Americas GOLD and Silver Reports Positive Q2 2025 Results and Provides Development Update ON Operational Improvements and Projects Underway
1
AMERICAS GOLD AND SILVER REPORTS POSITIVE Q2 2025 RESULTS AND PROVIDES DEVELOPMENT
UPDATE ON OPERATIONAL IMPROVEMENTS AND PROJECTS UNDERWAY
TORONTO, ONTARIO – August 11, 2025 – Americas Gold and Silver Corpora Ɵon (TSX: USA) (NYSE
American: USAS) (“Americas” or the “Company”), a gr owing North American precious metals producer,
reports consolidated financial and operaƟonal results for the quarter ended June 30, 2025.
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.
Highlights
Consolidated silver production increased 36% year-over-year and 54% quarter-over-quarter as
the impact of operational improvements and effi ciencies continues at the Galena Complex in
Idaho while the positive development progress at the EC120 Project (“EC120”) facilitated the
batching of higher grade development ore through the mill.
o Consolidated silver production of 689,000 o unces was achieved during the quarter, or
approximately 839,000 silver equivalent2 ounces, including 1.5 million pounds of zinc and
1.9 million pounds of lead.
Increase in silver sales revenue due to higher realized prices. Consolidated revenue, including by
product revenue, decreased to $27.0 million for Q2-2025 or 19% compared to $33.2 million for Q2-
2024. The positive impact of higher silver production and realized silver price 1 of $34.22/oz was
offset by lower production and realized prices of zinc and & lead, as the Company continues
development transitioning into the silver-copper EC120 Project which is predominantly higher grade
silver and copper compared to San Rafael (higher zinc and lead) mined previously.
o Pre-production sales of EC120 silver-copper concentrate contributed $8.3 million to revenue
during Q2-2025.
Executed Senior secured term loan facility for funds of up to $100 million entered into with SAF
Group (“SAF”) primarily to fund growth and development capital spending at the Galena Complex,
with the first $50 million tranche of funds received in June.
Successful metallurgical testwork results at the Galena Complex demonstrated over 90%
antimony recovery. The Company commissioned SGS Canada Inc. to conduct flotation tests on the
current mill feed. The test results on the tetrah edrite material indica ted that a marketable
concentrate may now be possible using modern metallurgical processes.
o The test results mark a key step toward establishing the Company as the only current
antimony producer in the United States, potentially unlocking a new revenue stream from
a strategic by-product, previously counted as a penalty element, of the Galena ore body.
2
Multi-Metal Offtake Agreement for Galena Concentrates with Ocean Partners for treatment of up
to 100% of the polymetallic concentrates from the Company’s Galena Complex at Teck Resources
Limited’s (“Teck”) Trail Operations in Trail British Columbia. Guaranteeing processing capacity at a
nearby smelter is critical as the Company executes its plans to significantly increase silver and by-
product metal production over the next several years.
Strong exploration results from the Galena Complex, highlighted by an intersection of 983 g/t over
3.4 metres in the new 034 vein, with an initial vein target of 1.2M-1.5M silver ounces. The Company
is continuing its near mine exploration program to target new high-grade mining areas that provide
near term mining potential.
Cash and cash equivalents balance of $61.7 million and working capital1 of $10.4 million as at June
30, 2025 (working capital deficit of $28.7 million as at December 31, 2024).
Cost of sales1,2 per silver equivalent ounce produced, cash costs1 and all-in sustaining costs1 per
silver ounce produced averaged $27.99, $26.64 and $32.89, respectively, in Q2-2025.
Net loss of $15.1 million for Q2-2025 during the revitalizaƟon of Galena (Q2-2024 net loss of $4.0
million), primarily due to the impact of increasing precious metal prices on metals-based liabiliƟes,
non-recurring non-cash corporate general and administra Ɵve expenses connected with the
addiƟon of key technical personnel and reconsƟtuƟon of the Board, and lower net revenue from
decreased base metals produc Ɵon of zinc and lead, as the Cosalá Opera Ɵons transiƟon to the
silver-copper focused EC120 deposit. This was par Ɵally o ffset by lower interest and financing
expense, and higher foreign exchange gain as well as very strong silver revenue performance as
the company executes its strategy at Galena and Cosala.
