Americas Gold and Silver Corporation press release

Americas Gold and Silver Announces Strong Full-Year 2025 Results and 2026 Guidance with ~30% Annual Production Growth

2026-03-30

TSX - Toronto Stock Exchange · Silver · Lead · Copper · Antimony · Zinc · Gold · Canada · Corporate Finance

Toronto, Ontario--(Newsfile Corp. - March 30, 2026) - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company"), a growing North American precious metals and antimony producer, is pleased to report consolidated financial and operational results for the year ended December 31, 2025.

This earnings release should be read in conjunction with the Company's Management's Discussion and Analysis, Financial Statements, and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR+ profile at www.sedarplus.ca, and on its EDGAR profile at www.sec.gov, and are also available on the Company's website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.

Highlights

Consolidated attributable silver production increased 52% year-over-year as the impact of operational improvements and efficiencies continued at the Galena Complex in Idaho, while the Cosalá Operations progressed into the high-grade EC120 Project with pre-production of higher-grade development ore. Strong production results were achieved despite a total of 20 days of planned shutdowns at Galena to complete upgrades to the No. 3 Shaft and Coeur Shaft. Phase II of the Galena No. 3 Shaft upgrade remains on track for completion in 2Q 2026 which will increase total hoisting capacity to approximately 105 short tons per hour (stph), representing an approximate 160% increase in hoisting capacity compared to 40 stph in 2024 when the Galena turnaround project began. A major achievement. Consolidated silver production of 2.65 million ounces was realized during the year, or approximately 3.4 million silver equivalent1ounces, including 9.3 million pounds of lead, and 2.0 million pounds of copper, an increase of 52% over 2024 consolidated attributable silver production. The Galena Complex produced approximately 1.5 million ounces of silver with more consistent access to the higher silver grade tetrahedrite ore, including 561,000 pounds of antimony. Major annual production record achieved with silver production at the Cosalá Operations increasing by 44% to record production of approximately 1.2 million ounces of silver in 2025.

Significant safety milestone achieved during March by Galena Complex team with one full year and over 500,000 hours of work without a single lost time accident. Increase in consolidated revenue due to higher silver production and higher realized prices. Consolidated revenue, including by-product revenue, increased to $118 million for 2025 or 18% compared to $100 million for 2024 due to increased production and higher realized prices. Pre-production sales of EC120 silver-copper concentrate contributed $45 million to revenue in 2025, with commercial production declared at the start of 2026.

Closed the strategic acquisition of the Crescent Mine in Idaho, USA alongside a concurrent heavily oversubscribed $132 million bought deal financing in December 2025. Closed Senior secured term loan facility for funds of up to $100 million entered into with SAF Group ("SAF") primarily to fund growth and development capital spending at the Galena Complex, with the first $50 million tranche of funds received in June 2025. Entered Multi-Metal Offtake Agreement in 2025 for Galena Concentrates with Ocean Partners for treatment of up to 100% of the polymetallic concentrates from the Company's Galena Complex at Teck Resources Limited's ("Teck") Trail Operations in Trail British Columbia. Guaranteeing processing capacity at a nearby smelter is critical as the Company executes its plans to significantly increase silver and by-product metal production over the next several years. Signed landmark joint venture agreement in February 2026 with United States Antimony ("U.S. Antimony") to construct and operate a new antimony processing facility in Idaho's Silver Valley, maximizing the financial potential of a critical by-product currently produced at Galena. The joint venture will be 51% owned by the Company and will provide a mine-to-finished antimony production solution to secure the supply chain for this critical mineral within the United States.

Significant growth in consolidated silver Mineral Resources and grade (see Americas news release dated March 30, 2026, for more information). Consolidated 2026 production and cost guidance of 3.2 to 3.6 million ounces of silver at an average AISC1of $30 to $35 per ounce sold. Consolidated capital expenditures are targeted to be between $90 to $120 million (including the Crescent Mine), and consolidated exploration capital is targeted to be between $15 to $20 million. Fiscal 2026 will see the execution of several major projects critical to the continued growth of Galena including completion of the upgrades to No 3. Shaft, construction and commissioning of the surface paste fill plant and the ramp up of long hole stoping at Galena as the mine transitions from conventional to mechanized mining. Fiscal 2026 is expected to be a pivotal year in infrastructure upgrades at Galena, building off the strong success of the work completed in 2025.

