Americas Gold and Silver (USA) Q4 2024 earnings summary

Executive summary

• Completed 100% ownership consolidation of the Galena Complex, including purchase of Eric Sprott's 40% interest and leadership changes.

• Raised $50 million (C$50 million) in oversubscribed private placement, reducing liabilities by over $43 million and recapitalizing the company.

• Appointed Paul Andre Huet as CEO and Chairman, and strengthened board and management.

• Institutional and management ownership now exceeds 60%, with Sprott holding over 20%.

• Focused on ramping up production and operational improvements at Galena and Cosalá, with new equipment and technical talent.

Financial highlights

• Revenue for 2024 rose 5% year-over-year to $100.2 million, driven by higher realized metal prices.

• Net loss widened to $48.9 million from $38.2 million in 2023, mainly due to higher costs, depletion, amortization, and exploration.

• Adjusted loss was $33.7 million; adjusted EBITDA was a loss of $1.5 million.

• Cost of sales per silver equivalent ounce was $18.12; cash cost per silver ounce $17.41; AISC $28.13.

• Pre-production sales from EC120 contributed $3.7 million to revenue.

Outlook and guidance

• 2025 production guidance to be issued, with increased output expected from both Galena and Cosalá as EC120 ramps up.

• Cosalá production to rise as mining transitions to higher-grade EC120 zones, with growth weighted to H2 2025.

• Silver expected to account for over 80% of revenues as higher-grade zones come online.