Americas Gold and Silver Announces Full-Year 2024 Results Ahead of a Transformational Year Underway in 2025
TORONTO, ONTARIO – March 27, 2025 – Americas Gold and Silver Corpora�on (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and opera�onal results for the year ended December 31, 2024.
This earnings release should be read in conjunc�on 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 Corpora�on SEDAR+ profile at www.sedarplus.ca, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas- gold.com. All figures are in U.S. dollars unless otherwise noted.
2024 Highlights
- Increased ownership in the Galena Complex to 100% through the acquisition of Eric Sprott’s 40% interest in the Galena Complex (“Acquisition”) completed on December 19, 2024.
- Completed a C$50 million concurrent bought deal private placement of subscription receipts at an issue price of C$0.40 per subscription receipt in support of the recapitalization of the Company as part of the consolidation transaction.
- Mr. Paul Andre Huet was appointed Chief Executive Officer effective November 11, 2024, and Chairman on December 19, 2024. Mr. Huet’s focus is on building a strong, experienced technical team to unlock the dormant value of the Galena Complex and Cosalá Operations in pursuit of increased shareholder returns.
- Benefits of the Consolidation Transaction:
- Consolidation of Galena Complex in Idaho’s Silver Valley aimed at strengthening the Company’s position during a strong silver market environment.
- Leadership transition with Mr. Huet bringing extensive experience in underground mining and a track record of operational excellence with long-standing industry connections.
- The financial backing of, and strategic partnership with Mr. Eric Sprott and additional institutional investors provides both a strong capital foundation and increased market recognition.
- Increase in fiscal 2024 revenue due to higher realized prices. Revenue increased to $100.2 million for 2024 or 5% compared to $95.2 million for 2023, with higher realized silver [1] and realized zinc [1] during the period.
- Consolidated attributable silver production of 1.7 million ounces with approximately 3.7 million ounces of silver equivalent [2], including 31.5 million pounds of zinc and 15.8 million pounds of lead.
- Cost of sales [3] per silver equivalent ounce produced, cash costs [3] and all-in sustaining costs [3] per silver ounce produced averaged $18.12, $17.41 and $28.13, respectively, in 2024.
- Net loss of $48.9 million for 2024 (2023 net loss of $38.2 million), primarily attributable to higher cost of sales, depletion and amortization, exploration costs, foreign exchange loss, loss on fair value of metals contract liability, and income tax expense, offset in part by higher revenue, and a prior period impairment.
- Adjusted earnings [3] for 2024 was a loss of $33.7 million (adjusted loss of $28.4 million for 2023) primarily due to higher depletion, amortization, and exploration costs.
- Adjusted EBITDA [3] for 2024 was a loss of $1.5 million for 2024 (adjusted EBITDA loss of $1.4 million for 2023), primarily due to higher depletion, amortization, and loss on metals contract liabilities.
- Silver production is expected to increase in 2025 as the development into EC120 Project progresses and mine continues to batch higher development grade ore through the mill, and operational improvements begin to be realized at the Galena Complex. Pre-production sales of EC120 silvercopper concentrate contributed $3.7 million to net revenue during 2024.
- Credit and Offtake Agreement with Trafigura for EC120 Project. On August 14, 2024, the Company signed a $15 million secured Credit and Offtake Agreement for the capital requirements of the Board-approved EC120 Project at its Cosalá Operations with the goal of solely producing highergrade silver-copper concentrates in Q3-2025.
Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver we have an excellent pla�orm from which to build substan�al shareholder value. We have the people, assets, and financial strength to succeed.
The consolida�on of the Galena Complex in Idaho’s prolific Silver Valley region is a major milestone for Americas Gold and Silver. The Galena consolida�on not only increased the Company’s ownership of the asset to 100%, but it also aligned the interests of our shareholders with the addi�on of legendary mining investor Eric Spro� as the Company’s single largest shareholder with a 20%+ interest. In my view, Mr. Spro�’s willingness to convert his 40% interest in Galena into shares of the Company demonstrates his confidence in the value crea�on poten�al we have in front of us.
