Americas Gold and Silver Delivers Record Cosalá Production in 2025 Driving a 52% Increase in Annual Consolidated Silver Production
Rhea-AI Summary
Americas Gold and Silver (NYSE:USAS) reported record 2025 attributable silver production of 2.65 million oz, a 52% increase versus 2024's 1.74 million oz. Cosalá set a new annual record of 1.19 million oz with a Q4 2025 quarter-high 463,000 oz. Galena produced antimony and copper by-products of ~561,000 lb Sb and 797,000 lb Cu for the year (Q4: 127,000 lb Sb; 200,000 lb Cu). Cash on hand as of Dec 31, 2025 was ~US$130 million, up ~US$90 million from Sept 30, 2025, driven by a US$132.25 million bought-deal financing in Dec 2025. Crescent acquisition closed in Dec 2025 with US$20 million cash funded. EC 120 reached commercial production on Jan 1, 2026.
Positive
- Silver production +52% to 2.65M oz in 2025
- Cosalá record 1.19M oz annual silver output
- Q4 2025 Cosalá quarter record of 463,000 oz
- Year-end cash balance ~US$130M (up ~US$90M since Sept 30)
- Bought-deal financing of US$132.25M closed Dec 2025
Negative
- Two planned 10-day shutdowns at Galena in 2025 for shaft upgrades
- Bought-deal financing of US$132.25M may cause shareholder dilution
- Crescent acquisition required US$20M cash from financing
News Market Reaction
On the day this news was published, USAS gained 2.89%, reflecting a moderate positive market reaction. Argus tracked a peak move of +18.0% during that session. Our momentum scanner triggered 92 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $74M to the company's valuation, bringing the market cap to $2.63B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves: GSM +3.27%, NEXA +5%, while CMP -2.11%, CRML -9.15%, LAC -1.87%, suggesting USAS’s +6.94% move was stock-specific.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 08 | Mine progress update | Positive | -4.6% | Rapid post-closing progress at newly acquired Crescent Silver Mine. |
| Dec 12 | Strategic acquisition | Positive | +0.0% | Completion of Crescent Silver Mine acquisition and large financing. |
| Dec 09 | Insider ownership change | Negative | +7.1% | Eric Sprott sale of 5,000,000 common shares on TSX. |
| Nov 10 | Quarterly results | Positive | +9.8% | Q3 2025 results with strong silver growth and EC120 sales. |
| Oct 20 | Production update | Positive | +3.1% | Q3 2025 operating results with 98% jump in silver output. |
USAS has generally reacted positively to operational and earnings updates, while one recent operational progress update saw a selloff and insider ownership changes drew an opposite positive reaction.
Over the past few months, Americas Gold and Silver has reported strong operational progress, including Q3 2025 consolidated silver production of 765,000 oz and revenue of $30.6M, alongside improved productivity at Galena and development of EC120. The company completed the strategic Crescent Mine acquisition for US$20M in cash plus shares, funded partly by a US$132M bought deal financing. Today’s record 2025 silver production and Cosalá performance extend this growth narrative following recent drilling, mine upgrades, and integration work in Idaho and Mexico.
Market Pulse Summary
This announcement highlights record 2025 consolidated silver production of 2.65M oz, driven by a standout year at Cosalá and growing by-product antimony and copper output from Galena. It builds on earlier Q3 2025 growth and the Crescent Mine acquisition funded by a US$132.25M financing. Investors may focus on how efficiently new capacity, EC 120 ramp-up, and Idaho infrastructure upgrades translate into cash generation and balance-sheet strength through 2026.
Key Terms
commercial production technical
long hole stoping technical
offtake agreement financial
bought deal private placement financing financial
tetrahedrite ore technical
AI-generated analysis. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - January 21, 2026) - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company") a growing North American precious metals and antimony producer, is pleased to announce strong consolidated annual silver ("Ag") production of 2.65 million ounces for 2025, a
Paul Andre Huet, Chairman and CEO, commented: "We capped off a highly successful and transformative 2025 with a
This was highlighted by the record year at Cosalá, where our team delivered the operation's best-ever annual and quarterly silver output for USA while at the same time ramping up the new EC 120 Mine to reach commercial production. This is an incredible milestone and a testament to the exceptional execution by our entire team at Cosalá, led by General Manager Gabriel Soto. Congratulations to everyone at the operation for achieving these record-breaking numbers while setting the table for a strong future.
