Americas Gold and Silver produces 2.65 Moz Ag in 2025

Executive Summary

• Americas Gold and Silver Corp. reported record consolidated annual silver production of 2.65 million ounces for 2025, representing a 52% increase from the 1.74 million ounces produced in 2024.
• The Cosala operations in Mexico achieved a new annual production record of 1.19 million ounces, driven by a record fourth-quarter output of 463,000 ounces.
• The company reported a strong financial position with an unaudited consolidated cash balance of approximately $130 million as of December 31, 2025, supported by a $132.25 million private placement and the acquisition of the Crescent mine.

Key Details

• Consolidated Silver Production: 2.65 million ounces for 2025, a 52% increase compared to 1.74 million ounces in 2024.
• Cosala Operations (Mexico):
  • Achieved a new annual production record of 1.19 million ounces.
  • Fourth-quarter 2025 output reached a record 463,000 ounces.
  • Performance driven by higher grades mined at the Upper Zone of the San Rafael mine and strong performance at the EC 120 mine.
• Galena Complex (Idaho):
  • Full-year antimony production totaled approximately 561,000 pounds (including 127,000 pounds in Q4 2025).
  • Full-year copper production totaled approximately 797,000 pounds (including 200,000 pounds in Q4 2025).
  • Antimony-to-copper ratio averaged approximately 0.7:1.
  • Completed two planned shutdowns for shaft upgrades ahead of schedule:
    • Q3 2025: 10 of 14 planned days for No. 3 shaft upgrades.
    • Q4 2025: 10 of 21 planned days for Coeur shaft upgrades (installing a new 2,250-horsepower motor and redundant secondary egress motor).
  • Reintroduced long-hole stoping and deployed an expanded underground mining fleet.
• Crescent Mine Acquisition:
  • Acquired 100% ownership of the Crescent silver mine in December 2025.
  • $20 million of the recent private placement proceeds was used to finance the cash portion of this acquisition.
  • Major infrastructure and equipment upgrades are underway.
• Financial Position:
  • Unaudited consolidated cash balance as of December 31, 2025: ~$130 million USD.
  • Increase of ~$90 million USD compared to September 30, 2025.
  • Driven by a $132.25 million USD bought deal private placement closed in December 2025.
• Antimony Revenue:
  • New offtake agreement with Ocean Partners and Teck, announced in June 2025.
  • Revenue from antimony and copper byproducts begins January 1, 2026.

Notable Quotes

• Paul Andre Huet, Chairman and CEO: "We capped off a highly successful and transformative 2025 with a 52-per-cent increase in attributable silver production to 2.65 million ounces -- achieved in a robust and rising silver price environment that significantly amplifies the revenue and cash flow benefits of our expanded output."
• Paul Andre Huet, Chairman and CEO: "This was highlighted by the record year at Cosala, where our team delivered the operation's best-ever annual and quarterly silver output for USA while at the same time ramping up the new EC 120 mine to reach commercial production."
• Paul Andre Huet, Chairman and CEO: "At Galena, consistent productivity gains came alongside our focus on major capital projects and the integration of the newly acquired Crescent mine... We recently concluded a planned 10-day shutdown in Q4 2025 to fast-track upgrades by installing a new 2,250-horsepower motor and redundant secondary egress motor at the Coeur shaft -- derisking the operation and further supporting our ambitious growth trajectory."