Americas Gold and Silver Q2 Earnings Call Highlights

Strong quarterly improvement: Second-quarter revenue rose 71% year over year to approximately $46.3 million, while the net loss narrowed to $5 million and adjusted EBITDA improved to $12 million, helped by higher silver prices and stronger Cosalá performance. Production outlook maintained: The company remains on track to produce 3.2 million–3.6 million ounces of silver in 2026. Cosalá production increased 26%, while high-grade drilling could support future mine-plan additions. Operations and balance sheet strengthened: Galena’s shaft modernization more than doubled sustained hoisting capacity, and settlements with Sprott and Royal Gold eliminated over $76 million in future variable metal obligations and more than $28 million in annual debt servicing, leaving $89 million in cash. Americas Gold and Silver reported higher second-quarter revenue and reduced losses as stronger silver prices and improved performance at its Cosalá mine supported results, while the company completed infrastructure work at its Galena Complex in Idaho and settled its remaining metal-delivery obligations. Revenue rose 71% from a year earlier to approximately $46.3 million in the second quarter, while first-half revenue increased 126% to $114 million, Chief Financial Officer Warren Varga said during the company’s second-quarter 2026 conference call. The average realized silver price was $67 per ounce during the quarter, compared with $34 per ounce in the prior-year period. The company posted a net loss of about $5 million, or $0.02 per share, improving from a loss of approximately $15 million, or $0.06 per share, in the second quarter of 2025. Adjusted EBITDA was approximately $12 million, compared with an adjusted EBITDA loss of $4.1 million a year earlier, according to Varga. Production Guidance Maintained Americas Gold and Silver produced approximately 665,000 ounces of silver during the quarter, or slightly more than 800,000 silver-equivalent ounces. Chairman and Chief Executive Officer Paul Huet said the company remains on track to meet its full-year production guidance of 3.2 million to 3.6 million ounces of silver, with production expected to be weighted toward the second half of the year. Huet said the company had spent capital earlier in the year on infrastructure improvements, particularly at Galena, and expects the benefits of that work to support higher production later in 2026. At Cosalá in Mexico, silver production increased 26% year over year to approximately 337,000 ounces. Huet attributed the performance to higher grades, improved metallurgical recoveries and commercial production from the EC-120 area. Cash costs at Cosalá declined to $16.91 per ounce, aided by grades and copper byproduct credits. The company said resource-conversion drilling at San Rafael upper zones and the 120 zones has returned grades averaging roughly two to three times previously reported inferred resource grades. Huet highlighted drill hole SR568, which intersected 14 meters grading 600 grams per metric ton of silver, compared with a modeled resource grade of 110 grams per ton in the same area. He said the intercept is close to existing mine infrastructure and could potentially be included in mine plans during the fourth quarter or in 2027. Galena Infrastructure Work Completed At the Galena Complex, the company completed phase two of the No. 3 shaft modernization. Huet said the work lifted sustained hoisting throughput to 85 tons per hour from roughly 42 tons per hour previously, while peak rates have reached 105 tons per hour. The modernization included increasing the hoist motor from 1,750 horsepower...