USAS
A record quarter, with a side of swagger
Americas Gold and Silver started 2026 with a pretty loud bang. The company said Q1 silver production hit a record 787,000 ounces, sales came in at 830,000 ounces, and revenue surged to $68 million — up 84% from the prior quarter. Not exactly the kind of quarter you file under "meh."
Costs behaved, which is the real plot twist
Mining companies love growth stories. Investors love growth stories that don’t come with a cost inflation hangover. Here, cash costs came in around $24 per ounce sold and all-in sustaining costs were $34 per ounce sold. That’s the kind of math that makes a mining model a little less terrifying.
Management also kept the bigger 2026 picture intact: consolidated silver production guidance stays at 3.2 million to 3.6 million ounces, with AISC expected around $30 to $35 per ounce. In other words, the company isn’t just flexing on one quarter — it’s saying the next chapters could keep the same energy.
Why investors are paying attention
There’s more going on than just silver. Americas Gold and Silver is also talking up antimony, a critical metal that has suddenly become a strategic darling in North America. Add in exploration wins at Galena and Khosla, plus upgrades like the PACE backfill plant and shaft improvements, and you get a company trying to turn a good mining quarter into a multi-year growth story.
Big picture: if the execution holds, this isn’t just a shiny quarter — it’s the kind of operational momentum that can make a small-cap miner feel a lot bigger, a lot faster.