Americas Gold and Silver produces 800,458 ounces of silver, posts record quarterly sales
Key Facts
Americas Gold and Silver on October 19 reported record consolidated silver production of 800,458 ounces in the third quarter of 2026, as performance improved at its mining operations. The company said in its statement that silver sales also reached a quarterly record of 860,850 ounces, exceeding the volume of metal produced during the same period. Higher production was supported by improved ore grades at the Cosala operations and the Galena Complex's recovery from production disruptions in the previous quarter. On a year-on-year basis, production exceeded the approximately 765,000 ounces the company reported for the corresponding period of 2025, according to its statement for that period. The record operating levels coincided with continued spending on the development and growth plan and the company's retention of its silver production target range for the current year.
On a quarterly basis, consolidated silver production rose from 664,971 ounces in the second quarter of 2026, according to the detailed operating table the company published for that period. Sales also increased from 624,343 ounces in the previous quarter, when silver sales volumes were below consolidated production. The Cosala operations contributed 415,879 ounces in the third quarter, accounting for a larger share of total reported silver production than the Galena Complex. Management said Cosala's production rose 23% from the previous quarter, attributing the strong performance to improved ore grades as mining entered the core of the orebody. It also cited improved underground ore haulage among the operational factors supporting Cosala's performance, alongside the improvement in ore grades in the mining area.
The Galena Complex contributed 384,579 ounces of silver production in the third quarter, following an earlier period when an electrical fire temporarily halted production. In its second-quarter production statement, the company had said that "an electrical fire at Galena briefly disrupted production," describing the disruption at the complex. The fire also delayed access to a high-grade mining area, according to the same statement, affecting the planned work sequence during that period. In its second-quarter financial results statement, the company reported that upgrades to Galena's main shaft increased total hoisting capacity by approximately 150%. Those upgrades form part of the operating backdrop at the complex, which returned to contribute to record quarterly production alongside Cosala's larger contribution in the third quarter.
On the financial front, the company previously reported consolidated net revenue of US$46 million in the second quarter of 2026, up 71% year on year. The company attributed revenue growth during that period primarily to higher realized selling prices, according to the financial results statement it published for the previous quarter. Despite higher revenue, it posted a net loss of US$5.0 million during the same period, while all-in sustaining costs stood at US$40.63 per ounce of silver sold. Those costs were above the annual guidance range of US$30 to US$35 per ounce cited in the second-quarter production statement. Both the net loss and the realized costs relate to the quarter preceding the latest operational increase, while the reported year-on-year revenue increase was linked to realized selling prices.
At the end of the third quarter, the company's unaudited consolidated cash balance stood at US$63 million, according to the production and sales statement, which also addressed its cash position. The company said that balance coincided with continued spending on its development and growth plan, which proceeded alongside production and sales activity during the period. Total available liquidity was US$113 million, including the existing credit facility, according to the figures the company provided in the same statement for the quarter-end. In its other activities, Americas Gold and Silver holds a 51% stake in an antimony processing joint venture in Idaho under an agreement announced by the company. U.S. Antimony holds the remaining 49%, and the agreement provides for the construction of an antimony processing facility within the joint venture between the two companies.
For the remainder of 2026, the company maintained its annual silver production guidance of between 3.2 and 3.6 million ounces after announcing third-quarter production and sales results. That range remains the annual target management reaffirmed in its latest operating update, alongside ongoing spending on the development and growth plan. For the antimony processing project, its agreement specifies an 18-month construction period, with the start tied to completion of an agreed project budget. Under that condition, the contractual construction period begins once the budget is finalized, according to the agreement the company announced for the Idaho facility. The joint venture's implementation timetable is therefore tied to completion of the agreed budget, alongside the continued annual silver production target the company reaffirmed for 2026.