Americas Gold and Silver Reports Q1 2025 Results
TORONTO, ONTARIO – May 9, 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 quarter ended March 31, 2025.
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.
Highlights
- Inclusion in the Solactive Global Silver Miners Index on May 1, 2025. Inclusion in this major silver index is an important milestone, validating Americas’ position as a growing silver focused miner and increasing exposure to large institutional investors.
- Silver production expected to increase steadily over 2025 with additional new equipment, productivity improvements as higher-grade silver-lead and silver-copper stopes are developed at Galena and the Cosalá operation transitions from the San Rafael Mine to higher-grade, silvercopper ore in the EC120 zone.
- Strong exploration results from the Galena Complex, highlighted by an intersection of 983 g/t over 3.4 metres in the new 034 vein, is just one example of the prospectivity for new high-grade mining areas that provide near term mining potential.
- Increase in revenue due to higher realized prices. Revenue increased to $23.5 million for Q1-2025 or 12% compared to $20.9 million for Q1-2024, with a higher realized silver price1 of $32.10/oz.
- Consolidated attributable silver production of approximately 446,000 ounces and 837,800 ounces of silver equivalent2, including 6.7 million pounds of zinc and 3.8 million pounds of lead.
- Cost of sales3 per silver equivalent ounce production, cash costs3 and all-in sustaining costs3 per silver ounce sold averaged $25.23, $25.04 and $35.671, respectively, in Q1-2025 as the Company invests into its assets to begin scaling production and reduces unit costs in both operating centres.
- Net loss of $18.9 million for Q1-2025 (Q1-2024 net loss of $16.2 million), primarily due to the increasing precious metal prices on metals-based liabilities, and higher corporate general and administrative expenses, offset in part by higher net revenue, lower care and maintenance costs, higher foreign exchange gain and a gain on disposal of non-operating assets.
- Adjusted earnings3 for Q1-2025 was a loss of $11.5 million (adjusted loss of $10.5 million for Q1- 2024) primarily due to lower production at Cosalá and higher corporate general and administrative
expenses as the Company executes on the early stages of optimizing its operating centres, offset by higher net revenue.
- Adjusted EBITDA3 for Q1-2025 was a loss of $5.5 million (adjusted EBITDA loss of $4.3 million for Q1-2024) primarily due to higher corporate general and administrative expenses, as the Company commenced execution of its strategy, offset by higher net revenue.
- Cash and cash equivalents balance of $8.8 million and working capital deficit of $27.8 million as at March 31, 2025.
Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver, we are in the early stages of the execu�on on our strategy to scale produc�on and lower costs. During the first 100 days of our efforts involving the new combined team, we have been extremely impressed by the tremendous response of our opera�ons teams to unlock the significant poten�al across both opera�ng mines.
We have made major founda�onal changes to build a team that can leverage the strength of our assets, and we now have the senior opera�onal exper�se in place to implement our growth strategy. At Galena, we are well underway with numerous ini�a�ves designed to improve safe mining and produc�vity which are already having a posi�ve impact. We are also in the late stages of securing a non-dilu�ve, right-sized debt facility to ensure we have the financial strength to implement our growth strategy. The result is that we expect to realize incremental produc�on increases and lower costs as we progress through a transforma�ve investment year in 2025.
Our team is execu�ng on several major infrastructure projects to support higher mining rates. These projects include advancing Galena’s 51-179 decline by adding two new 300-ton transfer passes to support our new 20-ton haul trucks, increasing ven�la�on capacity and improving secondary access. In part, these improvements will support mining in higher-grade silver-lead and silver-copper veins in Galena’s Central and Lower Country Lead Zones.
Our explora�on team at Galena is focused on drilling under-explored targets. The recent discovery of the 034 vein, which remains open both up-dip and at depth is a great example of a high-grade silver-copper system located near exis�ng infrastructure that fits well with our strategic focus to increase produc�on and mine higher grade zones. While our drilling con�nues to expand the 034 Vein, we have launched a new drilling campaign at the Coeur Mine (part of the Galena Complex) where four primary copper-silver veins remain open at depth. The poten�al here is significant as mining previously ceased during periods of much lower metal prices with significantly higher cut-off grades – a great opportunity for us in the new metal price environment.
