Americas Gold & Silver Reports Record Q1 2026 Silver Production & Sales at Galena Complex & Cosalá Operations

• Consolidated silver production of 787,000 ounces in First Quarter 2026 increased 76% year over year, driven by higher tonnage at Galena Complex and higher grades at Cosalá Operations.
• Galena Complex produced 425,000 ounces of silver, a 35% increase, with remote mucking operations moving 200 tonnes per shift versus 50 tonnes per shift using traditional methods.
• Cosalá Operations declared commercial production at EC120 effective January 1, 2026, contributing to 174% silver production increase to 362,000 ounces.
• Consolidated revenue increased 187% to $67.8 million with AISC of $34.12 per silver ounce within the full-year guidance range of $30 to $35 per ounce.
• Both sites achieved one year without lost time accidents, while the company targets 3.2 to 3.6 million ounces of silver production for 2026, with the largest drilling campaign in company history at 64,000 metres.

Company Overview

Americas Gold & Silver (TSX: USA | NYSE American: USAS) is a North American mining company producing silver, copper, lead, and antimony from operations in the US and Mexico. The company acquired 100% ownership of the Galena Complex in Idaho in December 2024, consolidating it as a cornerstone US silver asset and the nation's largest antimony mine. In December 2025, Americas acquired the Crescent Silver Mine, 9 miles from Galena, with the world's 3rd highest-grade silver resource. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build an antimony processing hub at Galena. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. 

Record Production Driven by Operational Improvements at Both Sites

Consolidated silver production of approximately 787,000 ounces during First Quarter 2026 was higher than First Quarter 2025 production of approximately 446,000 ounces due to higher tonnage at the Galena Complex and higher grades at the Cosalá Operations. Consolidated silver equivalent production reached approximately 909,000 ounces during the quarter, including 1.9 million pounds of lead, 1.0 million pounds of copper, and 137,000 pounds of antimony, with consolidated sales reaching a record 830,000 ounces.

The Galena Complex produced approximately 425,000 ounces of silver in First Quarter 2026 compared to approximately 314,000 ounces of silver in First Quarter 2025, representing a 35% increase driven by higher tonnage at slightly lower grades. The mine also produced 1.9 million pounds of lead, along with 0.2 million pounds of copper and 0.1 million pounds of antimony. During the quarter, the company monetised a portion of copper and antimony production at the Galena Complex for the first time under the new agreement with Teck Resources.

Silver production at the Cosalá Operations increased by 174% to approximately 362,000 ounces in First Quarter 2026 compared to approximately 132,000 ounces in First Quarter 2025, primarily due to higher grades and silver recoveries over lower tonnages. Effective January 1, 2026, commercial production was declared for EC120, which has higher silver grades and silver recoveries based on its mineralogy compared to the zinc-lead-silver San Rafael mine orebody. Mining has ceased at the San Rafael Main Central orebody, which caused base metals production of zinc and lead to drop in the First Quarter 2026.

Chairman and Chief Executive Officer of Americas Gold & Silver, Paul Andre Huet, commented on the quarterly performance:

"This quarter was highlighted by tangible advancements, including record silver production and sales, rising revenue, increases in consolidated Mineral Resources and grade, two major new silver discoveries, and significant progress in our growth strategy."

Revenue & Cost Performance Within Guidance Range

Consolidated revenue, including by-product revenue, increased to $67.8 million during the quarter, or 187% compared to $23.5 million for First Quarter 2025, despite lower zinc and lead production. During the quarter, the company declared commercial production at EC120 at the Cosalá Operations, which has predominantly higher-grade silver and copper compared to the silver-zinc-lead San Rafael mine.

Consolidated attributable cash costs and all-in sustaining costs (AISC) were $23.57 per silver ounce and $34.12 per silver ounce, respectively, with AISC within the company's guidance range for the year. 

Cash costs per ounce of silver sold at the Galena Complex decreased to $22.12 per ounce during the quarter from $28.19 per ounce in First Quarter 2025, primarily due to increases in silver sold and higher by-product credits during the period. Cash costs per silver ounce sold at the Cosalá Operations increased to $24.85 per ounce from $17.17 per ounce in First Quarter 2025, due primarily to the cessation of zinc and lead production resulting in lower by-product credits during the period.

