Americas Gold and Silver Reports Positive Q2 2025 Results and Provides Development Update on Operational Improvements and Projects Underway
Figure 1 – Galena New Equipment Deliveries: New hoist motor shown on left and new underground loader shown on right. Photo Credit: Americas Gold and Silver Corp.
This earnings release should be read in conjunction 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 Corporation 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
Highlights
-
Consolidated silver production increased
36% year-over-year and54% quarter-over-quarter as the impact of operational improvements and efficiencies continues at the Galena Complex inIdaho while the positive development progress at the EC120 Project (“EC120”) facilitated the batching of higher grade development ore through the mill.- Consolidated silver production of 689,000 ounces 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 19% compared to$33.2 million $34.22 San Rafael (higher zinc and lead) mined previously.-
Pre-production sales of EC120 silver-copper concentrate contributed
$8.3 million
-
Pre-production sales of EC120 silver-copper concentrate contributed
-
Executed Senior secured term loan facility for funds of up to
$100 million $50 million -
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 tetrahedrite material indicated that a marketable concentrate may now be possible using modern metallurgical processes.-
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.
-
The test results mark a key step toward establishing the Company as the only current antimony producer in
-
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 inTrail 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 $10.4 million $28.7 million -
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 $32.89 -
Net loss of
$15.1 million $4.0 million Cosala . -
Adjusted earnings1 for Q2-2025 was a loss of
$12.1 million $2.4 million $4.1 million $8.0 million $0.02 $0.01 -
Inclusion in the Solactive Global Silver Miners Index announced on May 1, 2025. Inclusion in this major silver index is an important milestone validating
Americas position as a growing silver focused miner and increases exposure to large institutional 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 production and lower costs over the coming years. Our teams have been strengthened and aligned in executing our operational growth plan at Galena and the transition from the San Rafael Mine to the higher grade silver-copper EC120 Project at Cosalá. Our critical work in reviewing the current operations has progressed well, including studying multiple scenarios for operational adjustments, productivity improvements, cost reductions and material movement increases.
Securing the
At Galena, numerous initiatives are underway that are designed to safely improve mining productivity. Key developments during the quarter include the expansion of the 55-179 decline to access multiple 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 productivity. Significant ventilation improvements were achieved with the completion of the first Alimak vent raise, while the development of a second Alimak raise is underway. Very significantly, components for the #3 shaft replacement hoist motor have arrived at site, with installation planned for Q4-2025 to materially boost hoisting capacity and debottleneck operations – a critical step in unlocking value at the mine.
We’re also very excited about the metallurgical testing completed on Galena concentrate that confirmed high recoveries of both antimony and copper, with modern processes enabling the potential extraction of antimony from the tetrahedrite. The test work is a key step in establishing
The Cosalá Operations are advancing well towards mining the higher-grade silver-copper EC120 orebody, where we are aiming to be in commercial production by the end of 2025. The team is mining concurrently at
I am also pleased to welcome Shirley In't Veld to
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 foundation for our strategy to deliver sustained multi-year production growth, unlocking the massive potential across our asset base for all our stakeholders.”
Consolidated Production
Consolidated silver production of 689,000 ounces during Q2-2025 was higher than Q2-2024 production of 506,000 ounces (
Consolidated attributable cash costs and all-in sustaining costs for Q2-2025 were
Galena Complex
The Galena Complex produced 420,000 ounces of silver in Q2-2025 compared to 560,000 ounces of silver in Q2-2024 (
During Q2-2025, the Company has continued to make significant advances at the Galena Complex and is on-track with its operational growth plan. Development plans are advancing well with efficiencies in muck handling and improved development rates being realized.
Cosalá Operations
Silver production increased in Q2-2025 to ~269,000 ounces of silver compared to ~170,000 ounces of silver in Q2-2024 (
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 effective immediately.
