Americas Gold and Silver Corporation Announces Second Quarter Production
Americas produced 665,000 oz of silver in q2 despite the galena fire, maintaining fy26 guidance and completing a shaft upgrade while burning $33m in cash.
Americas Gold and Silver reported second-quarter 2026 consolidated silver production of 664,971 ounces, a 15% decline from the first quarter’s record output of 787,000 ounces. The decrease was primarily attributed to a contained electrical fire at the Galena Complex, which briefly interrupted production and deferred access to a high-grade stope into the third quarter.
The company completed Phase 2 of the No. 3 Shaft modernization at Galena, increasing hoisting capacity by approximately 150% to 105 short tons per hour and raising skip payloads by 40%.
Americas Gold and Silver reaffirmed its full-year 2026 silver production guidance of 3.2–3.6 million ounces and its average industry-supported cost (AISC) guidance of US$30–$35 per ounce. First-half silver production totaled 1.5 million ounces, which the company described as in line with the 2026 budget, consistent with a second-half-weighted year.
The company ended the quarter with an unaudited cash balance of US$89 million. It also eliminated over US$85 million in variable future debt obligations through the termination of silver and gold delivery agreements, a process executed via equity issuance and gold delivery.
Americas Gold and Silver Corporation (USA) reported a 15% quarter-over-quarter decline in production, a drop the company attributes to a previously disclosed electrical fire and the delay of high-grade stopes into the third quarter. Second-quarter output came in at approximately 665,000 ounces, falling short of the implied quarterly run-rate required to hit the midpoint of its guidance, which stands at roughly 875,000 ounces. Management confirmed that the year remains second-half weighted and stated that this event will not impact full-year targets.
The company also highlighted the completion of Phase 2 shaft upgrades as a key development, noting that the improvements provide the hoisting capacity necessary to support planned production ramp-ups.
Financially, cash reserves decreased from $122 million at the end of the first quarter to $89 million at the end of the second quarter, representing a burn of approximately $33 million. This reduction was largely expected due to heavy growth capital expenditures during the period. The company flagged no new financing risks, citing unchanged guidance. Additionally, the settlement of variable debt obligations through equity and gold delivery, which had been previously announced and closed, was reiterated in the release.
Americas Gold and Silver Corporation (USA) is a producing silver mining company with operations in Idaho’s Silver Valley in the U.S. and Sinaloa, Mexico. Its flagship asset is the 100%-owned Galena Complex in Idaho, an underground mine that produces silver, lead, copper, and antimony. The facility has a long history and was recently revitalized under new management.
The company’s second core asset is the Cosalá Operations in Mexico, which includes the San Rafael and EC120 mines and a processing plant at Los Braceros. The EC120 mine entered commercial production in early 2026.
In terms of growth, Americas Gold and Silver acquired the Crescent Silver Mine in Idaho in December 2025. Located nine miles from Galena, the fully permitted project is targeting a mid-2026 restart. The company also holds Relief Canyon in Nevada and San Felipe in Mexico, both of which are currently in care and maintenance.
Strategically, the company is focused on antimony production as the largest U.S. producer. This effort involves a 51/49 joint venture with United States Antimony to build a domestic processing plant.