Q4 2025 Americas Gold and Silver Corporation Earnings Call Transcript
Key Points
- Americas Gold And Silver Corp (USAS) achieved a 52% increase in attributable silver production in 2025, reaching 2.65 million ounces.
- The Galena team completed a full year without any lost time accidents, highlighting a strong safety culture.
- The company set a production record at Cosala with 1.2 million ounces of silver, marking the highest annual and quarterly output in its history.
- Significant infrastructure upgrades at Galena, including the installation of a new 2,250-horsepower motor, have increased hoisting capacity by 160%.
- A landmark joint venture with United States Antimony was announced to build a new antimony facility, enhancing downstream value for shareholders.
- Americas Gold And Silver Corp (USAS) reported a net loss of $87 million in 2025, an increase from the $49 million loss in 2024.
- The company's all-in sustaining cost per silver ounce produced averaged $33, which is relatively high.
- Despite increased production, the company continues to face challenges with high operational costs.
- The transition to long-hole stoping at Galena is still in progress, requiring further optimization.
- The company is undertaking significant capital expenditures, with consolidated capital expenditures targeted between $90 million and $120 million, which could impact cash flow.
Hello, and welcome to the Americas Gold and Silver fourth-quarter 2025 conference call. (Operator Instructions). I will now turn the conference over to Paul Huet, Chairman and CEO. Please go ahead.
Thank you, and good morning, everyone. I'd like to welcome you to our fourth-quarter, year-end 2025 conference call. This call will be recorded and available to watch on our website event page later today. Please note that all dollar figures will be expressed in US dollars throughout this call, unless otherwise noted. We will also be referencing a slide deck that will be shared during the webcast for this call.
Joining me today are Warren Varga, our Chief Financial Officer, who will walk through our fourth quarter and full year financials; and Oliver Turner, our Executive Vice President of Corporate Development. I'll start off with a few key updates before turning it over to Warren.
Before I begin, I would like to remind you to review our cautionary statements regarding
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