Major milestone reached with addition to GDXJ Junior Gold Miners Index and the Solactive Global Silver Miners Index (SIL), two major global indexes for small-cap gold and silver miners. Largest exploration program in Americas' history announced in 2026 with approximately 64,000 metres to be drilled companywide. This record setting drill program builds on the outstanding high-grade drilling successes in 034 Vein and 149 Vein achieved during the 2025 drilling campaign including intercepts of 983 g/t over 3.4 meters at 034 Vein and 24,913 g/t Ag and 16.9% Cu over 0.21 meters in the 149 Vein (see Americas news releases dated April 22, 2025 and August 22, 2025). Major mining, infrastructure project and development progress at Galena with nine long-hole stoping panels mined to designed widths and three new long-hole stopes in development (vs. no long-hole stoping in 2024), 200% improvement in remote mucking operations to 200 tonnes moved per shift from 50 tonnes moved with conventional methods in 2024, completion of a new Alimak ventilation raise, multi-level access point declines debottlenecking mining areas, major underground fleet overhaul and upgrades, the installation of a modern fibre-optic communications system and the arrival of parts for Phase Two of the No. 3 Shaft upgrade to be completed in April 2026. Significant long-term collective bargaining agreement at Galena Complexwith the United Steel Workers Union covering all hourly employees for a 5-year term. Strong balance sheet with cash and cash equivalents balance of $129.8 million(a significant increase over $20.0 million in 2024) and working capital1of $67.5 million as at December 31, 2025 (compared to a working capital deficit of $27.9 million as at December 31, 2024). Cost of sales1,2per silver equivalent ounce produced, cash costs1, and all-in sustaining costs1per silver ounce producedaveraged $24.98, $25.69, and $32.95, respectively, in 2025. Net loss of $87.4 million ($0.33 per share) for 2025 (improved on a per share basis vs. a 2024 net loss of $49.0 million or $0.46 per share), with the increase dollar amount from 2024 primarily due to higher period and forward precious metals prices impacting metals based liabilities offset against gains recognized from a new from a new price protection program completed during the period. Adjusted loss1for 2025 was $35.2 million ($0.13 per share) compared to an adjusted loss of $33.7 million or $0.32 per share for 2024 and Adjusted EBITDA1for 2025 was a loss of $4.1 million ($0.02 per share) compared to adjusted EBITDA loss of $1.5 million or ($0.01 per share) for 2024 primarily due to higher net revenue from increased silver production and realized prices during the period offset by planned major operational spending as part of the strategic investment strategy at Galena to grow production.

Paul Andre Huet, Chairman and CEO, commented: "It has been just over one year since our new corporate and operational leadership team joined Americas Gold and Silver and I could not be more proud of the accomplishments of our entire company in setting up our operations in Idaho and Mexico for a sustained period of major growth ahead. From rigorous operational improvement studies to project design to executing major capital projects while strategically strengthening the balance sheet and securing critical new contracts and partnerships, we have done a lot in a very short period of time. Furthermore, all of this has been achieved with minimal impact on maintaining production growth and operational momentum. Now at the start of 2026, we have an excellent platform from which to continue to build substantial shareholder value. We have the people, the assets, and the financial strength to succeed. It has truly been a transformative year for Americas.

"The Galena Complex in Idaho's prolific Silver Valley has undergone a major transformation over the last 12 months. The mine has added numerous key personnel and new modern mining equipment, executed on foundational infrastructure projects, including shaft refurbishments and new mine communications systems, extensive mine development initiatives, and the acquisition of the nearby high-grade Crescent Mine. On the mining front, our investment in new equipment, improved mining practices and the transition to long-hole stoping has delivered outstanding results, with our team reporting a 200% increase in muck moving productivity per shift - a terrific first step as we continue to build momentum. Overall, the Galena team has performed at the highest level in terms of both safety and execution.