At our Cosalá opera�ons, our team is con�nuing the transi�on from the San Rafael Mine to the higher grade EC120 mining area which we expect to ramp up significantly later this year. Numerous infrastructure projects are progressing well, with drilling of a ven�la�on raise to support increased development ac�vity breaking through in late April. We are also outlining a very compelling new explora�on strategy for the Cosalá area – an opportunity which the opera�on has not had for over seven years. There is more to come and we expect to provide further updates on this opportunity as we outline and priori�ze our targets.
Overall, I am very pleased with our progress in se�ng up the ini�al phases of our opera�onal strategy to unlock the massive poten�al across our asset base for our shareholders.”
Consolidated Produc�on
Consolidated silver produc�on of 446,000 ounces during Q1-2025 was lower than Q1-2024 produc�on of 484,000 ounces due to the lower consolidated tonnage processed and lower grades at the Cosalá’s San Rafael Mine as the mine transi�ons to the higher-grade EC120 mining area. Lower tonnes mined also impacted zinc and lead produc�on. Galena produc�on was impacted by a planned 14-day shutdown to perform maintenance on the Coeur Hoist Motor.
Consolidated a�ributable cash costs and all-in sustaining costs for Q1-2025 were $25.04 per silver ounce and $35.67 per silver ounce, respec�vely. Cash costs per silver ounce increased during the quarter due primarily to lower silver produc�on and lower by-product credits.
Galena Complex
The Galena Complex produced approximately 314,000 ounces of silver in Q1-2025 compared to approximately 311,000 ounces of silver in Q1-2024 (a 1% increase in silver produc�on) despite having a 14-day planned maintenance shutdown to repair the Coeur Hoist motor in February. The Complex also produced 2.2 million pounds of lead in Q1-2025, compared to 1.9 million pounds of lead in Q1-2024 (a 17% increase in lead produc�on). Cash costs increased to $28.08 per ounce silver in Q1-2025 from $27.14 per ounce silver in Q1-2024 due to slight increase in salaries and employee benefits at the opera�ons.
Despite it being early in our transi�on at Galena, we met the planned advance footage with significant progress made in the 55-179 decline and associated infrastructure. Average development costs per foot are running less than expected costs – a very posi�ve early achievement. Advancing of the 55-179 decline accessed mul�ple high-grade silver-copper produc�on stopes, including the 55-198 stope block on the Silver Hanging Wall Vein which was a significant contributor to produc�on in Q1-2025.
Significant advancements were also made on two major infrastructure projects to support the 55-179 decline; excava�ons for two new 300-ton transfer passes on the 5500 level to support the new 20-ton haul trucks delivered to site and successfully excava�ng a new long-hole raise for ven�la�on and secondary egress. During the quarter, development began on two track dri�s that will access the nests for two Alimak raises: one is a cri�cal ven�la�on raise to support con�nued advance of the 55-179 decline to depth and provide improved secondary egress from the 5500 level, and the other will be a new transfer raise to support con�nued mining of higher-grade silver-lead and silver-copper veins in the Central and Lower Country Lead Zones. Overall, the investment into mining infrastructure and cri�cal waste development at Galena is proceeding in line with expecta�ons and on schedule to scale produc�on moving forward.
Cosalá Opera�ons
The Cosalá Opera�ons are transi�oning from the zinc-lead-silver San Rafael mine to the higher-grade silver-copper EC120 Project in 2025. The Company expects to con�nue to operate San Rafael throughout the EC120 Project development period and maximize cash flow by priori�zing the highest NSR ore through the mill as it develops sufficient working faces in the EC120 Project to reach commercial produc�on by the end of 2025. During the quarter, mining took place in lower silver grade areas of the San Rafael mine while capital development focused on the EC120 Project as well as development into a higher silver grade area of the San Rafael Upper Zone which is expected to be milled in late Q2 or early Q3 2025. Processed silver grades are expected to increase quarter over quarter as EC120 produc�on con�nues to ramp up.