To further strengthen our balance sheet and to support growth related capital investments, we are in advanced discussions regarding a debt financing facility with a preferred lending partner. Increased financial flexibility will be a key pillar of our turnaround plans at the Galena Complex. Since the closing of the consolida�on transac�on late last year, we have reduced liabili�es by over US$35 million, placing us in a much stronger posi�on as we execute our strategy. At the opera�ons, we have been working diligently at developing our redesigned opera�ng plans across the business and in the coming weeks we will be providing full year 2025 consolidated produc�on guidance to the market, outlining our plans this year at both Galena and Cosalá.
I am proud to be leading our revitalized senior management with a proven track record of turning around opera�ons and maximizing value for shareholders. New senior leadership at our Galena opera�ons is already in place and the detailed evalua�on of the path towards increasing mining rates and hois�ng capacity to take full advantage of exis�ng mill capacity is well underway. Galena has substan�al infrastructure already in place to exploit a large Mineral Resource; an excellent star�ng point to bring the opera�on towards its full poten�al as a very profitable and long-lived cornerstone asset.
I have been very pleased with our team running our Cosalá opera�ons. Our team has demonstrated a strong commitment to safe and profitable produc�on, delivering strong opera�ng results of over 2.5 million silver equivalent ounces in 2024 at a cash cost of US$17.41 per ounce and an AISC of US$28.13 per ounce. We expect to see increased produc�on and lower costs at Cosalá in 2025 as we develop into the higher-grade silver – copper ore in the EC120 mine, where we expect to reach full produc�on later this year. We look forward to con�nued produc�on growth and lower costs at Cosalá as we execute our mul�year plan for the opera�on.
We are also very happy to announce the appointment of Rob Buchanan as Vice President, Sustainability and Communica�ons. Rob was a key driver of our sustainability and communica�on strategies throughout many successful years at Karora, and we are looking forward to developing our sustainability ac�on plan at Americas over the course of this year.
Overall, I am very excited as I embark on my first full year leading the Americas Gold and Silver team. With 2024 in the rear-view mirror, 2025 will be a year of investment into our flagship Galena mine as we lay the founda�ons for future growth, and I look forward to unlocking the massive poten�al across our asset base for our shareholders in what is certainly a posi�ve silver price environment.”
Consolidated Produc�on
Consolidated a�ributable silver produc�on during 2024 was lower than 2023 with approximately 1.7 million ounces and 2.0 million ounces, respec�vely. Consolidated a�ributable silver equivalent produc�on during 2024 decreased by 19% compared to 2023 due to higher silver prices in 2024 compared to 2023 as the Company uses realized quarterly prices in its equivalency calcula�ons. These price changes nega�vely impacted the silver equivalent produc�on calcula�on by approximately 0.4 million ounces in 2024 rela�ve to 2023.
Consolidated a�ributable cash costs and all-in sustaining costs for 2024 were $17.41 per silver ounce and $28.13 per silver ounce, respec�vely. Cash costs per silver ounce increased during the year due primarily to decreased silver produc�on and lower by-product credits from lower zinc and lead produc�on during the year.
Galena Complex
The Galena Complex produced approximately 1.5 million ounces of silver in 2024 compared to approximately 1.6 million ounces of silver in 2023 (a 5% decrease in silver produc�on), and 10.0 million pounds of lead in 2024, compared to 15.1 million pounds of lead in 2023 (a 34% decrease in lead produc�on). Cash costs increased to $23.07 per ounce silver in 2024 from $18.72 per ounce silver in 2023 due to decreased silver produc�on and lower by-product credits from lower lead produc�on during the year, with an increase in all-in sustaining costs due to an increase in capital expenditures.
Tonnage and silver produc�on during 2024 were both comparable to 2023 with an increase of 5% and a decrease of 5%, respec�vely. Development during 2024 included horizontal development work in the Upper Country Lead Zone between the 2400 and 2800 Levels which allowed the opera�on to access addi�onal working areas, and con�nued work on the 55-179 decline to develop deeper higher-grade produc�on stopes which will drive long-term produc�on goals. During the year, tons moved were nega�vely impacted by the build-up of waste rock caused by con�nued hois�ng limita�ons due to the delay in repairs to the Galena sha�. The Company is currently evalua�ng op�miza�on of the No. 3 sha�, where numerous high-impact solu�ons have been iden�fied, for increased hois�ng capacity during 2025.
