Americas Gold and Silver Sets Annual Production Record with 52% Growth, Bolsters Cash Position Ahead of 2026 Expansion
Record Annual Silver Output Signals Operational Momentum
Americas Gold and Silver Corporation (NYSE: USAS, TSX: USA) marked a pivotal year in 2025, reporting consolidated silver production of 2.65 million ounces—a 52% surge from the prior year's 1.74 million ounces. The Cosalá Operations in Mexico emerged as a standout, setting a new high with 1.19 million ounces, including a quarterly record of 463,000 ounces in Q4. These numbers underscore growing operational efficiency and strengthened execution across the company’s mining portfolio.
Cosalá Leads with Best-Ever Production; Galena and Crescent Add Strategic Value
The record output was driven by both stable high-grade ore at Cosalá’s San Rafael mine and the ramp-up of the EC 120 mine, which hit commercial production at the start of 2026. Planned maintenance shutdowns at the Galena Complex were completed ahead of schedule, reflecting operational discipline and supporting robust annual totals.
At Galena, operational upgrades and the integration of the Crescent Mine—acquired in December—set the stage for further productivity. Reinvestment in shafts and mining fleet, alongside the addition of long hole stoping techniques, enhanced efficiency and capacity. Full-year by-product totals from Galena included 561,000 pounds of antimony and 797,000 pounds of copper, bolstering Americas’ profile as the largest active U.S. antimony miner.
| Metric | 2025 | 2024 | Change (%) |
|---|---|---|---|
| Consolidated Silver Production (oz) | 2,650,000 | 1,740,000 | +52.30% |
| Cosalá Silver Production (oz) | 1,190,000 | Not Disclosed | Record Year |
| Galena Antimony Production (lbs) | 561,000 | Not Disclosed | -- |
| Galena Copper Production (lbs) | 797,000 | Not Disclosed | -- |
| End-2025 Cash Position (USD) | $130,000,000 | ~$40,000,000 (as of Sep 30) | +225.00% |
Balance Sheet Strengthened for Further Expansion
Americas closed 2025 with an unaudited cash balance of roughly $130 million—a $90 million rise from September. This was supported by a $132.25 million private placement in December, with $20 million earmarked for the Crescent Mine acquisition. The company now holds 100% ownership of the Galena Complex, following its acquisition of the remaining 40% stake earlier in the year, ensuring full control and integration of critical U.S. metals assets.
Strategic Position in Silver and Antimony—Looking Ahead
With expanded output and proactive asset management, Americas Gold and Silver is positioned as a major North American silver producer and a leading domestic source of antimony. The newly signed offtake agreements for antimony and copper by-products are set to generate additional revenue streams from January 2026 onward, enhancing long-term value.
The successful integration of Crescent and continued improvements at Cosalá and Galena underlie management’s confidence in continued growth for 2026. As capital projects come online and newly acquired assets are brought to full efficiency, Americas aims to leverage its critical minerals exposure amid ongoing industry and geopolitical shifts.
Key Takeaway for Investors
A year of operational records and expanded production capacity, paired with a strengthened cash position, puts Americas Gold and Silver in a strong position to capitalize on higher silver prices and to meet future production goals. With new offtake agreements and strategic mine upgrades underway, observers will want to watch whether 2026 brings even higher achievement and reinforces the company’s role in U.S. critical metals security.
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