Americas Gold and Silver Corporation (USA:CA) Q3 2025 Earnings Call Prepared Remarks Transcript
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Overview
The earnings call shows strong silver production growth and improved financial metrics, with increased revenue and reduced costs. Despite a net loss, adjusted loss and EBITDA show significant improvement. The company's strategic positioning in critical minerals and infrastructure upgrades are positive indicators. Potential risks include regulatory challenges and market price fluctuations, but the overall sentiment leans positive, especially with the strong production figures and cost efficiencies.
Key Financial Performance
Silver Production (Consolidated) 765,000 ounces, a 98% increase year-over-year from 386,000 ounces in Q3 2024. The increase is attributed to operational enhancements, equipment upgrades, and improved mining methods.
Silver Production (Galena) 440,000 ounces, a 36% increase year-over-year from 323,000 ounces in Q3 2024. Attributable ounces rose 127% from 194,000 ounces. The increase is due to operational enhancements, new equipment, and long-hole stoping.
Silver Production (Cosalá) 325,000 ounces, a 70% increase year-over-year from 192,000 ounces in Q3 2024. The growth reflects strong execution and a transition to higher silver and copper output from EC120.
Revenue $30.6 million, a 37% increase year-over-year from Q3 2024. The increase is driven by higher realized silver prices (~$40/ounce) and increased silver production, despite lower zinc and lead production.
Cost of Sales per Silver Equivalent Ounce $23 per ounce, an 18% decrease compared to the previous quarter. The reduction is due to increased silver production and operational efficiencies.
Cash Cost per Silver Ounce $24.11, a 10% decrease compared to the previous quarter. The decrease is attributed to higher silver production and cost reductions.
All-In Sustaining Cost (AISC) per Silver Ounce $30 per ounce, a 9% decrease compared to the previous quarter. The decrease is due to increased production and cost efficiencies.
Net Loss $15.7 million, a slight improvement from $16 million in Q3 2024. The improvement is due to increased revenue, offset by noncash impacts of metals-based liabilities.
Adjusted Loss $4.3 million, a significant improvement from $12 million in Q3 2024. The improvement is driven by higher revenue and operational efficiencies.
Adjusted EBITDA $1.9 million, a significant improvement from a loss of $1.3 million in Q3 2024. The improvement is due to increased revenue and cost reductions.
Cash Balance $39 million at the end of the quarter. The company deployed $29 million in capital investments for operational improvements.
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Operating Highlights
Long-hole stoping introduction: First-time implementation at Galena, improving safety, productivity, and cost efficiency.
New equipment deployment: Five new underground loaders and three mine trucks, including remote-capable loaders, enhancing productivity.
Infrastructure upgrades: New hoist motor for #3 shaft completed ahead of schedule, doubling productivity.
Antimony production: Engaged Lot 16 to explore U.S. government support and local processing options for antimony, a critical mineral.
Silver revenue exposure: 87% of revenue from silver, positioning the company as a leading North American silver producer.
Production increase: Silver production rose 98% YoY to 765,000 ounces in Q3 2025.
Cost efficiency: Cost per silver equivalent ounce decreased by 18% to $23.
Revenue growth: Revenue increased 37% YoY to $30.6 million.
EC120 development: Accelerating transition to high-grade silver and copper production, with commercial production expected by end of 2025.
Antimony and copper scaling: Concurrent scaling with silver production at Galena, leveraging high-grade ore.
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Risk or Challenges
Regulatory and geopolitical risks: The company is engaging with the U.S. government regarding support for antimony production and exploring local processing options. This indicates potential regulatory hurdles or geopolitical risks, especially given China's export halt on antimony and silver.
Operational execution risks: The company is implementing new mining methods (e.g., long-hole stoping) and infrastructure upgrades, which could face execution challenges, delays, or cost overruns.
Supply chain and equipment risks: The company has ordered new underground loaders and trucks, but any delays in delivery or deployment could impact productivity and cost reduction plans.
Economic and market risks: The company is highly exposed to silver prices, which may fluctuate and impact revenue. Additionally, the transition from lead and zinc to higher silver and copper output at Cosalá could face market demand uncertainties.