Ms. In’t Veld brings extensive depth of knowledge and experience to the
Share Consolidation
Conference Call Details
Date: August 11, 2025
Time: 10:00 am ET / 7:00 am PT
The call may be accessed using the following webcast link:
https://zoom.us/webinar/register/WN_6Ro3OqEgSGKDM-LkGaKcXA
Dial-In Toll Free Canada: (833) 955-1088
Dial-In Toll Free
Dial-In International Toll Number: +1 (647) 374-4685
Meeting ID: 985 1535 4261
No participant ID – Please press # to join.
A recording of the conference call will be available for replay on the ‘Events’ page of our website later in the day on August 11, 2025.
About Americas Gold and Silver Corporation
Americas Gold & Silver is a growing precious metals mining company with multiple assets in
Technical Information and Qualified Persons
The scientific and technical information relating to the Company’s material mining properties contained herein has been reviewed and approved by Rick Streiff, Executive Vice President – Geology of the Company. Mr. Streiff is a “qualified person” for the purposes of NI 43-101. The Company’s current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, 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 estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company’s material mineral properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic
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, estimated and targeted production 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; production from the Galena Complex and Cosalá Operations; expectations regarding the Company’s execution of its plans to significantly increase silver and by-product metal production and improve operational efficiency over the next several years; the Company’s execution of and expected benefits from its growth strategy and plans; the expected timing and completion of required development and the expected operational and production results therefrom, including the anticipated improvements to production and lowering of costs; statements relating to Americas’ EC120 Project; statements relating to the implementation of the Consolidation, including the expected timing thereof and receipt of necessary approvals; and statements relating to results from recent metallurgical testing at its Galena Complex, including the potential recovery of antimony and concentrate levels thereof, and the potential new revenue stream from antimony and copper Guidance and outlook references contained in this press release were prepared based on current mine plan assumptions with respect to production, development, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no further adverse impacts to the Cosalá Operations from blockades or work stoppages, and completion of the shaft repair and shaft rehab work at the Galena Complex on its expected schedule and budget, the realization of the anticipated benefits therefrom, and is subject to the risks and uncertainties outlined below. The ability to maintain cash flow positive production at the Cosalá Operations, which includes the EC120 Project, through meeting production targets and at the Galena Complex through implementing the Galena Recapitalization Plan, including the completion of the Galena shaft repair and shaft rehab work on its expected schedule and budget, allowing the Company to generate sufficient operating cash flows while facing market fluctuations in commodity prices and inflationary pressures, are significant judgments in the consolidated financial statements with respect to the Company’s liquidity. Should the Company experience negative operating cash flows in future periods, the Company may need to raise additional funds through the issuance of equity or debt securities. 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
- This is a supplementary or non-GAAP financial measure or ratio. See “Non-GAAP and Other Financial Measures” section below for further information.
- Throughout this news release, contract services related to transportation 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).
Management uses these measures, together with measures determined in accordance with IFRS, internally to better assess performance trends and understands that a number of investors, and others who follow the Company’s performance, also assess performance in this manner. These non-GAAP and other financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may differ from methods used by other companies with similar descriptions. Management's determination of the components of non-GAAP financial measures and other financial measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.
Average Realized Silver, Zinc and Lead Prices
The Company uses the financial measures "average realized silver price", "average realized zinc price” and “average realized lead price” because it understands that in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.
Average realized metal prices represent the sale 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 quantity of ounces sold.
