Record Q1 silver production at Americas Gold and Silver (NYSE American: USAS)
Rhea-AI Filing Summary
Americas Gold and Silver Corporation reported a new record for quarterly silver performance, producing 787,000 ounces in the first quarter of 2026, up 76% from 446,000 ounces in the first quarter of 2025. Record silver sales reached 830,000 ounces, helped by timing of concentrate sales.
Across its Galena and Cosalá operations, the company produced 908,842 total silver equivalent ounces and sold 957,404 silver equivalent ounces. The Galena mine contributed most lead and antimony, while both mines produced copper.
The company ended March 31, 2026 with an unaudited consolidated cash balance of US$122.6 million, while continuing to invest in growth. Key projects include Phase 2 upgrades to the No. 3 shaft at Galena to lift hoisting capacity to over 100 short tons per hour, construction of a new surface paste fill plant, and a planned 64,000-metre exploration and infill drilling program. Management reaffirmed full-year 2026 silver guidance of 3.2 to 3.6 million ounces at all-in sustaining costs of US$30–US$35 per ounce.
Positive
- Record production growth: Q1 2026 silver production reached 787,000 ounces, a 76% increase from 446,000 ounces in Q1 2025, setting a new corporate quarterly record.
- Strong liquidity: Unaudited consolidated cash of US$122.6 million as of March 31, 2026 supports ongoing revitalization and growth projects at Galena, Crescent and Cosalá.
- Operational and safety milestones: One year with zero Lost Time Accidents at both Cosalá and Galena, alongside record silver production and sales, indicates improving operational execution.
- Growth outlook affirmed: Management reaffirmed 2026 silver production guidance of 3.2–3.6 million ounces at all-in sustaining costs of US$30–US$35 per ounce, supported by major capital projects and a 64,000‑metre drilling program.
Negative
- None.
Insights
Record silver output, strong cash and major growth projects support Americas Gold and Silver’s expansion plans.
The company posted record quarterly silver production of 787,000 ounces, a 76% increase from Q1 2025, and record silver sales of 830,000 ounces. Total silver equivalent production reached 908,842 ounces, indicating broad volume strength across Galena and Cosalá.
An unaudited cash balance of US$122.6 million as of March 31, 2026 provides resources to fund the Galena revitalization, including Phase 2 upgrades to the No. 3 shaft and construction of a surface paste fill plant. These projects are expected to raise hoisting capacity above 100 short tons per hour and shorten stope cycles, supporting higher throughput.
Management maintained full-year 2026 silver guidance of 3.2–3.6 million ounces at all-in sustaining costs of US$30–US$35 per ounce and highlighted a 64,000‑metre drilling program. Actual results will depend on execution of shaft upgrades, paste plant construction and exploration, as well as commodity prices and operating conditions described in the risk factors.
Key Figures
Key Terms
silver equivalent ounces financial
all-in sustaining costs financial
Lost Time Accidents technical
Long Hole Stoping technical
paste fill plant technical
Non-IFRS regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-37982
AMERICAS GOLD AND SILVER CORPORATION
(Translation of registrant's name into English)
145 King Street West, Suite 2870
Toronto, Ontario, Canada
M5H 1J8
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMERICAS GOLD AND SILVER CORPORATION | ||
| (Registrant) | ||
| Date: April 16, 2026 | By: | /s/Peter McRae |
| Peter McRae | ||
| Title: | Chief Legal Officer and Senior Vice President Corporate Affairs | |
INDEX TO EXHIBITS
| Exhibit | Description | |
| 99.1 | News Release dated April 16, 2026 |
AMERICAS GOLD AND SILVER CORPORATION ANNOUNCES NEW RECORD QUARTERLY SILVER PRODUCTION AND SALES, INCLUDING 787,000 OUNCES PRODUCED AND 830,000 OUNCES SOLD
TORONTO, ONTARIO - April 16, 2026 - Americas Gold and Silver Corporation (the "Company" or "Americas") (TSX:USA; NYSE American: USAS) is pleased to announce record consolidated silver production of 787,000 ounces for the first quarter of 2026, an increase of 76% compared to 446,000 ounces in the first quarter of 2025. During the quarter, the Company sold a record 830,000 ounces due to a positive adjustment for timing of concentrate sales. Consolidated lead production for the quarter was 2.0 million pounds, consolidated copper production was 967,000 pounds, and consolidated antimony production was 137,000 pounds. Americas is also proud to report that it has achieved one year with no Lost Time Accidents (LTAs) at its Cosalá mine in Mexico. Production metrics split by operation are outlined in Table 1 below.
Table 1: Q1 2026 Production and Sales
| Galena | Cosalá | Consolidated | |||
| Silver Produced (oz) | 424,686 | 362,239 | 786,925 | ||
| Silver Sold (oz) | 388,664 | 441,223 | 829,887 | ||
| Total Silver Equivalent Produced (oz)¹ | 492,200 | 416,642 | 908,842 | ||
| Total Silver Equivalent Sold (oz)¹ | 449,640 | 507,764 | 957,404 | ||
| Copper Produced (lb) | 218,103 | 748,449 | 966,552 | ||
| Copper Sold (lb) | 193,059 | 906,027 | 1,099,086 | ||
| Lead Produced (lb) | 1,950,014 | - | 1,950,014 | ||
| Lead Sold (lb) | 1,805,540 | - | 1,805,540 | ||
| Antimony Produced (lb) | 137,078 | - | 137,078 | ||
| Antimony Sold (lb) | 121,427 | - | 121,427 | ||
1. Silver equivalent ounces (AgEq) produced and sold were calculated based on all metals produced and sold at average realized silver, copper, lead, and antimony prices during each respective period (Q1-2026 consolidated realized prices were US$79.48/oz Ag, US$5.80/lb Cu, US$0.89/lb Pb, and US$11.03/lb Sb).