Adjusted earnings1 for Q2-2025 was a loss of $12.1 million (adjusted loss of $2.4 million for Q2-
2024) and Adjusted EBITDA1 for Q2-2025 was a loss of $4.1 million (adjusted EBITDA income of
$8.0 million for Q2-2024), or $0. 02 and $0.01 per share, respec Ɵvely, primarily due to non-
recurring non-cash corporate general and administra Ɵve expenses, and lower net revenue from
decreased base metals producƟon of zinc and lead.
Inclusion in the SolacƟve Global Silver Miners Index announced on May 1, 2025. Inclusion in this
major silver index is an important milestone valida Ɵng Americas posi Ɵon as a growing silver
focused miner and increases exposure to large insƟtuƟonal investors.
Paul Andre Huet, Chairman and CEO, commented: “During the first half of 2025, we’ve made significant
progress and investments into our strategy to deliver materially increased silver produc Ɵon and lower
costs over the coming years. Our teams have been strengthened and aligned in execuƟng our operaƟonal
growth plan at Galena and the transiƟon from the San Rafael Mine to the higher grade silver-copper EC120
Project at Cosalá. Our cri Ɵcal work in reviewing the current opera Ɵons has progressed well, including
studying mulƟple scenarios for operaƟonal adjustments, producƟvity improvements, cost reducƟons and
material movement increases.
Securing the US$100 million debt facility in June represents a major milestone for the Company, providing
us with the financial flexibility to implement and execute our growth strategy. The result is that we expect
to realize incremental produc Ɵon increases and lower costs as we progress through a transforma Ɵve
investment year in 2025 se ƫng us up with a much stronger opera Ɵonal plaƞorm to support con Ɵnued
sustained producƟon growth at Galena.
3
At Galena, numerous iniƟaƟves are underway that are designed to safely improve mining producƟvity. Key
developments during the quarter include the ex pansion of the 55-179 decline to access mul Ɵple stopes,
the successful development and mining of the first long-hole stope as well as the commissioning of new
underground loaders and trucks to enhance produc Ɵvity. Signi ficant ven ƟlaƟon improvements were
achieved with the comple Ɵon of the first Alimak vent raise, while the development of a second Alimak
raise is underway. Very significantly, components for the #3 shaŌ replacement hoist motor have arrived at
site, with installa Ɵon planned for Q4-2025 to materially boost hois Ɵng capacity and debo Ʃleneck
operaƟons – a criƟcal step in unlocking value at the mine.
Figure 1 – Galena New Equipment Deliveries: New hoist motor shown on leŌ and new underground loader
shown on right
We’re also very excited about the metallurgical tesƟng completed on Galena concentrate that confirmed
high recoveries of both anƟmony and copper, with modern processes enabling the potenƟal extracƟon of
anƟmony from the tetrahedrite. The test work is a key step in establishing Americas as the only current
anƟmony producer in the U.S., unlocking a poten Ɵal new revenue stream. Further tes Ɵng is aimed at
confirming the ability to produce saleable an Ɵmony products, leveraging historical precedents and
enhancing Galena's economic poten Ɵal. Rounding out the metallurgical successes, we also secured a
mulƟ-metal o ŏake agreement with Ocean Partners at Teck’s Trail Opera Ɵons in Bri Ɵsh Columbia. This
guaranteed capacity not only secures the growth plan at Galena, it also turns several metals previously
penalized (including copper and an Ɵmony) into poten Ɵal revenue streams – a double bene fit for our
shareholders.
The Cosalá OperaƟons are advancing well towards mining the higher-grade silver-copper EC120 orebody,
where we are aiming to be in commercial producƟon by the end of 2025. The team is mining concurrently
at San Rafael during the development of EC120, with a focus on mining higher-grade silver areas in late
Q3 and early Q4 2025. During the quarter we saw an early example of the posiƟve impact EC120 will have
on silver grades and we are looking forward to conƟnuing this progress. In support of the ramp up efforts,
we have also placed addiƟonal mobile fleet orders to improve operaƟonal efficiency as we enter the heart
of the orebody in the years ahead – an exciƟng Ɵme for everyone at Americas.
4
I am also pleased to welcome Shirley In't Ve ld to Americas Board of Directors. The addi Ɵon of Shirley's
extensive experience as a senior execu Ɵve and director in the mining, renewables and energy sectors to
our team further strengthens our Board and is a strong endorsement of Americas posi Ɵon as growing
silver producer. We look forward to benefiƟng from Shirley’s insights and guidance as we conƟnue to grow
and create value for our shareholders.
