Business
Americas Gold and Silver Reports Q1-2023 Results; Revenue of $22.1 Million
TORONTO / May 15, 2023 / 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 / May 15, 2023 / 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 March 31, 2023. 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. Highlights Revenue of $22.1 million, representing a decrease of $4.3 million year-over-year, primarily due to a 17-day maintenance shutdown at the Cosalá Operations in February and lower realized metals prices. Net cash generated from operating activities improved by $3.5 million to $1.7 million during Q1-2023 compared to net cash used in operating activities of $1.8 million during Q1-2022. A net loss of $10.5 million for Q1-2023, or an attributable loss of $0.05 per share1, representing an increase in net loss of $10.2 million compared to Q1-2022. The increase in loss was primarily due to the maintenance shutdown at the Cosalá Operations, higher interest and financing charges, a stronger Mexican peso in Q1-2023, and a one-time gain from the US Government loan forgiveness that lowered the net loss in Q1-2022. The Galena Hoist project remains on track with the hoist ropes installed last week ahead of shaft inspection and repair beginning this week. The project is on schedule to be fully operational by the end of Q2-2023. Consolidated attributable production of approximately 1.2 million ounces of silver equivalent2, including 0.5 million ounces of silver, 7.2 million pounds of zinc and 5.5 million pounds of lead. Consolidated attributable silver production increased 66% year over year despite the quarter being impacted by the 17-day maintenance shutdown at the Cosalá Operations. Attributable cash costs of $11.18/oz silver produced3 and all-in sustaining costs of $16.87/oz silver produced3 during the quarter. Production guidance for 2023 remains unchanged with consolidated attributable silv...