Americas Gold and Silver Corporation (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing North American
precious metals producer, is pleased to provide its Q2-2023
production results.
- Q2-2023 consolidated attributable silver production increased
by 92% year-over-year and 15% quarter-over-quarter totalling
approximately 0.57 million ounces compared with approximately 0.30
million ounces in Q2-2022 and 0.50 million ounces in Q1-2023.
- Consolidated attributable silver equivalent1 production in
Q2-2023 was approximately 1.3 million ounces compared with
approximately 1.2 million ounces in Q1-2023 and 1.3 million ounces
in Q2-2022.
- Production guidance for 2023 remains unchanged with
consolidated attributable silver production expected to range
between 2.2 and 2.6 million ounces and consolidated attributable
silver equivalent production expected to range between 5.5 and 6.0
million ounces.
- The Company successfully installed the Galena Hoist which is
now operational as of the end of Q2-2023 with only shaft repair
remaining before final certification can be obtained.
- In early July, the Company closed the second tranche of the
senior secured convertible debenture for a total of C$8.0 million.
In addition, certain members of the Company’s board and management
invested a total of C$550,000 in a private placement for common
shares of the Company.
“The Company continued the strong momentum from Q1-2023 and
delivered another solid production quarter in Q2-2023, resulting in
a significant increase in silver production quarter-over-quarter
and year-over-year. Production in the second half of the year is
expected to be higher than the first half of the year,” stated
Americas President and CEO Darren Blasutti. “The Galena Hoist was
successfully installed by the end of the quarter with only shaft
repair remaining on a part of the shaft. The Galena Hoist is
expected to positively impact the Galena Complex operations for
many years to come.”
Consolidated Attributable Production*
Q2-2023
Q1-2023
% Increase
(Q-over-Q)
Q1-2022
% Increase
(Decrease)
(Y-over-Y)
Silver Production (ounces)
0.57 Moz
0.50 Moz
15%
0.30 Moz
92%
Zinc Production (million pounds)
9.6 Mlbs
7.2 Mlbs
33%
9.9 Mlbs
(4%)
Lead Production (million pounds)
5.9 Mlbs
5.5 Mlbs
6%
6.4 Mlbs
(9%)
Silver Equivalent Production
(ounces)
1.3 Moz
1.2 Moz
7%
1.3 Moz
(6%)
* Silver equivalent ounces for Q2-2023,
Q1-2023 and Q2-2022 were calculated based on silver, zinc and lead
realized prices during each respective period throughout this press
release.
The Cosalá Operations produced approximately 335,000 ounces of
silver, 3.2 million pounds of lead and 9.6 million pounds of zinc
in Q2-2023, compared to approximately 128,000 ounces of silver, 3.9
million pounds of lead and 9.9 million pounds of zinc in Q2-2022,
benefitting from more production from the higher-grade silver areas
in the Upper Zone of the San Rafael mine.
Attributable production from the 60% owned Galena Complex was
approximately 238,000 ounces of silver and 2.7 million pounds of
lead in Q2-2023, compared to approximately 171,000 ounces of silver
and 2.5 million pounds of lead in Q2-2022. Much of the increase in
silver production comes from the 3700 Level silver-copper areas
which drove total silver grade processed above 400 g/t during the
quarter. Also, during the quarter, the Company successfully
installed the Galena Hoist which is now operational. The Company is
focused on finishing the remaining shaft repair work, which is not
expected to impact production guidance for the Galena Complex in
2023.
The Company’s production guidance for 2023 remains unchanged
with attributable consolidated silver equivalent production
expected to range between 5.5 and 6.0 million ounces and
attributable consolidated silver production forecast between 2.2
and 2.6 million ounces.
Convertible Financing
After the end of Q2-2023, the Company closed the second tranche
C$5.0 million of its previously announced C$8.0 million senior
secured convertible debenture financing. In addition to the senior
secured convertible debenture, certain members of the Company’s
board and management invested in a private placement for common
shares of the Company for a total of C$550,000.
The proceeds were raised to finalize construction of the Galena
Hoist and for general working capital purposes.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious
metals mining company with multiple assets in North America. The
Company owns and operates the Cosalá Operations in Sinaloa, Mexico,
manages the 60%-owned Galena Complex in Idaho, USA, and is
re-evaluating the Relief Canyon mine in Nevada, USA. The Company
also owns the San Felipe development project in Sonora, Mexico. For
further information, please see SEDAR or www.americas-gold.com.