Cosalá Opera�ons
The Company focused on silver produc�on while maintaining base metal produc�on from the San Rafael Main and Upper Zones to maximize its revenue and cash flow genera�on to benefit from the increase in silver and zinc prices during the period. A por�on of installed mining and milling capacity during the year was used to prepare for its next evolu�on of opera�ons into the EC120 silver-copper deposit, with preproduc�on sales of EC120 silver-copper concentrate contribu�ng $3.7 million to net revenue during the 2024 calendar year.
Silver produc�on decreased in 2024 by 25% to approximately 825,000 ounces of silver compared to approximately 1,099,000 ounces of silver in 2023 primarily due to lower recoveries. Produc�on of base metals decreased to 31.5 million pounds of zinc and 9.7 million pounds of lead in 2024, compared to 34.1 million pounds of zinc, and 11.5 million pounds of lead in 2023. Produc�on during the year was impacted by heavy rains and intermi�ent security concerns in nearby areas which caused the mill to be temporarily shut down on isolated occasions. Silver produc�on is expected to increase steadily as the development into EC120 Project progresses and mine con�nues to batch higher development grade ore through the mill.
Cash costs per silver ounce increased during the year to $11.13 per ounce from $8.47 per ounce in 2023 due primarily to decreased silver produc�on and lower by-product credits from lower zinc and lead produc�on during the year.
Conference Call Details
Date: March 27, 2025
Time: 10 am ET / 7 am PT.
The call may be accessed using This Webcast Link
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A recording of the conference call will be available for replay on the ‘Events’ page of our website, beginning at approximately 1 pm ET / 10 am PT on March 27, 2025.
About Americas Gold and Silver Corpora�on
Americas Gold and Silver is a growing precious metals mining company with mul�ple assets in North America. The Company owns and operates the Cosalá Opera�ons in Sinaloa, Mexico. In December 2024, the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transac�on with Spro� and a Paul Huet-led management team, further strengthening its posi�on as a leading silver producer. Spro� is now the largest shareholder in the company, holding a ~20% interest. With these strategically posi�oned assets, Americas Gold and Silver is focused on becoming one of the top North American silver-focused producers with an objec�ve of over 80% of its revenue generated from silver by the end of 2025.
For more informa�on:
Maxim Kouxenko - Manager, Investor Rela�ons
M: +1(647) 888-6458 E: [email protected] W: Americas-gold.com
Technical Informa�on and Qualified Persons
The scien�fic and technical informa�on rela�ng to the Company’s material mining proper�es contained herein has been reviewed and approved by Chris McCann, P.Eng., Vice President, Technical Services of the Company. The Company’s current Annual Informa�on Form and the NI 43-101 Technical Reports for its mineral proper�es, all of which are available on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource es�mates, classifica�on and repor�ng parameters, key assump�ons and associated risks for each of the Company’s material mineral proper�es, including a breakdown by category.
All mining terms used herein have the meanings set forth in Na�onal Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securi�es regulatory authori�es.
These standards differ from the requirements of the SEC that are applicable to domes�c United States repor�ng companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under-SEC standards. Accordingly, informa�on contained in this news release may not be comparable to similar informa�on made public by companies subject to the SEC’s repor�ng and disclosure requirements.
