Americas Gold and Silver (NYSEAMERICAN:USAS) executives used the company’s fourth quarter and full-year 2025 earnings call to highlight a year of operational changes, production growth, and a heavier focus on exploration and infrastructure upgrades heading into 2026.
Management highlights 2025 production gains and safety milestones
Chairman and CEO Paul Huet said 2025 marked a “massive transformation” for the company, underscoring both operational execution and safety performance. Huet reported the Galena team completed “one full year and over 550,000 man-hours of work” with no lost-time accidents, calling safety the company’s top priority.
At the Cosalá operation, Huet said 2025 was a record year, with 1.2 million ounces of silver produced—described as the highest annual and quarterly silver output in the mine’s history—while the company ramped the EC-120 mine to commercial production.
Galena upgrades and mining method shift central to 2026 plans
Huet emphasized that Galena’s productivity gains in 2025 came alongside major capital projects and the integration of the Crescent Mine, which the company acquired in December. He pointed to multiple initiatives intended to support higher mining rates, including longhole stoping, fleet expansion, and shaft upgrades.
According to Huet, Galena’s transition to longhole stoping accelerated during 2025, with “7-9 longhole stope panels” mined to date and three additional stopes under development. He contrasted that progress with 2024, when the mine had “zero longhole stopes.”
In the fourth quarter, Huet said the company installed a new 2,250 horsepower motor plus a redundant motor at the Coeur shaft to “de-risk the operation.” He added that Phase 2 of the No. 3 shaft upgrades remained on track for completion in the second quarter of 2026, with parts arriving in March and early April. Huet said the upgrades are expected to lift hoisting capacity to “over 100 tons per hour,” a 160% increase compared with 2024 levels.
Huet also cited improvements in underground material handling, saying mucking productivity improved roughly 200% in 2025, with about 200 tons per shift moved compared with around 50 tons per shift under conventional mining methods, driven by remote-control mucking. He said the company is installing fiber optic communications underground to enable remote monitoring and optimization of equipment.
Crescent integration, exploration expansion, and antimony initiatives
Huet said the company moved quickly after acquiring Crescent, adding line power to all three adits and preparing to deliver ore to the Galena mill later in 2026 after commissioning secondary entrances. On Crescent’s near-term contribution, Huet told analysts the mine is expected to deliver only a “very small amount” of tons in 2026 because secondary egress work and connecting infrastructure still need to be completed.
Huet also discussed an updated resource estimate, saying it showed a “larger and higher-grade ore body at Galena” based on the company’s first year of drilling. He cited figures for the Galena complex excluding the historical Crescent resource, stating the company’s qualified person (QP) estimate was “over 25 million ounces,” with measured and indicated (M&I) “over 115 million ounces,” and inferred resources “over 133 million ounces of silver,” adding that these figures were not silver equivalent.
On exploration, Huet said the company launched what it described as its largest drilling program ever, with about 64,000 meters planned across the Galena complex (including Crescent) and Cosalá. He highlighted 10 new high-grade veins discovered at Galena, including intercepts the company described as approximately 4,900 grams per ton silver and 4% copper over 1.3 meters, and 2,600 grams per ton silver and 1.4% antimony over 0.7 meters.
Huet also noted a February joint venture with United States Antimony to build and operate an antimony processing facility at the Galena complex, which he described as creating the “first fully U.S. mine to finish antimony solution.” He added that, beginning Jan. 1, 2026, the company started receiving revenue from antimony and copper byproducts under a new offtake agreement previously announced with Ocean Partners and Teck Resources.
2026 guidance: higher production, elevated investment, and expected cost improvement
Huet introduced formal 2026 guidance calling for consolidated silver production of 3.2 million to 3.6 million ounces at all-in sustaining costs (AISC) of $30 to $35 per ounce sold. He said the outlook reflects continued investments at Galena and Crescent, including completion and commissioning of a surface paste fill plant and further transition of mining methods to 60% to 70% longhole stoping, with the remainder underhand cut-and-fill.
During the Q&A, Huet provided a mine-by-mine production split embedded in the guidance, saying the company expects 2.2 million to 2.6 million ounces from Galena in 2026, with 1.2 million to 1.4 million ounces from Mexico. He said the No. 3 shaft upgrade is planned to require a “10-12-day shutdown,” while the paste plant is expected to be the “biggest” shutdown event, targeted for the fourth quarter. Huet said paste fill currently takes “6-8 days to fill a stope,” but the new facilities are expected to reduce that to “24-36 hours.”
Capital spending guidance calls for $90 million to $120 million in consolidated capital expenditures and $15 million to $20 million in exploration capital. Executive Vice President of Corporate Development Oliver Turner said the $90 million to $120 million total includes about $60 million to $80 million of growth capital across assets, with a “significant portion” going to Crescent, and $30 million to $40 million of sustaining capital.
Turner also told analysts that about three-quarters of the exploration program is slated for Idaho and one-quarter for Mexico, describing it as roughly $15 million in Idaho and $5 million in Mexico. He said the company expects “north of 10 drills” across Galena and Crescent.
Looking beyond 2026, Turner reiterated the company’s stated objective of returning Galena toward historical production levels, citing 2002 output of 5.2 million ounces of silver. He said costs are expected to decline as production scales and as payable byproduct credits (now reflected under the new contract) increase.
Financial results: revenue growth alongside net loss
CFO Warren Varga reviewed full-year 2025 results, reporting consolidated revenue of $118 million, up 18% from $100 million in 2024, which he attributed to higher silver production and stronger realized prices.
Varga said consolidated attributable silver production totaled 2.65 million ounces, and the company produced about 3.4 million ounces of silver equivalent when including byproducts, along with 9.3 million pounds of lead, 2 million pounds of copper, and 561,000 pounds of antimony.
On costs, Varga said cost of sales per silver equivalent ounce, cash cost per silver ounce produced, and AISC per silver ounce produced averaged $25, $26, and $33, respectively, for 2025. The company posted a net loss of $87 million, or $0.33 per share, compared with a net loss of $49 million, or $0.46 per share, in 2024. Adjusted results included an adjusted net loss of $35 million, or $0.13 per share, compared with $34 million, or $0.32 per share, in 2024, and an adjusted EBITDA loss of $4 million compared with a $1.5 million loss in 2024.
Varga said the company closed a $133 million bond financing in December 2025, which also funded the cash portion of the Crescent acquisition.
In closing remarks, Huet thanked employees and shareholders and reiterated a focus on safety, noting the company was approaching one year without a lost-time accident in Mexico as well. He said 2026 is expected to be “another big step up” as the company continues executing operational and growth initiatives.
About Americas Gold and Silver (NYSEAMERICAN:USAS)
Americas Gold and Silver Corporation is a precious metals mining company focused on the exploration, development and production of silver and gold assets in North America. The company’s core operations center on the Cosalá district in Sinaloa, Mexico and the Relief Canyon mine in Nevada, where it pursues both open-pit and underground mining techniques. In addition to these producing mines, Americas Gold and Silver maintains an exploration portfolio designed to support future growth and reserve replacement.
The Cosalá operation comprises multiple silver-gold deposits accessed via ramp and portal infrastructure.
