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Americas Gold and Silver Corporation Reports Third Quarter 2020 Results and Provides Operations 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, reports consolidated financial and operational results for the third quarter of 2020 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 Third Quarter Financial Highlights Revenue of $7.3 million and a net loss of $6.2 million for Q3-2020 or a loss of ($0.05) per share Year-to-date operating metrics were largely unchanged in Q3-2020 from Q2-2020 due to the illegal blockade at the Cosalá Operations, suspension of operating metrics during the Galena Complex recapitalization plan (“Recapitalization Plan”), and ongoing pre-production at Relief Canyon Galena Complex silver production increased by 25% year-over-year while Galena lead production increased by 65%, benefitting from the Recapitalization Plan described in detail below At Relief Canyon, the radial stacker is expected to be installed and operating in the coming week. The Company anticipates the increase in production from the return of the radial stacker will allow the Company to declare commercial production by the end of Q4-2020 Since placing ore on the 6W leach pad on August 4, 2020, ore leaching has performed within expected norms Benefits from the Galena Complex Recapitalization Plan are materializing including the significant increase to the mineral resources. Measured and indicated silver resource, as of June 30, 2020, increased by 36% to 37.3 million ounces1 and inferred silver resource increased by over 100% to 78.6 million ounces1. This is based on only 33% of Phase 1 planned drilling and further increases are expected as the drill program continues The Company finalized the option payment for the San Felipe project and paid the remaining $3.75 million plus VAT obligation in common shares of the Company on October 8, 2020. The San F...