USAS · Americas Gold and Silver Corporation

Americas Gold and Silver delivered a materially improved Q1 2026 performance, marked by record silver production (787,000 oz, +76% YoY) and sales (830,000 oz), underpinned by two key operational catalysts: increased tonnage and fleet modernization at the Galena Complex, and the successful declaration of commercial production at Cosalá’s high-grade EC120 orebody — which replaced the lower-grade San Rafael mine and drove a 174% YoY silver production increase at Cosalá alone. Revenue surged to $67.8 million (+187% YoY), significantly outpacing the prior-year period despite reduced zinc and lead output, confirming that silver volume and price realization were dominant drivers. Net income turned positive at $10.0 million ($0.03 per share), reversing a $19.7 million net loss in Q1 2025, primarily due to higher revenue and gains on derivatives, partially offset by higher cost of sales and increased income tax expense. Adjusted earnings and Adjusted EBITDA also swung sharply into positive territory, underscoring underlying operational leverage. AISC of $34.12/oz fell comfortably within the company’s full-year guidance range of $30–$35/oz, validating cost management amid ramp-up activities. The company maintains strong liquidity with $122.4 million in cash and $66.8 million in working capital as of March 31, 2026, supporting its $90–$120 million 2026 capex plan — including $30–$40 million at Crescent Mine and growth investments across both Galena and Cosalá. Management emphasized safety milestones (zero lost-time accidents for over one year at both operations), progress on long-hole stoping at Galena, and the strategic antimony JV with United States Antimony — positioning the company not only for near-term silver growth but also for longer-term critical mineral value capture. With an aggressive 64,000-meter drilling campaign underway and multiple near-mine discoveries (e.g., El Alacrán), the foundation is set for sustained resource and production expansion.