Cau�onary Statement on Forward-Looking Informa�on:
This news release contains “forward-looking informa�on” within the meaning of applicable securi�es laws. Forward-looking informa�on includes, but is not limited to, Americas’ expecta�ons, inten�ons, plans, assump�ons and beliefs with respect to, among other things, es�mated and targeted produc�on rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; produc�on from the Galena Complex and Cosalá Opera�ons, including the expected number of producing stopes and produc�on levels; the expected �ming and comple�on of required development and the expected opera�onal and produc�on results therefrom, including the an�cipated improvements to produc�on rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; statements rela�ng to Americas’ EC120 Project; and statements rela�ng to implementa�on of, and the impact of new management on, the planned recapitaliza�on of Galena Complex. Guidance and outlook references contained in this press release were prepared based on current mine plan assump�ons with respect to produc�on, development, costs and capital expenditures, the metal price assump�ons disclosed herein, and assumes no further adverse impacts to the Cosalá Opera�ons from blockades or work stoppages, and comple�on of the sha� repair and sha� rehab work at the Galena Complex on its expected schedule and budget, the realiza�on of the an�cipated benefits therefrom, and is subject to the risks and uncertain�es outlined below. The ability to maintain cash flow posi�ve produc�on at the Cosalá Opera�ons, which includes the EC120 Project, through mee�ng produc�on targets and at the Galena Complex through implemen�ng the Galena Recapitaliza�on Plan, including the comple�on of the Galena sha� repair and sha� rehab work on its expected schedule and budget, allowing the Company to generate sufficient opera�ng cash flows while facing market fluctua�ons in commodity prices and infla�onary pressures, are significant judgments in the consolidated financial statements with respect to the Company’s liquidity. Should the Company experience nega�ve opera�ng cash flows in future periods, the Company may need to raise addi�onal funds through the issuance of equity or debt securi�es. O�en, but not always, forward-looking informa�on can be iden�fied by forwardlooking words such as “an�cipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “poten�al’, “es�mate”, “may”, “assume” and “will” or similar words sugges�ng future outcomes, or other expecta�ons, beliefs, plans, objec�ves, assump�ons, inten�ons, or statements about future events or performance. Forwardlooking informa�on is based on the opinions and es�mates of Americas as of the date such informa�on is provided and is subject to known and unknown risks, uncertain�es, and other factors that may cause the actual results, level of ac�vity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking informa�on. With respect to the business of Americas, these risks and uncertain�es include risks rela�ng to widespread epidemics or pandemic outbreak, ac�ons that have been and may be taken by governmental authori�es to contain such epidemic or pandemic or to treat its impact and/or the availability, effec�veness and use of treatments and vaccines (including the effec�veness of boosters); interpreta�ons or reinterpreta�ons of geologic informa�on; unfavorable explora�on results; inability to obtain permits required for future explora�on, development or produc�on; general economic condi�ons and condi�ons affec�ng the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; poten�al li�ga�on; fluctua�ng mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctua�ons and energy prices), ground condi�ons, illegal blockades and other factors limi�ng mine access or regular opera�ons without interrup�on, failure of plant, equipment, processes and transporta�on services to operate as an�cipated, environmental risks, government regula�on, actual results of current explora�on and produc�on ac�vi�es, possible varia�ons in ore grade or recovery rates, permi�ng �melines, capital and construc�on expenditures, reclama�on ac�vi�es, labor rela�ons or disrup�ons, social and poli�cal developments, risks associated with generally elevated infla�on and infla�onary pressures, risks related to changing global economic condi�ons, and market vola�lity, risks rela�ng to geopoli�cal instability, poli�cal unrest, war, and other global conflicts may result in adverse effects on macroeconomic condi�ons including vola�lity in financial markets, adverse changes in trade policies, infla�on, supply chain disrup�ons and other risks of the mining industry. Although the Company has a�empted to iden�fy important factors that could cause actual results to differ materially from those contained in forward-looking informa�on, there may be other factors that cause results not to be as an�cipated, es�mated, or intended. Readers are cau�oned not to place undue reliance on such informa�on. Addi�onal informa�on regarding the factors that may cause actual results to differ materially from this forward-looking informa�on is available in Americas’ filings with the Canadian Securi�es Administrators on SEDAR+ and with the SEC. Americas does not undertake any obliga�on to update publicly or otherwise revise any forward-looking informa�on whether as a result of new informa�on, future events or other such factors which affect this informa�on, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expecta�ons, or
(2) concerning the result or �ming thereof. All subsequent wri�en and oral forward-looking informa�on concerning Americas are expressly qualified in their en�rety by the cau�onary statements above.
1 This metric is a non-GAAP financial measure or ratio. The Company uses the financial measures "average realized silver price", "average realized zinc price” and “average realized lead price” because it understands that in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.
Average realized metal prices represent the sale price of the underlying metal excluding unrealized mark-tomarket gains and losses on provisional pricing and concentrate treatment and refining charges. Average realized silver, zinc and lead prices are calculated as the revenue related to each of the metals sold, e.g. revenue from sales of silver divided by the quantity of ounces sold.
2 The Company references certain supplementary financial measures that are not defined terms under IFRS to assess performance because it believes they provide useful supplemental information to investors.