Overall, I am very pleased with our progress as we leverage the strength of our expanded and strengthened
team as well as our bolstered balance sheet to build a strong founda Ɵon for our strategy to deliver
sustained mulƟ-year producƟon growth, unlocking the massive potenƟal across our asset base for all our
stakeholders.”
Consolidated ProducƟon
Consolidated silver producƟon of 689,000 ounces during Q2-2025 was higher than Q2-2024 producƟon of
506,000 ounces (36% increase in silver produc Ɵon) due to higher grades at both opera Ɵons, o ffset by
slightly lower tonnage. At Cosalá, pre-produc Ɵon of EC120 silver-copper concentrate contributed to
211,000 ounces of silver producƟon during Q2-2025. ProducƟon of both zinc and lead during the quarter
were lower than in Q2-2024 due to lower tonnage of San Rafael ore processed as the Company develops
and transiƟons into the silver-copper EC120 orebody.
Consolidated aƩributable cash costs and all-in sustaining costs for Q2-2025 were $26.64 per silver ounce
and $32.89 per silver ounce, respec Ɵvely. Cash costs per silver ounce increased during the quarter
compared to the same period the year prior, primarily due to lower by-product credits as the Company
focused on seƫng up for future growth.
Galena Complex
The Galena Complex produced 420,000 ounces of silver in Q2-2025 compared to 560,000 ounces of silver
in Q2-2024 (25% decrease in silver producƟon). The mine also produced 1.7 million pounds of lead in Q2-
2025, compared to 3.0 million pounds of lead in Q2-2024 (44% decrease in lead produc Ɵon). During the
period of opera Ɵonal improvements currently underway as part of the transi Ɵon plan at the Galena
Complex, as previously discussed, the Company anƟcipates potenƟal short-term movements in by-product
producƟon levels while the focus on increasing mining rates of silver-copper ore and se ƫng up key
infrastructure in support of future growth is advanced. Cash costs per ounce of silver increased to $24.18
in Q2-2025 from $14.78 in Q2-2024, primarily due to modest increases in salaries and employee benefits
at the opera Ɵons inline with the Company’s strategy to a Ʃract and retain key technical personnel, and
impact from decreased lead producƟon resulƟng in lower by-product credits during the period.
During Q2-2025, the Company has con Ɵnued to make significant advances at the Galena Complex and is
on-track with its operaƟonal growth plan. Development plans are advancing well with efficiencies in muck
handling and improved development rates being realized.
Cosalá OperaƟons
Silver producƟon increased in Q2-2025 to ~269,000 ounces of silver compared to ~170,000 ounces of silver
in Q2-2024 (58% increase in silver produc Ɵon) primarily due to higher grades and silver recoveries o ffset
by lower tonnages during the period. Higher por Ɵon of the mill feed came from pre-produc Ɵon of the
5
EC120 Project which has higher silver grades and silver recoveries based on its minerology. Lower milled
tonnage from the San Rafael Main Central orebody caused base metals produc Ɵon to decrease to 1.5
million pounds of zinc and 0.2 million pounds of lead in Q2-2025, compared to 8.9 million pounds of zinc,
and 2.6 million pounds of lead in Q2-2024. Silver produc Ɵon is expected to increase steadily as the
development into EC120 Project progresses and EC120 conƟnues to batch higher development grade ore
through the mill. The Cosalá OperaƟons increased capital spending on the EC120 Project, expending $2.9
million during Q2-2025 ($1.0 million during Q1-2025). The EC120 Project contributed 211,000 ounces of
silver produc Ɵon in Q2-2025 (375,000 ounces of silver produc Ɵon project-to-date) as the Cosalá
OperaƟons milled and sold silver-copper concentrate during the EC120 Project’s development phase,
contributed $8.3 million to net revenue during Q2-2025. Cash costs per silver ounce increased during Q2-
2025 to $30.48 per ounce from $7.75 per ounce in Q2- 2024 due primarily to decreased zinc and lead
producƟon resulƟng in lower by-product credits during the period.
Board of Directors Strengthened with Appointment of Shirley In’t Veld
The Company is pleased to announce the appointment of Shirley In't Veld to its Board of Directors effecƟve
immediately.
