This press release constitutes a "designated
news release" for the purposes of the Company's prospectus
supplement dated May 17, 2021, to its short form base shelf
prospectus dated January 29, 2021.
Americas Gold and Silver Corporation (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing North American
precious metals producer, is pleased to provide its full year 2022
production results and progress of the Galena Hoist Project.
- The Company’s 2022 estimated attributable silver equivalent1
production of 5.3 million ounces exceeded the silver equivalent
guidance range of 4.8 – 5.2 million ounces.
- Silver production for 2022 is estimated to be just over 1.3
million ounces versus the guidance range of 1.4 – 1.8 million
ounces. As highlighted previously, the Company chose to prioritize
mining the base metal rich Main Zone at the Cosalá Operations and
delayed production from the higher-grade silver Upper Zone at the
Cosalá Operations which contributed to the lower silver
production.
- The Galena Hoist project continues to move-forward and the
hoist was physically installed prior to year-end. Shaft repair will
start following completion of electrical work and commissioning.
The Galena Hoist is expected to be fully operational in
Q2-2023.
“I would like to thank our employees for the Company’s strong
finish to the year that resulted in silver equivalent production
exceeding the upper end of our guidance range. As we had indicated
throughout the year, we chose to prioritize mining higher grade
zinc and lead areas at the Cosalá Operations to maximize revenue
given the prevailing prices for both zinc and lead versus silver,”
stated Americas President and CEO Darren Blasutti. “Once shaft
repair is complete and the Galena Hoist becomes fully operational,
we anticipate it will add operational flexibility and support plans
to significantly increase production at the Galena Complex moving
forward. I am confident that the Company will continue its strong
production trajectory going forward into 2023.”
Consolidated Attributable Production*
2022
2021
% Increase
(Y-over-Y)
Silver Production (ounces)
1.31 Moz
0.67 Moz
96%
Zinc Production (million pounds)
39.3 Mlbs
4.2 Mlbs
844%
Lead Production (million pounds)
24.6 Mlbs
12.9 Mlbs
91%
Silver Equivalent Production
(ounces)
5.3 Moz
1.5 Moz
253%
* Silver equivalent ounces for 2022 and
2021 were calculated based on silver, zinc and lead realized prices
during each respective period throughout this press release.
The Cosalá Operations produced 196,000 ounces of silver, 3.8
million pounds of lead and 10.4 million pounds of zinc in Q4-2022
and 636,000 ounces of silver, 15.3 million pounds of lead and 39.3
million pounds of zinc in 2022. The Company continued to focus on
mining the higher-grade zinc and lower-grade silver areas of the
Main Zone to maximize revenue generated from the Cosalá Operations.
As a result, base metal production exceeded the upper end of the
2022 guidance range while silver production was slightly below the
bottom end of the range. The second half of the fourth quarter saw
higher silver production as the mining rate increased in the Upper
Zone.
The Galena Complex attributable production was approximately
182,000 ounces of silver and 2.2 million pounds of lead in Q4-2022
and 672,000 ounces of silver and 9.3 million pounds of lead in
2022. Lead production for the year was within guidance while silver
production was slightly below the lower end of the guidance range
due to the weaker than expected production in late Q3-2022 that
affected the start of Q4-2022. Silver production in December 2022
was the highest of any month during the calendar year as the
operation began accessing higher grade silver stopes including the
new 3700 Level.
The Company is pleased to announce that the hoist for the Galena
Hoist project has been successfully installed. Once it becomes
fully operational, the Galena Hoist will increase hoisting capacity
at the Galena Complex, support plans to increase production and
improve operational flexibility.
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 Relief Canyon mine in Nevada, USA,
the Cosalá Operations in Sinaloa, Mexico and manages the 60%-owned
Galena Complex in Idaho, USA. The Company also owns the San Felipe
development project in Sonora, Mexico. For further information,
please see SEDAR or www.americas-gold.com.
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 (“NI 43-101”), 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.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” within
the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, Americas Gold and
Silver’s expectations, intentions, plans, assumptions and beliefs
with respect to, among other things, estimated and targeted
production rates and results for gold, silver and other metals, the
expected prices of gold, silver and other metals, as well as the
related costs, expenses and capital expenditures; production from
the Galena Complex, including the expected production levels and
potential additional mineral resources thereat; the expected timing
and completion of the Galena Hoist project and the expected
operational and production results therefrom, including the
anticipated improvements to the cash costs per silver ounce and
all-in sustaining costs per silver ounce at the Galena Complex
following completion; mining and processing operations at the
Cosalá Operations continuing, including expected production levels
and the continuity of legal access for employees and contractors.
