Americas GOLD and Silver Reports Q1 2025 Results
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AMERICAS GOLD AND SILVER REPORTS Q1 2025 RESULTS
TORONTO, ONTARIO – May 9, 2025 – Americas Gold and Silver Corpora Ɵon (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 quarter ended March 31, 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
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, silver-
copper 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 on e 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 lo ss 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
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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 execuƟon on our strategy to scale producƟon and lower costs. During the first 100 days of our efforts
involving the new combined team, we have been ex tremely impressed by the tremendous response of
our operaƟons teams to unlock the significant potenƟal across both operaƟng mines.
We have made major foundaƟonal changes to build a team that can leverage the strength of our assets,
and we now have the senior operaƟonal experƟse in place to implement our growth strategy. At Galena,
we are well underway with numerous iniƟaƟves designed to improve safe mining and producƟvity which
are already having a posi Ɵve impact. We are also in the late stages of securing a non-dilu Ɵve, 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 Ɵon increases and lower costs as we progress through a
transformaƟve investment year in 2025.
Our team is execu Ɵng 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 venƟlaƟon 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 exploraƟon 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 dept h is a great example of a high-grade silver-copper
system located near exis Ɵng infrastructure that fits well with our strategic focus to increase produc Ɵon
and mine higher grade zones. While our drilling con Ɵnues 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 Ɵal here is signi ficant 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 Ɵons, our team is con Ɵnuing the transi Ɵon 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 venƟlaƟon raise to support increased development acƟvity
breaking through in late April. We are also outlining a very compelling new explora Ɵon strategy for the
Cosalá area – an opportunity which the operaƟon 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 prioriƟze our targets.
Overall, I am very pleased with our progress in se ƫng up the iniƟal phases of our operaƟonal strategy to
unlock the massive potenƟal across our asset base for our shareholders.”
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Consolidated ProducƟon
Consolidated silver producƟon of 446,000 ounces during Q1-2025 was lower than Q1-2024 producƟon 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 Ɵons to the higher-grade EC120 mining area. Lower tonnes mined also
impacted zinc and lead produc Ɵon. Galena produc Ɵon was impacted by a planned 14-day shutdown to
perform maintenance on the Coeur Hoist Motor.
Consolidated aƩributable cash costs and all-in sustaining costs for Q1-2025 were $25.04 per silver ounce
and $35.67 per silver ounce, respec Ɵvely. Cash costs per silver ounce increased during the quarter due
primarily to lower silver producƟon 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 Ɵon) 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 le ad in Q1-2025, compared to 1.9 m illion pounds of lead in Q1-2024 (a
17% increase in lead producƟon). 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 operaƟons.
Despite it being early in our transi Ɵon at Galena, we met the planned advance footage with signi ficant
progress made in the 55-179 decline and associated in frastructure. Average development costs per foot
are running less than expected costs – a very posiƟve early achievement. Advancing of the 55-179 decline
accessed mul Ɵple high-grade silver-copper produc Ɵon stopes, including the 55-198 stope block on the
Silver Hanging Wall Vein which was a significant contributor to producƟon in Q1-2025.
Significant advancements were also made on two major infrastructure projects to support the 55-179
decline; excavaƟons 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 Ɵng a new long-hole raise for ven ƟlaƟon and secondary
egress. During the quarter, development began on two track driŌs that will access the nests for two Alimak
raises: one is a criƟcal venƟlaƟon raise to support conƟnued 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 Ɵnued 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 criƟcal waste development at
Galena is proceeding in line with expectaƟons and on schedule to scale producƟon moving forward.
Cosalá OperaƟons
The Cosalá Opera Ɵons are transi Ɵoning from the zinc-lead-silver San Rafael mine to the higher-grade
silver-copper EC120 Project in 2025. The Company expects to conƟnue to operate San Rafael throughout
the EC120 Project development period and maximize cash flow by prioriƟzing the highest NSR ore through
the mill as it develops sufficient working faces in the EC120 Project to reach commercial producƟon 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 producƟon conƟnues to ramp up.
