Americas Gold and Silver (USA) Q2 2026 earnings summary

Executive summary

• Q2 revenue rose 71% YoY to $46.3m, while H1 revenue reached $114m, up 126% YoY.

• Cosalá silver production increased 26% YoY to 337,000 oz; Galena completed Phase 2 of the No. 3 shaft modernization.

• Settled $76m of remaining silver- and gold-linked obligations, reducing future debt service and mark-to-market exposure.

• Zero lost-time accidents continued for well over one year across U.S. and Mexico operations.

Financial highlights

• Q2 revenue increased 71% YoY to $46.3m; the average realized silver price was $67.04/oz versus $34.22/oz in Q2 2025.

• Net loss narrowed to $5.0m, or $0.02/share, from $15.0m, or $0.06/share, in Q2 2025; higher revenue was partly offset by FX and derivative losses and higher tax expense.

• Adjusted loss was $0.9m, or $0.00/share, versus $12.1m; adjusted EBITDA was $12.0m versus a $4.1m loss in Q2 2025.

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

Outlook and guidance

• 2026 silver production guidance remains 3.2m–3.6m oz, with AISC guidance of $30–$35/oz sold; ~40% of annual production was achieved in H1.

• Production is expected to be weighted to H2 as Galena ramps up and infrastructure spending concludes; high-grade ounces deferred after a minor fire are expected to contribute.

• Long-hole mining is targeted at 30%–40% of production by year-end 2026 and 50%–60% in 2027; paste plant use is planned for 2027.

• 2026 growth capital guidance is $60m–$80m and sustaining capital guidance is $30m–$40m; some major project spending is expected to shift into Q4.