Americas Gold And Silver (AMEX:USAS) released first-quarter financial results and hosted an earnings call on Friday. Read the complete transcript below.
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Access the full call at https://www.gowebcasting.com/events/americas-gold-and-silver-corporation/2026/05/15/americas-gold-and-silver-first-quarter-2026-webcast/play
Summary
Americas Gold and Silver Corporation reported a record consolidated silver production of 787,000 ounces and sales of 830,000 ounces for Q1 2026, with cash costs of $24 per ounce and all-in sustaining costs of $34 per ounce.
The company plans to achieve 2026 consolidated production guidance of 3.2 to 3.6 million silver ounces at an average all-in sustaining cost of $30 to $35 per ounce.
Recent exploration successes include high-grade discoveries at Galena and Khosla, with a significant increase in measured and indicated silver resources.
Major growth initiatives at Galena include the PACE backfill plant set for Q4 2026 and upgrades to the number three shaft to increase hoisting capacity.
Financial highlights include a Q1 2026 revenue of $68 million, an 84% increase from the prior quarter, and a net income of $10 million, reversing a net loss from Q1 2025.
The company is experiencing increased market visibility and institutional interest, trading on average over $100 million Canadian dollars per day across exchanges.
Management emphasized the strategic importance of antimony production and collaboration opportunities for processing in Idaho.
Full Transcript
OPERATOR
Well, good morning everyone. I would like to welcome you to the Americas Gold and Silver Corporation first quarter 2026 conference call. Just a reminder that today’s call is being recorded. All lines have been placed on mute, but later we will take your questions. If you have a question today press Star One on your telephone keypad, I would now like to hand the conference over to Mr. Warren Varga, CFO. Please go ahead sir.
Warren Varga (Chief Financial Officer)
Thank you and good morning everyone and welcome to the Americas Gold and Silver’s first quarter 2026 conference call. This call is being recorded and available on our website’s events page later today. We will also be referencing a slide deck during today’s webcast presentation. Joining me today is Oliver Turner, our Executive Vice President of Corporate Development. Paul Hewitt is on a plane and our CEO and Chairman is on a plane and unable to attend today, but I’m sure he’ll listen to us later. I’ll begin with a few housekeeping items and then walk through key operational and strategic highlights from our first quarter before turning the call over to Oliver later on. Before we begin, I would like to remind you to review our cautionary statements regarding forward looking information and non GAAP measures contained in our second quarter MD&A news release and presentation slides. Please also note that unless otherwise stated, all dollar figures will be expressed in US Dollars throughout this call.
Warren Varga (Chief Financial Officer)
Before discussing our operational results, I would like to recognize continued commitment to safety across our operations. On our year end conference call I mentioned that our Galena team had achieved a major safety milestone with one full year in over 500,000 hours worked without a single lost time accident. I’m very pleased to report that as of April 14th our Cosalá team achieved one full year without a single lost time accident as well. Just a great success for our for both of our teams and we’re very proud of all their efforts at sites.
Warren Varga (Chief Financial Officer)
Safety remains a foundation of strong operating culture and I want to congratulate all of our employees on their commitment and performance. Q1 demonstrated continuing momentum across Americas. Operationally, we delivered a record consolidated silver production of 787,000 ounces and recorded consolidated sales of 830,000 ounces for Q1. Importantly, this production growth was accompanied by solid cost performance in Q1 with cash costs of approximately $24 per ounce sold and all in sustaining costs of $34 per ounce sold. In addition to strong silver production, we also continue to increase exposure to antimony, a critical metal and with growing strategic importance in North America, we believe Galena remains uniquely positioned as one of the few active domestic sources of antimony production in the United States. The strong start to the year positions us in an excellent position to achieve our 2026 consolidated production guidance of 3.2 to 3.6 million silver ounces at an average all in sustaining cost of $30 to $35 per ounce sold.
Warren Varga (Chief Financial Officer)
As a reminder, consolidated total Capital expenditures for 2026 are targeted to be between 90 to 120 million dollars including 30 to 40 million dollars to be deployed at the Crescent Line. Over the past year our team has made four major new high grade discoveries at Galena, highlighting the significance of untapped potential across the district. Our most recent discovery, the 43L TJ vein complex, was announced just two weeks ago and includes six new high grade silver copper antimony veins located close to existing infrastructure.
Warren Varga (Chief Financial Officer)
Several of the high grade intercepts are shown on the slide including 1,392 grams per tonne silver, 1.5% copper and 1.5% antimony over 1.9 meters. We continue to see antimony associated with many of these high grade silver systems, further reinforcing the strategic importance of the Galena complex as both a high grade silver asset and and a growing domestic source of antimony for the US and for the world. At Khosla, our exploration teams have also delivered encouraging results with the new El Alcohen discovery located just 600 meters north of San Rafael. The discovery, which was announced six weeks ago, intersected multiple silver gold copper intercepts including 69 grams per ton silver, 0.2 grams per ton gold and 0.2% copper over 28 meters. Following follow up, drilling is already underway. The recent discoveries across our operations highlight the significant untapped potential within our asset base. To capitalize the opportunity in front of us, we’ve allocated the largest exploration budget of 15 to 20 million dollars and the largest exploration drilling campaign in the company’s history with over 64,000 meters to be drilled across our properties.
Warren Varga (Chief Financial Officer)
The recent exploration success also becomes even more meaningful when viewed alongside our recently announced updated Silver M and I resource announced earlier this year. I Galena measured and indicated silver resources increased 19% year over year to 88 million ounces while grades improved by 21% to 501 grams per ton silver. On a consolidated basis, Silver M and I mineral resources increased by 10% to 116 million ounces with grades increasing by 30% to 24, 200. Sorry, 240 grams per ton silver. We believe this growing high grade resource base provides a strong foundation to support our long term growth plans. For more details, please refer to the Americas March 30, 2026, news release and the NI 43101 technical reports supporting the mineral resource and reserve estimates for Galena Complex and coastal operations, which were filed on the company’s profile on SEDAR+ yesterday May 14, 2026. Let me now walk you through some of the major growth initiatives currently underway across the Galena Complex.
Warren Varga (Chief Financial Officer)
Starting with the PACE backfill plant, progress continues to advance well Major equipment is currently in fabrication with Delivery starting in June 2026. Site preparation is nearly complete and commissioning remains targeted for the fourth quarter 2026. Once operational, the pace plant is expected to increase backfill cycle times by approximately 250% and support increasing increased longhole stopes productivity with output of being of about 93 tons per hour. Another critical project is the number three shaft which has been recently completed. Phase one is now completed. Sorry, both phases are now completed, both phase one and phase two. These upgrades are expected to increase hoisting throughout by approximately 150% to roughly 105 tons per hour and increase total capacity to roughly 1350 tons per day. A significant step forward for the for the operations. This is a critical step in de risking our growth and enabling higher or production into 2026 and beyond. We are also making strong progress on digital infrastructure investments. Fiber optic communications are currently being installed down the number three shaft enabling real time equipment tracking, improved automation and full mine connectivity. Full coverage is targeted by the fourth quarter of 2026. At the same time, engineering and miner fabrication is underway to repurpose the Galena shaft into a long term infrastructure corridor supporting paste, power, air, water and electrical systems. All important for supporting larger scale mining operations in the future. On the processing side, glean and mill upgrades are progressing. Crusher upgrades have now been completed, flotation cells have been ordered and we continue progressing toward restarting the …
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