Business
Americas Gold and Silver Reports Q2-2023 Results
TORONTO / Aug 14, 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 / Aug 14, 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 June 30, 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 $24.2 million for Q2-2023 representing an increase of $4.2 million (or 21%) compared to Q2-2022 primarily due to higher silver and lead production from the Galena Complex and higher silver production from the Cosalá Operations, partially offset by lower realized zinc prices. Cash generated from operating activities1 improved by $2.9 million compared Q2-2022, before changes in non-cash working capital items. A net loss of $7.1 million for Q2-2023, or an attributable loss of $0.03 per share2 representing a decrease in net loss of $2.2 million compared to Q2-2022, primarily due to higher net revenue of $4.2 million offset in part by higher cost of sales of $2.8 million and lower realized zinc prices. The Company successfully installed the Galena Hoist which is now operational as of the end of Q2-2023 with only shaft repair remaining before final certification can be obtained. The Company has fully inspected the shaft with a LIDAR survey showing less than a few hundred feet of the shaft requiring more extensive repair. These repairs are on-going and are expected to be completed in Q4-2023. Q2-2023 consolidated attributable silver production increased by 92% year-over-year totalling approximately 0.57 million ounces compared with approximately 0.30 million ounces in Q2-2022. Consolidated attributable silver equivalent3 production in Q2-2023 was approximately 1.3 million ounces compared with 1.3 million ounces in Q2-2022. Attributable cash costs of $10.00/oz silver produced4 and all-in sustaining costs of $16.78/oz silver produced4 during the quarter. Cash costs were negat...