Silver produc�on decreased in Q1-2025 by 55% to approximately 132,000 ounces of silver compared to approximately 297,000 ounces of silver in Q1-2024 primarily due to lower tonnes mined, lower grades and recoveries as minor development delays in EC120 caused a higher por�on of the mill feed to come from the San Rafael Main Central orebody which has lower grade and silver recoveries based on its minerology. Lower milled tonnage also caused base metals produc�on to decrease to 6.7 million pounds of zinc and 1.6 million pounds of lead in Q1-2025, compared to 8.0 million pounds of zinc, and 2.8 million pounds of lead in Q1-2024. Silver produc�on is expected to increase steadily as the development into EC120 Project progresses, which is now back on schedule, and the mine con�nues to batch higher development grade ore through the mill.
During the quarter, the Cosalá Opera�ons increased capital spending on the EC120 Project, incurring $1.0 million over the period. While s�ll in its early phase of development, the EC120 Project has already contributed approximately $2.3 million to net revenue during Q1-2025. Cash costs per silver ounce increased during Q1-2025 to $19.86 per ounce from $16.44 per ounce in Q1-2024 due primarily to decreased silver produc�on during the period.
Conference Call Details
Date: May 9, 2025 Time: 8:30 am ET / 5:30 am PT.
The call may be accessed using this webcast link:
h�ps://zoom.us/webinar/register/WN_wa5xN3u2RYO5HG0enqHjPQ
Dial-In Toll Free Canada and USA: (888) 788-0099
Dial-In Interna�onal Toll Number: +1 (647) 374-4685
Mee�ng ID: 976 5554 6597
No par�cipant ID – Please press # to join.
A recording of the conference call will be available for replay on the ‘Events’ page of our website later in the day on May 9, 2025.
About Americas Gold and Silver Corpora�on
Americas 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 affiliates of Mr. Eric Spro� and a Paul Huet-led management team, further strengthening its posi�on as a leading silver producer. Spro� is now the Company's largest shareholder, holding a ~20% interest. With these strategically posi�oned assets, Americas is focused on becoming one of the top North American silverfocused producers with an objec�ve of over 80% of its revenue generated from silver by the end of 2025.
Annual Filings
The Company refers to its audited consolidated financial statements for the fiscal year ended December 31, 2024, included in the Company’s Annual Report on Form 40-F, which contained an audit report from its independent registered public accoun�ng firm with a going concern qualifica�on. Reference to this informa�on is required by Sec�on 610(b) of the NYSE American Company Guide. Such reference does not represent any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2024.
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 ra�o. The Company uses the financial measures "average realized silver price", "average realized zinc price” and “average realized lead price” because it understands that in addi�on to conven�onal measures prepared in accordance with IFRS, certain investors and analysts use this informa�on to evaluate the Company’s performance vis-à-vis average market prices of metals for the period. The presenta�on of average realized metal prices is not meant to be a subs�tute for the revenue informa�on presented in accordance with IFRS, but rather should be evaluated in conjunc�on with such IFRS measure.
Average realized metal prices represent the sale price of the underlying metal excluding unrealized mark-to-market 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 quan�ty 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 informa�on to investors. References to silver equivalent produc�on are based on all metals produc�on at average realized silver, zinc, and lead prices during each respec�ve period, except as otherwise noted.
3. This metric is a non-GAAP financial measure or ra�o. The Company uses the financial measure “Cost of Sales/Ag Eq Oz Produced” because it understands that, in addi�on to conven�onal measures prepared in accordance with IFRS, certain investors and analysts use this informa�on to evaluate the Company’s underlying cost of opera�ons. Silver equivalent produc�on are based on all metals produc�on at average realized silver, zinc, and lead prices during each respec�ve 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 addi�on to conven�onal measures prepared in accordance with IFRS, certain investors and analysts use this informa�on to evaluate the Company’s underlying earnings, cash costs and total costs of opera�ons.
