Americas GOLD and Silver Announces Full-Year 2024 Results Ahead of a Transformational Year Underway IN 2025
1
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 CorporaƟon (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing No rth American precious metals producer, reports
consolidated financial and operaƟonal results for the year ended December 31, 2024.
This earnings release sh ould be read in conjunc Ɵon 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 CorporaƟon 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 appo inted 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:
o Consolidation of Galena Complex in Idaho’s Silver Valley aimed at strengthening the
Company’s position during a strong silver market environment.
o Leadership transition with Mr. Huet bringing extensive experience in underground mining
and a track record of operational excellence with long-standing industry connections.
o The financial backing of, and strategic partne rship 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.
2
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, explorat ion costs, foreign exchan ge 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 depletio n, 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 silver-
copper 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 Operat ions with the goal of solely producing higher-
grade silver-copper concentrates in Q3-2025.
Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver we have an excellent
plaƞorm from which to build substan Ɵal shareholder value. We ha ve the people, assets, and financial
strength to succeed.
The consolidaƟon of the Galena Complex in Idaho’s proli fic Silver Valley region is a major milestone for
Americas Gold and Silver. The Galena consolida Ɵon not only increased the Company’s ownership of the
asset to 100%, but it also aligned the interests of our shareholders with the addiƟon of legendary mining
investor Eric Spro Ʃ as the Company’s single largest shareholder with a 20%+ interest. In my view, Mr.
SproƩ’s willingness to convert his 40% interest in Galena into shares of the Company demonstrates his
confidence in the value creaƟon potenƟal 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 consolidaƟon transacƟon late last year, we have reduced liabili Ɵes by over US$35 million, placing us
in a much stronger posiƟon as we execute our strategy. At the operaƟons, we have been working diligently
at developing our redesigned opera Ɵng plans across the business and in the coming weeks we will be
providing full year 2025 consolidated producƟon 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
operaƟons and maximizing value for shareholders. New senior leadership at our Galena opera Ɵons is
already in place and the detailed evalua Ɵon of the path towards increasing mining rates and hois Ɵng
capacity to take full advantage of exis Ɵng mill capacity is well underway. Galena has substan Ɵal
3
infrastructure already in place to exploit a large Mineral Resource; an excellent starƟng point to bring the
operaƟon towards its full potenƟal as a very profitable and long-lived cornerstone asset.
I have been very pleased with our team running our Cosalá opera Ɵons. Our team has demonstrated a
strong commitment to safe and pro fitable produc Ɵon, delivering strong opera Ɵng 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 Ɵon 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 Ɵon later this
year. We look forward to conƟnued producƟon growth and lower costs at Cosalá as we execute our mulƟ-
year plan for the operaƟon.
We are also very happy to announce the appointment of Rob Buchanan as Vice President, Sustainability
and CommunicaƟons. Rob was a key driver of our sustainability and communicaƟon strategies throughout
many successful years at Karora, and we are look ing forward to developing our sustainability ac Ɵon 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
foundaƟons for future growth, and I look forward to unlocking the massive potenƟal across our asset base
for our shareholders in what is certainly a posiƟve silver price environment.”
Consolidated ProducƟon
Consolidated a Ʃributable silver produc Ɵon during 2024 was lower than 2023 with approximately 1.7
million ounces and 2.0 million ounces, respecƟvely. Consolidated aƩributable silver equivalent producƟon
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 calculaƟons. These price changes negaƟvely
impacted the silver equivalent producƟon calculaƟon by approximately 0.4 million ounces in 2024 relaƟve
to 2023.
Consolidated aƩributable cash costs and all-in sustaining costs for 2024 were $17.41 per silver ounce and
$28.13 per silver ounce, respecƟvely. Cash costs per silver ounce increased during the year due primarily
to decreased silver producƟon and lower by-product credits from lower zinc and lead produc Ɵon during
the year.
4
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 Ɵon), and 10.0 million
pounds of lead in 2024, compared to 15.1 million po unds of lead in 2023 (a 34% decrease in lead
producƟon). Cash costs increased to $23.07 per ounce silver in 2024 from $18.72 per ounce silver in 2023
due to decreased silver produc Ɵon and lower by-product credits from lower lead produc Ɵon during the
year, with an increase in all-in sustaining costs due to an increase in capital expenditures.
Tonnage and silver producƟon during 2024 were both comparable to 2023 with an increase of 5% and a
decrease of 5%, respec Ɵvely. Development during 2024 included horizontal development work in the
Upper Country Lead Zone between the 2400 and 2800 Levels which allowed the opera Ɵon to access
addiƟonal working areas, and con Ɵnued work on the 55-179 decline to develop deeper higher-grade
producƟon stopes which will drive long-term produc Ɵon goals. During the year, tons moved were
negaƟvely impacted by the build-up of waste rock caused by con Ɵnued hoisƟng limitaƟons due to the
delay in repairs to the Galena sha Ō. The Company is currently evaluaƟng opƟmizaƟon of the No. 3 sha Ō,
where numerous high-impact soluƟons have been idenƟfied, for increased hoisƟng capacity during 2025.
