Americas Gold and Silver Reports Financial Results for Q3 2026 Following Record Quarterly Silver Production Driven by Strong Operational Results at Cosalá

Record silver output and revenue, but profitability remains a challenge despite operational gains.

What the company is saying

Americas Gold and Silver Corporation reports record consolidated silver production of 800,458 ounces in Q3-2026, a 5% increase over the prior year, and emphasizes this as the highest quarterly output in its 28-year history. The company frames its narrative around operational excellence at both Cosalá and Galena, highlighting a 68% year-over-year revenue increase to $51.4 million and a 104% rise in year-to-date revenue to $165.5 million. CEO Paul Andre Huet attributes these results to higher realized silver prices, strong grades at Cosalá’s EC120, and improved operational discipline, while also stressing a record of zero lost time accidents since early 2025. The release spotlights exploration success, including high-grade drill results at Cosalá and a new vein discovery at Galena, suggesting future mine plan upside not yet included in current resource estimates. Liquidity is presented as robust, with $63.3 million in cash, $113 million in available liquidity, and $23.1 million in working capital as of September 30, 2026, plus a potential $50 million from its term loan facility. The company claims it is on track to achieve the low end of its full-year silver production guidance (3.2–3.6 million ounces) and the high end of its AISC guidance ($30–$35/oz). Recognition is also sought through its 24th place ranking on the 2026 TSX30™, citing a 477% share price increase and CAD$2.2 billion in market cap growth over three years. The tone is confident, with forward-looking statements about scaling up production and becoming a leading North American silver producer, but the operational and financial data remain the core of the message.

What the data suggests

The company’s Q3-2026 silver production reached 800,458 ounces, a 5% increase from Q3-2025, while silver equivalent production was 936,870 ounces, including 965,000 pounds of lead, 918,000 pounds of copper, and 101,000 pounds of antimony. Year-to-date silver output was approximately 2.3 million ounces, up 19% from the prior year, with 5.2 million pounds of lead, 2.7 million pounds of copper, and 335,000 pounds of antimony produced. Net revenue for Q3-2026 was $51.4 million, a 68% increase from $30.6 million in Q3-2025, and year-to-date revenue doubled to $165.5 million. Despite these gains, the company posted a net loss of $5.6 million for Q3-2026 (improved from a $16.5 million loss in Q3-2025), with an adjusted loss of $4.9 million ($0.02/share) and adjusted EBITDA of $9.3 million ($0.03/share). Costs remain elevated: Q3-2026 all-in sustaining costs (AISC) were $42.94/oz, with cash costs at $29.66/oz and cost of sales at $31.68/oz; year-to-date AISC was $39.16/oz. The Galena Complex’s cash costs rose sharply to $44.31/oz from $25.10/oz a year earlier, driven by higher contractor expenses and concurrent capital projects. Cosalá’s Q3-2026 silver production increased 28% to 415,879 ounces, with copper output up 30% to 736,094 pounds, attributed to higher grades at EC120. Exploration results at Cosalá (e.g., 20.5m at 654.7 g/t Ag, 1.5% Cu) and Galena (1.2m at 1,061 g/t Ag, 0.7% Cu, 0.6% Sb) are highlighted as potential future upside but are not yet reflected in reserves or mine plans. Liquidity is solid with $63.3 million in cash and $113 million available, plus an undrawn $50 million loan tranche. The company expects to meet the low end of its 2026 production guidance and the high end of its cost guidance, but profitability remains elusive.

Analysis

The announcement presents a positive tone, highlighting record silver production, strong revenue growth, and improved adjusted EBITDA. These realised operational and financial metrics are well-supported by detailed numerical disclosures, including production, revenue, cost, and liquidity figures. However, despite the operational improvements, the company continues to report a net loss ($5.6 million for Q3-2026), and cost metrics (AISC, cash costs) remain high, particularly at the Galena Complex. Several forward-looking statements—such as achieving production guidance, future mine plan upside, and growth ambitions—are present but are generally proportionate to the operational progress and not excessively promotional. The capital intensity flag is not triggered, as no large new capital outlay is paired with only long-dated, uncertain returns; available liquidity and facility access are disclosed, but no major new spend is announced. The gap between narrative and evidence is moderate: while the company frames its progress as transformative, profitability remains elusive and some qualitative claims (e.g., drivers of production increases) are not fully quantified.

