Americas Gold and Silver Corporation (USA:CA) Q1 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The company reported record high revenue and significant improvements in financial metrics, including a 189% increase in revenue and a shift to net income from a loss. Additionally, optimistic guidance with a 30% increase in silver production and strategic developments like the JV with U.S. Antimony and infrastructure upgrades support positive sentiment. The Q&A highlighted operational improvements and strategic focus, with minimal negative concerns. These factors indicate a strong positive outlook for the stock price over the next two weeks.
Key Financial Performance
Revenue $68 million, an increase of 84% compared to the prior quarter and an increase of 189% over Q1 2025, primarily due to higher silver production and higher realized silver prices.
Average Realized Silver Price Approximately $80 per ounce for Q1 2026 compared to approximately $32 per ounce in Q1 2025, an increase of 148%, attributed to higher silver prices and timing of concentrate sales.
Net Income $10 million or $0.03 per share for Q1 2026, an improvement from a net loss of $20 million or $0.08 per share in Q1 2025, primarily due to higher net revenue and a higher gain on derivatives.
Adjusted Earnings $20 million or $0.06 per share, an increase of over 260% compared to the Q1 2025 loss of approximately $12 million or $0.05 per share.
Adjusted EBITDA $34 million or $0.10 per share, a significant improvement over the Q1 2025 loss of $5.5 million or $0.02 per share.
Cash Balance Approximately $122 million at the end of Q1 2026, indicating strong liquidity to address capital plans.
Working Capital $67 million at the end of Q1 2026, supporting the company's financial stability.
Capital Expenditures Approximately $23 million during Q1 2026, mainly due to development initiatives at the Galena Complex.
Silver Production Record consolidated silver production of 787,000 ounces in Q1 2026, attributed to operational improvements.
Silver Sales Consolidated sales of 830,000 ounces in Q1 2026, reflecting strong production and market demand.
Cash Costs Approximately $24 per ounce sold in Q1 2026, indicating solid cost performance.
All-in Sustaining Costs $34 per ounce sold in Q1 2026, reflecting comprehensive cost management.
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Operating Highlights
Record Silver Production: Achieved a record consolidated silver production of 787,000 ounces in Q1 2026.
Antimony Production: Increased exposure to antimony, a critical metal, positioning Galena as a key domestic source in the U.S.
New High-Grade Discoveries: Four major high-grade discoveries at Galena, including the 43L-TJ Vein Complex with high-grade silver, copper, and antimony veins.
Exploration Budget: Allocated $15-$20 million for exploration, the largest in company history, with over 64,000 meters planned for drilling.
Increased Market Visibility: Company now covered by eight analysts, up from two a year ago, reflecting growing institutional awareness.
Trading Volume Growth: Trading volume increased by over 1,600% on Canadian exchanges and 1,300% on U.S. exchanges compared to the same period in 2025.
Silver Price Beta: Trading with a beta of over 1.5x to silver price, one of the strongest in the silver sector.
Safety Milestones: Both Galena and Cosalá teams achieved one full year without a single lost time accident.
Cost Performance: Cash costs of $24 per ounce sold and all-in sustaining costs of $34 per ounce sold in Q1 2026.
Infrastructure Upgrades: Completed #3 Shaft upgrades, increasing hoisting capacity by 150% and enabling higher ore production.
Digital Infrastructure: Installing fiber optic communications for real-time equipment tracking and improved automation, targeted for Q4 2026.
Processing Capacity: Galena mill upgrades aim to increase milling capacity from 750 to 1,200 tonnes per day by end of 2026.
Revenue Growth: Revenue increased by 84% quarter-over-quarter and 189% year-over-year, driven by higher silver production and prices.
Net Income Improvement: Net income of $10 million in Q1 2026, compared to a net loss of $20 million in Q1 2025.
Liquidity Position: Strong liquidity with $122 million in cash and $67 million in working capital at the end of Q1 2026.
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Risk or Challenges
Cost Management: High cash costs of $24 per ounce sold and all-in sustaining costs of $34 per ounce sold could impact profitability, especially if silver prices decline.
Capital Expenditures: Significant planned capital expenditures of $90 million to $120 million for 2026, including $30 million to $40 million for Crescent Mine, could strain financial resources if revenue targets are not met.
Operational Risks: Delays in commissioning critical projects like the paste backfill plant and digital infrastructure upgrades could hinder production increases and operational efficiency.
Market Dependency: The company's financial performance is highly dependent on silver prices, which are volatile and could negatively impact revenue and profitability.
Exploration Risks: The success of the $15 million to $20 million exploration budget and 64,000 meters of drilling is uncertain, and failure to discover economically viable resources could impact future growth.
