Americas Gold and Silver plans approximately $45 million to $60 million of combined growth and exploration capital during 2026 as the company increases production capacity at its Galena Complex and conducts what management describes as the largest drilling campaign in its history.
The spending plan includes approximately $30 million to $40 million of growth capital at the Crescent Mine along with mine development, shaft upgrades and equipment additions across the Galena Complex and Cosalá Operations. Consolidated exploration capital is expected to total another $15 million to $20 million.
The investments are designed to support substantially and sustainably higher production rates at the Galena Complex by the end of 2026. The company expects silver production to be weighted toward the second half of the year as its Idaho operations continue ramping.
One of the most significant infrastructure projects was completed during Q2 with Phase 2 of the No. 3 Shaft modernization at Galena. The upgrade increased total hoisting capacity by approximately 150% and increased skipping payloads by 40%, providing additional capacity for higher underground mining rates and future production growth.
The improved shaft system increased sustained throughput from approximately 42 short tons per hour to 85 short tons per hour, with peak performance reaching 105 short tons per hour. Phase 2 included a new braking system along with mechanical, electrical and control-system enhancements.
Americas is also spending aggressively on exploration. Management said the largest drilling campaign in company history is underway at both Galena and Cosalá, providing another avenue to expand resources and support future mine planning.
The investment program comes as revenue accelerates. Q2 consolidated net revenue increased 71% year-over-year to $46 million from $27 million, primarily because of higher realized metals prices. First-half revenue reached $114 million, up 126%, nearly matching the company’s entire fiscal 2025 revenue in six months.
Cosalá was a particularly strong contributor during the quarter. Silver production increased 26% year over year to approximately 337,000 ounces as the company encountered higher silver grades while moving into the heart of the EC120 orebody.
Consolidated Q2 silver production totaled approximately 665,000 ounces. Silver-equivalent production was approximately 801,000 ounces and included 2.3 million pounds of lead, 0.9 million pounds of copper, and 97,000 pounds of antimony.
Americas continues to target full-year production of 3.2 million to 3.6 million ounces of silver. First-half AISC averaged $36.92 per ounce, and management said operations remain on track toward full-year AISC guidance of $30 to $35 per silver ounce sold.
The company has also strengthened its balance sheet while funding its growth program. Americas settled approximately $76 million of variable silver- and gold-linked debt obligations, reducing expected future cash debt-service costs and increasing its direct exposure to silver prices.
Cash and cash equivalents totaled $88.9 million at June 30, while working capital was $48.6 million. The company said those levels were consistent with expectations as it deploys capital into revitalization and growth initiatives.
Americas is also pursuing a domestic antimony opportunity alongside its silver operations. Through a 51/49 joint venture, the company is developing an integrated U.S. antimony supply chain extending from mining through finished products.
KEY QUOTES:
“At Galena, the completion of the No. 3 Shaft modernization marks a transformational milestone for the Complex and establishes the infrastructure needed to support the next phase of growth. The upgrades increased hoisting capacity by approximately 150% and expanded skipping payloads by 40%, unlocking the throughput required to support higher mining rates and future production growth.”
“Looking ahead, we remain firmly on track to achieve our 2026 production guidance of 3.2 to 3.6 million ounces of silver at an AISC of $30 to $35 per ounce sold. At the same time, we are investing in the next generation of growth with the largest drilling campaign in Company history underway at both Galena and Cosalá.”
Paul Andre Huet, Chairman and CEO of Americas Gold and Silver
