Americas Gold and Silver (USA) Q2 2026 earnings summary

Executive summary

• Achieved zero lost time accidents for over a year across U.S. and Mexico operations, reflecting a strong safety culture.

• Consolidated net revenue rose 71% year-over-year to $46.3 million for Q2 2026, driven by higher realized silver prices and strong Cosalá performance.

• Delivered a 26% year-over-year increase in Cosalá mine production to 337,000 ounces and completed major infrastructure upgrades at Galena Complex, including phase 2 shaft modernization.

• Settled $76 million of variable gold and silver price-linked debt obligations, significantly improving the capital structure and increasing exposure to silver prices.

• On track to meet full-year 2026 silver production guidance of 3.2–3.6 million ounces, with production weighted to the second half.

Financial highlights

• Q2 2026 revenue rose 71% year-over-year to $46.3 million; first half revenue reached $114 million, up 126%.

• Net loss for Q2 2026 was $5 million ($0.02/share), improved from $15 million loss in Q2 2025.

• Adjusted EBITDA was $12 million, compared to a $4.1 million loss in Q2 2025.

• Cash and cash equivalents were $88.9 million; working capital was $48.6 million as of June 30, 2026.

• Average realized silver price in Q2 was $67.04/oz, up from $34.22/oz in Q2 2025.

Outlook and guidance

• Full-year 2026 silver production guidance reaffirmed at 3.2–3.6 million ounces, with 60% of production expected in H2.

• AISC for 2026 guided at $30–$35 per ounce sold.

• Capital spending expected to be slightly higher in Q4 due to timing of major projects like the paste fill plant.

• Largest drilling campaign in company history underway at both Galena and Cosalá.

• Growth and sustaining capital investments for 2026 guided at $90–$120 million.