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Americas Gold and Silver Corporation reported much stronger results for the three and six months ended June 30, 2026. Revenue rose to $46.3 million in Q2 and $114.1 million year to date, up from $26.9 million and $50.5 million in 2025, driven largely by higher realized metal prices and increased silver-focused production at the Cosalá Operations and Galena Complex.
The company generated net income of $5.0 million year to date, compared with a net loss of $34.7 million a year earlier, and cash from operating activities improved to $47.2 million. Cash and cash equivalents were $88.9 million, down from $129.8 million at year-end, reflecting heavy capital spending of $63.8 million and net financing outflows of $25.4 million.
Balance sheet risk remains elevated. While total liabilities fell to $136.3 million as legacy gold and silver delivery liabilities of $41.0 million and $37.5 million were fully settled, these settlements required issuing over 10.6 million shares and booking significant losses. A senior secured term loan of $48.1 million and other facilities carry financial covenants, some of which required waivers. Management highlights material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern.
Americas Gold and Silver Corporation reported Q2 2026 net revenue of $46 million, up 71% from Q2 2025, and YTD 2026 revenue of $114 million, a 126% increase. Consolidated silver production was 665,000 ounces in the quarter and 1.5 million ounces year-to-date, with silver-equivalent production of about 801,000 ounces in Q2.
Operations were driven by strong performance at Cosalá, where silver output rose 26% to 337,000 ounces and cash costs fell to $16.91 per ounce. At the Galena Complex, Phase 2 of the No. 3 Shaft upgrade was completed, boosting hoisting capacity roughly 150%, though Q2 silver production there declined to 328,000 ounces and cash costs rose to $35.26 per ounce amid a planned shutdown and a minor electrical fire.
The company settled approximately $76 million of variable silver and gold delivery obligations via a mix of metal deliveries and share issuances, simplifying its capital structure and increasing leverage to silver prices. Despite improved margins, Q2 2026 still showed a net loss of $5.0 million, though adjusted EBITDA turned positive at $12.0 million. Management reaffirmed 2026 guidance of 3.2–3.6 million silver ounces at an AISC of $30–$35 per ounce sold.
Americas Gold and Silver Corporation plans to release its second quarter 2026 results and hold a conference call and webcast on August 14, 2026 at 11:00 a.m. Eastern Time. Management will discuss quarterly performance, and a replay will be available by webcast and telephone for one week.
The company describes itself as a rapidly growing North American producer of silver and other critical minerals, with high-grade mining assets in the United States and Mexico. Its flagship Galena Complex in Idaho includes the nation's largest antimony mine, and a 51/49 joint venture is being developed to create a fully integrated domestic antimony supply chain.
Americas Gold and Silver Corporation reported consolidated Q2 2026 production of 664,971 oz of silver, with 624,343 oz sold. Total silver equivalent production was 800,735 oz. Galena and Cosalá contributed similar silver-equivalent volumes, alongside 2.3 million lb of lead, 850,088 lb of copper, and 97,213 lb of antimony. The unaudited consolidated cash balance was US$89 million as of June 30, 2026.
Management noted Q2 silver production was 15% lower than Q1, partly due to an electrical fire at Galena that briefly interrupted production, but said first-half silver output of 1.5 million oz is in line with the 2026 budget. The company continues to target full-year 2026 silver production of 3.2–3.6 million oz at all-in sustaining costs of US$30–US$35 per oz, weighted toward stronger production and lower costs in the second half.
Phase 2 of the No. 3 Shaft modernization at Galena is complete, increasing total hoisting capacity by about 150% and skipping payloads by 40%, with a record 125 skips hoisted over a 12‑hour period in July. During Q2, the company also eliminated over US$85 million in variable future debt obligations tied to metal delivery agreements, which it says enhances leverage to silver prices and supports its growth-focused balance sheet.
Americas Gold and Silver Corporation reported completing Phase 2 of the No. 3 Shaft modernization at the Galena Complex in Idaho. Phase 1 and 2 upgrades have raised hoisting capacity from approximately 42 short tons per hour to as high as 105 stph, with 85 stph achieved regularly, which the company describes as more than doubling historical performance. Phase 2 capital spending was about US$1.1 million.
