Toronto, Ontario - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ('Americas' or the 'Company) a North American producer of silver and other critical minerals supporting the growth of artificial intelligence ('AI'), electrification, national security, and advanced manufacturing, reports consolidated financial and operational results for the quarter ended June 30, 2026.
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.sedarplus.ca, 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
Consolidated net revenue increased to $46 million for Q2-2026 or 71% increase compared to $27.0 million for Q2-2025, primarily as a result of higher realized prices.
YTD-2026 revenues of $114 million increased by 126% compared to YTD-2025 revenues of $50.5 million. The Company is on a strong growth trajectory, having generated nearly the equivalent of its entire fiscal 2025 revenue in the first half of 2026.
Consolidated silver production of 665,000 ounces was achieved during the quarter
As previously announced, the Galena Phase 2 shaft upgrade program was extended by an additional two weeks to complete additional work. Also previously disclosed, silver production during the quarter was impacted due to a minor electrical fire in June, deferring access to a planned higher grade stope into the third quarter. Minor repairs in the affected area have been completed.
Consolidated silver equivalent ounces[1] produced was approximately 801,000 ounces (a 5% decrease compared to Q2-2025), including 2.3 million pounds of lead, 0.9 million pounds of copper, and 97,000 pounds of antimony.
Consolidated silver equivalent ounces for the first half of 2026 was approximately 1.7 million ounces (a 2% increase compared to the first half of 2025), including 4.2 million pounds of lead, 1.8 million pounds of copper, and 234,000 pounds of antimony.
Remain on-track to achieve full-year guidance of 3.2 to 3.6 million silver ounces, with production expected to be weighted to the second half of the year as the ramp up of operations in Idaho continues.
Strong operational performance at Cosala, delivering 337,000 ounces of silver during the quarter which represents a 26% year over year increase when compared to Q2-2025.
Strong production was driven by higher silver grades across fewer tonnes as the company enters the heart of the orebody at EC120, its flagship operation at Cosala.
Completed Phase 2 of the Galena No. 3 Shaft modernization program, increasing total hoisting capacity by approximately 150% and skipping payloads by 40%, supporting higher underground mining rates and future production growth.
Settled approximately $76 million of variable silver and gold debt obligations strengthening the balance sheet, significantly reducing future cash debt-service costs and increasing exposure to silver prices. This settlement eliminates the impact of changes in valuation of these debt instruments due to gold and silver price changes on the income statement prospectively.
Cash and cash equivalents balance of $88.9 million and working capital1 of $48.6 million as of June 30, 2026, in line with expectations as the Company continues to deploy capital into its consolidated revitalization and growth plans, and the settlement of the above noted variable future debt obligations.
Cost of sales per silver equivalent ounce sold1, cash costs1 and all-in sustaining costs1 per silver ounce sold averaged $32.05, $25.68 and $40.63, respectively, in Q2-2026.
For the first half of 2026, cost of sales per silver equivalent ounce sold1, cash costs1 and all-in sustaining costs1 ('AISC') per silver ounce sold averaged $28.33, $24.48 and $36.92, respectively. The first half was in line with plan and on track to achieve AISC guidance of $30.00 - $35.00 per silver ounce sold.
Net loss of $5.0 million or $0.02 per share for Q2-2026 (net loss of $15.0 million or $0.06 per share for Q2-2025) primarily attributable to higher net revenue and higher gain on fair value of metals contract liabilities, offset by higher foreign exchange loss, higher loss on derivatives, and higher income tax expense.
Adjusted earnings1 for Q2-2026 was loss of $0.9 million or $0.00 per share (adjusted loss for Q2-2025 was $12.1 million or $0.02 per share) and Adjusted EBITDA1 for Q2-2026 was $12.0 million or $0.04 per share (adjusted EBITDA loss for Q2-2025 was $4.1 million, or $0.05 per share) primarily due to higher net revenue from increased realized silver prices during the period.
Paul Andre Huet, Chairman and CEO, commented: 'Our team delivered another quarter of meaningful progress, underscored by strong revenue growth, and continued operational momentum across both Galena and Cosala. Consolidated net revenue rose 71% year-over-year to $46 million for Q2, and we generated $114 million in the first half alone, nearly matching our full-year 2025 revenue in just six months. These results were achieved despite temporary impacts from the extension of the 14-day planned shutdown period during the quarter for the Phase 2 shaft upgrade and a minor electrical fire at Galena, demonstrating the resilience and commitment of our workforce. I remain deeply proud of the safety culture that continues to define our operations, and of the team's ability to execute through challenges while maintaining focus on long-term value creation.'
At Cosala, our team continues to deliver excellent results, achieving a 26% increase in silver production year-over-year to approximately 337,000 ounces. The successful commercial production from EC120, strong recoveries, and stable grades all contributed to a robust quarter. Cash costs at Cosala decreased meaningfully to under $17 per ounce, reflecting higher by-product credits and strong operational execution. These results demonstrate the strength of Cosala and the value of having a diversified production base with multiple opportunities for future growth.'
