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Americas Gold and Silver Corporation Reports Second Quarter 2021 Results and Provides Operational Update
TORONTO / Aug 16, 2021 / Business Wire / Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North Am
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"TORONTO / Aug 16, 2021 / Business Wire / Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the quarter ended June 30, 2021 along with an operations update. 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, and on its EDGAR profile at www.sec.gov, and which 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 Second Quarter Financial Highlights Revenue of $9.5 million and net loss of $17.8 million for Q2-2021 or a loss of ($0.13) per share, with the loss mostly attributable to the continued ramp-up at Relief Canyon. The Company signed an agreement on July 6, 2021 with the Mexican Ministries of Economy, Interior and Labour along with union representatives committing to a reopening of the Cosalá Operations. The Company anticipates that both the mine and the mill will be at full capacity by the start of Q4-2021 assuming the compliance of the agreement by members of the union. Galena’s Recapitalization Plan is proceeding well with the Company continuing to experience higher year-over-year production in Q2-2021 compared to Q2-2020; silver production increased by 20% year-over-year while lead production increased by 10%. Phase 1 drilling of Galena’s Recapitalization Plan was completed in the quarter and results will be incorporated into the updated mineral reserve and resource estimate before the end of August 2021. Phase 2 drilling has just begun with the first hole testing the down dip extension of the high-grade Silver Vein approximately 500 feet below the current drill station. Following an extensive review and a challenging ramp-up at Relief Canyon, the operation proceeded with run-of-mine heap leaching and continued its efforts to resolve metallurgical challenges in Q2-2021. On August 13, 2021, the Company and the Board of Directors decided to temporarily suspend mining operations at Relief Canyon in order to prioritize capital for the Cosalá Ope...