Americas Gold and Silver Reports Financial Results for Q3 2026 Following Record Quarterly Silver Production Driven by Strong Operational Results at Cosala

Americas Gold and Silver Corporation (USA) reported third-quarter 2026 consolidated silver production of 800,458 ounces, a record output that represents a 5% increase over the 764,757 ounces produced in the same period last year. The company produced 936,870 ounces of silver equivalent and sold 1,010,649 ounces during the quarter. Net revenue rose 68% to $51.4 million, compared to $30.6 million in the prior year period. Year-to-date 2026 revenue reached $165.5 million, up 104% from $81.1 million.

The company recorded a net loss of $5.6 million, an improvement from the $16.5 million loss reported in the previous year. Adjusted loss was $4.9 million, or $0.02 per share, while adjusted EBITDA increased to $9.3 million, or $0.03 per share, from $1.9 million in the prior year. Consolidated cash costs for the quarter stood at $29.66 per ounce sold, with all-in sustaining costs (AISC) at $42.94 per ounce sold. For the year-to-date period, cash costs were $26.40 per ounce and AISC was $39.16 per ounce.

Production at the Galena mine totaled 384,579 ounces, a 12.5% year-over-year decline, with cash costs rising to $44.31 per ounce from $25.10 per ounce. Conversely, the Cosalá mine produced 415,879 ounces, a 28% increase year-over-year, with cash costs decreasing to $14.51 per ounce from $24.79 per ounce.

The company’s balance sheet showed cash of $63.3 million and available liquidity of $113 million, which includes $50 million available under conditions of a $100 million term loan. Working capital was reported at $23.1 million.

Americas Gold and Silver Corporation maintained its full-year guidance of 3.2 to 3.6 million ounces of silver production and $30 to $35 per ounce AISC. However, the company stated it now explicitly expects to deliver towards the lower end of the production range and the higher end of the AISC guidance range.

The release also recapped drill results from Cosalá and Galena, noting these are not new findings in the current report. At Cosalá, hole SR583 intersected 20.5 meters true width at 654.7 grams per tonne silver and 1.5% copper. At Galena, hole 49-817 intersected 1.2 meters at 1,061 grams per tonne silver.

Americas Gold and Silver Corporation (USA) reported third-quarter all-in sustaining costs (AISC) of $42.94 per ounce, a figure that significantly exceeded the company’s guidance range. The reported cost sits 23% above the top of the guidance range at $35 per ounce and 43% above the floor of $30 per ounce. For the year-to-date period, AISC totaled $39.16 per ounce, placing it 12% above the top of the range with only one quarter remaining. Based on the disclosed cost base, the math required to reach the $35 per ounce target in the fourth quarter appears unachievable.

The Galena asset, which forms the basis of the company’s growth thesis, experienced substantial cost increases. Cash costs per silver ounce rose 77% year-over-year to $44.31 per ounce, while the cost of sales per silver-equivalent ounce increased 66% to $41.73 per ounce. Total cost of sales climbed 78% to $21.3 million. The company attributed these increases to contractor expenses associated with concurrent projects and the absorption of Crescent pre-production costs.

Realized silver prices have declined consistently throughout 2026, falling from $79.48 per ounce in the first quarter to $67.04 per ounce in the second quarter, and further to $60.54 per ounce in the third quarter. Consequently, margin per ounce, calculated as realized silver price less AISC, has compressed from approximately $45 per ounce in the first quarter to roughly $17.60 per ounce in the third quarter, representing a decline of about 61%. The movement of cost guidance and price direction are currently opposing each other.

While the physical production number of 800,458 ounces was pre-released on October 19, 2026, the updated cost and quality-of-earnings profile presents a negative outlook. The explicit guidance toward the low end of production and the high end of AISC marks a formal narrowing of expectations not present in the August release. The stock has already declined 71% from its $13.72 high in March 2026 and 25% since the October 19 production release, though the market has not yet fully priced in the reported cost line.

Americas Gold and Silver Corporation (USA) operates as a North American silver producer with two primary operating platforms and an active development pipeline. The company’s Galena Complex in Idaho, which it owns 100%, encompasses the Galena, Coeur, and Crescent mines in the Silver Valley. As the largest U.S. antimony producer, the complex is transitioning from conventional cut-and-fill mining to mechanized long-hole stoping. This operational shift includes increasing the No. 3 shaft hoisting capacity from approximately 42 to 105 short tons per hour and expanding mill capacity from roughly 750 to 1,200 short tons per day. Additionally, a paste fill plant is currently under construction at the site.

In Sinaloa, Mexico, the Cosalá Operations include the San Rafael mine’s Upper Zone and the EC120 mine. The EC120 mine was declared commercial on January 1, 2026, with an initial production rate of approximately 1,550 tonnes per day, and now serves as the company’s highest-grade, lowest-cost source. The operations also utilize the Los Braceros processing plant.

In December 2025, Americas Gold and Silver acquired the Crescent Mine in Idaho for US$20 million in cash plus approximately 11.1 million shares. The fully permitted property has a history of producing over 25 million ounces of silver at an average grade of 891 grams per tonne, though it remains in pre-production. The company also holds non-core assets, including Relief Canyon in Nevada and San Felipe in Sonora, which are on development or care and maintenance, as well as the dormant Nuestra Señora property.

The company maintains a 51/49 antimony joint venture with United States Antimony to build and operate a processing facility at the Galena Complex. Under the agreement, Americas Gold and Silver holds a 51% interest in downstream processing profits and receives market-terms payment for feedstock.