"In fact, earlier this month, the Galena team was recognized for reaching a significant safety milestone by achieving one full year and over 500,000 hours of work without a single lost time accident. Nothing makes me prouder of our team than doing things the right way, which always starts with the safety of our people. For an underground mining operation the size of Galena and with a workforce more than 200 strong, achieving a safety milestone of this magnitude speaks volumes about the professionalism and dedication of the team in how we approach our work each and every day.

"During 2025, we took major steps to further strengthen our balance sheet and to support ambitious growth-related capital investments. We entered into a senior secured debt facility with SAF for funds of up to $100 million, of which $50 million has been drawn, primarily to fund growth and development capital spending at the Galena Complex. In addition, our team executed the strategic acquisition of the nearby Crescent mine alongside a $132 million oversubscribed bought deal financing in December 2025, to finance the acquisition and fund capital development. Increased financial flexibility is a key pillar of our growth plans at the Galena Complex and beyond, and with a $130 million cash balance at year end, we are in an excellent financial position to achieve our goals.

"I continue to be impressed with the strength of our Cosalá Operations team. The operation has demonstrated a strong commitment to safe and profitable production, delivering record production of 1.2 million silver ounces in 2025 at a cash cost of $23 per ounce and an AISC of $27 per ounce. We look forward to continued steady performance at Cosalá, where the EC120 zone achieved commercial production at the start of 2026.

"Fiscal 2025 was a year to evaluate, redesign and begin the execution of our aggressive growth plan. In 2026, we will continue that momentum. Our 2026 production, cost, and capex guidance 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. For 2026, we expect to achieve consolidated silver production of between 3.2 million and 3.6 million ounces of silver at an AISC range of $30 to $35 per ounce sold. This production boost represents an approximate 30% increase over 2025 and over a 100% increase compared to 2024 - a major step forward. The work we will continue to execute on in 2026, including the final upgrades to No. 3 Shaft as well as the underground development and paste fill plant required to continue our transition to long-hole stoping, will set the stage for significant future growth in the years ahead. On the resource and exploration front, our success in the limited drilling during 2025 led to anin M&I Resources with a strong increase in grade at Galena. I am very excited to build off this success in 2026 with the largest drilling program in the Company's history.

"Overall, I am strongly encouraged by the progress the Americas Gold and Silver team has made in just a year across the business. With 2025 in the rear-view mirror, 2026 will be a year of continued growth and drilling investment into our flagship Galena Complex in Idaho and Cosalá operation in Mexico. We are also looking forward to progressing our antimony plant construction alongside our JV partners to unlock the additional critical metal value held in the ore we mine every day for our shareholders. I look forward to providing updates on what is clearly a wide range of exciting projects as the year progresses."

Consolidated Production

Consolidated silver production of approximately 2.65 million ounces during 2025 was higher than 2024 production of approximately attributable 1.7 million ounces due to higher grades at both operations, offset by lower tonnage. Pre-production of EC120 silver-copper concentrate contributed silver production of 1.0 million ounces during 2025. Production of both zinc and lead during the year were lower than fiscal 2024 due to lower tonnage of zinc-lead-silver San Rafael ore processed during 2025 as the Company developed and transitioned into the silver-copper EC120 orebody.

Consolidated cash costs and all-in sustaining costs for 2025 were $25.69 per silver ounce and $32.95 per silver ounce, respectively. Cash costs per silver ounce increased during the year primarily due to lower by-product credits and higher mining costs.

Galena Complex

During 2025, the Company continued to make significant advances at the Galena Complex and remains on track with its operational growth plan. The Galena Complex produced approximately 1.5 million ounces of silver in 2025, which was comparable to approximately 1.5 million ounces of silver produced in 2024 on a 100% basis (0.9 million ounces on an attributable basis). The mine also produced 7.5 million pounds of lead in 2025, compared to 10.0 million pounds of lead in 2024 (a 25% decrease in lead production). By product production levels may vary in the short term as mining and development activities focus on increasing tonnes from higher-grade, silver copper ore. Cash costs per ounce of silver increased to $28.04 in 2025 from $23.07 in 2024, primarily due to decreased lead production resulting in lower by-product credits during the period, and modest increases in salaries and employee benefits at the operations.

During 2025, 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 No 3. shaft upgrade as well as mine modernization and communication.