Supply Chain and Equipment Risks: Potential delays in the delivery of major equipment for projects like the paste backfill plant and Galena mill upgrades could disrupt timelines and increase costs.
Regulatory and Environmental Risks: The company operates in jurisdictions where regulatory changes or environmental compliance issues could pose challenges to operations and project timelines.
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Guidance & Outlook
2026 Consolidated Production Guidance: The company aims to achieve consolidated production of 3.2 million to 3.6 million silver ounces at an average all-in sustaining cost of $30 to $35 per ounce sold.
Capital Expenditures for 2026: Targeted to be between $90 million to $120 million, including $30 million to $40 million allocated to the Crescent Mine.
Exploration Budget and Drilling Campaign: Allocated the largest exploration budget in the company's history, ranging from $15 million to $20 million, with over 64,000 meters to be drilled across properties.
Galena Complex Growth Initiatives: - Paste backfill plant commissioning targeted for Q4 2026, expected to increase backfill cycle times by approximately 250%.
- #3 Shaft upgrades completed, increasing hoisting capacity by approximately 150% to 1,350 tonnes per day.
- Digital infrastructure investments, including fiber optic communications, targeted for completion by Q4 2026.
- Galena mill upgrades to increase milling capacity from 750 tonnes per day to 1,200 tonnes per day by the end of 2026.
Crescent Mine Development: Plans include completing an additional 2,000 feet of development in Q2 2026 to support resource expansion and future mining.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Are you permitted to operate the Galena Complex at 1,200 short tons per day, and what needs to happen to reach that rate?
A:The company plans to exit the year at around 650 short tons per day on an ore tonne basis. They started the year at just over 400 tonnes per day, up from about 270 tonnes per day at the end of 2024. Key steps include completed upgrades to the #3 shaft, ramp-up of long-hole stoping, and commissioning of the paste fill plant in Q4. They are fully permitted for their growth plan.
Q:How relevant is antimony to the broader silver story, and is there an opportunity to expand the JV to a larger regional effort?
A:Antimony is strategically relevant, with a JV announced with U.S. Antimony. The facility being built will have flexibility in feed scale and is targeted for commissioning by mid-next year. The company is open to collaboration with others in Idaho and the U.S. to consolidate efforts, but the primary focus is on their own feed.
Q:How will the paste fill plant improve mining flexibility, cycle times, and productivity at Galena?
A:The paste fill plant is on track for commissioning in Q4. It is expected to improve cycle times by over 250%, enhance primary and secondary panel mining, reduce costs, and allow for more tonnes to be moved underground.
Q:What is driving the grades at Galena, and what can be expected going forward?
A:The grades are expected to climb. The decline in grade was due to mining more Galena ore, but tetrahedrite ore with higher grades is still present. The mine is transitioning to focus more on silver-copper stopes, which will result in continued strong grade performance.
Q:What are the payabilities of antimony at Galena?
A:The company declined to provide specific details about antimony payabilities during the call, citing contractual limitations, and suggested a follow-up offline discussion.
Q:What is the status of the Crescent mine, and what are the expected mining rates?
A:Crescent is progressing well, with significant development strides and new equipment on-site. The plan is to connect two ramps this year, enabling production to start early next year. Historic mining at depth showed grades of 300 ounces per tonne, and further exploration and engineering are planned.
Q:Has the situation in Sinaloa impacted operations or shipments?
A:The situation in Sinaloa has not impacted operations or shipments. The company has protocols in place and continues mining, producing concentrate, and transporting it to the coast.
Q:Review of Unclear Management Responses
A:The company avoided providing specific details about antimony payabilities, citing contractual limitations, and suggested discussing the matter offline.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Americas Gold
CAD day
Crescent
Galena complex
Gold Silver
Phase
Shaft
average price
capital
discovery
exploration
fabrication
foot development
gold copper
gram tonne
hour
increase loss
infrastructure
liquidity
loss share
meter
ounce grade
paste
plane
position
price average
production silver
resource base
resource ounce
share increase
silver production
source antimony
system
tonne day
tonne silver
trading
volume
yesterday
USAS Transcript
Americas Gold and Silver Corporation (USA:CA) Q1 2026 Earnings Call Transcript
Positive5-15
The company reported record high revenue and significant improvements in financial metrics, including a 189% increase in revenue and a shift to net income from a loss. Additionally, optimistic guidance with a 30% increase in silver production and strategic developments like the JV with U.S. Antimony and infrastructure upgrades support positive sentiment. The Q&A highlighted operational improvements and strategic focus, with minimal negative concerns. These factors indicate a strong positive outlook for the stock price over the next two weeks.
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.
USAS Report
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