Americas Gold & Silver reported its third‑quarter 2025 results, posting a net loss of $15.7 million—slightly better than the $16 million loss in the same quarter a year earlier—while revenue climbed 37% to $30.6 million. The company produced 765,000 ounces of silver, a 98% year‑over‑year jump that underscores the scale of its operational expansion.
The surge was driven by the Galena Complex, which delivered 440,000 ounces, up 36% from Q3 2024, and the Cosalá Operations, which produced 325,000 ounces, a 70% increase from 192,000 ounces a year earlier. The EC120 project contributed 314,000 ounces and generated $12.9 million in net revenue, marking the first commercial‑grade output from the high‑grade ore body.
Cash costs per ounce rose to $24.11, compared with $26.54 in Q3 2024, reflecting a decline in by‑product credits as the company transitions to the higher‑grade EC120 ore. All‑in sustaining costs were $30.06 per ounce, consistent with prior periods. The increase in cash costs is offset by the higher production volume, which helps maintain overall cost efficiency.
Revenue of $30.6 million missed the consensus estimate of $33.2 million, but the company’s adjusted loss narrowed to $4.3 million from $12 million a year earlier, indicating progress in cost discipline. The company’s net loss margin improved from 5.3% to 5.1% of revenue, a modest but meaningful improvement.
The balance sheet remains strong, with $39 million in cash and an undrawn $50 million credit facility. Management has deployed roughly $29 million of the capital raised in 2025 to upgrade Galena’s No. 3 Shaft and to accelerate EC120 development. The company expects commercial production of EC120 by the end of 2025, which should lift silver output and free cash flow.
CEO Paul Huet said the quarter was a “standout performance” and that the company is “on track for commercial production by the end of 2025.” He added that the firm’s position as the only U.S. antimony producer and its high‑grade silver mine—ranked third globally—provides a strategic advantage in the critical‑minerals market.
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