At Galena, the completion of the No. 3 Shaft modernization marks a transformational milestone for the Complex and establishes the infrastructure needed to support the next phase of growth. The upgrades increased hoisting capacity by approximately 150% and expanded skipping payloads by 40%, unlocking the throughput required to support higher mining rates and future production growth. These improvements, combined with modernized mining methods, long-hole stoping advancements, fleet upgrades, and new communication infrastructure, are already driving efficiencies underground.'
Looking ahead, we remain firmly on track to achieve our 2026 production guidance of 3.2 to 3.6 million ounces of silver at an AISC of $30 to $35 per ounce sold. At the same time, we are investing in the next generation of growth with the largest drilling campaign in Company history underway at both Galena and Cosala. We also continue to progress with the design and construction of our processing facility alongside our JV partner, US Antimony, positioning Americas Gold and Silver as a key contributor to the U.S. critical minerals supply chain.
We believe the Company is entering an important period of growth and transformation. We have strengthened the underlying operations, expanded our production capabilities, and are building a pipeline of opportunities designed to create long-term value for our shareholders. I am encouraged by the momentum across all areas of the business and look forward to updating our stakeholders as we unlock further value throughout the year.'
Consolidated Production
Consolidated silver production of approximately 665,000 ounces during Q2-2026 was slightly lower than Q2-2025 production due to lower production and grade at the Galena Complex related to the shut down for Phase 2 shaft upgrades and a minor electrical fire, offset by higher production at the Cosala Operations. Year-to-date Q2-2026 silver production was 1.5 million ounces, in line with the Company's full year guidance of 3.2 to 3.6 million ounces and growth plans.
Consolidated attributable cash costs and AISC for Q2-2026 were $25.68 per silver ounce and $40.63 per silver ounce, respectively. Year-to-date Q2-2026 silver cash costs were $24.48 per silver ounce and $36.92 per silver ounce, respectively, and on track to achieve full year 2026 cost guidance of $30 -$35 per silver ounce sold.
Galena Complex
During Q2-2026, the Company continued to make significant advances at the Galena Complex with the completion of Phase 2 of the No. 3 Shaft modernization program, significantly increasing hoisting capacity. The Galena Complex produced approximately 328,000 ounces of silver in Q2-2026 compared to approximately 420,000 ounces of silver in Q2-2025 partially due to the impact the Phase 2 shaft upgrades and a minor electrical fire at Galena that briefly interrupted production. The mine also produced 2.3 million pounds of lead in Q2-2026 along with 0.1 million pounds of copper and 0.1 million pounds of antimony. Lead by-product production levels may vary in the short term as mining activities focus on increasing higher silver grade, tetrahydrate ore and supporting development continues to be advanced. Cash costs per ounce of silver sold increased to $35.26/oz in Q2-2026 from $23.39/oz in Q2-2025, primarily due to decreases in silver sold and increased use of contractors as operations scale in Idaho.
The Galena Complex remains on track with its operational growth plan in the areas of underground development and long-hole stoping; upgrading the underground fleet; advancing the shaft upgrades; and mine modernization, and communication. The previously announced Phase 1 and Phase 2 upgrades to the No. 3 Shaft have improved hoisting capacity, increasing throughput from roughly 42 short tons per hour ('stph') to sustained rates of 85 stph, with peak performance reaching 105 stph-a 150% improvement. Phase 2 improvements centered on installing a new braking system to match the higher speeds enabled by the Phase 1 motor upgrade, along with mechanical, electrical, and control-system enhancements completed during a slightly extended shutdown. Commissioning results showed hoisting rates more than doubling historical performance, and further optimization-such as guide alignment, lighter skips, and in-shaft communication upgrades-will be completed during routine downtime without interrupting operations.
Phase 1 previously increased skip payload from 5 to 7 tons and added a 2,250-hp hoist motor, with a second motor available as a critical spare to strengthen reliability. With both phases complete, the upgraded shaft is expected to deliver 1,350 tons per day of hoisting capacity, a roughly 50% increase, while providing flexibility for future growth across the Galena Complex. The Phase 2 investment totaled approximately US$1.1 million, representing a highly efficient capital outlay that materially enhances throughput and long-term production capability.
Cosala Operations
Silver production increased in Q2-2026 by 26% to approximately 337,000 ounces of silver compared to approximately 269,000 ounces of silver in Q2-2025, primarily due to higher silver grades and recoveries offset by lower tonnages during the period. Effective January 1, 2026, commercial production was declared for EC120, which has higher silver grades and recoveries based on its mineralogy compared to the zinc-lead-silver San Rafael mine orebody. Mining has ceased at the San Rafael Main Central orebody which caused base metals production of zinc and lead to drop in fiscal 2026 though continues in the higher-grade silver Upper Zone orebody.
Cash costs per silver ounce sold decreased during Q2-2026 to $16.91 per ounce from $30.61 per ounce in Q2-2025, due primarily to higher by-product credits from copper during the period.
