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Americas Gold and Silver Corporation Reports Third Quarter 2021 Results
TORONTO / Nov 15, 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 / Nov 15, 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 September 30, 2021. 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 $10.9 million and net loss of $18.6 million for Q3-2021 or a loss of ($0.13) per share, with the loss mostly attributable to operating costs at Relief Canyon. With the temporary suspension of mining at Relief Canyon, the Company has significantly reduced the monthly spend moving forward. The Company continues leaching operations and ongoing metallurgical test work at Relief Canyon. The Cosalá Operations are operational with the San Rafael mine and Los Braceros mill expected to ramp-up to full production of approximately 1,800 tonnes per day next month. Concentrate shipments have resumed. A return to revenue and cash flow generation is expected later in Q4-2021. Galena’s Recapitalization Plan is proceeding well with the Company continuing to experience higher year-over-year silver production in Q3-2021 compared to Q3-2020. Silver production has increased by 35% year-over-year. Phase 2 drill program at the Galena Complex began in late August 2021 with the initial focus on expanding the recently discovered Silver Vein extension at depth from an eastern drill station on the 5500 Level as well as definition drilling on the 4900 Level. With the completion of Phase 1 drilling midyear, proven and probable silver ounces increased by 38%, measured and indicated silver ounces increased by 72% and inferred silver ounces increased by 36%, year-over-year. On November 12, 2021, the Company amended its existing 2024 Convertible Debenture by increasing the outstanding principal balance by C$6.3 million for a total outstanding of C$17.9 mil...