What Americas Gold and Silver (USAS) Said on Its Q3 Earnings Call

Key Points

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• Record production and stronger prices improved results: Americas Gold and Silver produced just over 800,000 ounces of silver in Q3, lifting revenue to $51 million from $30 million a year earlier and narrowing its net loss to $5.6 million. It remains on pace for the lower end of its 3.2 million–3.6 million-ounce annual production guidance, with costs expected toward the high end of guidance.

• Cosalá showed production and exploration gains: The Mexico operation’s silver output rose 28% year over year, while recent drilling at San Rafael Upper and EC120 returned grades two to three times those in the previously reported inferred resource.

• Galena investments aim to make production more consistent: The company is advancing shaft upgrades, mine development, mechanized mining and a paste plant targeted to begin operating in Q1 2027, while acknowledging Galena costs are above expectations.

Americas Gold and Silver (NYSEAMERICAN:USAS) reported record quarterly silver production in the third quarter of 2026, as higher output and metal prices helped lift revenue and narrow its net loss.

The company produced just over 800,000 ounces of silver and sold approximately 860,000 ounces during the quarter, Chairman and CEO Paul Huet said on the earnings call. Revenue rose to $51 million from $30 million a year earlier, while the net loss narrowed to $5.6 million from $16 million.

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Through the first nine months of 2026, Americas Gold and Silver produced approximately 2.3 million ounces of silver. Huet said the company was on pace to reach the lower end of its full-year production guidance of 3.2 million to 3.6 million ounces. He expects all-in sustaining costs to be toward the higher end of guidance, but still within the forecast range.

Higher Prices and Production Lift Revenue

CFO Warren Varga said third-quarter silver sales increased 17% from a year earlier. The average realized silver price was $61 per ounce, compared with $40 in the prior-year quarter. For the first nine months of 2026, revenue rose 106% year over year to $167 million.

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The adjusted loss for the quarter was $4.9 million, or 2 cents per share. Adjusted EBITDA rose to $9.3 million, compared with $1.9 million in the third quarter of 2025. Varga attributed the improvement in the net loss partly to higher revenue and the settlement of metal contract liabilities in the second quarter.

Consolidated cash costs averaged $3 per silver ounce sold in the third quarter, while all-in sustaining costs were approximately $43 per ounce. For the first nine months, all-in sustaining costs averaged approximately $39 per ounce sold.

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The company ended September with $63 million in cash and equivalents and $23 million in working capital. Varga said another $15 million was available under an existing term loan facility, subject to certain conditions.

Cosalá Output and Drilling Support Growth Plans

The Cosalá operation in Mexico produced approximately 420,000 ounces of silver in the third quarter, up 23% from the preceding quarter and 28% from a year earlier, Huet said. He attributed the gain to higher grades, improved underground movement from newer equipment and progress into the higher-grade EC120 zone.

Cosalá also produced approximately 736,000 pounds of copper, an increase of 30% year over year. Huet said higher byproduct credits contributed to a reduction in the operation’s cash costs to approximately $14.50 per silver ounce.

Cosalá surpassed its previous annual production record within the first 10 months of 2026, according to Huet. He said grades in areas being mined at EC120 were reconciling higher than the existing model, which had assumed approximately 100 grams per tonne.

Recent drilling at San Rafael Upper and EC120 returned grades two to three times those in the previously reported inferred mineral resource, Huet said. One intercept outside the 2025 inferred resource boundary returned 20.5 meters grading 654 grams per tonne of silver and 1.5% copper. The company plans to evaluate the newer drilling in future resource estimates.

Galena Investments Target More Consistent Production

The Galena Complex produced just under 400,000 ounces of silver during the quarter as it continued to recover from temporary interruptions in the second quarter. Huet said the company was prioritizing infrastructure and mine development to support sustained higher production rather than near-term output alone.

Changes at Galena include shaft upgrades, new underground equipment, improved communications and a shift toward mechanized long-hole mining. Huet said shaft capacity had increased from 40 tons per hour to more than 100 tons per hour. He also said some long-hole stopes had shown no additional dilution, though mining methods would continue to be refined for different geological conditions.

Asked about remaining milestones, Huet identified a new paste plant and additional waste development as key priorities. The company hopes to start the plant in the first quarter of 2027, with completion likely toward the end of the quarter, depending on weather. He said the project also includes a dry stack intended to extend tailings capacity.

Huet said the operation had made six new discoveries over the past 18 months. At the 034 vein, the team had already taken its first cut after discovering the vein roughly a year earlier, he said, citing existing infrastructure and permits as factors allowing faster access.

Addressing higher operating costs at Galena, Huet said costs were somewhat above the company’s expectations and attributed some of the increase to projects intended to support longer-term production. He did not quantify how much of the increase was temporary or provide a fourth-quarter cost forecast.

About Americas Gold and Silver (NYSEAMERICAN:USAS)

Americas Gold and Silver Corporation is a mining company focused on the exploration, development and production of precious and base metals. Its products include silver, lead, zinc, copper and gold. The company operates the Galena Complex in Idaho, where its mines produce silver and associated metals, and the Cosalá Operations in Sinaloa, Mexico, which include the San Rafael mine. Its activities span both the United States and Mexico. Americas Gold and Silver was formed in 2019 through the combination of Americas Silver Corporation and Pershing Gold Corporation.

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