At Galena, consistent productivity gains came alongside our focus on major capital projects and the integration of the newly acquired Crescent Mine. I am proud of our team for embracing major transformational operating initiatives including the re-introduction of long hole stoping, the deployment of an expanded underground mining fleet, and major upgrades at the No. 3 and Coeur shafts to support higher waste development and accelerated mining rates going forward. We recently concluded a planned 10-day shutdown in Q4 2025 to fast-track upgrades by installing a new 2250 HP motor and redundant secondary egress motor at the Coeur shaft - de-risking the operation and further supporting our ambitious growth trajectory. At Crescent, we are off to a running start with major infrastructure and equipment upgrades in place within a few short weeks following the close of the acquisition in December.
Our full-year antimony and copper by-product production from the Galena Complex further demonstrates the value potential of our unique position as the largest active U.S. antimony miner. Beginning January 1, 2026, we will start receiving revenue from these valuable by-products under the new offtake agreement negotiated with Ocean Partners and Teck, as announced in June 2025. The future is very exciting with respect to antimony production as we continue test work initiatives and evaluate numerous pathways to unlock the substantial bi-product antimony value at the Galena Complex. Moving forward, Americas' is poised to become an industry leader in the nations ongoing efforts to re-establish critical metals security in the United States.
Overall, I am extremely pleased with our first year of transformative operational efforts which has laid the foundation for continued growth in 2026 across Idaho and Mexico."
Figures 1 & 2: Roof bolting and inspection of work by Cosalá staff at EC120, following a record year for the operation.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5082/281064_americasgoldsilver2.jpg
The strong production results for 2025 benefited from higher grades mined at Cosalá from the Upper Zone at the San Rafael mine and strong performance at the EC 120 mine, which achieved commercial production on January 1, 2026. The strong results were achieved despite two planned shutdowns at the Galena Complex (10 days in Q3 2025 and 10 days in Q4 2025) to conduct upgrades at the No. 3 and Coeur shafts, respectively, to increase hoisting capacity to support increased production rates going forward. Both of the planned shutdowns were completed ahead of schedule (10 of 14 planned days in Q3 2025 and 10 of 21 planned days in Q4 2025) reflecting strong execution by the projects teams which contributed to the strong production numbers for 2025.
Figure 3: Annual consolidated, attributable silver production.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5082/281064_1e407dbe1403da51_004full.jpg
Full-year antimony ("Sb") and copper ("Cu") production from the Galena Complex totaled approximately 561,000 pounds and 797,000 pounds, respectively, including 127,000 pounds of antimony and 200,000 pounds of copper in Q4 2025. The Sb:Cu ratio for 2025 averaged approximately 0.7:1, underscoring the predictability and strategic value of Galena's high-grade silver-copper-antimony tetrahedrite ore.
Americas' unaudited consolidated cash balance as at December 31, 2025, was approximately US
About Americas Gold and Silver Corporation
Americas Gold & Silver is a rapidly growing North American mining company producing silver, copper, and antimony from high-grade operations in the U.S. & Mexico. In December 2024, Americas acquired
For more information:
Maxim Kouxenko
Manager, Investor Relations
Americas Gold and Silver Corporation
+1 (647) 888-6458
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas' expectations, intentions, plans, assumptions, and beliefs with respect to, among other things, the ability to achieve production results and maintain conditions for operational results and expectations described herein, and the predictability and strategic value of Galena's high-grade silver-copper-antimony tetrahedrite ore and are subject to the risks and uncertainties outlined below. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate," "believe," "expect," "goal," "plan," "intend," "potential," "estimate," "may," "assume," and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development, or production; general economic conditions and conditions affecting the mining industry; the uncertainty of regulatory requirements and approvals; potential litigation; security conditions in the areas where the Company's operations are located (including the Cosalá Operations in Sinaloa, Mexico); fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; risks associated with the mining industry generally, such as economic factors (including future commodity prices, currency fluctuations, and energy prices), ground conditions, failure of plant, equipment, processes, and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, labor relations; and risks related to changing global economic conditions and market volatility. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas' filings with the Canadian Securities Administrators on SEDAR+ and with the SEC. Americas does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events, or other such factors which affect this information, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.
1 Throughout this news release, consolidated production results and consolidated operating metrics are based on the attributable ownership percentage of each operating segment:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281064
FAQ
How much silver did Americas Gold and Silver (USAS) produce in 2025?
What drove Cosalá's record silver output for USAS in 2025?
What is Americas' cash position as of December 31, 2025 (USAS)?
How did Americas fund the Crescent acquisition and when did it close (USAS)?
When did EC 120 at Cosalá reach commercial production for USAS?
What antimony and copper by-product volumes did USAS report for 2025?