References to silver equivalent production are based on all metals production at average realized silver, zinc, and lead prices during each respective period, except as otherwise noted.
3 This metric is a non-GAAP financial measure or ratio. The Company uses the financial measure “Cost of Sales/Ag Eq Oz Produced” because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying cost of operations. Silver equivalent production are based on all metals production at average realized silver, zinc, and lead prices during each respective period, except as otherwise noted.
The Company uses the financial measures, “Cash Cost”, “Cash Cost/Ag Oz Produced”, “All-In Sustaining Cost”, and “All-In Sustaining Cost/Ag Oz Produced” in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying earnings, cash costs and total costs of operations.
Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as: mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Non-cash costs consist of: non-cash related charges to cost of sales including inventory movements, write-downs to net realizable value of concentrates, ore stockpiles, and spare parts and supplies, and employee profit share accruals.
All-in sustaining costs is cash costs plus all development, capital expenditures, and exploration spending, excluding costs related to the Galena Recapitalization Plan implementation.
The Company uses the financial measures “EBITDA”, “adjusted EBITDA” and “adjusted earnings” as indicators of the Company’s ability to generate opera�ng cash flows to fund working capital needs, service debt obliga�ons, and fund explora�on and evalua�on, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indica�ve of opera�ng profit or cash flows from opera�ng ac�vi�es as determined under IFRS. Other companies may calculate these financial measures differently.
EBITDA is net income (loss) under IFRS before depletion and amortization, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.
Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.
Reconciliation of Consolidated Cost of Sales/Ag Eq Oz Produced(a, b)
2024 2023
| Cost of sales ('000) | $82,740 | $79,890 |
| Less non-controlling interests portion ('000) | (15,581) | (15,609) |
| Attributable cost of sales ('000) | 67,159 | 64,281 |
| Divided by silver equivalent produced (oz) | 3,706,979 | 4,589,107 |
| Cost of sales/Ag Eq oz produced ($/oz) | $18.12 | $14.01 |
Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Produced(b)
2024 2023
| Cost of sales ('000) | $42,554 | $40,868 |
| Divided by silver equivalent produced (oz) | 2,586,577 | 3,266,677 |
| Cost of sales/Ag Eq oz produced ($/oz) | $16.45 | $12.51 |
Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Produced 2024 2023
| Cost of sales ('000) | $40,186 | $39,022 |
| Divided by silver equivalent produced (oz) | 1,830,191 | 2,204,050 |
| Cost of sales/Ag Eq oz produced ($/oz) | $21.96 | $17.70 |
Reconciliation of Consolidated Cash Costs/Ag Oz Produced(a, b)
2024 2023
| Cost of sales ('000) | $82,740 | $79,890 |
| Less non-controlling interests portion ('000) | (15,581) | (15,609) |
| Attributable cost of sales ('000) | 67,159 | 64,281 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (4,856) | (5,242) |
| Non-cash costs ('000) | 879 | 712 |
| Direct mining costs ('000) | $63,182 | $59,751 |
| Smelting, refining and royalty expenses ('000) | 14,323 | 21,163 |
| Less by-product credits ('000) | (47,230) | (53,927) |
| Cash costs ('000) | $30,275 | $26,987 |
| Divided by silver produced (oz) | 1,739,272 | 2,043,053 |
| Cash costs/Ag oz produced ($/oz) | $17.41 | $13.21 |
Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced(b)
| Cost of sales ('000) | $42,554 | $40,868 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (4,284) | (4,708) |
| Non-cash costs ('000) | 547 | 1,145 |
| Direct mining costs ('000) | $38,817 | $37,305 |
| Smelting, refining and royalty expenses ('000) | 12,235 | 17,556 |
| Less by-product credits ('000) | (41,865) | (45,556) |
