Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) a growing North American precious metals producer, is pleased to provide its Q2-2023 production results.
“The Company continued the strong momentum from Q1-2023 and delivered another solid production quarter in Q2-2023, resulting in a significant increase in silver production quarter-over-quarter and year-over-year. Production in the second half of the year is expected to be higher than the first half of the year,” stated Americas President and CEO Darren Blasutti. “The Galena Hoist was successfully installed by the end of the quarter with only shaft repair remaining on a part of the shaft. The Galena Hoist is expected to positively impact the Galena Complex operations for many years to come.”
Consolidated Attributable Production*
|Silver Production (ounces)||0.57 Moz||0.50 Moz||15%||0.30 Moz||92%|
|Zinc Production (million pounds)||9.6 Mlbs||7.2 Mlbs||33%||9.9 Mlbs||(4%)|
|Lead Production (million pounds)||5.9 Mlbs||5.5 Mlbs||6%||6.4 Mlbs||(9%)|
|Silver Equivalent Production (ounces)||1.3 Moz||1.2 Moz||7%||1.3 Moz||(6%)|
|* Silver equivalent ounces for Q2-2023, Q1-2023 and Q2-2022 were calculated based on silver, zinc and lead realized prices during each respective period throughout this press release.|
The Cosalá Operations produced approximately 335,000 ounces of silver, 3.2 million pounds of lead and 9.6 million pounds of zinc in Q2-2023, compared to approximately 128,000 ounces of silver, 3.9 million pounds of lead and 9.9 million pounds of zinc in Q2-2022, benefitting from more production from the higher-grade silver areas in the Upper Zone of the San Rafael mine.
Attributable production from the 60% owned Galena Complex was approximately 238,000 ounces of silver and 2.7 million pounds of lead in Q2-2023, compared to approximately 171,000 ounces of silver and 2.5 million pounds of lead in Q2-2022. Much of the increase in silver production comes from the 3700 Level silver-copper areas which drove total silver grade processed above 400 g/t during the quarter. Also, during the quarter, the Company successfully installed the Galena Hoist which is now operational. The Company is focused on finishing the remaining shaft repair work, which is not expected to impact production guidance for the Galena Complex in 2023.
The Company’s production guidance for 2023 remains unchanged with attributable consolidated silver equivalent production expected to range between 5.5 and 6.0 million ounces and attributable consolidated silver production forecast between 2.2 and 2.6 million ounces.
After the end of Q2-2023, the Company closed the second tranche C$5.0 million of its previously announced C$8.0 million senior secured convertible debenture financing. In addition to the senior secured convertible debenture, certain members of the Company’s board and management invested in a private placement for common shares of the Company for a total of C$550,000.
The proceeds were raised to finalize construction of the Galena Hoist and for general working capital purposes.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company owns and operates the Cosalá Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho, USA, and is re-evaluating the Relief Canyon mine in Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico.
Technical Information and Qualified Persons
The scientific and technical information relating to the operation of the Company’s material operating mining properties contained herein has been reviewed and approved by Daren Dell, P.Eng., Chief Operating Officer of the Company. The Company’s current Annual Information Form and the NI 43-101 Technical Reports for its other material mineral properties, all of which are available on SEDAR at www.sedar.com, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company’s material mineral properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC’s reporting and disclosure requirements.
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