Cosalá OperaƟons
The Company focused on silver producƟon while maintaining base metal producƟon from the San Rafael
Main and Upper Zones to maximize its revenue and cash flow generaƟon to benefit from the increase in
silver and zinc prices during the period. A por Ɵon of installed mining and milling capacity during the year
was used to prepare for its next evolu Ɵon of operaƟons into the EC120 silver-copper deposit, with pre-
producƟon sales of EC120 silver-copper concentrate contribu Ɵng $3.7 million to net revenue during the
2024 calendar year.
Silver produc Ɵon decreased in 2024 by 25% to approximat ely 825,000 ounces of silver compared to
approximately 1,099,000 ounces of silver in 2023 primarily due to lower recoveries. Produc Ɵon 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. ProducƟon during the year was impacted
by heavy rains and intermiƩent security concerns in nearby areas which caused the mill to be temporarily
shut down on isolated occasions. Silver produc Ɵon is expected to increase steadily as the development
into EC120 Project progresses and mine con Ɵnues 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 Ɵon and lower by-product credits from lower zinc and lead
producƟon during the year.
5
Conference Call Details
Date: March 27, 2025
Time: 10 am ET / 7 am PT.
The call may be accessed using This Webcast Link
hƩps://zoom.us/webinar/register/WN_Awh1G9rbSNOxYHxrRTvzLQ
Dial-In Toll Free Canada and USA: (888) 788-0099
Dial-In InternaƟonal Toll Number: +1 (647) 374-4685
MeeƟng ID: 923 2526 6693
No parƟcipant ID – Please press # to join.
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 CorporaƟon
Americas Gold and Silver is a growing precious metals mining company with mul Ɵple assets in North
America. The Company owns and operates the Cosalá Opera Ɵons in Sinaloa, Mexico. In December 2024,
the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transac Ɵon
with SproƩ and a Paul Huet-led management team, further strengthening its posi Ɵon as a leading silver
producer. SproƩ is now the largest shareholder in the comp any, holding a ~20% interest. With these
strategically posiƟoned assets, Americas Gold and Silver is focused on becoming one of the top North
American silver-focused producers with an objecƟve of over 80% of its revenue generated from silver by
the end of 2025.
For more informaƟon:
Maxim Kouxenko - Manager, Investor RelaƟons
M: +1(647) 888-6458
W: Americas-gold.com
Technical InformaƟon and Qualified Persons
The scienƟfic and technical informa Ɵon relaƟng to the Company’s material mining properƟes contained
herein has been reviewed and approved by Chris McCann, P .Eng., Vice President, Technical Services of the
Company. The Company’s current Annual InformaƟon Form and the NI 43-101 Technical Reports for its
mineral properƟes, 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 Ɵmates, classi ficaƟon and
reporƟng parameters, key assumpƟons and associated risks for each of the Company’s material mineral
properƟes, including a breakdown by category.
All mining terms used herein have the meanings set forth in Na Ɵonal Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43- 101”), as required by Canadian securi Ɵes regulatory authori Ɵes.
6
These standards di ffer from the requirements of the SEC that are applicable to domes Ɵc United States
reporƟng 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 Ɵon contained in this
news release may not be comparable to similar informaƟon made public by companies subject to the SEC’s
reporƟng and disclosure requirements.
CauƟonary Statement on Forward-Looking InformaƟon:
This news release contains “forward-looking informaƟon” within the meaning of applicable securiƟes laws.
