Americas Gold and Silver Corporation (TSX: USA) reported its full-year 2025 financials, posting annual revenue of $118.0 million, a jump from $100.0 million in 2024, driven by higher silver production and stronger realized prices.
Payable silver sales revenue excluding EC120 pre-production ounces was $62.1 million, essentially flat with $62.0 million in 2024, but the average realized silver price rose to $39.13 per ounce from $28.13 per ounce. Realized zinc price was $1.25 per pound versus $1.26 per pound, while realized lead price slipped to $0.90 per pound from $0.94 per pound.
However, net loss widened to $87.4 million from $49.0 million last year. On a per-share basis the loss improved because of a larger share count to $0.33 per share from $0.46 per share loss in 2024.
On an adjusted basis, the net loss came in at $35.2 million, or $0.13 per share, versus $33.7 million in the previous year. The main swing factors were a $46.3 million loss on metals contract liabilities, up from $10.2 million, a $10.4 million impairment charge, and a $6.3 million derivative gain that partly offset those pressures.
Adjusted EBITDA was negative $4.1 million compared with negative $1.5 million in 2024.
Cash and cash equivalents ended 2025 at $129.8 million, up from $20.0 million at the end of 2024. Current assets increased to $153.7 million from $40.7 million, while current liabilities rose to $86.2 million from $68.6 million.
Consolidated attributable silver production increased to 2.65 million ounces, while production also included 9.3 million pounds of lead, and 2.0 million pounds of copper, from 1.74 million ounces in 2024. Silver equivalent production, however, fell to 3.40 million ounces from 3.71 million ounces as zinc and lead volumes dropped sharply during the transition at Cosalá toward the higher-grade EC120 silver-copper zone.
Consolidated cost of sales per silver equivalent ounce produced also increased to $24.98 from $18.12, as well as cash costs per silver ounce produced climbing to $25.69 from $17.41 and AISC per ounce rising to $32.95 from $28.13.
For 2026, the company guided silver production to 3.2 million to 3.6 million ounces. Guidance also calls for AISC of $30 to $35 per ounce sold and total capital investment of $90.0 million to $120.0 million. Exploration spending is targeted at $15.0 million to $20.0 million, supporting a record companywide drill program of about 64,000 metres.
Americas Gold and Silver last traded at $6.95 on the TSX.
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