Americas Gold and Silver Corporation Q2 2026 Earnings Call Summary

Moby Intelligence

Fri, August 14, 2026 at 11:50 PM GMT+3 3 min read

Americas Gold and Silver Corporation Q2 2026 Earnings Call Summary - Moby

Operational Transformation and Strategic De-leveraging

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Performance at the Cosala mine was driven by entering the high-grade heart of the EC120 ore body, resulting in a 26% year-over-year production increase.
Cosala cash costs decreased to $16.91 per ounce, primarily attributed to higher grades, improved metallurgical recoveries, and significant copper byproduct credits.
The Galena complex underwent a critical infrastructure transition, doubling hoisting throughput from 42 to a sustained 85 tonnes per hour following the Phase 2 shaft modernization.
Management successfully eliminated over $76 million in variable metal price-linked debt obligations, reducing annual debt servicing by $28 million to increase silver price exposure.
Exploration drilling at San Rafael is yielding silver grades 2 to 5 times higher than previously modeled, providing immediate opportunities for mine plan integration in 2027.
Operational safety remains a core pillar, with the company achieving zero lost time accidents across all U.S. and Mexico operations for over one year.

H2 Production Weighting and Modernization Roadmap

Management reiterated full-year 2026 production guidance of 3.2 to 3.6 million silver ounces, with approximately 60% of production expected in the second half of the year.
The transition to long-hole stoping at Galena is targeted to reach 30-40% of production by year-end 2026, scaling to 50-60% in 2027 to replace slower manual methods.
Commissioning of the new paste fill plant in 2027 is expected to reduce stope filling cycles from 10 days to approximately 36 hours, significantly increasing mining velocity.
Capital expenditure is expected to be slightly higher in Q4 compared to Q3 as final invoices for major projects like the paste fill plant and shaft relining are processed.
The company is advancing an antimony strategy with joint venture partners to position itself within the U.S. critical mineral supply chain.

Strategic Settlements and Risk Management

Settled remaining silver and gold delivery obligations with Sprott Mining and Royal Gold for 3.3% shareholder dilution, removing future mark-to-market volatility.
A minor fire at Galena in Q2 temporarily displaced production from high-grade areas, but management confirmed no injuries and a full return to the area for H2 production.
Investment in fiber optic and communications infrastructure is underway to support real-time equipment tracking and future underground automation.
An external study for the Relief Canyon asset is currently in progress to evaluate future potential, with results expected later in the year.

Analyst Q&A: Operational Execution and Guidance Confidence

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Confidence in achieving H2 production guidance following Q2 trough

Management expressed high confidence in meeting guidance, noting that Q2 was intentionally designed for infrastructure investment and shaft work.
The company is now seeing peak hoisting days of 1,000 to 1,200 tonnes, supported by the 13th long-hole stope recently coming online.

Operational status and development progress at Galena and Crescent

Waste development is being prioritized at both sites to catch up on years of underinvestment and to establish secondary egress at Crescent per MSHA rules.
The shift to long-hole stoping is successfully maintaining narrow widths (1.2 to 1.3 meters), minimizing dilution while increasing output from 50 to 200 tonnes per day per stope.

Sustainability of cost improvements and outperformance at Cosala

Management believes the current cost structure is sustainable due to a 10% improvement in metallurgical recoveries and continued access to the EC120 zone.
The all-local Mexican management team, which includes no expats, was credited as a key advantage contributing to the company's operational and technical success.