- Record consolidated silver production of 787,000 ounces represents a 76% increase from 446,000 ounces in the First Quarter of 2025, with silver sales reaching 830,000 ounces.
- Both the Galena Complex and Cosalá Operations achieved one full year without Lost Time Accidents, establishing new corporate safety milestones.
- Unaudited consolidated cash balance totalled US$122.6 million at March 31, 2026, on track as capital deployment continued under the revitalisation and growth plan.
- Phase 2 upgrades to the No. 3 shaft at Galena remain on schedule for Second Quarter completion, increasing skipping speeds to approximately 105 short tons per hour, a 160% increase from the 2024 baseline.
- Full year 2026 silver production guidance maintained at 3.2 million to 3.6 million ounces at all in sustaining costs of US$30 to US$35 per ounce, with production weighted to the second half of the year.
Company Overview
Americas Gold & Silver Corporation (TSX: USA | NYSE American: USAS) is a North American mining company producing silver, copper, lead, and antimony from high grade operations in the US and Mexico. The Company owns and operates the Galena Complex in Idaho, the nation’s largest antimony mine, and the Cosalá Operations in Sinaloa, Mexico. In December 2025, Americas acquired the fully permitted Crescent Silver Mine located nine miles from Galena. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build a new antimony processing hub at Galena.
Production Context
Americas Gold & Silver announced First Quarter 2026 consolidated production results on April 16, 2026, establishing new corporate quarterly production records for both silver output and safety performance. The 787,000 ounces of silver produced during the three months represented a 76% increase from the 446,000 ounces produced in the First Quarter of 2025. Consolidated silver sales reached 830,000 ounces following a positive timing adjustment in concentrate sales.
The Galena Complex in Idaho contributed 424,686 ounces of silver production during the quarter, while the Cosalá Operations in Mexico produced 362,239 ounces. Base metal production at Galena included 1,950,014 pounds of lead and 137,078 pounds of antimony. Copper production totalled 218,103 pounds at Galena and 748,449 pounds at Cosalá, for consolidated copper output of 966,552 pounds.Â
Safety Performance & Financial Position
Both the Galena Complex and Cosalá Operations achieved one full year without Lost Time Accidents (LTAs) during the First Quarter of 2026. This milestone established new corporate safety performance benchmarks as Americas maintained focus on workforce safety whilst scaling production across both operations.
Chairman and Chief Executive Officer of Americas Gold & Silver, Paul Andre Huet, stated:
“Safety remains our highest priority, and these achievements reflect the strong safety culture developed by our teams.”
The Company reported an unaudited consolidated cash balance of US$122.6 million as at March 31, 2026. This cash position remained on track with expectations as Americas continued deploying capital into its revitalisation and growth plan at the Galena Complex and across its operating portfolio.
Galena Infrastructure Programme
During the Second Quarter of 2026, Americas remained on schedule to complete Phase 2 upgrades to the No. 3 shaft at the Galena Complex. The upgrade programme includes installation of a new braking system, a control system upgrade for future automation, a new communication system, and semi-autonomous cages. These modifications will increase skipping speeds to approximately 105 short tons per hour (stph), representing an approximate 160% increase in hoisting capacity from the 40 stph baseline established in 2024 when the Galena revitalisation project began.
Mr. Huet commented:
“The year ahead is pivotal for our operations at Galena with the Phase 2 upgrade at the No. 3 shaft set to begin this month, which involves the installation of a new braking system allowing us to increase our skipping speeds to over 100 stph, an approximate 160% increase in hoisting capacity compared to 40 stph in 2024 when the Galena revitalization project began. This upgrade will boost our ore hoisting capability in the No. 3 shaft – a significant step forward for our operations as we continue to ramp up our tonnage resulting from the transition to Long Hole Stoping (LHS).”
The upgrades will be completed during a planned two-week shutdown during the Second Quarter. The company is advancing communication technology throughout the mine through the installation of new fibre optic cables that will enable real-time tracking of mine equipment, mine-wide communication, and future automation of numerous equipment pieces.
Construction of the surface paste fill plant commenced on schedule during the quarter, with initial parts arriving at the site and preparatory works underway. The new paste fill plant is designed to reduce stope cycle times, allowing Americas to accelerate its transition to increased Long Hole Stoping (LHS).
Mr. Huet stated:
“We are also making progress towards the addition of a new surface paste plant, with advanced engineering complete and project construction underway. The new paste fill plant will reduce stope cycle times, allowing us to accelerate our transition to increased LHS.”
Exploration Programme
Americas has allocated capital for the largest drilling programme in the company’s history, with approximately 64,000 metres of exploration and infill drilling planned across its operations during 2026.
Mr. Huet stated:
“In addition to the substantial capital investments we are making to grow production in a safe and rapid manner, we have also allocated investment for the largest drilling program in Company history with approximately 64,000 metres of exploration and infill drilling planned across our operations.”
Production Guidance & Cost Structure
Americas maintained its full-year 2026 silver production guidance of between 3.2 million and 3.6 million ounces at all-in sustaining costs (AISC) of US$30 to US$35 per ounce. The Company stated that full-year production is expected to be weighted to the second half of 2026 with associated lower costs as investment in operational growth continues.
Mr. Huet concluded:Â
“From a production and exploration perspective, Americas’ aggressive growth trajectory remains on track to deliver full-year 2026 silver guidance of between 3.2 to 3.6 million ounces at all-in sustaining costs of US$30-US$35 per ounce. As previously indicated, the Company expects full year production to be weighted to the second half of the year with associated lower costs as we continue to invest in the growth of our operations.”
All in sustaining costs represent a non-IFRS measure, with the definition included in the Non-IFRS Measures section of Americas Gold & Silver’s Management’s Discussion and Analysis for the period ended December 31, 2025.
What to Watch Next
Americas will complete the Phase 2 No. 3 shaft upgrades during a planned two-week shutdown in the Second Quarter of 2026, followed by continued construction of the surface paste fill plant and installation of fibre optic infrastructure throughout the Galena Complex. The Company will execute approximately 64,000 metres of exploration and infill drilling across its operations throughout 2026, the largest drilling programme in the Company’s history. Full year 2026 production remains on track to deliver between 3.2 million and 3.6 million ounces of silver at all-in sustaining costs of US$30 to US$35 per ounce, weighted to the second half of the year.