Americas Gold and Silver (USA) Q3 2025 earnings summary

Executive summary

• Achieved strong operational momentum in Q3 2025, with consolidated silver production rising 98% year-over-year and 11% quarter-over-quarter, driven by operational improvements at Galena and higher-grade ore at Cosalá's EC120 Project.

• Revenue increased 37% year-over-year to $30.6 million, supported by higher silver output and prices, despite lower zinc and lead production.

• Prioritized equipment upgrades, infrastructure improvements, and new mining methods to enhance productivity and safety at key sites.

• Engaged a government relations group to support antimony production and explore local processing options, with antimony positioned to become a new revenue stream.

• Net loss for Q3 2025 was $15.7 million, a slight improvement from $16.1 million last year; adjusted loss narrowed to $4.3 million and adjusted EBITDA turned positive at $1.9 million.

Financial highlights

• Produced 765,000 silver ounces, a 98% year-over-year increase, and 877,000 silver-equivalent ounces.

• Average realized silver price was $40.36/oz, up from $29.71/oz in Q3-2024.

• Cost of sales per silver-equivalent ounce decreased 18% to $22.95; cash cost per silver ounce fell 10% to $24.11; AISC per silver ounce was $30.06.

• Cash balance stood at $39.1 million at quarter-end.

• Working capital deficit improved to $6.2 million.

Outlook and guidance

• EC120 development is accelerating, with commercial production expected by year-end 2025, anticipated to boost silver output and free cash flow.

• Ongoing transition into higher-grade EC120 ore at Cosalá is expected to further boost silver production and lower costs.

• Antimony production will become a revenue stream in 2026, with plans for a dedicated processing facility in Idaho.

• Further productivity and cost improvements expected as new mining methods and equipment are fully implemented.