Long-Hole Stoping Productivity Gains at Galena

During First Quarter 2026, the company continued to make significant progress at the Galena Complex and remained on track with its operational growth plan in the areas of underground development and long-hole stoping, upgrading the underground fleet, advancing the shaft upgrades, and mine modernisation and communication. Mine development activities advanced steadily, supported by improved efficiencies in muck handling, with a key contributor being the successful extraction of an eighth long-hole panel at the Galena 49-360 stope, bringing the total panels mined to date to 10.

Remote mucking operations demonstrated a significant increase in productivity, moving approximately 200 tonnes per shift compared to approximately 50 tonnes per shift using traditional underhand and overhand mining methods. Long-hole panels mined to date have achieved planned mining widths, resulting in planned dilution in line with underhand cut-and-fill mining. Three additional long-hole stopes are in development and scheduled for mining in the Second Quarter and Third Quarter 2026. 

Huet outlined the operational trajectory at both sites.

"At Galena, improved efficiencies, modernised mining methods, fleet upgrades, and infrastructure investments are just the tip of the iceberg with respect to the potential of the entire Galena Complex. Similarly, at Cosalá, the successful achievement of commercial production from the high-grade EC 120 mine and a new near-mine high-grade discovery at El Alacrán, coupled with significant planned step-out drilling, provides opportunities for further growth."

Safety Performance & Strategic Initiatives

Both the Galena Complex and Cosalá operating teams reached one full year without a single lost time accident on March 11, 2026, and April 14, 2026, respectively. The company reported significant growth in consolidated silver Mineral Resources and grade, including a 19% year over year increase in Measured and Indicated Mineral Resources and 21% increase in Measured and Indicated grades at Galena.

In February 2026, Americas signed a joint venture agreement with United States Antimony to construct and operate an antimony processing facility in Idaho's Silver Valley. The joint venture is 51% owned by the company and is intended to provide a mine-to-finished antimony production solution to secure the supply chain for this critical mineral within the United States.

Financial Position & Earnings

Cash and cash equivalents balance stood at $122.4 million and working capital at $66.8 million as of March 31, 2026. Net income of $10.0 million, or $0.03 per share, compared to net loss of $19.7 million, or $0.08 per share, for First Quarter 2025, primarily attributable to higher net revenue and higher gain on derivatives, offset in part by higher cost of sales, impact of higher current and forward gold and silver curve prices which increase the unrealized present value of the company's metals contract liabilities, and higher income tax expense.

Adjusted earnings for the quarter were $19.9 million or $0.06 per share compared to the adjusted loss for First Quarter 2025 of $11.5 million or $0.05 per share. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were $33.6 million or $0.10 per share compared to adjusted EBITDA loss for First Quarter 2025 of $5.5 million or $0.02 per share, primarily due to higher net revenue from increased silver production and realised prices during the period.

Full-Year 2026 Guidance & Capital Allocation

The company released consolidated 2026 production and cost guidance of 3.2 to 3.6 million ounces of silver at an average AISC of $30 to $35 per ounce sold. Consolidated total capital expenditures are targeted to be between $90 million to $120 million, including $30 million to $40 million at the Crescent Mine, and consolidated exploration capital is targeted to be between $15 million to $20 million.

Americas' 2026 guidance incorporates the mine and development plans across its operations. At the Galena Complex in Idaho, guidance includes planned growth capital expenditures of $30 million to $40 million at the Crescent Mine and planned mine development and shaft upgrades at the Galena Mine, required to incrementally increase production levels as the year progresses. The capital guidance includes further equipment additions at both the Galena Complex and Cosalá and other growth-related expenditures, with the company expecting the Galena Complex to reach substantially and sustainably higher production rates by the end of 2026.

Huet provided guidance on expectations for the balance of 2026.

"Looking ahead to the balance of 2026, we are off to an excellent start to achieve our production, cost, and capex guidance, which includes an aggressive plan to undertake the largest drilling campaign in Company history with a total of 64,000 meters to be drilled both as infill and exploration meters."

Next Steps

The company outlined several operational and strategic milestones for the balance of 2026. At the Galena Complex, three additional long-hole stopes currently in development are scheduled for mining in the Second Quarter and Third Quarter of 2026, while the company plans to undertake the largest drilling campaign in company history, with a total of 64,000 metres to be drilled both as infill and exploration metres.

By the end of 2026, the company expects the Galena Complex to reach substantially and sustainably higher production rates. The company is progressing antimony plant construction alongside joint venture partners to unlock additional critical metal value, and remains on track to deliver on its planned production guidance of 3.2 to 3.6 million ounces of silver at an AISC range of $30 to $35 per ounce sold for full-year 2026.

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