Business
Americas Gold And Silver Corporation Reports Full-Year 2019 Financial Results
TORONTO, March 9, 2020 /CNW/ -- Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company"), a growing North American pr
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":" TORONTO, March 9, 2020 /CNW/ -- Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (\"Americas\" or the \"Company\"), a growing North American precious metals producer, today reported consolidated financial and operational results for the year ended December 31, 2019 and provided a general update on the operations. 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. Year-End and Operational Highlights Revenue of $58.4 million and net loss of $34.2 million for the full-year of 2019 or ($0.46) per share, a decrease of $10.0 million in revenue and an increase in net loss of $23.5 million compared to year-end of 2018. Adjusted net income1 was $23.3 million prior to one-time adjustments or ($0.30) per share Previously reported year-end consolidated production2 of approximately 5.8 million silver equivalent ounces3 and 1.2 million silver ounces, representing decreases of 7% and 18% year-over-year to both silver equivalent ounces and silver ounces, respectively. Galena silver production for the fourth quarter was not included as a result of the start of the Recapitalization Plan accounting for the majority of the production decreases year-over-year. Previously reported year-end consolidated cash costs4 of $4.61 per silver ounce and all-in sustaining costs4 of $12.71 per silver ounce, both representing increases year-over-year. Successfully poured first gold in February 2020 at the Company's Relief Canyon mine in Nevada and completed initial construction estimated to be within the guidance of $28 - $30 million. Mined tonnage at Relief Canyon is tracking ahead of schedule and the ore stacking rate is ramping up. To date, the operation has over 250,000 tonnes of ore placed on the leach pad with commercial production expected before the end of Q2-2020. With the addition of Relief Canyon, precious metals production is expected to increase by over 300% in 2020 to 60,000 – 70,000 Gold Equivalent Ounce...