Americas' unaudited consolidated cash balance as at March 31, 2026 was a robust US$122.6 million, on track with expectations as the Company continued to deploy capital into its revitalization and growth plan.
During the second quarter, the company is on schedule to complete Phase 2 Upgrades to the No. 3 shaft which will increase skipping speeds to ~105 short tons per hour (stph). The upgrades include installation of the new braking system, a control system upgrade for future automation, a new communication system and semi-autonomous cages. The upgrades will be completed during a planned two week shut down during the quarter. The Company is rapidly improving communication technology throughout the mine which includes new fibre optics cables that will allow for real time tracking of mine equipment, mine-wide communication and future automation of numerous pieces of equipment. Construction of the surface paste fill plant has also commenced on schedule, with initial parts arriving recently at site and preparatory works underway.
Paul Andre Huet, Chairman and CEO, commented: "I am extremely pleased with our progress during the first quarter in which the Company achieved not only a new corporate quarterly production record, but also a significant new safety milestone at our Mexican operations: one full year with zero Lost Time Accidents (LTAs). What makes this new record even more exciting is that we are still in the early stages of our growth plans at our flagship Galena Complex where we also recently celebrated one year with no LTAs. Safety remains our highest priority, and these achievements reflect the strong safety culture developed by our teams.
The year ahead is pivotal for our operations at Galena with the Phase 2 upgrade at the No. 3 shaft set to begin this month which involves the installation of a new braking system allowing us to increase our skipping speeds to over 100 stph, an approximate 160% increase in hoisting capacity compared to 40 stph in 2024 when the Galena revitalization project began. This upgrade will boost our ore hoisting capability in the No. 3 shaft - a significant step forward for our operations as we continue to ramp up our tonnage resulting from the transition to Long Hole Stoping (LHS). We are also making progress towards the addition of a new surface paste plant, with advanced engineering complete and project construction underway. The new paste fill plant will reduce stope cycle times, allowing us to accelerate our transition to increased LHS.
In addition to the substantial capital investments we are making to grow production in a safe and rapid manner, we have also allocated investment for the largest drilling program in Company history with approximately 64,000 metres of exploration and infill drilling planned across our operations.
From a production and exploration perspective, Americas' aggressive growth trajectory remains on track to deliver full-year 2026 silver guidance of between 3.2 to 3.6 million ounces at all-in sustaining costs2 of US$30-US$35 per ounce. As previously indicated, the Company expects full year production to be weighted to the second half of the year with associated lower costs as we continue to invest in the growth of our operations.
With numerous projects designed and approved in 2025 now well underway, our strong operational start to the year puts us in a favorable position with respect to achieving our goals for 2026 as we continue our growth momentum. We look forward to providing further updates on our various projects and drilling over the course of this year."
2. Non-IFRS: the definition of this measure is included in the Non-IFRS Measures section of Americas Gold and Silver's MD&A for the period ended December 31, 2025.
About Americas Gold and Silver Corporation
Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper, lead, and antimony from high-grade operations in the U.S. and Mexico. In December 2024, Americas acquired 100% ownership of the Galena Complex (Idaho) in a transaction with Eric Sprott, former 40% Galena owner, becoming Americas' largest shareholder. This transaction consolidated Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In December 2025, Americas acquired the fully permitted, past-producing Crescent Silver Mine (9 miles from Galena) with the world's 3rd highest-grade silver resource, creating significant potential future synergies through shared infrastructure and processing. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build a new antimony processing hub at Galena, creating a U.S. "mine-to-finished product" antimony solution. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. Americas is fully funded to aggressively grow production at the Galena Complex, Crescent and in Mexico with an aim to be a leading North American silver producer and a key source of U.S.-produced antimony.
For further information, please contact:
Miranda Powell - Manager, Communications
M: +1-775-771-8832
E: ir@americas-gold.com
W: americas-gold.com
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 gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; production from the Galena Complex, including the Crescent Mine and Cosalá Operations, including the expected number of producing stopes and production levels; the expected timing and completion of required development and the expected operational and production results therefrom, including the anticipated improvements to production rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; statements relating to Americas' EC120 Project; and statements relating to implementation of, and the impact of new management on, the planned recapitalization of Galena Complex. 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", "would", "could", "seek", "propose" 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 beyond the Company's ability to control or predict that may cause the actual results, level of activity, performance, or achievements of Americas or developments in the Company's business or in its industry to be materially different from those expressed or implied by such forward-looking information.
With respect to the business of Americas, these risks and uncertainties include risks relating to widespread 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 industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company's projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, 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 ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments, risks associated with generally elevated inflation and inflationary pressures, risks related to changing global economic conditions, and market volatility, risks relating to geopolitical instability, political unrest, war, and other global conflicts may result in adverse effects on macroeconomic conditions including volatility in financial markets, adverse changes in trade policies, inflation, supply chain disruptions and other risks of the mining industry. 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.