| Cash costs ('000) | $9,187 | $9,305 |
| Divided by silver produced (oz) | 825,097 | 1,098,612 |
| Cash costs/Ag oz produced ($/oz) | $11.13 | $8.47 |
Reconciliation of Galena Complex Cash Costs/Ag Oz Produced 2024 2023 Cost of sales ('000) $40,186 $39,022
| Smelting, refining and royalty expenses in cost of sales ('000) | (928) | (890) |
| Non-cash costs ('000) | 569 | (721) |
| Direct mining costs ('000) | $39,827 | $37,411 |
| Smelting, refining and royalty expenses ('000) | 3,414 | 6,011 |
| Less by-product credits ('000) | (8,770) | (13,951) |
| Cash costs ('000) | $34,471 | $29,471 |
| Divided by silver produced (oz) | 1,494,385 | 1,574,068 |
| Cash costs/Ag oz produced ($/oz) | $23.07 | $18.72 |
Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Produced (a, b)
2024(b) 2023
| Cash costs ('000) | $30,275 | $26,987 |
| Capital expenditures ('000) | 13,995 | 12,460 |
| Exploration costs ('000) | 4,655 | 2,308 |
| All-in sustaining costs ('000) | $48,925 | $41,755 |
| Divided by silver produced (oz) | 1,739,272 | 2,043,053 |
| All-in sustaining costs/Ag oz produced ($/oz) | $28.13 | $20.44 |
Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Produced(b)
2024 2023
| Cash costs ('000) | $9,187 | $9,305 |
| Capital expenditures ('000) | 5,781 | 7,129 |
| Exploration costs ('000) | 2,754 | 835 |
| All-in sustaining costs ('000) | $17,722 | $17,269 |
| Divided by silver produced (oz) | 825,097 | 1,098,612 |
| All-in sustaining costs/Ag oz produced ($/oz) | $21.48 | $15.72 |
Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Produced
| Cash costs ('000) | $34,471 | $29,471 |
| Capital expenditures ('000) | 13,427 | 8,885 |
| Exploration costs ('000) | 3,108 | 2,455 |
| All-in sustaining costs ('000) | $51,006 | $40,811 |
| Galena Complex Recapitalization Plan costs (‘000) | - | 4,264 |
| All-in sustaining costs with Galena Recapitalization Plan (‘000) | $51,006 | $45,075 |
| Divided by silver produced (oz) | 1,494,385 | 1,574,068 |
| All-in sustaining costs/Ag oz produced ($/oz) | $34.13 | $25.93 |
| All-in sustaining costs with Galena Recapitalization Plan/Ag oz produced ($/oz) | $34.13 | $28.64 |
Reconciliation of EBITDA and Adjusted EBITDA 2024 2023 Net loss ('000) $(48,886) $(38,173)
| Depletion and amortization ('000) | 24,091 | 20,849 |
| Interest and financing expense ('000) | 7,375 | 8,189 |
| Income tax loss (recovery) ('000) | 679 | (2,060) |
| EBITDA ('000) | $(16,741) | $(11,195) |
| Accretion on decommissioning provision ('000) | 616 | 587 |
| Foreign exchange loss (gain) ('000) | 3,504 | (404) |
| Gain on disposal of assets ('000) | (18) | (402) |
| Impairment to property, plant and equipment ('000) | - | 6,000 |
| Loss on metals contract liability ('000) | 10,065 | 3,396 |
| Other loss (gain) on derivatives ('000) | 164 | (120) |
| Fair value loss on royalty payable ('000) | 875 | 760 |
| Adjusted EBITDA ('000) | $(1,535) | $(1,378) |
Reconciliation of Adjusted Earnings 2024 2023
| Net loss ('000) | $(48,886) | $(38,173) |
| Accretion on decommissioning provision ('000) | 616 | 587 |
| Foreign exchange loss (gain) ('000) | 3,504 | (404) |
| Gain on disposal of assets ('000) | (18) | (402) |
| Impairment to property, plant and equipment ('000) | - | 6,000 |
| Loss on metals contract liability ('000) | 10,065 | 3,396 |
| Other loss (gain) on derivatives ('000) | 164 | (120) |
| Fair value loss on royalty payable ('000) | 875 | 760 |
| Adjusted earnings ('000) | $(33,680) | $(28,356) |
(a) Throughout this press release, consolidated produc�on results and consolidated opera�ng metrics are based on the a�ributable ownership percentage of each opera�ng segment (100% Cosalá Opera�ons and 60% Galena Complex up to December 18, 2024 prior to acquisi�on of Galena Complex’s 40% noncontrolling interests).
(b) Throughout this press release, silver produc�on, silver equivalent produc�on, and cost per ounce measurements during fiscal 2024 include EC120 Project pre-produc�on from the Cosalá Opera�ons.