Technical Information and Qualified Persons
The scientific and technical information relating to the
operation of the Company’s material operating mining properties
contained herein has been reviewed and approved by Daren Dell,
P.Eng., Chief Operating Officer of the Company. The Company’s
current Annual Information Form and the NI 43-101 Technical Reports
for its other material mineral properties, all of which are
available on SEDAR at www.sedar.com, and EDGAR at www.sec.gov,
contain further details regarding mineral reserve and mineral
resource estimates, classification and reporting parameters, key
assumptions and associated risks for each of the Company’s material
mineral properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”), as required by Canadian securities
regulatory authorities. These standards differ from the
requirements of the SEC that are applicable to domestic United
States reporting companies. Any mineral reserves and mineral
resources reported by the Company in accordance with NI 43-101 may
not qualify as such under SEC standards. Accordingly, information
contained in this news release may not be comparable to similar
information made public by companies subject to the SEC’s reporting
and disclosure requirements.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” within
the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, Americas expectations,
intentions, plans, assumptions and beliefs with respect to, among
other things, estimated and targeted production rates and results
for gold, silver and other metals, the expected prices of gold,
silver and other metals, as well as the related costs, expenses and
capital expenditures; production from the Galena Complex, including
the expected production levels and potential additional mineral
resources thereat; the expected timing and completion of the Galena
Hoist project and the expected operational and production results
therefrom, including the anticipated improvements to the cash costs
per silver ounce and all-in sustaining costs per silver ounce at
the Galena Complex following completion; and mining and processing
operations at the Cosalá Operations continuing, including expected
production levels and the continuity of legal access for employees
and contractors; . Guidance and outlook references contained in
this press release were prepared based on current mine plan
assumptions with respect to production, development, costs and
capital expenditures, the metal price assumptions disclosed herein,
and assumes no adverse impacts to operations from the COVID 19
pandemic, no further adverse impacts to the Cosalá Operations from
blockades or work stoppages, and completion of the Galena Hoist
project on its expected schedule and budget, and the realization of
the anticipated benefits therefrom, and is subject to the risks and
uncertainties outlined below. The ability to maintain cash flow
positive production at the Cosalá Operations through meeting
production targets and at the Galena Complex through implementing
the Galena Recapitalization Plan, including the completion of the
Galena Hoist project on its expected schedule and budget, allowing
the Company to generate sufficient operating cash flows while
facing market fluctuations in commodity prices and inflationary
pressures, are significant judgments in the consolidated financial
statements with respect to the Company’s liquidity. Should the
Company experience negative operating cash flows in future periods,
the Company may need to raise additional funds through the issuance
of equity or debt securities. Often, but not always,
forward-looking information can be identified by forward-looking
words such as “anticipate”, “believe”, “expect”, “goal”, “plan”,
“intend”, “potential’, “estimate”, “may”, “assume” and “will” or
similar words suggesting future outcomes, or other expectations,
beliefs, plans, objectives, assumptions, intentions, or statements
about future events or performance. Forward-looking information is
based on the opinions and estimates of Americas as of the date such
information is provided and is subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
level of activity, performance, or achievements of Americas to be
materially different from those expressed or implied by such
forward-looking information. With respect to the business of
Americas , these risks and uncertainties include risks relating to
widespread epidemics or pandemic outbreak including the COVID-19
pandemic, including the emergence of new strains and/or the
resurgence of COVID-19, actions that have been and may be taken by
governmental authorities to contain the COVID-19 pandemic or to
treat its impact and/or the availability, effectiveness and use of
treatments and vaccines (including the effectiveness of boosters);
the impact of COVID-19 on our workforce, suppliers and other
essential resources and what effect those impacts, if they occur,
would have on our business, including our ability to access goods
and supplies, the ability to transport our products and impacts on
employee productivity, the risks in connection with the operations,
cash flow and results of the Company relating to the unknown
duration and impact of the COVID-19 pandemic; interpretations or
reinterpretations of geologic information; unfavorable exploration
results; inability to obtain permits required for future
exploration, development or production; general economic conditions
and conditions affecting the industries in which the Company
operates; the uncertainty of regulatory requirements and approvals;
potential litigation; fluctuating mineral and commodity prices; the
ability to obtain necessary future financing on acceptable terms or
at all; the ability to operate the Company’s projects; and risks
associated with the mining industry such as economic factors
(including future commodity prices, currency fluctuations and
energy prices), ground conditions, illegal blockades and other
factors limiting mine access or regular operations without
interruption, failure of plant, equipment, processes and
transportation services to operate as anticipated, environmental
risks, government regulation, actual results of current exploration
and production activities, possible variations in ore grade or
recovery rates, permitting timelines, capital and construction
expenditures, reclamation activities, labor relations or
disruptions, social and political developments, risks associated
with generally elevated inflation and inflationary pressures, risks
related to changing global economic conditions, and market
volatility, risks relating to geopolitical instability, political
unrest, war, and other global conflicts may result in adverse
effects on macroeconomic conditions including volatility in
financial markets, adverse changes in trade policies, inflation,
supply chain disruptions and other risks of the mining industry.
The potential effects of the COVID-19 pandemic on our business and
operations are unknown at this time, including the Company’s
ability to manage challenges and restrictions arising from COVID-19
in the communities in which the Company operates and our ability to
continue to safely operate and to safely return our business to
normal operations. The impact of COVID-19 on the Company is
dependent on a number of factors outside of its control and
knowledge, including the effectiveness of the measures taken by
public health and governmental authorities to combat the spread of
the disease, global economic uncertainties and outlook due to the
disease, and the evolving restrictions relating to mining
activities and to travel in certain jurisdictions in which it
operates. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. Additional information regarding the factors that may
cause actual results to differ materially from this forward‐looking
information is available in Americas filings with the Canadian
Securities Administrators on SEDAR and with the SEC. Americas does
not undertake any obligation to update publicly or otherwise revise
any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law. Americas does not give any
assurance (1) that Americas will achieve its expectations, or (2)
concerning the result or timing thereof. All subsequent written and
oral forward‐looking information concerning Americas are expressly
qualified in their entirety by the cautionary statements above.
1 Silver equivalent ounces for the 2023 guidance references were
calculated based on $22.00/oz silver, $1.00/lb lead and $1.45/lb
zinc throughout this press release. Silver equivalent ounces for
production in Q2-2023, Q1-2023 and Q2-2022 were calculated based on
silver, zinc and lead realized prices during the period throughout
this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230717228550/en/
Stefan Axell VP, Corporate Development & Communications
Americas Gold and Silver Corporation 416-874-1708
Darren Blasutti President and CEO Americas Gold and Silver
Corporation 416‐848‐9503
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