Cash costs are determined on a mine-by-mine basis and include mine site opera�ng costs such as: mining, processing, administra�on, produc�on taxes and royal�es which are not based on sales or taxable income calcula�ons. 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 sustaining development, capital expenditures, and explora�on spending, excluding costs not related to current opera�ons.
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 deple�on and amor�za�on, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accre�on 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 accre�on expenses, impairment charges, and other fair value gains and losses.
| Reconciliation of Consolidated Cost of Sales/Ag Eq Oz Produced | |||||
|---|---|---|---|---|---|
| Q1-2025a | Q1-2024a,b | ||||
| Cost of sales ('000) | $ 21,139 | $ 21,038 | |||
| Cost of sales ('000) | $ 21,038 | ||||
| Less non-controlling interests portion ('000) | - | (3,488) | |||
| Attributable cost of sales ('000) | $ 21,139 | $ 17,550 | |||
| Divided by silver equivalent produced (oz) | 837,800 | 1,020,864 | |||
| Cost of sales/Ag Eq oz produced ($/oz) | $ 25.23 | $ 17.19 | |||
| Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Produced | |||||
| Q1-2025a | Q1-2024a,b | ||||
| Cost of sales ('000) | $ 10,991 | $ 12,316 | |||
| Divided by silver equivalent produced (oz) | 460,508 | 788,207 | |||
| Cost of sales/Ag Eq oz produced ($/oz) | $ 23.87 | $ 15.63 | |||
| Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Produced | |||||
| Q1-2025 | Q1-2024b | ||||
| Cost of sales ('000) | $ 10,148 | $ 8,722 | |||
| Divided by silver equivalent produced (oz) | 377,292 | 387,761 | |||
| Cost of sales/Ag Eq oz produced ($/oz) | $ 26.90 | $ 22.49 |
| Reconciliation of Consolidated Cash Costs/Ag Oz Produced | ||
|---|---|---|
| Q1-2025a | Q1-2024a | |
| Cost of sales ('000) | $ 21,139 | $ 21,038 |
| Less non-controlling interests portion ('000) | - | (3,488) |
| Attributable cost of sales ('000) | 21,139 | 17,550 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (1,068) | (1,301) |
| Non-cash costs ('000) | (1,394) | 152 |
| Direct mining costs ('000) | $ 18,677 | $ 16,401 |
| Smelting, refining and royalty expenses ('000) | 3,234 | 4,343 |
| Less by-product credits ('000) | (10,737) | (10,790) |
| Cash costs ('000) | $ 11,174 | $ 9,954 |
| Divided by silver produced (oz) | 446,207 | 483,920 | ||
| Cash costs/Ag oz produced ($/oz) | $ 25.04 | $ 20.57 | ||
| Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced | ||||
| Q1-2025a | Q1-2024a | |||
| Cost of sales ('000) | $ 10,991 | $ 12,316 | ||
| Smelting, refining and royalty expenses in cost of sales ('000) | (855) | (1,207) | ||
| Non-cash costs ('000) | (1,311) | (278) | ||
| Direct mining costs ('000) | $ 8,825 | $ 10,831 | ||
| Smelting, refining and royalty expenses ('000) | 2,460 | 3,849 | ||
| 2,460 | 3,849 | |||
| Less by-product credits ('000) | ||||
| (8,920) | (9,793) | |||
| Cash costs ('000) | $ 2,365 | $ 4,887 | ||
| Divided by silver produced (oz) | 132,444 | 297,262 | ||
| Cash costs/Ag oz produced ($/oz) | $ 17.86 | $ 16.44 | ||
| Reconciliation of Galena Complex Cash Costs/Ag Oz Produced | ||||
| Q1-2025 | Q1-2024 | |||
| Cost of sales ('000) | $ 10,148 | $ 8,722 | ||
| Smelting, refining and royalty expenses in cost of sales ('000) | (213) | (156) | ||
| Non-cash costs ('000) | (83) | 716 | ||
