Americas Gold and Silver Reports Second Quarter of 2026 Results with $46 Million Revenue and Strong Cosalá Production

• Consolidated silver production reached 665,000 ounces in the second quarter of 2026, while silver equivalent production was approximately 801,000 ounces.
• Cosalá produced approximately 337,000 ounces of silver, up 26% year-over-year, driven by higher silver grades across fewer tonnes.
• The Galena No. 3 Shaft modernization was completed through Phase 2, increasing hoisting capacity by approximately 150% and skip payloads by 40%.
• The company settled approximately $76 million of variable silver and gold delivery obligations during the quarter.
• Cash and cash equivalents stood at $88.9 million, with working capital of $48.6 million as of June 30, 2026.
• Americas Gold and Silver remains on track for 2026 guidance of 3.2 to 3.6 million ounces of silver at an all-in sustaining cost (AISC) of $30 to $35 per ounce sold.

Company Overview

Americas Gold & Silver Corporation (TSX: USA | NYSE American: USAS) is a North American precious metals and antimony producer with operations in the United States and Mexico. The Company owns 100% of the Galena Complex in Idaho, the largest antimony mine in the United States, and the fully permitted, past-producing Crescent Silver Mine, located 9 miles from Galena. Americas Gold & Silver also owns and operates the Cosala Operations in Sinaloa, Mexico. The company formed a 51/49 joint venture (JV) with US Antimony in February 2026 to build a new antimony processing hub at Galena.

Financial Results

Americas Gold and Silver consolidated net revenue of $46 million in the second quarter of 2026, compared with $27 million in the second quarter of 2025. The increase was primarily attributed to higher realized prices. The first half of 2026 revenue reached $114 million, up 126% from $50.5 million during the first half of 2025. The company reported a net loss of $5 million, or $0.02 per share, compared with a net loss of $15 million, or $0.06 per share, in the second quarter of 2025.

Adjusted earnings were a loss of $0.9 million, or $0 per share, compared with an adjusted loss of $12.1 million, or $0.02 per share, in the second quarter of 2025. Adjusted EBITDA was $12 million, compared with an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss of $4.1 million in the second quarter of 2025.

The company reported cash and cash equivalents of $88.9 million and working capital of $48.6 million as of June 30, 2026. Cost of sales per silver equivalent ounce sold averaged $32.05 in the second quarter of 2026, while cash costs and all-in sustaining costs averaged $25.68 and $40.63 per silver ounce sold, respectively. For the first half of 2026, cash costs averaged $24.48 per silver ounce sold, and all-in sustaining cost  (AISC) averaged $36.92 per ounce sold.

Consolidated Production

The company produced approximately 665,000 ounces of silver during the second quarter of 2026, compared with higher production in the second quarter of 2025. The company attributed the decrease primarily to lower production and grades at the Galena Complex, resulting from the Phase 2 shaft upgrade program and a minor electrical fire in June.

The company produced approximately 801,000 silver equivalent ounces during the quarter, including 2.3 million pounds of lead, 0.9 million pounds of copper, and 97,000 pounds of antimony. The first-half silver equivalent production reached approximately 1.7 million ounces, representing a 2% increase from the first half of 2025.

The company remains on track to achieve its full-year production guidance of 3.2 to 3.6 million ounces of silver, with production expected to be weighted toward the second half of the year as operations in Idaho continue to ramp up.

Galena Complex

The Galena Complex produced approximately 328,000 ounces of silver in the second quarter of 2026, compared with approximately 420,000 ounces in the second quarter of 2025. Production was affected by the Phase 2 shaft upgrade program and a minor electrical fire that briefly interrupted operations. The company said minor repairs in the affected area have been completed. Galena also produced 2.3 million pounds of lead, 0.1 million pounds of copper, and 0.1 million pounds of antimony during the quarter.

Phase 2 of the No. 3 Shaft modernization program was completed during the quarter. The upgrades increased hoisting capacity from roughly 42 short tonnes per hour to sustained rates of 85 short tonnes per hour, with peak performance reaching 105 short tonnes per hour. The completed upgrades increased hoisting capacity by approximately 150% and are expected to provide approximately 1,350 tonnes per day, representing roughly a 50% increase.

Phase 2 included installation of a new braking system, along with mechanical, electrical, and control-system improvements. The investment totaled approximately $1.1 million. The Galena Complex continues to advance underground development, long-hole stoping, fleet upgrades, shaft improvements, mine modernization, and communications infrastructure.

Cosalá Operations

Cosalá produced approximately 337,000 ounces of silver during the second quarter of 2026, an increase of 26% from approximately 269,000 ounces in the second quarter of 2025. The increase was primarily driven by higher silver grades and recoveries, partially offset by lower tonnage during the period.

Commercial production at EC120 was declared effective January 1, 2026. The company said EC120 has higher silver grades and recoveries compared with the zinc-lead-silver San Rafael orebody. Mining has ceased at the San Rafael Main Central orebody, while mining continues in the higher-grade silver Upper Zone. Cash costs at Cosalá decreased to $16.91 per ounce of silver sold in the second quarter of 2026 from $30.61 per ounce in the second quarter of 2025, primarily due to higher by-product credits from copper.

Silver & Gold Delivery Obligations

During the second quarter, Americas settled its remaining precious metals delivery obligations under agreements with Eric Sprott and Royal Gold Inc. On May 20, 2026, the company settled its remaining obligation to deliver silver ounces to Sprott in exchange for 7,956,696 common shares. On June 10, 2026, the company settled its remaining obligation to deliver gold ounces to Royal Gold through the delivery of 5,000 ounces of gold and the issuance of 2,652,532 common shares. The transactions fully settled the company's remaining obligations for precious metals delivery.

Next Steps

Americas Gold and Silver remains on track to achieve its 2026 production guidance of 3.2 to 3.6 million ounces of silver at an AISC of $30 to $35 per ounce sold. The company's 2026 capital guidance includes $30 million to $40 million in sustaining capital, $60 million to $80 million in growth capital, and total capital investments of $90 million to $120 million.

The company is also targeting $15 million to $20 million in consolidated exploration capital. At the Galena Complex, planned growth capital includes investment at the Crescent Mine, mine development and shaft upgrades at Galena, equipment additions, and other growth-related expenditures. The company expects the Galena Complex to reach substantially and sustainably higher production rates by the end of 2026. The company also has the largest drilling campaign in its history underway at Galena and Cosalá and continues to progress the design and construction of its processing facility alongside its JV partner, US Antimony.

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