Americas Gold and Silver Corporation

Revenue for Q2 2026 was approximately $46.3 million, up 71% from $27 million in Q2 2025; first-half revenue was $114 million, up 126% from $50.5 million. Net loss was approximately $5 million, or $0.02 per share, versus a net loss of approximately $15 million, or $0.06 per share, a year ago; adjusted loss was approximately $0.9 million, and adjusted EBITDA was approximately $12 million versus a $4.1 million loss last year. Consolidated silver production was approximately 665,000 ounces, with Cosala at about 337,000 ounces; cash costs at Cosala were $16.91 per ounce, consolidated cash costs were $25.68 per silver ounce sold, and all-in sustaining costs were $40.63 per silver ounce sold. Management reiterated 2026 production guidance of 3.2 million to 3.6 million ounces of silver and said the company ended the quarter with approximately $89 million in cash and cash equivalents and $49 million in working capital.

Paul Huet framed Q2 as a quarter of operational and strategic progress, highlighting the end of Galena’s Phase 2 shaft modernization, stronger Cosala performance, and the settlement of precious-metals delivery obligations. His tone was upbeat and confident, especially around the second half of the year, saying the company is comfortable it will achieve guidance and that infrastructure work is now setting up higher sustained production rates. He also emphasized the long-term growth story in silver, antimony, and exploration across the asset base.

Warren Varga focused on the financial improvement from higher realized silver prices and operating leverage. He cited Q2 revenue of approximately $46 million versus $27 million last year, a net loss of $5 million versus $15 million, adjusted EBITDA of $12 million, consolidated cost of sales of $32 per silver-equivalent ounce sold, cash costs of $25.68 per ounce, and AISC of $40.63 per ounce; first-half AISC averaged $37 per ounce sold. He also said the company ended with approximately $89 million in cash and cash equivalents and $49 million in working capital after deploying capital into growth plans and settling the Sprott and Royal Gold obligations.

Analysts focused on whether the company can deliver a much stronger second half after a weak Q2, how production versus sales timing will normalize, and what operational changes are occurring at Galena and Crescent. Management said Q2 was intentionally an infrastructure-heavy trough quarter, that production and grade should improve as shaft work is behind them, and that production ounces already sold are flowing through in early Q3. They also said Relief Canyon is still under an external study, capital spending remains broadly on plan with some spending shifting a bit toward Q4, and long-hole stoping is progressing well with 13 stopes completed.