Ms. In’t Veld brings extensive depth of knowledge and experience to the Americas Board, having served
over 30 years in board and senior management posi Ɵons in the mining, renewables and energy sectors.
She is currently a Director of Westgold Resources Limited and Develop Global Limited. Ms. In’t Veld was
formerly a Director Karora Resources Inc., NBN Co. Limited (Na Ɵonal Broadband Network Co.), Northern
Star Resources Limited, Perth Airport, DUET Group, Asciano Limited and Alcoa of Australia Limited. Ms.
In’t Veld was also the Managing Director of Verve Energy (2007 – 2012) and, previously, served 10 years
in senior roles at Alcoa of Australia Limited, WMC Resources Ltd, Bond CorporaƟon and BankWest Perth.
Share ConsolidaƟon
Americas is also pleased to announce, as previous ly authorized by its shar eholders on June 24 and
subsequently approved by its Board of Directors (the “Board”) on August 6, 2025, the Company intends to
file arƟcles of amendment on or about August 21, 2025, implemen Ɵng a consolidaƟon of its outstanding
common shares on the basis as finally determined by the Board of one (1) post-consolida Ɵon common
share for every two point five (2.5) pre-consolida Ɵon common shares (the "Consolida Ɵon"). The
ConsolidaƟon has been condi Ɵonally approved by the TSX and is subject to NYSE American approval.
Americas will issue a further news release providing the date, expected in the next 10 days, on which the
Company’s common shares will commence trading on a post-consolidaƟon basis on each of the TSX and
NYSE American. The exercise price or conversion price, as applicable, and the number of common shares
issuable, as applicable, under any of the Company's outstanding converƟble or share-based securiƟes such
as warrants, stock opƟons and restricted share units, performance share units and deferred share units,
as applicable, will be propor Ɵonately adjusted upon compleƟon of the Consolida Ɵon in accordance with
their respecƟve terms. The CUSIP and ISIN numbers of the post-consolida Ɵon common shares will also
change upon the compleƟon of the ConsolidaƟon.
Conference Call Details
Date: August 11, 2025
Time: 10:00 am ET / 7:00 am PT
6
The call may be accessed using the following webcast link:
hƩps://zoom.us/webinar/register/WN_6Ro3OqEgSGKDM-LkGaKcXA
Dial-In Toll Free Canada: (833) 955-1088
Dial-In Toll Free USA: (833) 548-0276
Dial-In InternaƟonal Toll Number: +1 (647) 374-4685
MeeƟng ID: 985 1535 4261
No parƟcipant ID – Please press # to join.
A recording of the conference call will be available for re play on the ‘Events’ page of our website later in
the day on August 11, 2025.
About Americas Gold and Silver CorporaƟon
Americas Gold & Silver is a growing precious metals mining company with mul Ɵple assets in North
America. In December 2024, Americas increased its ownership in the Galena Complex (Idaho, USA) from
60% to 100% in a transacƟon with Eric SproƩ, solidifying its posiƟon as a silver-focused producer. Americas
also owns and operates the Cosalá Opera Ɵons in Sinaloa, Mexico. Eric Spro Ʃ is the Company’s largest
shareholder, holding an approximate 20% interest. Americas has a proven and experienced management
team led by Paul Huet, is fully funded to execute its growth plans, and focused on becoming one of the
top North American silver plays, with an objecƟve of over 80% of its revenue to be 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 Rick Strei ff, Execu Ɵve Vice President – Geology of the
Company. Mr. Streiff is a “qualified person” for the purposes of NI 43-101. 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.s ec.gov, contain further details regarding mineral
reserve and mineral resource es Ɵmates, classi ficaƟon and repor Ɵng parameters, key assump Ɵons 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.