Financial risks: Despite improved financial metrics, the company reported a net loss of $15.7 million, indicating ongoing financial pressures. Working capital remains in deficit, which could constrain future investments.
Labor and workforce risks: While a long-term collective bargaining agreement has been reached, any future labor disputes or workforce challenges could disrupt operations.
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Guidance & Outlook
Sustained Growth Production: The company is focused on sustained growth production through operational enhancements and strategic investments, including equipment upgrades and new ventilation systems.
Galena Complex Multiyear Growth Plan: The company is executing a multiyear growth plan at the Galena Complex, which includes introducing long-hole stoping, expanding the underground equipment fleet, and completing major infrastructure upgrades. These efforts are expected to boost tonnages mined, reduce costs, and sustain robust production growth over the coming years.
EC120 Development: The company is accelerating development of the EC120 ore body, with production increases expected through the end of 2025. Commercial production is anticipated by the end of 2025, which is expected to significantly enhance silver output and free cash flow.
Antimony Production and Processing: The company is exploring potential local antimony processing options and has engaged a government relations group to assist in discussions with the U.S. government regarding support for antimony production. Test work has confirmed 99% antimony recovery from copper concentrate, positioning the company as a key U.S. producer of antimony.
Silver and Copper Output: Higher silver and copper output is expected as the company transitions from San Rafael to EC120. This shift is anticipated to enhance revenue and production metrics.
Infrastructure Upgrades at Galena: The company is advancing trade-off studies and major upgrades, including a new hoist motor for the #3 shaft, which has already increased capacity to 80 tonnes per hour, with plans to further increase it to 118 tonnes per hour.
Ventilation Improvements: Critical ventilation improvements at Galena include the completion of the first Alimak raise and ongoing work on a second raise to enhance underground conditions.
Antimony and Silver as Critical Minerals: The company is positioned to benefit from the critical minerals designation of antimony and silver, especially in light of China's export controls. This is expected to enhance the company's strategic importance and market positioning.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Review of Unclear Management Responses
A:
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Allihies Engineering
America
Americas
CAD
CEO Chairman
Cost
DC
Galena hole
Galena test
Lot
Silver production
antimony copper
antimony processing
antimony production
capacity
concentrate antimony
conference today
contribution
copper output
core
defense
development
discussion government
enhancement
exposure
hoist
hoisting
increase ounce
loader
mineral
number
ounce increase
panel
phase
production antimony
ratio
shaft
silver copper
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USAS Transcript
Americas Gold and Silver Corporation (USA:CA) Q3 2025 Earnings Call Prepared Remarks Transcript
Positive11-11
The earnings call shows strong silver production growth and improved financial metrics, with increased revenue and reduced costs. Despite a net loss, adjusted loss and EBITDA show significant improvement. The company's strategic positioning in critical minerals and infrastructure upgrades are positive indicators. Potential risks include regulatory challenges and market price fluctuations, but the overall sentiment leans positive, especially with the strong production figures and cost efficiencies.
Americas Silver Corporation (USAS) Q1 2025 Earnings Call Transcript
Unknown5-9
The earnings call presents a mixed outlook. Positive factors include increased production, revenue growth, and debt reduction. However, these are offset by higher costs, increased losses, and lack of shareholder return plans. The Q&A section lacks clarity, adding uncertainty. While production and revenue are improving, financial losses and operational risks are concerns. The absence of a clear shareholder return strategy and the ongoing negotiation of a debt facility add to the neutral sentiment. Given these factors, the stock price is likely to remain stable within a -2% to 2% range over the next two weeks.
Americas Silver Corporation (USAS) Q4 2024 Earnings Call Transcript
Unknown3-28
The earnings call presents a mixed picture with some positive aspects like increased revenue and strategic initiatives, but significant negatives such as increased net losses, high costs, and lack of clear shareholder return plan. The Q&A section reveals management's unclear responses on critical issues like sales forecast and product launches, adding to uncertainty. The absence of a dividend or buyback plan further dampens investor sentiment. Overall, the negatives outweigh the positives, suggesting a negative stock price movement over the next two weeks.
USAS Report
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