Forward-looking informaƟon includes, but is not limited to, Americas’ expecta Ɵons, inten Ɵons, plans,
assumpƟons and beliefs with respect to, among other things, esƟmated and targeted producƟon 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 Ɵon from the Galena Complex and Cosalá
OperaƟons, including the expected number of producing stopes and produc Ɵon levels; the expected
Ɵming and comple Ɵon of required development and the expected opera Ɵonal and produc Ɵon results
therefrom, including the an Ɵcipated improvements to produc Ɵon rates and cash costs per silver ounce
and all-in sustaining costs per silver ounce; statements relaƟng to Americas’ EC120 Project; and statements
relaƟng to implementa Ɵon of, and the impact of new management on, the planned recapitaliza Ɵon of
Galena Complex. Guidance and outlook references co ntained in this press release were prepared based
on current mine plan assump Ɵons with respect to produc Ɵon, development, costs and capital
expenditures, the metal price assump Ɵons disclosed herein, and assumes no further adverse impacts to
the Cosalá Opera Ɵons from blockades or work stoppages, and comple Ɵon of the sha Ō repair and sha Ō
rehab work at the Galena Complex on its expected schedule and budget, the realizaƟon of the anƟcipated
benefits therefrom, and is subject to the risks and uncertain Ɵes outlined below. The ability to maintain
cash flow posiƟve producƟon at the Cosalá OperaƟons, which includes the EC120 Project, through meeƟng
producƟon targets and at the Galena Complex through implemen Ɵng the Galena Recapitaliza Ɵon Plan,
including the comple Ɵon of the Galena sha Ō repair and sha Ō rehab work on its expected schedule and
budget, allowing the Company to generate sufficient operaƟng cash flows while facing market fluctuaƟons
in commodity prices and in flaƟonary pressures, are signi ficant judgments in the consolidated financial
statements with respect to the Company’s liquidity. Should the Company experience nega Ɵve operaƟng
cash flows in future periods, the Company may need to raise addi Ɵonal funds through the issuance of
equity or debt securiƟes. OŌen, but not always, forward-looking informaƟon can be idenƟfied by forward-
looking words such as “an Ɵcipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “potenƟal’, “esƟmate”,
“may”, “assume” and “will” or similar words suggesƟng future outcomes, or other expecta Ɵons, beliefs,
plans, objecƟves, assumpƟons, intenƟons, or statements about future events or performance. Forward-
looking informaƟon is based on the opinions and esƟmates of Americas as of the date such informaƟon is
provided and is subject to known and unknown risks, uncertainƟes, and other factors that may cause the
actual results, level of acƟvity, performance, or achievements of Americas to be materially different from
those expressed or implied by such forward-looking informa Ɵon. With respect to the business of
Americas, these risks and uncertain Ɵes include risks rela Ɵng to widespread epidemics or pandemic
outbreak, acƟons that have been and may be taken by governmental authoriƟes to contain such epidemic
or pandemic or to treat its impact and/or the availability, effecƟveness and use of treatments and vaccines
(including the e ffecƟveness of boosters); interpreta Ɵons or reinterpreta Ɵons of geologic informa Ɵon;
unfavorable exploraƟon results; inability to obtain permits required for future explora Ɵon, development
7
or producƟon; general economic condiƟons and condiƟons affecƟng the industries in which the Company
operates; the uncertainty of regulatory requirements and approvals; poten Ɵal li ƟgaƟon; fluctuaƟng
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 futu re commodity prices, currency fluctuaƟons and energy prices), ground
condiƟons, illegal blockades and other factors limi Ɵng mine access or regular opera Ɵons without
interrupƟon, failure of plant, equipment, processes and transportaƟon services to operate as anƟcipated,
environmental risks, government regula Ɵon, actual results of current explora Ɵon and produc Ɵon
acƟviƟes, possible variaƟons in ore grade or recovery rates, permiƫng Ɵmelines, capital and construcƟon
expenditures, reclamaƟon acƟviƟes, labor relaƟons or disrupƟons, social and poliƟcal developments, risks
associated with generally elevated in flaƟon and in flaƟonary pressures, risks related to changing global
economic condiƟons, and market vola Ɵlity, risks relaƟng to geopoli Ɵcal instability, poliƟcal unrest, war,
and other global conflicts may result in adverse e ffects on macroeconomic condiƟons including volaƟlity
in financial markets, adverse changes in trade policies, in flaƟon, supply chain disrup Ɵons and other risks
of the mining industry. Although the Company has a Ʃempted to iden Ɵfy important factors that could
cause actual results to di ffer materially from those contained in forward-looking informa Ɵon, there may
be other factors that cause results not to be as anƟcipated, esƟmated, or intended. Readers are cauƟoned
not to place undue reliance on such informa Ɵon. AddiƟonal informaƟon regarding the factors that may
cause actual results to di ffer materially from this forward-looking informa Ɵon is available in Americas’
filings with the Canadian Securi Ɵes Administrators on SEDAR+ and with the SEC. Americas does not
undertake any obligaƟon to update publicly or otherwise revise any forward-looking informaƟon whether
as a result of new informaƟon, future events or other such factors which affect this informaƟon, except as
required by law. Americas does not give any assurance (1) that Americas will achieve its expectaƟons, or
(2) concerning the result or Ɵming thereof. All subsequent wriƩen and oral forward-looking informaƟon
concerning Americas are expressly qualified in their enƟrety by the cauƟonary 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-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 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.
8
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 accord ance 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 develo pment, 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 operaƟng cash flows to fund working capital needs, service
debt obligaƟons, and fund exploraƟon and evaluaƟon, and capital expenditures. These financial measures
exclude the impact of certain items and therefore is not necessarily indica Ɵve of operaƟng profit or cash
flows from operaƟng acƟviƟes 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