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
7
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 silver, gold and other metals, the expected prices of silver, gold and other metals, as well as the
related costs, expenses and capital expenditures; produc Ɵon from the Galena Complex and Cosalá
OperaƟons; expectaƟons regarding the Company’s execuƟon of its plans to significantly increase silver and
by-product metal produc Ɵon and improve opera Ɵonal e fficiency over the next several years; the
Company’s execuƟon of and expected bene fits from its growth strategy and plans; the expected Ɵming
and compleƟon of required development and the expected operaƟonal and producƟon results therefrom,
including the an Ɵcipated improvements to produc Ɵon and lowering of costs; statements rela Ɵng to
Americas’ EC120 Project; statements relaƟng to the implementa Ɵon of the Consolida Ɵon, including the
expected Ɵming thereof and receipt of necessary approvals; and statements relaƟng to results from recent
metallurgical tesƟng at its Galena Complex, including the potenƟal recovery of anƟmony and concentrate
levels thereof, and the poten Ɵal new revenue stream from an Ɵmony and copper Guidance and outlook
references contained 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 furthe r 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 uncertainƟes outlined below. The ability to maintain cash flow posiƟve producƟon at the Cosalá
OperaƟons, which includes the EC120 Project, through mee Ɵng produc Ɵon targets and at the Galena
Complex through implemenƟng the Galena RecapitalizaƟon Plan, including the compleƟon of the Galena
shaŌ repair and shaŌ rehab work on its expected schedule and budget, allowing the Company to generate
sufficient opera Ɵng 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 negaƟve operaƟng cash flows in future periods, the
Company may need to raise addiƟonal 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 “anƟcipate”,
“believe”, “expect”, “goal”, “plan”, “intend”, “potenƟal’, “esƟmate”, “may”, “assume” and “will” or similar
words sugges Ɵng future outcomes, or other expecta Ɵons, beliefs, plans, objec Ɵves, assump Ɵons,
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, uncertain Ɵes, and other factors that may cause the actual results, level of ac Ɵvity,
performance, or achievements of Americas to be materially different from those expressed or implied by
such forward-looking informaƟon. With respect to the business of Americas, these risks and uncertainƟes
include risks relaƟng 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);
8
interpretaƟons or reinterpretaƟons of geologic informa Ɵon; unfavorable exploraƟon results; inability to
obtain permits required for future exploraƟon, development or producƟon; general economic condiƟons
and condi Ɵons a ffecƟng the industries in which the Company operates; the uncertainty of regulatory
requirements and approvals; potenƟal liƟgaƟon; 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 future
commodity prices, currency fluctuaƟons and energy prices), ground condiƟons, illegal blockades and other
factors limi Ɵng mine access or regular opera Ɵons without interrup Ɵon, failure of plant, equipment,
processes and transporta Ɵon services to operate as an Ɵcipated, environmental risks, government
regulaƟon, actual results of current exploraƟon and producƟon acƟviƟes, possible variaƟons in ore grade
or recovery rates, permiƫng Ɵmelines, capital and construcƟon expenditures, reclamaƟon acƟviƟes, labor
relaƟons or disrup Ɵons, social and poli Ɵcal developments, risks associated with generally elevated
inflaƟon and in flaƟonary pressures, risks related to changing global economic condi Ɵons, and market
volaƟlity, risks relaƟng to geopoliƟcal instability, poliƟcal unrest, war, and other global conflicts may result
in adverse effects on macroeconomic condiƟons including volaƟlity in financial markets, adverse changes
in trade policies, inflaƟon, supply chain disrupƟons and other risks of the mining industry. Although the
Company has aƩempted to idenƟfy important factors that could cause actual results to di ffer materially
from those contained in forward-looking informaƟon, there may be other factors that cause results not to
be as an Ɵcipated, esƟmated, or intended. Readers are cau Ɵoned not to place undue reliance on such
informaƟon. AddiƟonal informaƟon regarding the factors that may cause actual results to differ 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 obliga Ɵon to update
publicly or otherwise revise any forward-looking informa Ɵon whether as a result of new informa Ɵon,
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 is a supplementary or non-GAAP financial measure or raƟo. See “Non-GAAP and Other
Financial Measures” secƟon below for further informaƟon.
2. Throughout this news release, contract services related to transportaƟon cost were reclassified
from treatment and selling costs in revenue to cost of sales in fiscal 2024.
Non-GAAP and Other Financial Measures
The Company has included certain non-GAAP financial and other measures to supplement the Company’s
consolidated financial statements, which are presented in accordance with IFRS, including the following:
Average realized silver, zinc and lead prices;
Cost of sales (CoS)/Ag Eq oz produced;
Cash costs/Ag oz produced;
All-in sustaining costs/Ag oz produced;
Net cash generated from operating activities;
Working capital;
EBITDA, adjusted EBITDA, and adjusted earnings; and
Silver equivalent production (Ag Eq).