Americas Gold and Silver reported second-quarter net revenue of $46 million, a 71% increase from $27 million a year earlier, driven primarily by higher realized silver prices. Year-to-date revenue reached $114 million, up 126% from the first half of 2025.
The net loss narrowed to $5.0 million, or $0.02 per share, from $15.0 million in Q2 2025. Adjusted EBITDA swung to $12.0 million from a $4.1 million loss in the prior-year quarter, reflecting the revenue lift and operational improvements at the Cosalá mine in Mexico.
Consolidated silver production totaled 664,971 ounces, with 624,343 ounces sold. Silver-equivalent output reached 800,735 ounces. Cosalá delivered 337,270 ounces of silver, a 26% increase from Q2 2025, and cut cash costs to $16.91 per ounce from $30.61. Galena produced 327,701 ounces, down from 420,000 ounces a year earlier, while its cash costs rose to $35.26 per ounce from $23.39 amid shaft upgrade downtime and a minor electrical fire that briefly interrupted production.
Phase 2 of the Galena No. 3 Shaft modernization is complete, increasing total hoisting capacity by about 150% to 1,350 tons per day. The company also settled roughly $76 million of variable silver and gold delivery obligations with Sprott and Royal Gold through share issuances and the delivery of 5,000 ounces of gold, ending those commitments. The settlement involved the issuance of 7,956,696 shares.