Reconciliation of Average Realized Silver, Zinc and Lead Prices1 |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Gross silver sales revenue ('000) |
$ |
16,115 |
$ |
21,793 |
$ |
28,738 |
$ |
35,381 |
Payable metals & fixed pricing adjustments ('000) |
|
27 |
|
14 |
|
(26) |
|
27 |
Payable silver sales revenue ('000) |
$ |
16,142 |
$ |
21,807 |
$ |
28,712 |
$ |
35,408 |
Divided by silver sold (oz) |
|
471,664 |
|
745,921 |
|
863,301 |
|
1,331,972 |
Average realized silver price ($/oz) |
$ |
34.22 |
$ |
29.23 |
$ |
33.26 |
$ |
26.58 |
|
|
|
|
|
||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Gross zinc sales revenue ('000) |
$ |
2,274 |
$ |
11,261 |
$ |
11,775 |
$ |
19,922 |
Payable metals & fixed pricing adjustments ('000) |
|
(3) |
|
31 |
|
(26) |
|
31 |
Payable zinc sales revenue ('000) |
$ |
2,271 |
$ |
11,292 |
$ |
11,749 |
$ |
19,953 |
Divided by zinc sold (lb) |
|
1,917,354 |
|
8,677,305 |
|
9,388,118 |
|
16,453,877 |
Average realized zinc price ($/lb) |
$ |
1.18 |
$ |
1.30 |
$ |
1.25 |
$ |
1.21 |
|
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Gross lead sales revenue ('000) |
$ |
1,852 |
$ |
5,652 |
$ |
5,264 |
$ |
9,792 |
Payable metals & fixed pricing adjustments ('000) |
|
(1) |
|
(15) |
|
(1) |
|
(11) |
Payable lead sales revenue ('000) |
$ |
1,851 |
$ |
5,637 |
$ |
5,263 |
$ |
9,781 |
Divided by lead sold (lb) |
|
2,076,077 |
|
5,718,958 |
|
5,864,460 |
|
10,148,810 |
Average realized lead price ($/lb) |
$ |
0.89 |
$ |
0.99 |
$ |
0.90 |
$ |
0.96 |
1 |
Excludes EC120 Project pre-production silver ounces sold from the Cosalá Operations. |
Cost of Sales/Ag Eq Oz Produced
The Company uses the financial measure “Cost of Sales/Ag Eq Oz Produced” because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying cost of operations. Silver equivalent production are based on all metals production at average realized silver, zinc, and lead prices during each respective period, except as otherwise noted.
Reconciliation of Consolidated Cost of Sales/Ag Eq Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241,2 |
YTD-20251 |
YTD-20241,2 |
||||
Cost of sales ('000) |
$ |
23,479 |
$ |
21,562 |
$ |
44,618 |
$ |
42,600 |
Less non-controlling interests portion ('000) |
|
- |
|
(4,160) |
|
- |
|
(7,648) |
Attributable cost of sales ('000) |
|
23,479 |
|
17,402 |
|
44,618 |
|
34,952 |
Divided by silver equivalent produced (oz) |
|
838,738 |
|
1,058,186 |
|
1,676,538 |
|
2,079,050 |
Cost of sales/Ag Eq oz produced ($/oz) |
$ |
27.99 |
$ |
16.45 |
$ |
26.61 |
$ |
16.81 |
Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241,2 |
YTD-20251 |
YTD-20241,2 |
||||
Cost of sales ('000) |
$ |
11,600 |
$ |
11,163 |
$ |
22,591 |
$ |
23,479 |
Divided by silver equivalent produced (oz) |
|
373,726 |
|
659,603 |
|
834,234 |
|
1,447,810 |
Cost of sales/Ag Eq oz produced ($/oz) |
$ |
31.04 |
$ |
16.92 |
$ |
27.08 |
$ |
16.22 |
Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Produced |
||||||||
|
Q2-2025 |
Q2-20242 |
YTD-2025 |
YTD-20242 |
||||
Cost of sales ('000) |
$ |
11,879 |
$ |
10,399 |
$ |
22,027 |
$ |
19,121 |
Divided by silver equivalent produced (oz) |
|
465,012 |
|
664,305 |
|
842,304 |
|
1,052,066 |
Cost of sales/Ag Eq oz produced ($/oz) |
$ |
25.55 |
$ |
15.65 |
$ |
26.15 |
$ |
18.17 |
1 |
Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations. |
|||||||
2 |
Throughout this MD&A, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024. |
Cash Costs and Cash Costs/Ag Oz Produced
The Company uses the financial measures “Cash Costs” and “Cash Costs/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 addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying cash costs of operations.
Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as: mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. 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.
