Americas Gold and Silver Corporation reported that its 2025 silver output reached 2.65 million ounces, a 52 % increase over the 1.74 million ounces produced in 2024. The jump is largely attributable to the Cosalá Operations in Mexico, which delivered a record 1.19 million ounces for the year and a record 463,000‑ounce quarter in Q4 2025. The company’s silver revenue grew in line with the higher volume, supported by a silver price environment that has hovered above $90 per ounce for most of the year.
The company also confirmed that the EC120 mine entered commercial production on January 1, 2026. EC120’s ramp‑up is a key milestone in the company’s high‑grade development program and complements the recent acquisition of the Crescent Silver Mine. Meanwhile, upgrades to the No. 3 and Coeur shafts at the Galena Complex were completed ahead of schedule, enabling higher mining rates and setting the stage for future capacity expansion. Together, these operational achievements underpin the company’s 2026 production and cash‑flow targets.
Segment‑level data show that Cosalá contributed the majority of the silver output, while the Galena Complex added 561,000 lb of antimony and 797,000 lb of copper in 2025. Antimony production is a strategic asset, as the United States imports almost all of its antimony, and the company is exploring ways to unlock additional value from this by‑product. Copper production at Galena also supports the company’s broader commodity mix and provides a hedge against silver price volatility.
CEO Paul Andre Huet highlighted the operational success, noting that the 52 % production increase was achieved “in a robust and rising silver price environment that significantly amplifies the revenue and cash‑flow benefits of our expanded output.” He added that the record performance at Cosalá and the commercial start of EC120 “are an incredible milestone and a testament to the exceptional execution by our entire team.” Huet also emphasized the company’s focus on antimony, stating that “Americas is poised to become an industry leader in the nation’s ongoing efforts to re‑establish critical metals security in the U.S.”
Market reaction to the results was muted, reflecting that investors had largely priced in the company’s execution of its announced roadmap. The record production and EC120 milestone were seen as expected outcomes of the company’s strategic plan, which included the Crescent acquisition and the planned ramp‑up of EC120. Nonetheless, the company’s strong operational performance, rising silver prices, and strategic positioning in antimony and copper provide a solid foundation for future growth, while headwinds such as silver price volatility and operational risks remain to be managed.
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