TORONTO, ONTARIO - November 15, 2023 - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the quarter ended September 30, 2023.

This earnings release should be read in conjunction with the Company’s Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.

Highlights

Revenue of $18.3 million for Q3-2023 compared to revenue of $18.3 million for Q3-2022, resulting from higher silver production and silver price from the Galena Complex, offset by slightly lower base metal production and much lower zinc prices from the Cosalá Operations during the most recent period.
A net loss of $10.5 million for Q3-2023, or an attributable loss of $0.04 per share representing a decrease in net loss of $14.1 million compared to Q3-2022.
As previously reported, Q3-2023 consolidated attributable silver production rose 17% totalling approximately 0.39 million ounces compared with approximately 0.33 million ounces in Q3-2022.
Production was negatively impacted early in the quarter by a planned five-day electrical shutdown at the Galena Complex, as well as mobile equipment availability. The Cosalá Operations had various mill outages totalling 14 days due to heavy rain and tailings work during the Q3-2023 period.
Q4-2023 production has been strong to date with over 190,000 ounces of attributable silver ounces produced in October. Attributable silver production in November and December are expected to exceed October actuals.
Attributable cash costs of $19.01/oz silver produced[1] and all-in sustaining costs of $29.55/oz silver produced2 during the quarter. Cash costs were negatively impacted in the quarter by losing 19 days of combined production, lower zinc prices and the appreciation in the Mexican peso.
Following the end of the quarter, the Company commenced discussions with interested metal traders to provide concentrate prepayment financing for the capital requirements at its 100%-owned El Cajón and Zone 120 silver-copper project (“EC120 Project”) at the Cosalá Operations. The Company expects this financing to close before the end of 2023.
The Company has selected Moran Mining and Tunnelling Limited to finish the Galena Shaft repair work. Moran will begin fabricating the necessary work platforms in their shop and expects to commission to site in early to mid January 2024. The repair work is expected to be completed by the end of Q1-2024.
Production guidance for 2023 remains unchanged but the Company expects to be at lower end of both the consolidated attributable silver production range of 2.2 and 2.6 million ounces and consolidated attributable silver equivalent[2] production range of 5.5 and 6.0 million ounces at budgeted prices.
Darren Dell resigned from his role as COO with the Company during Q4-2023 to pursue a technical role in corporate banking. Mr. Dell was instrumental in the initial construction and the re-opening of the San Rafael mine, and the driving force behind the re-capitalization of the Galena Complex Joint Venture. The Company is expected to announce Daren’s successor prior to year end.
“The operations had strong silver production in October which is expected to continue for the balance of the year, positioning the Company to meet the lower end of its full year silver production targets following a difficult Q3-2023,” stated Americas President and CEO Darren Blasutti. “On behalf of the Board of Directors, I would like to thank Daren Dell for his leadership, hard work, and dedication at the Company over the previous decade. Daren positioned the Company’s operations to significantly increase its silver production over the next several years in anticipation of much stronger silver prices.”
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https://www.americas-gold.com/news-releases/2023/americas-gold-and-silver-reports-q3-2023-results/