Development activities advanced steadily supported by improved efficiencies in muck handling. A key contributor to these improvements was the successful extraction of a seventh long-hole panel at the Galena 49-130 stope. Remote mucking operations demonstrated a significant increase in productivity, with approximately 200 tonnes moved per shift compared to approximately 50 tonnes per shift using traditional underhand and overhand mining methods. The second long-hole panel from the first long-hole stope was also mined successfully, achieving planned widths. Three additional long-hole stopes are currently in development and are scheduled for mining in Q1 and Q2 of 2026. Construction of the Alimak ventilation raise was completed in the fourth quarter of 2025.

The 55-179 decline advanced toward the 55-198 and 55-165 stopes to support continued production in Q4-2025. The strategic location of this ramp provides access to multiple stopes-including 55-206, 55-198, 55-165, and 55-163-reducing development costs by enabling multiple mining fronts from a single access point. Of these, three stopes (55-206, 55-163, and 55-165) are planned to be mined using long-hole methods, representing a notable milestone given that no long-hole stopes were in operation at the end of fiscal 2024.

Major upgrades to the mine's legacy underground fleet also progressed during the year. Four new underground personnel carriers and two mine trucks have entered service, with an additional truck scheduled for delivery in Q2 2026. These units have already been deployed underground, with operational efficiencies beginning to materialize in early 2026. Two remote-capable Komatsu WX-04 loaders are now actively supporting the long-hole mining campaign. In addition, two 300-tonne ore bins were upsized to accommodate the new haul trucks, and new chutes were installed on the 5,500-level, with commissioning expected in Q2 2026.

Installation of a new fibre-optic and leaky-feeder communication system is underway in the No. 3 Shaft and across the 5,500-level. The first segment, extending to the 3,200-level, will provide the Galena Complex with its first underground internet connectivity. Completion of the system is expected in Q3 2026 and will support enhanced communication, automation of fans, pumps, and equipment, and overall improvements in underground operational control.

Components for Phase Two of the No. 3 Shaft upgrades arrived on site in mid-March 2026, with brake and Lilly upgrades scheduled for completion by the end of April 2026. This phase of improvements is expected to increase hoisting speeds in end zones, allowing for more efficient skipping of ore and waste material. Replacement of the Coeur hoist motor in Q4 2025 was completed successfully, enhancing operational redundancy and supporting a second means of egress.

Cosalá Operations

Silver production increased in 2025 by 44% to approximately 1.2 million ounces of silver compared to approximately 0.8 million ounces of silver in 2024, primarily due to higher grades and silver recoveries offset by lower tonnages during the period. A higher portion of the mill feed came from pre-production of the EC120 Project, which has higher silver grades and silver recoveries based on its minerology. The EC120 Project contributed approximately 1.0 million ounces of silver production in 2025 (1.2 million ounces of silver production project-to-date), as the Cosalá Operations milled and sold silver-copper concentrate during the EC120 Project's development phase, which contributed $44.8 million to net revenue during 2025. Lower milled tonnage from the zinc-lead-silver San Rafael Main Central orebody caused base metals production of zinc and lead to drop in 2025.

Cash costs per silver ounce increased during 2025 to $22.82 per ounce from $11.13 per ounce in 2024, primarily due to decreased zinc and lead production resulting in lower by-product credits during the period however overall revenue from all metals increased to $118 million from $100 million in 2024.

Outlook

Americas' consolidated production guidance for 2026 is a range between 3.2 million and 3.6 million ounces of silver at an AISC range of $30 to $35 per ounce sold. The high-end of 2026 production guidance represents a 33% increase compared to 2025 production of 2.65 million ounces (28% to the mid-point of 2026 guidance).

Table 1 - 2026 GUIDANCE

| 2026 PRODUCTION AND COSTS | | | Silver Production (millions of ounces) | 3.2 - 3.6 | | All-in Sustaining Cost (AISC)2,3,4($/oz sold) | 30 - 35 | | CAPITAL INVESTMENTS ($ millions) | | | Sustaining Capital ($ millions - includes capitalized infill drilling) | 30 - 40 | | Growth Capital ($ millions) | 60 - 80 | | Total ($millions) | 90 - 120 |