Americas Gold & Silver sees 30% output rise this year

Americas Gold and Silver (TSX: USA; NYSE American: USAS) predicts production will climb about 30% this year on the back of rising output from its Galena complex in Idaho and Cosalá property in Mexico. Shares plunged on weaker-than-expected quarterly results.

Production this year will range from 3.2 million to 3.6 million oz. of silver at an average all-in sustaining cost of $30 to $35 per oz. sold, Americas Gold said Monday in a statement. That’s up from 2025 attributable silver production of 2.65 million oz., a 52% surge that reflected improved efficiencies at Galena and higher-grade mining at Cosalá.

Americas Gold’s 2026 output target came as the company reported a bigger full-year loss due to higher operating costs. The adjusted loss for 2025 widened to $35.2 million (C$48.9 million), or 13¢ per share, from $33.7 million, or 32¢ per share, a year earlier.

“Financial results were below our estimates on higher operating costs and lower silver sold given timing of sales,” TD Cowen mining analyst Wayne Lam said in a note to clients.

Americas Gold shares dropped about 13% to $6.64 in Toronto trading Monday morning, cutting the company’s market value to about C$2.1 billion ($1.5 billion). The stock has traded between C$1.49 and C$14.14 in the last year.

Higher resources

Measured and indicated silver resources rose 10% to 115.7 million oz. by year-end, while the average grade increased by 30% to 239.8 grams silver per tonne, Americas Gold said in a separate statement. Inferred resources, meanwhile, rose 15% to 133.3 million oz. as the average grade dropped 13% to 264 grams silver.

The company also announced a new discovery at the Coeur mine, inside the Galena complex, where drilling has intersected multiple high-grade silver, copper and antimony intercepts.

Four drillholes have defined a 150-metre by 150-metre mineralized vein that is open in all directions, Americas Gold said. The potential mining area is located directly in line with the recently upgraded Coeur shaft.

Along with Cosalá, Galena is one of two key assets that underpin Americas Gold’s production profile. Located about 600 km north of Boise, the state capital, Galena – one of the United States’ highest-grade silver districts – is in the midst of a multi-year turnaround that’s focused on mine development, fleet upgrades and shaft improvements.

Crescent mine

Idaho’s Crescent mine is another asset that should lift output.

Americas Gold paid about $65 million last year to acquire privately owned Crescent Silver and its past-producing namesake mine to expand its presence in the Silver Valley region. Crescent is being advanced toward a mid-2026 restart.

Acquiring Crescent allowed the company to add historical measured and indicated resources of 3.8 million silver oz. at 654 grams silver and historical inferred resources of 19.1 million silver oz. at 665 grams silver. Americas Gold not treating the historical estimates as current resources.

Consolidated capital expenditures this year should range between $90 million and $120 million, Americas Gold also said Monday. The figure includes spending on the Crescent mine.

Americas Gold is planning to spend between $15 million and $20 million for exploration this year for 64,000 metres of drilling. This will represent the largest drilling campaign in the company’s history.