USAS Hits Record Silver Production, Targets 3M Ounces by Year-End

Americas Gold and Silver Corp (USAS) produced 1.1 million ounces of silver in the first five months of 2026, putting the company on pace to exceed its full-year guidance of 2.5 million ounces. The company now expects to reach 3 million ounces by December, driven by higher grades and throughput at the Cosalá complex in Sinaloa, Mexico.

The production ramp comes as USAS also ships its first antimony concentrate from the Galena mine in Idaho. Antimony prices have climbed sharply this year on supply concerns out of China, which controls roughly 60% of global refined output. USAS is one of the few Western producers of the metal, used in flame retardants and military applications.

Peter McRae, Senior VP of Corporate Affairs, told shareholders on a call Tuesday that the Galena antimony circuit is running ahead of schedule. "We are now producing antimony concentrate at a rate of approximately 500 tonnes per month," he said. "The market is tight, and we are seeing strong demand from domestic buyers."

The Cosalá complex, which includes the Zacatecas and San Rafael mines, has been the primary driver of USAS's silver growth. Mill throughput averaged 2,100 tonnes per day in May, up from 1,800 tonnes per day in the first quarter. Recoveries also improved, with silver recovery hitting 87% versus 82% in Q1.

USAS reported cash costs of $9.50 per ounce of silver produced, down from $11.20 in the first quarter. All-in sustaining costs came in at $14.80 per ounce, leaving a healthy margin against spot silver prices near $32.

The company ended May with $18 million in cash and equivalents, up from $12 million at the end of Q1. USAS has no debt, giving it flexibility to fund the Galena expansion internally.

McRae said the company expects to provide updated reserve and resource estimates for both Cosalá and Galena in the third quarter. The Galena mine, which USAS acquired in 2023, has historically produced lead, silver, and zinc alongside antimony.

USAS shares trade on the TSX under the ticker USA and on the NYSE American under USAS. The stock has gained 34% year-to-date, outperforming the broader mining sector.

The next catalyst for the stock is the Q2 production report, due in mid-July. If the current run rate holds, USAS could report another record quarter, with silver output potentially exceeding 700,000 ounces.

For traders watching the precious metals cycle, USAS offers direct leverage to silver prices through its growing production base. The addition of antimony revenue provides a second revenue stream that is largely uncorrelated with gold and silver prices.

The company's USAS stock page includes historical production data and analyst estimates. USAS also features in AlphaScala's commodities analysis coverage, where the silver supply-demand balance remains a key theme.

The Q2 numbers will tell whether the production ramp is sustainable or whether the first five months benefited from one-time grade boosts. Either way, USAS has established a new baseline that puts the 3-million-ounce target within reach.