Risk flags

• ●Profitability risk remains high, as the company continues to report net losses despite record production and revenue. Q3-2026 net loss was $5.6 million, and cost metrics such as AISC ($42.94/oz) and cash costs ($29.66/oz) are elevated relative to realized silver prices, limiting near-term earnings potential.
• ●Cost inflation and operational complexity at the Galena Complex are notable, with cash costs per ounce rising to $44.31 in Q3-2026 from $25.10 a year earlier. This increase is attributed to higher contractor expenses and the simultaneous execution of multiple capital projects, which could continue to pressure margins.
• ●Execution risk is present in the company’s multi-year revitalization and growth plans, particularly at Galena, where concurrent development, modernization, and transition to long-hole stoping require sustained capital, operational discipline, and successful integration of new mining methods.
• ●Forward-looking claims about future mine plan upside and resource conversion rely on exploration results not yet included in current resource estimates. The timeline for realizing these benefits extends into 2027, and there is no guarantee that drilling success will translate into economically mineable reserves.
• ●Liquidity appears robust with $113 million available and a potential $50 million undrawn loan, but continued net losses and high costs could erode this cushion if operational improvements do not translate into positive cash flow.

Bottom line

Americas Gold and Silver Corporation delivered record silver production and strong revenue growth in Q3-2026, supported by operational improvements at Cosalá and ongoing revitalization at Galena. Despite these achievements, the company remains unprofitable, with a $5.6 million net loss for the quarter and high all-in sustaining costs that threaten near-term margin expansion. Liquidity is healthy, but persistent losses and rising costs—especially at Galena—pose ongoing financial risks. Exploration results at both operations suggest potential for future resource and production growth, but these benefits are at least a year away and contingent on successful conversion to reserves. The company’s recognition on the TSX30 and share price performance reflect market optimism, but sustained profitability and cost control are needed to justify further upside. Investors should focus on evidence of margin improvement, cost discipline, and conversion of exploration success into mineable resources as the next critical milestones.

Announcement summary

(TSX:USA) Americas Gold and Silver Corporation reported record consolidated silver production of 800,458 ounces for Q3-2026, a 5% increase over Q3-2025, and 936,870 silver equivalent ounces including approximately 965,000 pounds of lead, 918,000 pounds of copper, and 101,000 pounds of antimony. Year-to-date 2026 silver production was approximately 2.3 million ounces, up 19% from YTD-2025, with 5.2 million pounds of lead, 2.7 million pounds of copper, and 335,000 pounds of antimony. The company remains on track to achieve the low end of its full-year production guidance of 3.2 to 3.6 million silver ounces and the high end of its AISC guidance range of $30 to $35 per ounce sold. Consolidated net revenue for Q3-2026 was $51.4 million, a 68% increase from $30.6 million in Q3-2025, and YTD-2026 revenues reached $165.5 million, up 104% from $81.1 million in YTD-2025. Cosalá Operations delivered 415,879 ounces of silver in Q3-2026, a 28% year-over-year increase, driven by higher grades at the EC120 orebody. Notable drill results at Cosalá included 654.7 g/t Ag, 1.5% Cu over 20.5 meters and 409.3 g/t Ag, 0.8% Cu over 14.1 meters. At the Galena Complex, a new vein discovery on the 49 level intersected 1.2 meters of 1,061 g/t Ag, 0.7% Cu, and 0.6% Sb. The company was named to the 2026 TSX30™, ranking 24th, with a 477% share price increase over three years and CAD$2.2 billion in market capitalization growth. Americas published its inaugural Corporate Sustainability Report on October 13, 2026. As of September 30, 2026, cash and cash equivalents were $63.3 million, available liquidity was $113 million, and working capital was $23.1 million. An additional $50 million is available upon satisfaction of certain conditions from its $100 million Term Loan Facility. Q3-2026 cost of sales per silver equivalent ounce sold was $31.68, cash costs were $29.66, and AISC was $42.94; YTD-2026 averages were $29.58, $26.40, and $39.16, respectively. The company reported a net loss of $5.6 million for Q3-2026 (compared to $16.5 million in Q3-2025), an adjusted loss of $4.9 million or $0.02 per share, and adjusted EBITDA of $9.3 million or $0.03 per share. Galena Complex produced 384,579 ounces of silver in Q3-2026, 964,551 pounds of lead, 182,362 pounds of copper, and 101,011 pounds of antimony. Cash costs per ounce of silver sold at Galena increased to $44.31 in Q3-2026 from $25.10 in Q3-2025. Cosalá Operations produced 415,879 ounces of silver in Q3-2026, with copper production increasing by 30% to 736,094 pounds compared to Q3-2025. Recent drilling at Cosalá returned intercepts of 20.5 meters grading 654.7 g/t Ag and 1.5% Cu, 14.1 meters grading 409.3 g/t Ag and 0.8% Cu, and 2.0 meters grading 754.9 g/t Ag and 0.5% Cu. Paul Andre Huet, Chairman and CEO, highlighted the company's record safety performance, operational achievements, and progress on growth plans.

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