# Americas Gold and Silver Reports Record Production and Sales in Q1 2026 as Execution on the Growth Plan Continues at Galena

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EGM generated: 2026-09-27
Company: Americas Gold & Silver (USA)

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# Americas Gold and Silver Reports Record Production and Sales in Q1 2026 as Execution on the Growth Plan Continues at Galena

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# Americas Gold and Silver Reports Record Production and Sales in Q1 2026 as Execution on the Growth Plan Continues at Galena
AMERICAS GOLD AND SILVER REPORTS RECORD PRODUCTION AND SALES IN Q1 2026 AS EXECUTION
ON THE GROWTH PLAN CONTINUES AT GALENA
TORONTO, ONTARIO – May 14, 2026 – Americas Gold and Silver Corpora on (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports
consolidated financial and opera onal results for the quarter ended March 31, 2026.
This earnings release should be read in conjuncƟon with the Company’s Management’s Discussion and
Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have
been posted on the Americas Gold and Silver CorporaƟon SEDAR+ profile at www.sedarplus.ca, and on its
EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas-
gold.com. All figures are in U.S. dollars unless otherwise noted.
Highlights
 Record quarterly silver production and sales as the impact of operational improvements and
efficiencies continued at the Galena Complex in Idaho while the Cosalá Operations declared
commercial production of the high-grade EC120.
o Record consolidated silver production of approximately 787,000 ounces was realized
during the quarter (a 76% increase compared to Q1-2025), or approximately 909,000
silver equivalent1 ounces, including 1.9 million pounds of lead, 1.0 million pounds of
copper, and 137,000 pounds of antimony. Consolidated sales were a record 830,000
ounces.
o The Galena Complex produced approximately 425,000 ounces of silver (a 35% increase
compared to Q1-2025) due to increased tonnage during the period.
o Silver production at the Cosalá Operations increased by 174% to approximately 362,000
ounces of silver in Q1-2026.
 Significant safety milestones achieved by both the Galena Complex and Cosalá opera ng teams
reaching one full year without a single lost me accident on March 11, 2026, and April 14, 2026,
respec vely.
 Increase in consolidated revenue due to higher silver production and higher realized prices.
Consolidated revenue, including by-product revenue, increased to $67.8 million for Q1-2026 or
187% compared to $23.5 million for Q1-2025, despite lower zinc and lead production.
o During the quarter, the Company declared commercial production at EC120 at the Cosalá
Operations which has predominantly higher-grade silver and copper compared to the
silver-zinc-lead San Rafael mine.
 Signed joint venture agreement in February 2026 with United States Antimony to construct and
operate an antimony processing facility in Idaho’s Silver Valley.
o The joint venture is 51% owned by the Company and is intended to provide a mine-to-
finished antimony production solution to secure the supply chain for this critical mineral
within the United States.
1
This is a supplementary or non-GAAP financial measure or ratio. See “Non-GAAP and Other Financial Measures” section for further
information.
1
 Significant growth in consolidated silver Mineral Resources and grade including a 19% year-over-
year increase in Measured and Indicated Mineral Resources and 21% increase in Measured and
Indicated grades at Galena (see Americas news release dated March 30, 2026, for more
informa on).
 Released consolidated 2026 production and cost guidance of 3.2 to 3.6 million ounces of silver
at an average AISC1 of $30 to $35 per ounce sold. Consolidated total capital expenditures are
targeted to be between $90 to $120 million (including $30 to $40 million at the Crescent Mine),
and consolidated exploration capital is targeted to be between $15 to $20 million.
 Cash and cash equivalents balance of $122.4 million and working capital1 of $66.8 million as at
March 31, 2026.
 Cost of sales1 per silver equivalent ounce sold, cash costs1 and all-in sustaining costs1 (“AISC”)
per silver ounce sold averaged $25.42/oz, $23.57/oz and $34.12/oz, respectively, in Q1-2026.
 Net income of $10.0 million ($0.03 per share) for Q1-2026 (net loss of $19.7 million (($0.08) per
share for Q1-2025) primarily attributable to higher net revenue, and higher gain on derivatives,
offset in part by higher cost of sales, impact of higher current and forward gold and silver curve
prices which increase the unrealized present value of the Company’s metals contract liabilities,
and higher income tax expense.
 Adjusted earnings1 for Q1-2026 was $19.9 million or $0.06 per share (adjusted loss for Q1-2025
was $11.5 million or $0.05 per share) and Adjusted EBITDA1 for Q1-2026 was $33.6 million or
$0.10 per share (adjusted EBITDA loss for Q1-2025 was $5.5 million or $0.02 per share) primarily
due to higher net revenue from increased silver production and realized prices during the period.
Paul Andre Huet, Chairman and CEO, commented: “I am very proud and encouraged by the safety
milestones of zero lost me accidents in over one year at both Galena and Cosalá. I firmly believe that a
strong safety culture is the backbone of a strong opera ng culture as demonstrated by the progress
achieved by the Americas team during Q1 2026. This quarter was highlighted by tangible advancements,
including record silver produc on and sales, rising revenue, increases in consolidated Mineral Resources
and grade, two major new silver discoveries, and significant progress in our growth strategy. I am pleased
to see such strong early results from our collec ve efforts in developing the top er opera onal focus
required to drive the business to new heights, unlocking the tremendous value in our asset base for all
stakeholders.
At Galena, improved efficiencies, modernized mining methods, fleet upgrades, and infrastructure
