Americas Gold and Silver Corporation (USA:CA) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call summary reveals a widening net loss and adjusted earnings loss, without clear explanations. Although production guidance and capital allocation are provided, there is no strong positive catalyst. The Q&A section highlights some operational progress, but management's lack of transparency on specific costs raises concerns. Overall, the financial health and lack of clear positive developments suggest a negative sentiment, likely leading to a stock price decline.
Key Financial Performance
Attributable Silver Production Achieved a 52% increase year-over-year, reaching 2.65 million ounces in 2025. The increase was attributed to operational improvements and upgrades at the Galena and Cosala mines, despite planned shutdowns for infrastructure upgrades.
Revenue Consolidated revenue increased by 18% year-over-year to $118 million in 2025, up from $100 million in 2024. This growth was driven by higher silver production and strong realized prices.
Cost of Sales per Silver Equivalent Ounce Averaged $25 in 2025. No specific year-over-year comparison or reasons for change were provided.
Cash Costs per Silver Ounce Produced Averaged $26 in 2025. No specific year-over-year comparison or reasons for change were provided.
All-in Sustaining Cost (AISC) per Silver Ounce Produced Averaged $33 in 2025. No specific year-over-year comparison or reasons for change were provided.
Net Loss Reported a net loss of $87 million in 2025, compared to a net loss of $49 million in 2024. The increase in net loss was not explicitly explained.
Adjusted Earnings Loss Reported an adjusted earnings loss of $35 million in 2025, compared to $34 million in 2024. No specific reasons for the change were provided.
Adjusted EBITDA Reported a loss of $4 million in 2025, compared to a loss of $1.5 million in 2024. No specific reasons for the change were provided.
Lead Production Produced 9.3 million pounds of lead in 2025. No year-over-year comparison or reasons for change were provided.
Copper Production Produced 2 million pounds of copper in 2025. No year-over-year comparison or reasons for change were provided.
Antimony Production Produced 561,000 pounds of antimony in 2025. No year-over-year comparison or reasons for change were provided.
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Operating Highlights
Silver Production: Achieved a 52% increase in attributable silver production, reaching 2.65 million ounces in 2025.
Cosala Production Record: Cosala achieved a record production year with 1.2 million ounces of silver, marking the highest annual and quarterly silver output in its history.
Antimony Production: Full-year antimony production from the Galena Complex demonstrates its value as the largest active U.S. antimony mine.
Institutional Support: Institutional ownership of shares increased from 7% in late 2024 to over 65% in 2025.
Market Index Inclusion: Added to VanEck's GDXJ and SIL ETFs, with increased shareholding in SILJ ETF.
Safety Milestone: Galena team completed one year with over 550,000 man-hours without a lost-time accident.
Infrastructure Upgrades: Major upgrades at Galena, including new motors for the core shaft, increased hoisting capacity, and modern fiber optic communication installation.
Mining Method Transition: Transitioned to long-hole stoping at Galena, with significant productivity improvements.
Exploration Program: Launched the largest exploration program in company history, with 64,000 meters of planned drilling.
Crescent Mine Acquisition: Integrated Crescent Mine into operations, advancing key initiatives and infrastructure upgrades.
U.S. Antimony Joint Venture: Announced a joint venture to build and operate an antimony facility at the Galena Complex, creating a U.S.-based antimony solution.
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Risk or Challenges
Financial Performance: The company reported a net loss of $87 million in 2025, an increase from the $49 million loss in 2024. Adjusted EBITDA was a loss of $4 million, indicating ongoing financial challenges despite increased revenue.
Cost Structure: All-in sustaining costs per silver ounce produced averaged $33, which is relatively high and could impact profitability, especially in a competitive market.
Operational Risks: The company is undergoing significant infrastructure upgrades and transitions in mining methods, which could pose execution risks and potential delays, particularly at the Galena and Crescent mines.
Capital Expenditures: Planned capital expenditures for 2026 are between $90 million and $120 million, which represents a significant financial commitment and could strain resources if not managed effectively.
Market Risks: The company trades at a significant discount to NAV compared to peers, which may reflect market skepticism about its growth and operational plans.
Regulatory and Supply Chain Risks: The company is involved in a joint venture for antimony processing, which may face regulatory hurdles and supply chain challenges as it scales operations.
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Guidance & Outlook
2026 Silver Production Guidance: Consolidated silver production is expected to be between 3.2 million to 3.6 million ounces, representing a 30% increase over the previous year.
All-In Sustaining Costs (AISC) for 2026: AISC is projected to range between $30 to $35 per ounce sold.
Capital Expenditures for 2026: Consolidated capital expenditures are targeted between $90 million and $120 million, including Crescent development.
Exploration Capital for 2026: Exploration capital is targeted between $15 million to $20 million.
Galena Complex Upgrades: Phase 2 of the #3 shaft upgrades is on track for completion in Q2 2026, increasing hoisting capacity to over 100 tonnes per hour, a 160% increase from 2024.
