Americas Gold and Silver Reports Financial Results for Q2 2026 Highlighted by Strong Operational Performance at Cosala and Upgrade Project Progress at the Galena Complex
Americas confirms a production reset in Q2, with first-half average integrated cash costs exceeding guidance as the second-half ramp-up begins.
Americas Gold and Silver (USA) released its second-quarter 2026 earnings report for the period ended June 30, 2026. The company reported consolidated net revenue of US$46 million, a 71% year-over-year increase from US$27.0 million in Q2 2025. For the first half of 2026, revenue reached US$114 million, up 126% from US$50.5 million in H1 2025.
The company posted a Q2 net loss of US$5.0 million, or US$0.02 per share, compared to a US$15.0 million net loss in Q2 2025. Adjusted EBITDA for the quarter was US$12.0 million, reversing an adjusted EBITDA loss of US$4.1 million in the same period last year. Consolidated silver production in Q2 totaled 665,000 ounces, with silver equivalent production reaching approximately 801,000 ounces.
Americas Gold and Silver reaffirmed its full-year 2026 guidance, targeting 3.2–3.6 million ounces of silver at an all-in sustaining cost (AISC) of US$30–35 per ounce sold. Operationally, Phase 2 of the Galena No. 3 Shaft modernization was completed, increasing hoisting capacity by approximately 150% and skip payloads by 40%. The company also settled approximately US$76 million of variable silver and gold debt obligations with Sprott and Royal Gold. As of June 30, 2026, Americas Gold and Silver held US$88.9 million in cash and cash equivalents and US$48.6 million in working capital.
Americas Gold and Silver Corporation (USA) released quarterly financial statements, formal cost reconciliations, and a reaffirmation of guidance. Production updates, the shaft upgrade, the electrical fire, and the Sprott/Royal Gold settlements had all been disclosed prior to this earnings release.
Revenue increased significantly year-over-year, and adjusted EBITDA turned positive compared to a loss in the previous year. The balance sheet was simplified by removing variable metal-linked obligations.
However, costs exceeded expectations. Consolidated Q2 AISC was US$40.63 per ounce and H1 AISC was US$36.92 per ounce, both above the guided US$30–35 per ounce range. Galena’s cost structure deteriorated materially, even accounting for expected impacts from the shaft shutdown and fire.
The stock fell from US$13.72 in early March to a July low of US$5.15 before recovering to US$7.06, reflecting prior production disappointment and cost concerns. The earnings release does not resolve those concerns, leaving them to be addressed by H2 execution.
Americas Gold and Silver Corporation is a North American producer of silver and critical minerals. Its key assets include the 100%-owned Galena Complex in Idaho, USA, an operating silver-lead-copper-antimony mine that encompasses the nation’s largest antimony mine. The company also holds the Crescent Silver Mine in Idaho, which was acquired in December 2025. Fully permitted, the Crescent Silver Mine has a restart targeted for the second half of 2026.
In Mexico, Americas Gold and Silver operates the Cosalá Operations in Sinaloa, which includes the EC120 mine that entered commercial production on January 1, 2026. The company maintains two assets at care and maintenance: Relief Canyon in Nevada, USA, and San Felipe in Mexico. Additionally, the company is pursuing a 51/49 joint venture with United States Antimony to construct a domestic antimony processing facility.