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Americas Gold and Silver Corporation Reports Third Quarter 2019 Financial Results and Provides Relief Canyon Update
TORONTO--(BUSINESS WIRE)--Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--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 third quarter of 2019 and provides a construction update on the Relief Canyon Mine. 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. Third Quarter Highlights Revenue of $12.5 million and net loss of $8.8 million for the quarter or ($0.11) per share, an increase of $0.7 million in revenue and an increase in net loss of $3.0 million compared to Q3-2018 due to lower tonnage and grades at the Galena Complex and higher zinc treatment charges at the Cosalá Operations. Higher non-cash one-time items also increased the loss. Relief Canyon Mine construction and costs are proceeding as expected with leach pad liner installation complete, the crusher with framework and crushed ore reclaim tunnel installed, the overland and grasshopper conveyors nearing completion, and the ADR plant work proceeding on schedule. Americas entered into a joint venture agreement with Mr. Eric Sprott (“Mr. Sprott”) effective October 1, 2019 for a 40% non-controlling interest of the Company’s Galena Complex with initial contribution up to $20 million to fund capital improvements and operations. The goal of the joint venture agreement is to position the Galena Complex to significantly grow resources, increase production, and reduce operating costs at the mine over the next two years (the “Recapitalization Plan”). Previously reported third quarter consolidated silver production of approximately 1.3 million silver equivalent ounces1 and 0.3 million silver ounces, representing decreases of 5% and 7% year-over-year to both silver equivalent ounces and silver ounces, respectively. Previously reported third quarter consolidated cash costs2 of $12.83 per silver ounce and all-in sustaining costs2 (“AISC”) of $23.01 per silver...