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Americas Gold And Silver Corporation Reports First Quarter 2020 Results
TORONTO, May 15, 2020 /CNW/ -- Americas Gold and Silver Corporation ("Americas" or the "Company") (TSX: USA; NYSE American: USAS), a growing North American prec
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":" TORONTO, May 15, 2020 /CNW/ -- Americas Gold and Silver Corporation (\"Americas\" or the \"Company\") (TSX: USA; NYSE American: USAS), a growing North American precious metals producer, today reported consolidated financial and operational results for the first quarter of 2020. This earnings release should be read in conjunction with the Company's Management's Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, on its EDGAR profile at www.sec.gov, and are also available on the Company's website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted. Operational and First Quarter Financial Highlights Relief Canyon continues to ramp-up following first gold pour in February and the Company is focused on achieving commercial production by late Q2-2020 or early Q3-2020. Subsequent to Q1-2020, the Company closed a bought deal public offering for gross proceeds of approximately C$28.75 million which provides the Company with available capital to address working capital needs including bringing Relief Canyon into commercial production, particularly in the COVID-19 environment. As a result of Relief Canyon being in pre-commercial production, the Cosalá Operations producing for less than a month during the quarter, and the exclusion of operating metrics from the Galena Complex during the Galena recapitalization plan (\"Recapitalization Plan\"), Q1-2020 revenue was $7.3 million resulting in a net loss of $4.1 million or ($0.03) per share. Cosalá production for the first 26 days of Q1-2020 yielded 420 gold equivalent ounces1 or 0.3 million silver equivalent ounces2 at cost of sales of $7.19/oz equivalent silver, by-product cash cost3 of negative ($11.32/oz) silver, and all-in sustaining cost3 of negative ($0.83/oz) silver. The Galena Recapitalization Plan is proceeding better than expected with the Company seeing both increased production and encouraging exploration results. Outlook for 2021 continues to be 90,000 to 110,000 gold equivalent ounces at expected all-in sustaining costs4 of $900 to $1,100 per gold equivalent ounce. At March 31, 2020, the Company had a cash balance of approximately $16.4 million. The Company has chosen not to host a ...