Americas Gold & Silver Returns to Profit in First Half
The company reported a net income of $5.0 million for the six months ended June 30, 2026, compared to a loss of $34.7 million in the prior year period.
Americas Gold & Silver Corporation (USAS), a North American mining exploration, development and production company, returned to profitability in the first half of 2026. The company reported net income of $5.0 million for the six months ended June 30, 2026, reversing a net loss of $34.7 million for the same period in 2025.
Revenue for the six-month period rose to $114.1 million from $50.5 million in the prior year. This growth was supported by a strong second quarter, where revenue reached $46.3 million compared with $27.0 million in the second quarter of 2025.
Operational output shifted during the period. Silver production for the first half of 2026 totaled 1.45 million ounces, up from 1.13 million ounces in the first half of 2025. However, second-quarter silver production of 664,971 ounces was slightly lower than the 688,663 ounces produced in the second quarter of 2025. The company attributed this quarterly dip to lower production and grade at the Galena Complex, which was impacted by a minor electrical fire and a shutdown for Phase 2 shaft upgrades, though these were partially offset by higher production at the Cosalá Operations.
Cost pressures increased during the second quarter. All-in sustaining costs (AISC) per silver ounce sold rose to $40.63 in the second quarter of 2026 from $32.27 in the second quarter of 2025. For the first half of the year, AISC averaged $36.92 per ounce sold, compared to $33.47 for the same period in 2025.
Cash flow from operating activities for the six months ended June 30, 2026, was $47.2 million, a significant increase from a net use of $1.9 million in the prior year period. The company utilized a portion of its liquidity for expansion, reporting $63.7 million in expenditures on property, plant and equipment during the first half of 2026, compared to $17.8 million in the first half of 2025. Cash and cash equivalents stood at $88.9 million as of June 30, 2026.
Americas Gold & Silver expects to produce between 3.2 million and 3.6 million ounces of silver in 2026, with an AISC range of $30 to $35 per ounce sold. The company plans total capital investments between $90 million and $120 million for the year, which includes $30 million to $40 million in growth capital for the Crescent Mine at the Galena Complex. The company expects the Galena Complex to reach sustainably higher production rates by the end of 2026.