Guidance and outlook references contained in this press release
were prepared based on current mine plan assumptions with respect
to production, development, costs and capital expenditures, the
metal price assumptions disclosed herein, and assumes no adverse
impacts to operations from the COVID 19 pandemic, no further
adverse impacts to the Cosalá Operations from blockades, and
completion of the Galena Hoist project on its expected schedule and
budget, and the realization of the anticipated benefits therefrom,
and is subject to the risks and uncertainties outlined below. The
ability to maintain cash flow positive production at the Cosalá
Operations through meeting production targets and at the Galena
Complex through implementing the Galena Recapitalization Plan,
including the completion of the Galena Hoist project on its
expected schedule and budget, allowing the Company to generate
sufficient operating cash flows while facing market fluctuations in
commodity prices and inflationary pressures, are significant
judgments in the consolidated financial statements with respect to
the Company’s liquidity. Should the Company experience negative
operating cash flows in future periods, the Company may need to
raise additional funds through the issuance of equity or debt
securities. Often, but not always, forward-looking information can
be identified by forward-looking words such as “anticipate”,
“believe”, “expect”, “goal”, “plan”, “intend”, “potential’,
“estimate”, “may”, “assume” and “will” or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or
performance. Forward-looking information is based on the opinions
and estimates of Americas Gold and Silver as of the date such
information is provided and is subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
level of activity, performance, or achievements of Americas Gold
and Silver to be materially different from those expressed or
implied by such forward-looking information. With respect to the
business of Americas Gold and Silver, these risks and uncertainties
include risks relating to widespread epidemics or pandemic outbreak
including the COVID-19 pandemic, including the emergence of new
strains and/or the resurgence of COVID-19, actions that have been
and may be taken by governmental authorities to contain the
COVID-19 pandemic or to treat its impact and/or the availability,
effectiveness and use of treatments and vaccines (including the
effectiveness of boosters); the impact of COVID-19 on our
workforce, suppliers and other essential resources and what effect
those impacts, if they occur, would have on our business, including
our ability to access goods and supplies, the ability to transport
our products and impacts on employee productivity, the risks in
connection with the operations, cash flow and results of the
Company relating to the unknown duration and impact of the COVID-19
pandemic; interpretations or reinterpretations of geologic
information; unfavorable exploration results; inability to obtain
permits required for future exploration, development or production;
general economic conditions and conditions affecting the industries
in which the Company operates; the uncertainty of regulatory
requirements and approvals; potential litigation; fluctuating
mineral and commodity prices; the ability to obtain necessary
future financing on acceptable terms or at all; the ability to
operate the Company’s projects; and risks associated with the
mining industry such as economic factors (including future
commodity prices, currency fluctuations and energy prices), ground
conditions, illegal blockades and other factors limiting mine
access or regular operations without interruption, failure of
plant, equipment, processes and transportation services to operate
as anticipated, environmental risks, government regulation, actual
results of current exploration and production activities, possible
variations in ore grade or recovery rates, permitting timelines,
capital and construction expenditures, reclamation activities,
labor relations or disruptions, social and political developments,
risks associated with generally elevated inflation and inflationary
pressures, risks related to changing global economic conditions,
and market volatility, risks relating to geopolitical instability,
political unrest, war, and other global conflicts may result in
adverse effects on macroeconomic conditions including volatility in
financial markets, adverse changes in trade policies, inflation,
supply chain disruptions and other risks of the mining industry.
The potential effects of the COVID-19 pandemic on our business and
operations are unknown at this time, including the Company’s
ability to manage challenges and restrictions arising from COVID-19
in the communities in which the Company operates and our ability to
continue to safely operate and to safely return our business to
normal operations. The impact of COVID-19 on the Company is
dependent on a number of factors outside of its control and
knowledge, including the effectiveness of the measures taken by
public health and governmental authorities to combat the spread of
the disease, global economic uncertainties and outlook due to the
disease, and the evolving restrictions relating to mining
activities and to travel in certain jurisdictions in which it
operates. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. Additional information regarding the factors that may
cause actual results to differ materially from this forward‐looking
information is available in Americas Gold and Silver’s filings with
the Canadian Securities Administrators on SEDAR and with the SEC.
Americas Gold and Silver does not undertake any obligation to
update publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by law.
Americas Gold and Silver does not give any assurance (1) that
Americas Gold and Silver will achieve its expectations, or (2)
concerning the result or timing thereof. All subsequent written and
oral forward‐looking information concerning Americas Gold and
Silver are expressly qualified in their entirety by the cautionary
statements above.
___________________________ 1 Silver equivalent ounces for the
2022 guidance was calculated based on $22.00/oz silver, $0.95/lbs
lead and $1.30/lbs zinc throughout this press release. Silver
equivalent ounces for production in 2022 and 2021 were calculated
based on silver, zinc and lead realized prices during each
respective period throughout this press release. For additional
detail on assumptions, please refer to the Company’s press release
dated February 22, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230111005346/en/
For more information: Stefan Axell VP, Corporate
Development & Communications Americas Gold and Silver
Corporation 416-874-1708
Darren Blasutti President and CEO Americas Gold and Silver
Corporation 416‐848‐9503
Americas Gold and Silver (AMEX:USAS)
Historical Stock Chart
From Jan 2025 to Feb 2025
Americas Gold and Silver (AMEX:USAS)
Historical Stock Chart
From Feb 2024 to Feb 2025
