Americas Gold & Silver: Debt Settlement and Shaft Milestones Mark a Turning Point

A Quarter of Strategic Simplification

Americas Gold and Silver reported a transformative Q2 2026, with consolidated revenue jumping 71% year-over-year to $46.3 million, and first-half revenue of $114 million — nearly matching all of 2025. The standout event, however, was the complete settlement of the company's remaining variable metal delivery obligations to Sprott and Royal Gold. As EVP Oliver Turner explained, “The transactions removed more than $76 million of future variable metal price-linked obligations and more than $28 million of annual debt servicing obligations.” — Oliver Turner, Unknown · 2026-08-14 This was achieved with just 3.3% dilution — a decisive step that simplifies the capital structure and boosts direct exposure to rising silver prices. This marks a clear departure from the company's prior years, where these obligations were a recurring drag on cash flow and a source of mark-to-market volatility.

We believe the combination of high-grade silver exposure, growing domestic antimony production and significant operational growth potential positions us, Americas Gold and Silver as one of the more unique precious metals growth stories in the sector today.

Operational Gains at Galena and Cosala

The operations side delivered on multiple fronts. At Galena, the completion of the Phase 2 shaft modernization has boosted hoisting throughput from roughly 42 tonnes per hour to a sustained 85 tph, with peaks at 105 tph. This is the critical infrastructure for scaling production. Paul Huet highlighted the impact on mining methodology: “We're catching up on waste development at Crescent and Galena... once that paste fill plant is done, commissioned, we'll be filling stopes in around 36 hours versus 10 days.” — Paul Huet, Chairman and CEO · 2026-08-14 The shift toward long haul stoping is a central theme; the company has already completed 13 long-hole stopes, and the transition is essential to reaching the historical production record. This is a continuation of the plan discussed in the prior call, where Oliver Turner noted, “We're shifting from 100% underhand cut and fill or conventional mine to a blend of mechanized long-hole stoping” — Oliver Turner, Chief Operating Officer · 2026-03-30 — but execution is now visibly accelerating.

At Cosala, production rose 26% year-over-year, with cash costs falling to $16.91 per ounce, driven by higher grades and copper byproduct credits. Paul emphasized the metallurgical progress: “Our costs are going from $30 an ounce to $16.91 an ounce from some of the copper credits we're getting.” — Paul Huet, Chairman and CEO · 2026-08-14 Drilling also delivered exceptional results, including an intersect of “14 meters of 600 grams per tonne” — Paul Huet, Chairman and CEO · 2026-08-14 at San Rafael — five times the model grade. These results support the ongoing resource expansion and feed into the paste fill plant and future mine plans.

The Road Ahead: Antimony, Silver Demand, and a Reaffirmed Guidance

Management reiterated full-year 2026 production guidance of 3.2–3.6 million ounces of silver, with a deliberately back-half-weighted profile. In the prior call, Paul had broken out the range as “$2.2 million to $2.6 million out of Galena” — Paul Huet, Chairman and CEO · 2026-03-30 — a target that now looks attainable given the shaft upgrades and the ramp-up of long-hole stoping. The company also continues to advance its antimony production strategy, positioning itself as a domestic critical mineral supplier. Paul noted that silver's role in modern technologies is growing, mentioning data centers, electrification, and advanced manufacturing — themes that resonate with the global keyword trajectory, where “data centers” appears repeatedly across recent quarters.

The combination of a de-risked balance sheet, operational momentum, and a compelling long-term silver narrative makes this a pivotal moment for Americas Gold and Silver. The company is no longer just a turnaround story; it is a growth story with the infrastructure and financial flexibility to deliver on its promises.