Americas Gold and Silver (USAS) Q3 2026

Q3 revenue rose 68% to $51.4M on higher silver prices and record silver output.

Americas Gold and Silver · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Americas Gold and Silver (USAS) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Americas Gold and Silver Q3 2026 earnings review

Q3 revenue rose 68% to $51.4M on higher silver prices and record silver output

  1. 1.Silver production rose 5% to a record 800.5 thousand ounces, as stated
  2. 2.Adjusted EBITDA rose to $9.3M from $1.9M
  3. 3.Net loss narrowed to $5.6M from $16.5M
  4. 4.AISC rose to $42.94 per silver ounce sold from $31.12
  5. 5.Shares were down 1.8% pre-market at $2.74 as of 9:03 AM ET, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; AISC is all-in sustaining cost. The share price change is a DeepCell calculation from CNBC prices. Adjusted EBITDA and AISC are non-GAAP measures defined by the company. The pre-market price is not a close.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 9:03 AM ET

2

2 · Executive summary

Q3 loss per share narrowed to $0.02, and the shares traded at $2.74 pre-market

Q3 2026 reported results vs. Q3 2025

MetricQ3 2025Q3 2026Change
Basic and diluted EPS ($)-$0.06-$0.02Narrower
Adjusted earnings (loss)-$4.3M-$4.9MWider
Loss before income taxes-$15.8M-$0.2MNarrower

Share price, Nov 12 regular close to Nov 13

Americas Gold and Silver (NYSE American)Nov 12 closePre-market, 9:03 AM ETChange ($)Change (%)
USAS$2.79$2.74-$0.05-1.8%

Note: No consensus is shown: we did not open a dated third-party consensus, so there is no Beat or Miss. Adjusted earnings is a non-GAAP measure. Prices are CNBC third-party data. The pre-market price is not a close.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 9:03 AM ET

3

3 · Q3 results and share price

The company expects the low end of 2026 silver guidance and the high end of AISC guidance

2026 guidance in the Q3 2026 release (Nov 13, 2026)

MeasureLowHighExpected position
Silver production (million oz)3.23.6Low end
AISC per silver ounce sold$30$35High end
Nine-month actuals2.3 million oz$39.16 AISCYear to date

Note: AISC is all-in sustaining cost. Nine-month AISC per silver ounce sold was above the 2026 guidance range. Production and AISC figures are as stated in the release.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026

4

4 · 2026 guidance

Adjusted EBITDA rose to $9.3M, and the mine operating margin rose to 38%

  1. Higher pricesThe average realized silver price increased by approximately 50%, as stated in the MD&A.
  2. Tax took a shareIncome tax expense was $5.4M on a small pretax loss.
  3. Contract losses endedLoss on metals contract liabilities fell to zero from $13.1M after settlement in Q2 2026.

Key figures (IFRS and non-GAAP)

$M unless notedQ3 2025Q3 2026YoY
Revenue$30.6M$51.4M68.0%
Cost of sales$20.1M$32.0M59.0%
Adjusted EBITDA$1.9M$9.3M399.0%
Net loss$16.5M$5.6MNarrower

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; IFRS is International Financial Reporting Standards. The YoY column and the mine operating margin (revenue less cost of sales, over revenue) are DeepCell calculations. Costs and losses are shown without signs.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

5

5 · Q3 key financials

Revenue rose to $51.4M from $30.6M, up 68% as stated

Revenue

$M, Q3 2025 vs. Q3 2026

v · Q3 2025: $30.6Mv · Q3 2026: $51.4MQ3 2025Q3 2026$0M$20M$40M$60M$30.6M$51.4M
Cosalá silver production rose 28% to 415.9 thousand ounces, as stated.“At Cosalá, the team continues to exceed expectations, delivering approximately 416,000 ounces of silver during the quarter.” Paul Andre Huet, chairman and CEO

Note: Nine-month revenue rose 104% to $165.5M, as stated.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

6

6 · Revenue trend

The average realized silver price rose to $60.54 per ounce from $40.36

Average realized silver price

$ per ounce, Q3 2025 vs. Q3 2026

v · Q3 2025: $40.36v · Q3 2026: $60.54Q3 2025Q3 2026$0.00$20.00$40.00$60.00$70.00$40.36$60.54
The company attributes the revenue increase mainly to higher realized prices and higher production, as stated.

Note: The realized price is silver sales revenue divided by silver ounces sold, as reconciled by the company.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

7

7 · Realized silver price

Galena silver production fell to 384.6 thousand ounces while Cosalá rose

  1. CosaláHigher grades at the EC120 orebody drove Cosalá output, as stated.
  2. GalenaGalena was still recovering from Q2 2026 operating interruptions, as stated.
  3. Unit costsGalena AISC rose to $60.07 per ounce; Cosalá AISC fell to $25.21.