Reconciliation of Consolidated Cash Costs/Ag Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241 |
YTD-20251 |
YTD-20241 |
||||
Cost of sales ('000) |
$ |
23,479 |
$ |
21,562 |
$ |
44,618 |
$ |
42,600 |
Less non-controlling interests portion ('000) |
|
- |
|
(4,160) |
|
- |
|
(7,648) |
Attributable cost of sales ('000) |
|
23,479 |
|
17,402 |
|
44,618 |
|
34,952 |
Smelting, refining & royalty expenses in CoS ('000) |
|
(504) |
|
(1,467) |
|
(1,572) |
|
(2,768) |
Non-cash costs ('000) |
|
(1,003) |
|
(487) |
|
(2,397) |
|
(335) |
Direct mining costs ('000) |
$ |
21,972 |
$ |
15,448 |
$ |
40,649 |
$ |
31,849 |
Smelting, refining & royalty expenses ('000) |
|
1,160 |
|
4,416 |
|
4,394 |
|
8,759 |
Less by-product credits ('000) |
|
(4,787) |
|
(13,578) |
|
(15,524) |
|
(24,368) |
Cash costs ('000) |
$ |
18,345 |
$ |
6,286 |
$ |
29,519 |
$ |
16,240 |
Divided by silver produced (oz) |
|
688,663 |
|
505,932 |
|
1,134,870 |
|
989,852 |
Cash costs/Ag oz produced ($/oz) |
$ |
26.64 |
$ |
12.42 |
$ |
26.01 |
$ |
16.41 |
Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241 |
YTD-20251 |
YTD-20241 |
||||
Cost of sales ('000) |
$ |
11,600 |
$ |
11,163 |
$ |
22,591 |
$ |
23,479 |
Smelting, refining & royalty expenses in CoS ('000) |
|
(314) |
|
(1,288) |
|
(1,169) |
|
(2,495) |
Non-cash costs ('000) |
|
(611) |
|
(227) |
|
(1,922) |
|
(505) |
Direct mining costs ('000) |
$ |
10,675 |
$ |
9,648 |
$ |
19,500 |
$ |
20,479 |
Smelting, refining & royalty expenses ('000) |
|
914 |
|
3,573 |
|
3,374 |
|
7,422 |
Less by-product credits ('000) |
|
(3,400) |
|
(11,905) |
|
(12,320) |
|
(21,698) |
Cash costs ('000) |
$ |
8,189 |
$ |
1,316 |
$ |
10,554 |
$ |
6,203 |
Divided by silver produced (oz) |
|
268,702 |
|
169,728 |
|
401,146 |
|
466,990 |
Cash costs/Ag oz produced ($/oz) |
$ |
30.48 |
$ |
7.75 |
$ |
26.31 |
$ |
13.28 |
Reconciliation of Galena Complex Cash Costs/Ag Oz Produced |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Cost of sales ('000) |
$ |
11,879 |
$ |
10,399 |
$ |
22,027 |
$ |
19,121 |
Smelting, refining & royalty expenses in CoS ('000) |
|
(190) |
|
(299) |
|
(403) |
|
(455) |
Non-cash costs ('000) |
|
(392) |
|
(432) |
|
(475) |
|
284 |
Direct mining costs ('000) |
$ |
11,297 |
$ |
9,668 |
$ |
21,149 |
$ |
18,950 |
Smelting, refining & royalty expenses ('000) |
|
246 |
|
1,405 |
|
1,020 |
|
2,228 |
Less by-product credits ('000) |
|
(1,387) |
|
(2,789) |
|
(3,204) |
|
(4,450) |
Cash costs ('000) |
$ |
10,156 |
$ |
8,284 |
$ |
18,965 |
$ |
16,728 |
Divided by silver produced (oz) |
|
419,961 |
|
560,340 |
|
733,724 |
|
871,436 |
Cash costs/Ag oz produced ($/oz) |
$ |
24.18 |
$ |
14.78 |
$ |
25.85 |
$ |
19.20 |
1 |
Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations. |
All-In Sustaining Costs and All-In Sustaining Costs/Ag Oz Produced
The Company uses the financial measures “All-In Sustaining Costs” and “All-In Sustaining Costs/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 addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s total costs of producing silver from operations.