The upgraded shaft is expected to provide about 1,350 tons per day of hoisting capacity, designed to support planned ore production averaging roughly 650 tons per day by the end of 2026, a ~50% increase. Management also described a minor electrical fire at the Galena Mine and a regional wildfire near the Crescent Mine; both incidents were contained with no injuries, limited operational disruption, and no change to full-year 2026 production guidance, which remains weighted to the second half of the year.
Americas Gold and Silver Corporation held its annual shareholders meeting on June 23, 2026, where 224,051,051 common shares were represented, about 68.53% of outstanding shares. All eight director nominees from the May 14, 2026 circular were elected, with support ranging from 73.44% to 99.60%.
Shareholders also reappointed PricewaterhouseCoopers LLP as independent auditor, with 222,646,661 votes, or 99.37% of votes cast, in favor. Americas Gold & Silver describes itself as a rapidly growing North American mining company producing silver, copper, and antimony from operations in the U.S. and Mexico.
Americas Gold & Silver Corp’s major shareholder group led by Eric Sprott filed Amendment No. 5 to update its ownership position. As of March 20, 2026, the group beneficially owned 48,010,636 Common Shares, representing about 14.33% of 334,890,295 shares outstanding.
On June 10, 2026, Sprott Mining Inc., a subsidiary within the reporting group, purchased 7,956,696 Common Shares at an average price of $5.57 per share, for combined gross proceeds of approximately $44,318,797. The filing mainly refreshes ownership percentages and confirms no other transactions in the past 60 days besides those disclosed.
Americas Gold and Silver Corporation has eliminated significant silver and gold delivery obligations by settling them with a mix of metal and new shares. The company closed an agreement with Sprott Mining Inc. to terminate its remaining obligation to deliver 592,000 ounces of silver in exchange for 7,956,696 common shares issued at a deemed price of US$5.57 per share. It also settled a remaining obligation to deliver 8,861 ounces of gold to International Royalty Corporation between June 2026 and December 2027 by delivering 5,000 ounces of gold and issuing 2,652,532 common shares at a deemed price of US$5.86 per share. The company highlights its growing North American portfolio, including the Galena Complex and Crescent Silver Mine in Idaho, and its antimony-focused joint venture at Galena.
Americas Gold and Silver Corporation reported high-grade infill drilling results from its Cosalá Complex in Mexico. Fourteen resource conversion holes drilled in Q4 2025 and Q1 2026 at the San Rafael Upper, 120 Upper and 120 Lower zones returned substantially higher silver grades than the current Mineral Resource model.
Highlight intercepts include hole SR568 with 14.0 meters grading 599.8 g/t silver and 0.83% copper in an area that had modeled silver grades of 110 g/t, and hole SR566 with 10.0 meters at 509.7 g/t silver. The company states these results represent potential significant upside to future mine plans and are adjacent to existing mine infrastructure.
The new data, not included in the October 31, 2025 Mineral Resource and Reserve statement, is being incorporated into an optimized mine plan for the second half of 2026 as part of what management describes as the most aggressive drilling campaign in the company’s history.
Americas Gold and Silver Corporation outlines its 2025 efforts to prevent forced labour and child labour across its operations and supply chains under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act. The company reports no identified instances of modern slavery during the year.
The report describes a silver-focused producer with approximately 659 employees across the Galena Complex in Idaho, Cosalá Operations in Mexico, the Relief Canyon mine in Nevada (on care and maintenance), and corporate offices in Canada. It highlights a living-wage commitment, unionized workforces, and diversity initiatives, including women representing about 40% of the board.
Americas details its zero-tolerance approach to modern slavery, supported by policies such as a Code of Business Conduct and Ethics and a Whistleblower Policy, and ongoing enhancements like a Supplier Code of Conduct and updated procurement terms. The company notes broad supplier networks in Mexico and the United States and plans to roll out a modern slavery training module in Q2 2026.