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Silver producƟon 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 Ɵon 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 Ɵon 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 producƟon is expected to increase steadily as the development into EC120 Project
progresses, which is now back on schedule, and the mine con Ɵnues to batch higher development grade
ore through the mill.
During the quarter, the Cosalá OperaƟons increased capital spending on the EC120 Project, incurring $1.0
million over the period. While s Ɵll in its early phase of development, the EC120 Project has already
contributed approximately $2.3 million to net reve nue 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 producƟon 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:
hƩps://zoom.us/webinar/register/WN_wa5xN3u2RYO5HG0enqHjPQ
Dial-In Toll Free Canada and USA: (888) 788-0099
Dial-In InternaƟonal Toll Number: +1 (647) 374-4685
MeeƟng ID: 976 5554 6597
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 May 9, 2025.
About Americas Gold and Silver CorporaƟon
Americas is a growing precious metals mining company with mul Ɵple assets in North America. The
Company owns and operates the Cosalá OperaƟons in Sinaloa, Mexico. In December 2024, the Company
acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transacƟon with affiliates of
Mr. Eric SproƩ and a Paul Huet-led management team, further strengthening its posiƟon as a leading silver
producer. Spro Ʃ is now the Company's largest shareholder, holding a ~20% interest. With these
strategically posiƟoned assets, Americas 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.
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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 Ɵng firm with a going concern quali ficaƟon. Reference to this
informaƟon is required by SecƟon 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 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.
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
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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
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
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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 ra Ɵo. 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 Ɵon to conven Ɵonal measures prepared in accordance with
IFRS, certain investors and analysts use this informaƟon to evaluate the Company’s performance
vis-à-vis average market prices of metals for the period. The presenta Ɵon of average realized
metal prices is not meant to be a subsƟtute for the revenue informaƟon presented in accordance
with IFRS, but rather should be evaluated in conjuncƟon with such IFRS measure.
Average realized metal prices represent the sa le 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 quanƟty of ounces sold.
2. The Company references certain supplementary financial measures that are not de fined terms
under IFRS to assess performance because it believes they provide useful supplemental
informaƟon to investors. References to silver equivalent produc Ɵon are based on all metals
producƟon at average realized silver, zinc, and lead prices during each respec Ɵve period, except
as otherwise noted.
3. This metric is a non-GAAP financial measure or ra Ɵo. The Company uses the financial measure
“Cost of Sales/Ag Eq Oz Produced” because it understands that, in addi Ɵon to conven Ɵonal
measures prepared in accordance with IFRS, ce rtain investors and analysts use this informa Ɵon
to evaluate the Company’s underlying cost of operaƟons. Silver equivalent producƟon are based
on all metals produc Ɵon at average realized silver, zinc, and lead prices during each respec Ɵve
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 Su staining 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 Ɵon to convenƟonal measures prepared in accordance with
IFRS, certain investors and analysts use this informa Ɵon to evaluate the Company’s underlying
earnings, cash costs and total costs of operaƟons.
Cash costs are determined on a mine-by-mine basis and include mine site operaƟng costs such as:
mining, processing, administra Ɵon, producƟon taxes and royal Ɵes which are not based on sales
or taxable income calculaƟons. 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
exploraƟon spending, excluding costs not related to current operaƟons.
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The Company uses the financial measures “EBITDA”, “adjusted EBITDA” and “adjusted earnings”
as indicators of the Company’s ability to generate opera Ɵng cash flows to fund working capital
needs, service debt obliga Ɵons, and fund explora Ɵon and evalua Ɵon, and capital expenditures.
These financial measures exclude the impact of certain items and therefore is not necessarily
indicaƟve of opera Ɵng profit or cash flows from opera Ɵng acƟviƟes as determined under IFRS.
Other companies may calculate these financial measures differently.
EBITDA is net income (loss) under IFRS before deple Ɵon and amorƟzaƟon, interest and financing
expense, and income taxes. Adjusted EBITDA fu rther excludes other non-cash items such as
accreƟon 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
accreƟon 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
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