Americas Gold and Silver Posts Record Q1 Production and Revenue Driven by Strong Silver Output and Operational Improvements

Record Production and Revenue Mark a Transformative Quarter

Americas Gold and Silver Corporation (NYSE: USAS; TSX: USA) delivered a transformational Q1 2026, posting record silver production and sales across its portfolio. Consolidated silver output jumped to approximately 787,000 ounces—a 76% increase from the prior year—fuelled by operational efficiencies at the Galena Complex in Idaho and a leap in silver grades at Cosalá in Mexico. These production strides translated into consolidated revenue of $67.8 million, up 187% compared to Q1 2025, underscoring the impact of Amercias' growth initiatives.

Operational Efficiencies Propel Galena and Cosalá to New Highs

The Galena Complex achieved a 35% increase in silver output, producing approximately 425,000 ounces in Q1 2026 thanks to improved mining efficiencies, modernized fleet, and optimized underground development. Cosalá stood out with a staggering 174% year-over-year surge, powered by higher silver grades and recoveries after officially declaring commercial operations at the EC120 orebody. Importantly, both sites also surpassed key safety milestones, completing over a year without a single lost time accident.

Financial Performance: Margins Improve on Rising Metal Prices

Americas' bottom line saw a strong turnaround, swinging to a net income of $10 million for the quarter, compared to a $19.7 million loss in Q1 2025. Adjusted EBITDA was markedly higher at $33.6 million, cementing financial flexibility for continued growth. The company reported a healthy cash balance of $122.4 million and working capital of $66.8 million as of March 31, 2026, positioning it well for future capital investments and expansion projects.

The average realized silver price climbed to $79.48/oz, more than doubling the prior year’s $32.10/oz, providing a major earnings tailwind. Costs per ounce sold remained controlled, with cash costs at $23.57/oz and all-in sustaining costs at $34.12/oz, within company guidance despite inflationary pressures and changing metal production mix.

Growth Outlook Remains Positive with Aggressive Capital Plans

Looking ahead, Americas Gold and Silver aims to produce between 3.2 and 3.6 million ounces of silver in 2026, with total capital investments targeted at $90–$120 million. This includes $30–$40 million in sustaining capital and up to $80 million in growth initiatives, including the ongoing development at Galena and the fully permitted Crescent Silver Mine. Exploration spending is guided at $15–$20 million for the full year, reflecting America's largest planned drilling campaign—64,000 meters of drilling both as infill and for exploration in 2026.

Strategic Initiatives: Antimony Processing and Resource Growth

Among key milestones, February saw the signing of a joint venture with United States Antimony to establish a 51%-owned antimony processing facility in Idaho's Silver Valley, designed to deliver a fully domestic mine-to-finished-product critical mineral solution. Meanwhile, mineral resource growth was notable: Measured and Indicated (M&I) silver resource at Galena rose 19%, with grade climbing 21% year-over-year.

Key Takeaways: Execution Fueling Transformation

Americas Gold and Silver’s Q1 performance demonstrates what well-executed operational improvement and disciplined capital allocation can achieve—even as silver production in North America becomes more strategic in the face of rising demand and evolving supply chains. With robust reserves, ambitious exploration targets, and a secure financial foundation, the company is on course for another strong year.

Investors may want to listen in to management’s conference call scheduled for May 15, 2026, for more insights into operational progress and strategy. As Americas expands both production and processing capacity, its trajectory will remain under close watch by those tracking the evolution of critical metals supply in North America.

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