Settlement of Silver and Gold Delivery Obligations
During the second quarter, the Company settled its remaining precious metals deliver obligations under existing agreements with Mr. Eric Sprott ('Sprott') and Royal Gold Inc. ('Royal Gold'). On May 20, 2026, the Company settled its remaining obligation to deliver ounces of silver to Sprott in exchange for the issuance of 7,956,696 common shares. On June 10, 2026, the Company also settled its remaining obligation to deliver ounces of gold to Royal Gold through a combination of the delivery of 5,000 ounces of gold and the issuance of 2,652,532 common shares.
These transactions fully settled the Company's remaining precious metals delivery obligations, eliminating impacts to mark-to-market adjustments in instrument valuations due to changes in forward gold and silver prices, simplified and strengthened its capital structure and increased its exposure to future silver prices. Further details regarding the transactions, and their financial statement impact, are described in Notes 9 and 10 to the Company's condensed interim consolidated financial statements for the period ended June 30, 2026, available on the Company's website and under the Company's profile on sedarplus.com.
Americas' 2026 guidance incorporates the mine and development plans across its operations. At the Galena Complex in Idaho, guidance includes planned growth capital expenditures of $30 - $40 million at the Crescent Mine and planned mine development and shaft upgrades at the Galena Mine, required to incrementally increase production levels as the year progresses. The capital guidance includes further equipment additions at both the Galena Complex, and Cosala and other growth-related expenditures. By the end of 2026, the Company expects the Galena Complex to reach substantially and sustainably higher production rates. In addition, consolidated exploration capital is targeted to be between $15 to $20 million.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a rapidly growing North American producer of silver and other critical minerals supporting the growth of AI, electrification, advanced manufacturing, and national security. The Company owns a portfolio of high-grade mining assets in the United States and Mexico and is executing a strategy to become one of North America's leading silver producers while establishing a secure domestic supply of antimony.
The Company's flagship Galena Complex in Idaho is one of the United States' premier silver mining districts and includes the nation's largest antimony mine. Nearby, the fully permitted Crescent Silver Mine hosts one of the world's highest-grade silver resources and offers significant future growth potential through shared infrastructure and processing. Through a 51/49 joint venture, the Company is developing a fully integrated domestic antimony supply chain-from mine to finished product-to help strengthen America's critical mineral independence.
Americas also owns and operates the Cosala Operations in Sinaloa, Mexico, where EC120, a high grade silver-copper mine, is currently being scaled. With a strong balance sheet and multiple high-quality growth projects, the Company is well positioned to increase silver and antimony production while supplying the critical minerals needed to support the next generation of AI infrastructure, energy systems, and advanced industrial technologies.
Contact:
Miranda Powell
Tel: +1-775-771-8832
Email: [email protected]
Web: americas-gold.com
Cautionary Statement on Forward-Looking Information:
This news release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas' expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; production from the Galena Complex, including the Crescent Mine and Cosala Operations, including the expected number of producing stopes and production levels; the expected timing and completion of required development and the expected operational and production results therefrom, including the anticipated improvements to production rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; statements relating to Americas' EC120 Project; statements relating to implementation of, and the impact of new management on, the planned recapitalization of Galena Complex and expectations on the deployment of capital. Guidance and outlook references contained in this press release were prepared based on current mine plan assumptions with respect to production, development, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no further adverse impacts to the Cosala Operations from blockades or work stoppages, and completion of the shaft repair and shaft rehab work at the Galena Complex on its expected schedule and budget, the realization of the anticipated benefits therefrom, and is subject to the risks and uncertainties outlined below. The ability to maintain cash flow positive production at the Cosala Operations, which includes the EC120 Project, through meeting production targets and at the Galena Complex through implementing the Galena Recapitalization Plan, including the completion of the Galena shaft repair and shaft rehab work on its expected schedule and budget, allowing the Company to generate sufficient operating cash flows while facing market fluctuations in commodity prices and inflationary pressures, are significant judgments in the consolidated financial statements with respect to the Company's liquidity. Should the Company experience negative operating cash flows in future periods, the Company may need to raise additional funds through the issuance of equity or debt securities. Often, but not always, forward-looking information can be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'potential', 'estimate', 'may', 'assume', 'would', 'could', 'seek', 'propose' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors beyond the Company's ability to control or predict that may cause the actual results, level of activity, performance, or achievements of Americas or developments in the Company's business or in its industry to be materially different from those expressed or implied by such forward-looking information. With respect to the business of Americas, these risks and uncertainties include risks relating to widespread interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company's projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments, risks associated with generally elevated inflation and inflationary pressures, risks related to changing global economic conditions, and market volatility, risks relating to geopolitical instability, political unrest, war, and other global conflicts may result in adverse effects on macroeconomic conditions including volatility in financial markets, adverse changes in trade policies, inflation, supply chain disruptions and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Americas does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.
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