Americas Gold and Silver (USA) Q4 2025 earnings summary

Executive summary

• Achieved a 52% year-over-year increase in attributable silver production to 2.65 million oz in 2025, with record output at both Galena and Cosalá operations, driven by operational improvements and EC120 ramp-up.

• Major safety milestone at Galena: one year and over 500,000 man-hours without a lost time accident.

• Integrated Crescent Mine and advanced key infrastructure projects, including shaft upgrades, new mining equipment, and transition to long hole stoping.

• Launched the largest exploration program in company history, targeting 64,000 m of drilling across Galena, Crescent, and Cosalá.

• Announced a joint venture to build the first U.S. antimony processing facility at Galena, with new byproduct revenue streams starting in 2026.

Financial highlights

• Consolidated revenue rose 18% to $118 million in 2025, driven by higher silver production and prices.

• Net loss widened to $87.4 million ($0.33/share) from $49 million ($0.46/share) in 2024, mainly due to higher metals-based liabilities.

• Adjusted loss was $35.2 million ($0.13/share); adjusted EBITDA loss was $4.1 million, down from a $1.5 million gain in 2024.

• Cash and cash equivalents increased to $129.8 million from $20 million in 2024; working capital improved to $67.5 million from a $27.9 million deficit.

• Average realized silver price was $39.13/oz in 2025, up from $28.13/oz in 2024.

Outlook and guidance

• 2026 silver production guidance: 3.2–3.6 million oz, a 30–33% increase over 2025, with AISC expected at $30–$35/oz.

• Capital expenditures for 2026 targeted at $90–$120 million, with $15–$20 million for exploration, including a record 64,000 meters of drilling.

• Galena production guidance: 2.2–2.6 million oz; Cosalá: 1.2–1.4 million oz.

• Major infrastructure upgrades (paste plant, shaft upgrades) scheduled for completion in 2026.

• Anticipates cost declines and productivity gains as long hole stoping expands and new technology is implemented.