Americas Gold & Silver: The Hidden Lever in Reserve Growth

• Americas Gold & Silver reported a 52% year-over-year increase in consolidated attributable silver production to 2.65 million ounces in 2025, with consolidated revenue rising to $118 million from $100 million.
• The 2025 resource update shows Measured & Indicated (M&I) silver mineral resources rose 10% to 115.7 million ounces net of depletion, led by a 19% increase at Galena to 87.9 million ounces at 500.9 grams per tonne (g/t), a 21% improvement in grade mirrored at the Proven & Probable (P&P) reserve level.
• Three new vein discoveries at Galena and one at Cosalá all sit within existing infrastructure corridors, reducing the capital cost to bring them into production relative to a greenfield find.
• Galena transitioned from zero long-hole stopes in 2024 to nine panels mined to designed widths by the end of 2025, with the No. 3 Shaft upgrade targeting hoisting capacity of approximately 105 short tons per hour from 40 short tons per hour in 2024, on track for the Second Quarter of 2026.
• Americas issued 2026 production guidance of 3.2 to 3.6 million silver ounces at an all-in sustaining cost (AISC) of $30 to $35 per ounce sold, a wider range than the 2025 AISC outcome of $32.95 per ounce, reflecting execution uncertainty across simultaneous infrastructure, mining method, and acquisition workstreams.

A Growing Resource Base

Americas Gold & Silver Corporation (TSX: USA | NYSE American: USAS) reported a 52% year-over-year increase in consolidated attributable silver production for 2025 while simultaneously announcing a 19% increase in Measured & Indicated (M&I) mineral resources and three new high-grade vein discoveries across its Idaho and Mexico operations. Consolidated M&I resources rose 10% net of mining depletion, supported by a 21% improvement in grade at Galena at both the resource and reserve levels in the 2025 update. The lever is grade: a 21% improvement in resource grade at Galena to 500.9 g/t, mirrored by a 21% improvement in reserve grade to 482.1 g/t, which means more silver recovered per tonne mined, a dynamic that the 2025 AISC figures will need to confirm as the reserve base is drawn down.

Production & Financial Results

Consolidated silver production reached 2.65 million ounces in 2025, up from approximately 1.7 million attributable ounces in 2024. Consolidated revenue, including by-product revenue, rose to $118 million from $100 million, driven by higher volumes and a higher average realised silver price of $39.13 per ounce compared to $28.13 per ounce in 2024. The Galena Complex produced approximately 1.5 million ounces of silver alongside 561,000 pounds of antimony. The Cosalá Operations set a production record at approximately 1.2 million ounces of silver, a 44% increase over 2024, with commercial production at the EC120 Project declared at the start of 2026.

Consolidated all-in sustaining costs (AISC) were $32.95 per silver ounce sold in 2025, against a realised silver price of $39.13 per ounce, leaving a margin that remains sensitive to cost execution. The company ended 2025 with a cash balance of $129.8 million, compared to $20.0 million at year-end 2024, and working capital of $67.5 million, reversing a working capital deficit of $27.9 million at the end of 2024.

Reserve & Resource Update: Grade is the Story

The resource update, effective October 31, 2025, shows the company replaced mining depletion with room to spare. Consolidated M&I silver mineral resources rose 10% to 115.7 million ounces, while Inferred silver mineral resources increased 15% to 133.3 million ounces, both net of depletion.

The most significant move came at Galena, where M&I silver resources grew 19% to 87.9 million ounces at 500.9 grams per tonne (g/t), a 21% improvement in grade year-over-year. That grade improvement aligns with the reported 21% increase in reserve grade at Galena, where Proven & Probable reserves increased 2% to 16.3 million ounces at 482.1 g/t, consistent with the resource-level trend. At Cosalá, M&I resources decreased by 13% to 18.7 million ounces, while grade improved by 33% to 119.3 g/t, reflecting mine sequencing toward higher-grade zones rather than depletion of the overall deposit.

New Discoveries Extend the Inventory Pipeline

Three new vein discoveries during 2025 and early 2026 add a forward exploration dimension to the resource picture. All three sit within existing infrastructure corridors, meaning the capital cost to bring them into production is structurally lower than that of a greenfield find.

At the Galena Complex, the 520 Vein was intercepted within the Coeur Mine, directly connected underground to the Galena Mine and adjacent to the recently upgraded Coeur Shaft. Four drill holes have defined a 150-metre-long by 150-metre-high mineralised zone open in all directions, with highlight intersections including 1.4 metres at 646 g/t silver, 1.95% copper, and 0.79% antimony. Two further discoveries, the 034 Vein and the 149 Vein, are advancing through infill and step-out drilling, with the 034 Vein already incorporated into the updated resource estimate.

At Cosalá, the El Alacrán discovery, 600 metres north of the San Rafael mine, returned 27.6 metres at 69.0 g/t silver, 0.2 g/t gold, and 0.2% copper, including 11.2 metres at 91.0 g/t silver. The discovery outcrops at the surface and carries grades comparable to current mine head grades, a combination that could reduce development capital if the zone proves continuous.

Infrastructure, Acquisitions & 2026 Outlook

At Galena, the company transitioned from zero long-hole stopes in 2024 to nine panels mined to designed widths by the end of 2025, with remote mucking productivity rising from approximately 50 tonnes per shift to approximately 200 tonnes per shift. The No. 3 Shaft upgrade targets hoisting capacity of approximately 105 short tons per hour, up from 40 short tons per hour in 2024, and is on track for completion in the Second Quarter of 2026. In December 2025, Americas closed the acquisition of the Crescent Mine, nine miles from Galena, alongside a $132 million bought deal financing. Americas is not treating the Crescent's historical resource estimates as current mineral resources or mineral reserves, and confirmation drilling commenced in March 2026.

Americas issued 2026 consolidated production guidance of 3.2 to 3.6 million silver ounces at an AISC range of $30 to $35 per ounce sold. The guidance range is wider than the 2025 AISC outcome of $32.95 per ounce, reflecting execution uncertainty during a year of simultaneous infrastructure commissioning, mining method transition, and ramp-up at Crescent. Total capital expenditures are targeted between $90 million and $120 million, with exploration capital targeted between $15 million and $20 million for approximately 64,000 metres of drilling, the largest program in the company's history. Americas was also added to the GDXJ Junior Gold Miners Index and the Solactive Global Silver Miners Index during the period, broadening the institutional investor base eligible to hold the stock.