Americas Gold and Silver Corporation (USAS) reported full‑year 2025 financial results that ended on December 31, 2025, with consolidated revenue of $118 million and consolidated attributable silver production of 2.65 million ounces. The company posted an adjusted EBITDA loss of $4.1 million, a swing from the $1.3 million loss reported in the third quarter of 2024. Cash balance at year‑end was $130 million and the company maintained a debt‑to‑equity ratio of 1.25, supported by a $100 million senior secured debt facility.
The 2025 production mix was dominated by the Cosalá Operations, which delivered 1.2 million ounces at a cash cost of $23 per ounce, and the Galena Complex, which produced 1.45 million ounces. The company’s cash cost for the year was $25.69 per ounce, up from $17.41 in 2024, reflecting lower by‑product credits and higher mining costs associated with the ramp‑up of the EC120 zone and Galena infrastructure upgrades.
The adjusted EBITDA loss was driven by higher operating expenses and the need to invest in the EC120 commercial production ramp and Galena shaft upgrades. While the company achieved a 52% increase in silver production year‑over‑year, the higher cash costs and the absence of by‑product credits from antimony and copper in 2025 offset the revenue gains, resulting in a net loss on the adjusted EBITDA metric.
Looking ahead, USAS guided 2026 silver production to between 3.2 million and 3.6 million ounces, a 21% to 36% increase over 2025, and an all‑in sustaining cost range of $30 to $35 per ounce. The guidance reflects confidence in the continued ramp‑up of the EC120 project, the completion of Galena shaft Phase II, and the integration of the Crescent Mine, which is expected to add additional silver and antimony resources.
Strategic moves in 2025 included the acquisition of the Crescent Silver Mine in December and the formation of a joint venture with US Antimony in February to build an antimony processing hub at Galena. The transition of antimony from a penalty mineral to a revenue‑generating by‑product in January 2026 is expected to lower all‑in sustaining costs and improve profitability.
Management emphasized that fiscal 2025 was a year to evaluate, redesign and begin the execution of an aggressive growth plan. “In 2026, we will continue that momentum,” said Chairman and CEO Paul Andre Huet, underscoring the company’s focus on scaling production and capitalizing on critical‑metal opportunities.
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