investments are just the p of the iceberg with respect to the poten al of the en re Galena Complex. I
like to remind our stakeholders that the strong progress we have already made across a suite of project
areas is just the beginning of a strong growth profile ahead. Similarly, at Cosalá, the successful
achievement of commercial produc on from the high-grade EC 120 mine and a new near-mine high grade
discovery at El Alacrán coupled with significant planned step out drilling provide opportuni es for further
growth.
Looking ahead to the balance of 2026, we are off to an excellent start to achieve our produc on, cost, and
capex guidance, which includes an aggressive plan to undertake the largest drilling campaign in Company
history with a total of 64,000 meters to be drilled both as infill and explora on meters. As a reminder, for
full year 2026, we expect to achieve consolidated silver produc on of between 3.2 million and 3.6 million
ounces of silver at an AISC range of $30 to $35 per ounce sold.
Overall, I am strongly encouraged by the progress the Americas Gold and Silver team has made in all
aspects of the business in simultaneously maintaining a strong safety culture, maximizing near term
2
produc vity, execu ng transforma ve growth ini a ves, and deploying a major drilling campaign. We are
also looking forward to progressing our an mony plant construc on alongside our JV partners to unlock
the addi onal cri cal metal value held in the ore we mine every day for our shareholders. I look forward
to providing updates on what is clearly a wide range of exci ng projects as the year progresses.”
Consolidated ProducƟon
Consolidated silver produc on of approximately 787,000 ounces during Q1-2026 was higher than Q1-2025
produc on of approximately 446,000 ounces due to higher tonnage at the Galena Complex and higher
grades at the Cosalá Opera ons. During the quarter, the Company mone zed a por on of the copper and
an mony produc on at the Galena Complex for the first me under the new agreement with Teck
Resources and declared commercial produc on into the silver-copper EC120 orebody at the Cosalá
Opera ons.
Consolidated a ributable cash costs and AISC for Q1-2026 were $23.57 per silver ounce and $34.12 per
silver ounce, respec vely, with AISC being within Company’s guidance range for the year.
Galena Complex
During Q1-2026, the Company con nued to make significant advances at the Galena Complex and is on-
track with its opera onal growth plan. The Galena Complex produced approximately 425,000 ounces of
silver in Q1-2026 compared to approximately 314,000 ounces of silver in Q1-2025 (a 35% increase in silver
produc on) driven by higher tonnage at slightly lower grades during the period. The mine also produced
1.9 million pounds of lead in Q1-2026 along with 0.2 million pounds of copper and 0.1 million pounds of
an mony. Lead by product produc on levels may vary in the short term as mining ac vi es focus on the
transi on to higher-silver grade, tetrahydrate ore and suppor ng development con nues to be advanced.
Cash costs per ounce of silver sold decreased to $22.12/oz in Q1-2026 from $28.19/oz in Q1-2025,
primarily due to increases in silver sold and higher by-product credits during the period.
During Q1-2026, the Company con nued to make significant progress at the Galena Complex and
remained on track with its opera onal growth plan in the areas of underground development and long-
hole stoping; upgrading the underground fleet; advancing the sha upgrades; and mine moderniza on,
and communica on. Please see Americas news release dated April 27, 2026 for a comprehensive update
on project development ac vi es at Galena.
Mine development ac vi es advanced steadily supported by improved efficiencies in muck handling. A
key contributor to these improvements was the successful extrac on of an eighth long-hole panel at the
Galena 49-360 stope, bringing the total panels mined to date to 10. Remote mucking opera ons
demonstrated a significant increase in produc vity, with approximately 200 tonnes moved per shi
compared to approximately 50 tonnes per shi using tradi onal underhand and overhand mining
methods. To date, long-hole panels mined have been successful in achieving planned mining widths,
leading to planned diluted in line with underhand cut and fill mining – a strong achievement. Three
addi onal long-hole stopes are currently in development and are scheduled for mining in Q2 and Q3 of
2026.
3
Cosalá OperaƟons
Silver produc on increased in Q1-2026 by 174% to approximately 362,000 ounces of silver compared to
approximately 132,000 ounces of silver in Q1-2025, primarily due to higher grades and silver recoveries
over lower tonnages during the period. Effec ve January 1, 2026, commercial produc on was declared for
EC120, which has higher silver grades and silver recoveries based on its mineralogy compared to the zinc-
lead-silver San Rafael mine orebody. Mining has ceased at the San Rafael Main Central orebody which
caused base metals produc on of zinc and lead to drop in Q1-2026. Silver sold was over 20% greater than
silver produced due to the ming of shipments in late December and early January
Cash costs per silver ounce sold increased during Q1-2026 to $24.85 per ounce from $17.17 per ounce in
Q1-2025, due primarily to the cessa on of zinc and lead produc on resul ng in lower by-product credits
during the period.
Outlook
Americas’ consolidated produc on guidance for 2026 is a range between 3.2 million and 3.6 million ounces
of silver at an AISC range of $30 to $35 per ounce sold. The Company remains on track to deliver on its
planned produc on guidance.
Table 1 – 2026 GUIDANCE
2026 PRODUCTION AND COSTS
Silver Production (millions of ounces) 3.2 – 3.6
All-in Sustaining Cost (AISC)2,3,4 ($/oz sold) 30 – 35
CAPITAL INVESTMENTS ($ millions)
Sustaining Capital ($ millions - includes capitalized infill drilling)

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