All-in sustaining costs is cash costs plus all sustaining development, capital expenditures, and exploration spending, excluding costs not related to current operations.
Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241 |
YTD-20251 |
YTD-20241 |
||||
Cash costs ('000) |
$ |
18,345 |
$ |
6,286 |
$ |
29,519 |
$ |
16,240 |
Capital expenditures ('000)2 |
|
3,409 |
|
2,994 |
|
6,902 |
|
6,932 |
Exploration costs ('000) |
|
894 |
|
626 |
|
2,143 |
|
1,272 |
All-in sustaining costs ('000) |
$ |
22,648 |
$ |
9,906 |
$ |
38,564 |
$ |
24,444 |
Divided by silver produced (oz) |
|
688,663 |
|
505,932 |
|
1,134,870 |
|
989,852 |
All-in sustaining costs/Ag oz produced ($/oz) |
$ |
32.89 |
$ |
19.58 |
$ |
33.98 |
$ |
24.69 |
Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Produced |
||||||||
|
Q2-20251 |
Q2-20241 |
YTD-20251 |
YTD-20241 |
||||
Cash costs ('000) |
$ |
8,189 |
$ |
1,316 |
$ |
10,554 |
$ |
6,203 |
Capital expenditures ('000)2 |
|
215 |
|
968 |
|
644 |
|
2,849 |
Exploration costs ('000) |
|
421 |
|
250 |
|
1,241 |
|
373 |
All-in sustaining costs ('000) |
$ |
8,825 |
$ |
2,534 |
$ |
12,439 |
$ |
9,425 |
Divided by silver produced (oz) |
|
268,702 |
|
169,728 |
|
401,146 |
|
466,990 |
All-in sustaining costs/Ag oz produced ($/oz) |
$ |
32.84 |
$ |
14.93 |
$ |
31.01 |
$ |
20.18 |
Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Produced |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Cash costs ('000) |
$ |
10,156 |
$ |
8,284 |
$ |
18,965 |
$ |
16,728 |
Capital expenditures ('000)2 |
|
3,194 |
|
3,377 |
|
6,258 |
|
6,805 |
Exploration costs ('000) |
|
473 |
|
627 |
|
902 |
|
1,498 |
All-in sustaining costs ('000) |
$ |
13,823 |
$ |
12,288 |
$ |
26,125 |
$ |
25,031 |
Divided by silver produced (oz) |
|
419,961 |
|
560,340 |
|
733,724 |
|
871,436 |
All-in sustaining costs/Ag oz produced ($/oz) |
$ |
32.91 |
$ |
21.93 |
$ |
35.61 |
$ |
28.72 |
|
1 |
Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations. |
||||||
|
2 |
For fiscal 2025, capital expenditures exclude growth capital from the Galena Complex and Cosalá Operations, including capital spend on the EC120 Project. |
Net Cash Generated from Operating Activities
The Company uses the financial measure “net cash generated from operating activities” because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s liquidity, operational efficiency, and short-term financial health.
This is a financial measure disclosed in the Company’s statements of cash flows determined as cash generated from operating activities, after changes in non-cash working capital items.
Reconciliation of Net Cash Generated from Operating Activities |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Cash generated from (used in) operating activities ('000) |
$ |
1,247 |
$ |
7,566 |
$ |
(318) |
$ |
2,550 |
Changes in non-cash working capital items ('000) |
|
3,929 |
|
(5,291) |
|
(1,537) |
|
(104) |
Net cash generated from (used in) operating activities ('000) |
$ |
5,176 |
$ |
2,275 |
$ |
(1,855) |
$ |
2,446 |
Working Capital
The Company uses the financial measure “working capital” because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s liquidity, operational efficiency, and short-term financial health.
