Americas Gold and Silver (USA) Q3 2026 earnings summary

Executive summary

• Record Q3 silver production was 800,458 oz, up 5% YoY; revenue rose 68% to $51.4M as Cosalá gains offset lower Galena output.

• Adjusted EBITDA was $9.3M versus $1.9M YoY; 2026 production guidance remains 3.2–3.6M oz, with output expected at the low end and AISC at the high end.

Financial highlights

• Q3 revenue was $51.4M versus $30.6M YoY; 9M revenue was $165.5M versus $81.1M.

• Q3 net loss narrowed to $5.6M from $16.5M; 9M net loss was $0.6M versus $51.3M, while adjusted loss was $4.9M versus $4.3M in Q3 2025.

• 9M operating cash flow was $56.6M; investing activities used $96.2M, including $96.0M in PP&E expenditures.

• Q3 adjusted EBITDA was $9.3M versus $1.9M; 9M adjusted EBITDA was $54.9M versus a $7.7M loss.

Outlook and guidance

• 2026 silver production guidance is 3.2–3.6M oz and AISC guidance is $30–$35/oz sold; expectations are for the low end of production and high end of AISC ranges.

• 2026 capital guidance is $90–$120M: $30–$40M sustaining and $60–$80M growth; exploration capital is targeted at $15–$20M.

• Guidance assumes targeted mining rates, personnel and equipment availability, permits, sufficient financing and an MXN/US$ rate of 18:1.

• Galena long-hole stopes are planned for extraction in Q4 2026 and into 2027; Cosalá drilling results will be assessed for potential mining in H2 2027.