, and plans to expand milling capacity.
• Management emphasized a large-scale exploration push and new high-grade discoveries, including silver, copper, and antimony intersections, as well as progress at Crescent Mine and an antimony joint venture aimed at supporting future growth.

Americas Gold and Silver NYSEAMERICAN: USAS reported what management described as a strong start to 2026, citing record consolidated silver production, sharply higher revenue and progress on several growth projects at its Galena Complex in Idaho.

On the company’s first-quarter earnings call, Chief Financial Officer Warren Varga said Americas Gold and Silver produced a record 787,000 ounces of silver and recorded consolidated sales of 830,000 ounces during the quarter. Cash costs were approximately $24 per ounce sold, while all-in sustaining costs were $34 per ounce sold.

Varga said the quarter positioned the company to meet its 2026 consolidated production guidance of 3.2 million to 3.6 million silver ounces at average all-in sustaining costs of $30 to $35 per ounce sold. Consolidated capital expenditures for 2026 are targeted at $90 million to $120 million, including $30 million to $40 million planned for the Crescent Mine.

Revenue Rises Sharply on Higher Silver Output and Prices

Americas Gold and Silver reported first-quarter revenue of $68 million, up 84% from the prior quarter and 189% from the first quarter of 2025. Varga attributed the increase primarily to higher silver production and higher realized silver prices.

The company’s average realized silver price was approximately $80 per ounce in the first quarter of 2026, compared with approximately $32 per ounce in the prior-year period. Varga said the realized price was largely comparable to the average London silver price, with differences tied to the timing of concentrate sales during the quarter.

Net income was $10 million, or $0.03 per share, compared with a net loss of $20 million, or $0.08 per share, in the first quarter of 2025. Adjusted earnings were $20 million, or $0.06 per share, compared with an adjusted loss of approximately $12 million, or $0.05 per share, a year earlier. Adjusted EBITDA was $34 million, or $0.10 per share, compared with a loss of $5.5 million, or $0.02 per share, in the prior-year period.

Varga said Americas Gold and Silver ended the quarter with approximately $122 million in cash and $67 million in working capital. Capital expenditures totaled about $23 million in the quarter, mainly tied to development initiatives at Galena.

Galena Growth Projects Advance

Management highlighted several projects underway at the Galena Complex that are intended to increase mining and processing capacity. Varga said the Paste Backfill Plant remains on track for commissioning in the fourth quarter of 2026, with major equipment currently in fabrication and delivery expected to begin in June. Once operating, the plant is expected to increase backfill cycle times by approximately 250% and support long-hole stope productivity with output of about 93 tons per hour.

Varga also said upgrades to the No. 3 shaft have been completed. The upgrades are expected to increase hoisting throughput by approximately 150% to roughly 105 tons per hour and raise total capacity to about 1,350 tons per day.

On the processing side, Varga said crusher upgrades at Galena have been completed, flotation cells have been ordered and the company continues to work toward restarting the third mill. The goal is to increase total milling capacity from 750 tons per day to roughly 1,200 tons per day by the end of 2026.

In response to an analyst question from Dalton Baretto of Canaccord Genuity, Executive Vice President of Corporate Development Oliver Turner clarified that the company expects to exit 2026 at around 650 short tons per day on an ore-ton basis at Galena. Turner said the operation is “fully permitted” for the company’s growth plan.

Exploration Focuses on Silver and Antimony

Varga said the company has allocated a $15 million to $20 million exploration budget, the largest in its history, with more than 64,000 meters of drilling planned across its properties.

At Galena, Varga pointed to four major high-grade discoveries over the past year, including the recently announced 43L-TJ Vein Complex. He said the discovery includes six new high-grade silver, copper and antimony veins located near existing infrastructure, with one intercept of 1,392 grams per ton silver, 1.5% copper and 1.5% antimony over 1.9 meters.

Varga said antimony continues to appear with many of Galena’s high-grade silver systems, reinforcing the company’s view of Galena as both a high-grade silver asset and a growing domestic source of antimony. He described antimony as a critical metal of increasing strategic importance in North America.

At the Cosalá Operations in Mexico, Varga said the company’s El Alacrán discovery, located about 600 meters north of San Rafael, intersected multiple silver, gold and copper intervals. One intercept included 69 grams per ton silver, 0.2 grams per ton gold and 0.2% copper over 28 meters. Follow-up drilling is underway.

The company also highlighted updated mineral resource estimates announced earlier this year. Varga said Galena measured and indicated silver resources increased 19% year over year to 88 million ounces, while grades improved 21% to 501 grams per ton silver. Consolidated measured and indicated silver resources increased 10% to 116 million ounces, with grades increasing 30% to 240 grams per ton silver.

Crescent Mine and Antimony JV Discussed

At the recently acquired Crescent Mine, Varga said all critical systems have been restored, more than 650 feet of development was completed in the first quarter and drilling has begun. An additional 2,000 feet of development is planned in the second quarter to support resource expansion and future mining.

During the question-and-answer session, Operations Manager Evan Pilcher said Crescent is progressing well, with about 2,000 feet of development completed “as of now.” He said crews are working to connect the Countess and BC4 ramps this year, which would provide a second means of egress. Pilcher said the company expects to pull ore from Crescent in 2027.

Turner also discussed the company’s antimony joint venture with U.S. Antimony. He said the planned facility is targeted for commissioning by midway through next year and is expected to have flexibility in the scale of feed it accepts. Turner said the company’s primary focus is processing its own feed but added that Americas Gold and Silver is open to collaboration with other operators in Idaho and elsewhere in the United States.

Management Cites Higher Market Visibility

Turner said Americas Gold and Silver has seen a significant increase in analyst coverage and trading activity over the past year. The company is now covered by eight analysts, compared with two a little over a year ago, he said.

Turner said trading liquidity has increased sharply in both Canada and the United States, with combined trading now “north of CAD 100 million per day.” He said the increased liquidity has allowed the company to attract larger mining investors.

In response to a question about security conditions in Sinaloa, Mexico, Turner said operations had not been affected. He said the company has protocols in place and continues to mine, produce concentrate and move trucks to the coast when possible.

“Overall, Q1 represented a very strong start to 2026 and continued to demonstrate the momentum we are building across the business,” Varga said in closing remarks. Turner added that the transformation at Galena is still in its early stages, saying the company is working to unlock what it views as an “extremely large system” step by step.

About Americas Gold and Silver NYSEAMERICAN: USAS

Americas Gold and Silver Corporation is a precious metals mining company focused on the exploration, development and production of silver and gold assets in North America. The company's core operations center on the Cosalá district in Sinaloa, Mexico and the Relief Canyon mine in Nevada, where it pursues both open-pit and underground mining techniques. In addition to these producing mines, Americas Gold and Silver maintains an exploration portfolio designed to support future growth and reserve replacement.

The Cosalá operation comprises multiple silver-gold deposits accessed via ramp and portal infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.