Working capital is the excess of current assets over current liabilities.
Reconciliation of Working Capital |
||||
|
Q2-2025 |
Q2-2024 |
||
Current Assets ('000) |
$ |
83,832 |
$ |
26,385 |
Less current liabilities ('000) |
|
(73,449) |
|
(65,235) |
Working capital ('000) |
$ |
10,383 |
$ |
(38,850) |
EBITDA, Adjusted EBITDA, and Adjusted Earnings
The Company uses the financial measures “EBITDA”, “adjusted EBITDA” and “adjusted earnings” as indicators of the Company’s ability to generate operating cash flows to fund working capital needs, service debt obligations, and fund exploration and evaluation, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indicative of operating profit or cash flows from operating activities as determined under IFRS. Other companies may calculate these financial measures differently.
EBITDA is net income (loss) under IFRS before depletion and amortization, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.
Reconciliation of EBITDA and Adjusted EBITDA |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Net loss ('000) |
$ |
(15,103) |
$ |
(4,003) |
$ |
(34,021) |
$ |
(20,160) |
Depletion and amortization ('000) |
|
6,497 |
|
7,180 |
|
12,006 |
|
12,704 |
Interest and financing expense ('000) |
|
1,381 |
|
2,922 |
|
1,855 |
|
3,611 |
Income tax recovery ('000) |
|
121 |
|
286 |
|
93 |
|
271 |
EBITDA ('000) |
$ |
(7,104) |
$ |
6,385 |
$ |
(20,067) |
$ |
(3,574) |
Accretion on decommissioning provision ('000) |
|
154 |
|
159 |
|
314 |
|
312 |
Foreign exchange loss (gain) ('000) |
|
(2,809) |
|
(124) |
|
(2,984) |
|
1,012 |
Gain on disposal of assets ('000) |
|
- |
|
- |
|
(966) |
|
- |
Loss on metals contract liabilities ('000) |
|
5,549 |
|
1,668 |
|
14,573 |
|
4,714 |
Other loss (gain) on derivatives ('000) |
|
- |
|
(327) |
|
(709) |
|
744 |
Fair value loss on royalty payable ('000) |
|
156 |
|
257 |
|
281 |
|
513 |
Adjusted EBITDA ('000) |
$ |
(4,054) |
$ |
8,018 |
$ |
(9,558) |
$ |
3,721 |
Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.
Reconciliation of Adjusted Earnings |
||||||||
|
Q2-2025 |
Q2-2024 |
YTD-2025 |
YTD-2024 |
||||
Net loss ('000) |
$ |
(15,103) |
$ |
(4,003) |
$ |
(34,021) |
$ |
(20,160) |
Accretion on decommissioning provision ('000) |
|
154 |
|
159 |
|
314 |
|
312 |
Foreign exchange loss (gain) ('000) |
|
(2,809) |
|
(124) |
|
(2,984) |
|
1,012 |
Gain on disposal of assets ('000) |
|
- |
|
- |
|
(966) |
|
- |
Loss on metals contract liabilities ('000) |
|
5,549 |
|
1,668 |
|
14,573 |
|
4,714 |
Other loss (gain) on derivatives ('000) |
|
- |
|
(327) |
|
(709) |
|
744 |
Fair value loss on royalty payable ('000) |
|
156 |
|
257 |
|
281 |
|
513 |
Adjusted earnings ('000) |
$ |
(12,053) |
$ |
(2,370) |
$ |
(23,512) |
$ |
(12,865) |
Supplementary Financial Measures
The Company references certain supplementary financial measures that are not defined terms under IFRS to assess performance because it believes they provide useful supplemental information to investors.
Silver Equivalent Production
References to silver equivalent production are based on all metals production at average realized silver, zinc, and lead prices during each respective period, except as otherwise noted.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250811299347/en/
For more information:
Maxim Kouxenko - Manager, Investor Relations
M: +1 (647) 888-6458
E: ir@americas-gold.com
W:
Source: Americas Gold and Silver Corporation