Mining Method Transition: The company plans to transition to 60%-70% long-hole stoping and 30% underhand cut-and-fill mining methods over the next few years to improve productivity and reduce costs.
Antimony Production and Revenue: Antimony production is expected to grow, with revenue generation starting January 1, 2026, under a new offtake agreement.
Exploration Program: The company has launched its largest exploration program in history, with approximately 64,000 meters of drilling planned across the Galena complex, including Crescent and Cosala.
Infrastructure Investments: 2026 will see significant infrastructure upgrades at Galena, including the commissioning of a new surface paste fill plant.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Can you provide a breakdown of production guidance for Cosala and Galena, and how should we model production ramp-up as the shaft and batch plant are commissioned?
A:The production guidance for 2026 is $2.2 million to $2.6 million from Galena and $1.2 million to $1.4 million from Mexico. The shaft upgrade is planned for April with a 10-12 day shutdown, and the batch plant is expected to be completed in Q4, allowing for faster stope filling.
Q:What is the capital allocation split for this year, and can you provide more details?
A:The total capital expenditure is $90 million to $120 million, with $60 million to $80 million allocated for growth across all assets, primarily Crescent. Sustaining capital is $30 million to $40 million, and exploration expenses are $15 million to $20 million.
Q:Do you have updates on Relief Canyon in Nevada and the antimony JV?
A:Relief Canyon will undergo an internal study this year to understand ore and resource characteristics. For the antimony JV, a new plant in Bolivia is operational, and a similar plant is being built in Idaho. Progress is faster than expected.
Q:Does your 2026 guidance include Crescent, and what is the production and cost trajectory at Galena beyond 2026?
A:Crescent will contribute small amounts in 2026 as secondary egress is completed. Galena aims to return to historical production levels of 5.2 million ounces by 2026, with costs expected to decline as production scales and efficiencies improve.
Q:Can you elaborate on the Alikrane discovery at Cosala and its potential?
A:Alikrane is a new discovery 600 meters north of San Rafael with potential to feed the centralized mill in the future. This year, production will focus on EC120, but exploration at Alikrane and other targets will continue.
Q:What is the split of the exploration program between the two mines?
A:Approximately 75% of the exploration budget ($15 million) will be spent in Idaho, and 25% ($5 million) in Mexico. This includes 64,000 meters of drilling, primarily from underground.
Q:What drove the resource and grade increases at Galena, and what does it imply for long-term mine life?
A:The resource increase was driven by discoveries like the 34 vein and 149 vein, with grades improving due to high-grade intercepts. Galena remains one of the top 5 highest-grade silver mines globally, with long-term potential supported by ongoing exploration.
Q:How is long-hole stoping progressing at Galena, and what areas need improvement?
A:Long-hole stoping is progressing well, with 7-9 panels completed. The team is optimizing drill and blast patterns to improve efficiency and reduce dilution. The goal is to transition 70% of mining to long-hole stoping.
Q:What is the timeline for the 520 vein discovery and its integration into production?
A:The 520 vein is a new discovery requiring further drilling. It can potentially be accessed from either the #3 shaft or the core shaft, which are connected. Infrastructure upgrades are ongoing to support future production.
Q:Is there potential for continued mining at San Rafael with higher silver prices?
A:There are still portions of San Rafael that can be mined, but the focus this year is on EC120. Exploration success could lead to additional feed from San Rafael in the future.
Q:What is the impact of the 55 170 decline on efficiencies and cash costs?
A:The decline is under development and expected to impact efficiencies by the end of Q2. Cash costs are expected to decline as efficiencies improve and production ramps up.
Q:How much is spent on fuel at Galena or across the company?
A:The exact fuel expenditure was not provided, but it is relatively small as Galena is powered by grid electricity, with limited diesel use for underground equipment.
Q:Review of Unclear Management Responses
A:Management avoided providing a direct answer to the exact fuel expenditure at Galena or across the company, stating they would provide the number after the call.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Cosala
Crescent
Galena complex
Idaho
Warren
acquisition
addition
byproduct
capital
completion
core shaft
development
discovery grade
dollar
future
gram tonne
history
hole stopes
hole stoping
increase production
infrastructure
loss share
meter
milestone
mining fleet
motor
number
operation
portion
present
production record
resource
share loss
tonne hour
tonne silver
transformation
upgrade core
value antimony
USAS Transcript
Americas Gold and Silver Corporation (USA:CA) Q4 2025 Earnings Call Transcript
Unknown3-30
The earnings call summary reveals a widening net loss and adjusted earnings loss, without clear explanations. Although production guidance and capital allocation are provided, there is no strong positive catalyst. The Q&A section highlights some operational progress, but management's lack of transparency on specific costs raises concerns. Overall, the financial health and lack of clear positive developments suggest a negative sentiment, likely leading to a stock price decline.
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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