Silver production by mine

Thousand ouncesQ3 2025Q3 2026
Cosalá Operations325.2415.9
Galena Complex439.6384.6
Consolidated764.8800.5

Note: Production figures are as stated in the release. AISC is all-in sustaining cost per silver ounce sold, a non-GAAP measure.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

8

8 · Silver production by mine

AISC per silver ounce sold rose 38% as sustaining capital and Galena costs rose

  1. Cash costsCash costs per silver ounce sold rose to $29.66 from $24.97.
  2. ContractorsGalena cash costs rose on contractor expenses for concurrent projects, as stated.
  3. OverheadCorporate G&A rose 25% to $7.4M.

Costs per ounce

$ per ounceQ3 2025Q3 2026
Cost of sales per silver equivalent ounce sold$23.63$31.68
AISC per silver ounce sold, nine months$32.55$39.16

Note: AISC is all-in sustaining cost. Cost per ounce figures are non-GAAP measures reconciled in the release. The AISC change is a DeepCell calculation.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

9

9 · Unit cost analysis

Cash fell to $63.3M from $129.8M as nine-month capex reached $96.0M

  1. Operating cash flowNine-month operating cash flow was $56.6M, against an outflow a year earlier.
  2. LiquidityAvailable liquidity was $113M, including $50M of undrawn term loan, as stated.
  3. Contracts settledMetals and silver contract liabilities were settled in shares in 2026, so they no longer sit on the balance sheet.

Statement of financial position

$MDec 31, 2025Sep 30, 2026
Term loan and credit facility$55.7M$50.0M
Property, plant and equipment$248.8M$321.9M
Total liabilities$191.4M$131.4M
Total equity$221.6M$296.9M

Note: The undrawn term loan amount is available upon satisfaction of certain conditions, as stated. Debt combines the term loan and credit facility balances.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

10

10 · Balance sheet and liquidity

Galena costs, silver prices and capital spending are the main watch items

Indicator
What to watch
Implication
Latest reading
Galena costs
Galena recovery and contractor work
Unit costs stay high
Galena AISC up from $32.35
Silver price
Revenue depends on realized prices
Margins move with silver
Nine-month adjusted EBITDA $54.9M
Capital spending
Growth plans use cash
Cash balance falls
Cash and debt gap $13M

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; AISC is all-in sustaining cost. The cash and debt gap is cash less the term loan and credit facility, a DeepCell calculation.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

11

11 · Key risks to guidance

Appendix: income statement detail

Operating costs

$M unless notedQ3 2025Q3 2026YoY
Depletion and amortization$3.7M$6.8Mn.m.
Exploration costs$1.7M$2.6M49.7%
Care and maintenance$1.0M$0.1Mn.m.

Other items

$M unless notedQ3 2025Q3 2026YoY
Interest and financing expense$1.7M$2.0Mn.m.
Foreign exchange loss$1.9M$0.3Mn.m.
Other gain (loss) on derivatives$2.916M-$0.022Mn.m.
Basic and diluted EPS ($)-$0.06-$0.02n.m.

Note: YoY rates are DeepCell calculations; n.m. means not meaningful. Costs and losses are shown without signs except for derivatives and EPS.Source: Americas Gold and Silver official Q3 2026 results (Form 6-K, accessions 0001062993-26-005951 and 0001062993-26-005952), Nov 13, 2026; analysis of company data

12

12 · Appendix: Income statement

Appendix: sources

  • Q3 2026 results release (Form 6-K, Ex. 99.1, accession 0001062993-26-005951, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/1286973/000106299326005951/exhibit99-1.htm
  • Condensed interim consolidated financial statements (Form 6-K, Ex. 99.1, accession 0001062993-26-005952, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/1286973/000106299326005952/exhibit99-1.htm
  • Management’s discussion and analysis (Form 6-K, Ex. 99.2, accession 0001062993-26-005952) — https://www.sec.gov/Archives/edgar/data/1286973/000106299326005952/exhibit99-2.htm
  • Share price (third-party market data): CNBC USAS quote, Nov 12, 2026 close $2.79 and pre-market last $2.74 at 9:03 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/USAS
  • Americas Gold and Silver reports under IFRS in U.S. dollars, in thousands. Q3 2025 statement figures are as revised by the company.

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13

13 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Americas Gold and Silver Corporation’s Q3 2026 results release and interim financial statements, furnished on Form 6-K on November 13, 2026. Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled adjusted, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. Adjusted EBITDA, adjusted earnings, cash costs and AISC are non-GAAP measures defined by the company.

Forward-looking statements. Company outlook statements and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 9:03 AM ET on November 13, 2026. The pre-market price is not a close.

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14

14 · Disclosures

Sources

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