| Direct mining costs ('000) | $ 9,852 | $ 9,282 | ||
| Smelting, refining and royalty expenses ('000) | 774 | 823 | ||
| Less by-product credits ('000) | (1,817) | (1,661) | ||
| Cash costs ('000) | $ 8,809 | $ 8,444 | ||
| Divided by silver produced (oz) | 313,763 | 311,096 | ||
| Cash costs/Ag oz produced ($/oz) | $ 28.08 | $ 27.14 | ||
| Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Produced | ||||
| Q1-2025a | Q1-2024a | |||
| Cash costs ('000) | $ 11,174 | $ 9,954 | ||
| Capital expenditures ('000)c | 3,493 | 3,938 | ||
| Exploration costs ('000) | 1,249 | 646 | ||
| All-in sustaining costs ('000) | $ 15,916 | $ 14,538 | ||
| Divided by silver produced (oz) | 446,207 | 483,920 | ||
| All-in sustaining costs/Ag oz produced ($/oz) | $ 35.67 | $ 30.04 | ||
| Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Produced | ||||
| Q1-2025a | Q1-2024a | |||
| Cash costs ('000) | $ 2,365 | $ 4,887 | ||
| Capital expenditures ('000)c | 429 | 1,881 | ||
| Exploration costs ('000) | 820 | 123 | ||
| All-in sustaining costs ('000) | $ 3,614 | $ 6,891 | ||
| Divided by silver produced (oz) | 132,444 | 297,262 |
| All-in sustaining costs/Ag oz produced ($/oz) | $ 27.29 | $ 23.18 |
| Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Produced | ||
| Q1-2025 | Q1-2024 | |
| Cash costs ('000) | $ 8,809 | $ 8,444 |
| Capital expenditures ('000)c | 3,064 | 3,428 |
| Exploration costs ('000) | 429 | 871 |
| All-in sustaining costs ('000) | $ 12,302 | $ 12,743 |
| Divided by silver produced (oz) | 313,763 | 311,096 |
| All-in sustaining costs/Ag oz produced ($/oz) | $ 39.21 | $ 40.96 |
| Reconciliation of EBITDA and Adjusted EBITDA | ||
|---|---|---|
| Q1-2025 | Q1-2024 | |
| Net loss ('000) | $ (18,918) | $ (16,157) |
| Depletion and amortization ('000) | 5,509 | 5,524 |
| Interest and financing expense ('000) | 474 | 689 |
| Income tax recovery ('000) | (28) | (15) |
| EBITDA ('000) | $ (12,963) | $ (9,959) |
| Accretion on decommissioning provision ('000) | 160 | 153 |
| Foreign exchange loss (gain) ('000) | (175) | 1,136 |
| Gain on disposal of assets ('000) | (966) | - |
| Loss on metals contract liabilities ('000) | 9,024 | 3,046 |
| Other loss (gain) on derivatives ('000) | (709) | 1,071 |
| Fair value loss on royalty payable ('000) | 125 | 256 |
| Adjusted EBITDA ('000) | $ (5,504) | $ (4,297) |
| Reconciliation of Adjusted Earnings | ||
| Q1-2025 | Q1-2024 | |
| Net loss ('000) | $ (18,918) | $ (16,157) |
| Accretion on decommissioning provision ('000) | 160 | 153 |
| Foreign exchange loss (gain) ('000) | (175) | 1,136 |
| Gain on disposal of assets ('000) | (966) | - |
| Loss on metals contract liabilities ('000) | 9,024 | 3,046 |
| Other loss (gain) on derivatives ('000) | (709) | 1,071 |
| Fair value loss on royalty payable ('000) | 125 | 256 |
| Adjusted earnings ('000) | $ (11,459) | $ (10,495) |
(a) Throughout this press release, tonnes milled, silver grade and recovery, silver produc�on and sales, silver equivalent produc�on, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-produc�on from the Cosalá Opera�ons.
(b) Throughout this press release, contract services related to transporta�on costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.
(c) For fiscal 2025, capital expenditures exclude growth capital from the Galena Complex and Cosalá Opera�ons, including capital spend on the EC120 Project