Americas Gold and Silver ($USAS) Stock Hub 2026: Galena’s Shaft Upgrade, The Crescent Restart And A Balance Sheet Rebuilt With Equity

01 Executive Summary

Americas Gold and Silver is a mid-tier North American miner in the middle of a rebuild. It owns two producing operations: the Galena Complex in Idaho’s Silver Valley, held 100% since December 2024, and the Cosalá Operations in Sinaloa, Mexico. In December 2025 it added the Crescent mine, a past producer nine miles from Galena, for $87.4 million, funded alongside a $132.3 million bought deal. A fourth asset, Relief Canyon in Nevada, has its mining operations suspended.

The financial trajectory is steep. Revenue went from $23.5 million in the first quarter of 2025 to $67.8 million in the first quarter of 2026 and $46.3 million in the second, so the first half of 2026 produced $114.1 million, against $114.7 million for the whole of 2025 as reported in the quarterly series. Two forces drive that: a realised silver price of $67.04 an ounce in the second quarter against $34.22 a year earlier, and the arrival of copper revenue from EC120 at Cosalá, which declared commercial production effective January 1, 2026.

The second quarter itself was an interrupted one. The primary production shaft at Galena was down for 28 days for the Phase 2 modernisation, and an electrical fire on the 4900 Level in June pushed a planned higher-grade stope into the third quarter. Galena silver output fell 22% year on year to 327,701 ounces and its all-in sustaining cost rose to $52.31 an ounce. Cosalá moved the other way, up 26% to 337,270 ounces at a cash cost of $16.91. Consolidated production of 664,971 ounces was about 3% below the same quarter of 2025, and the full-year guidance of 3.2 to 3.6 million ounces at $30 to $35 of all-in sustaining cost was left unchanged, with output weighted to the second half.

The balance sheet work is the part that changed the company’s shape. Between May 20 and June 10 the company retired its two remaining metal-linked delivery obligations by issuing 10,609,228 shares: 592,000 ounces of silver owed to Sprott Mining, and 8,861 ounces of gold owed to an affiliate of Royal Gold, the latter partly settled with 5,000 ounces of physical gold funded by unwinding in-the-money hedges. Management put the combined figure at more than $85 million of variable future obligations removed. What remains is conventional debt: a SAF Group senior secured term loan of up to $100 million with $50 million advanced, a Trafigura credit facility, and a small royalty.

Cash fell from $129.8 million to $88.9 million over the half, with $63.7 million spent on property, plant and equipment and $26.5 million of cash payments on metals contract liabilities set against $49.0 million generated from operations. Working capital is $48.6 million. The interim filings still carry going concern language, and the senior lender waived earnings and debt-ratio covenants through June 30 on the condition that consolidated cash stays at or above $75.0 million. The next covenant test is September 30, 2026.

02 What The Company Actually Is Today

Four assets, two of which currently generate revenue.

Galena Complex, Shoshone County, Idaho

The flagship. An underground silver-copper-lead operation in the Silver Valley, wholly owned since December 2024, when the company acquired the remaining 40% interest from Eric Sprott and Sprott became its largest shareholder. Galena is also described by the company as the only producing antimony mine in the United States, which is the basis of the critical minerals argument attached to the stock. In the second quarter it milled 37,471 tonnes at 336 grammes per tonne silver, with silver recovery of 98.8%, and produced 327,701 ounces of silver, 2.28 million pounds of lead, 148,944 pounds of copper and 97,213 pounds of antimony.

Cosalá Operations, Sinaloa, Mexico

The steady one, at least this year. Mining at the San Rafael Main Central orebody has ceased and the operation has moved into EC120, a higher-grade silver-copper deposit that declared commercial production effective January 1, 2026. Zinc and lead output has gone to zero as a result, replaced by copper: 701,144 pounds in the quarter. Second-quarter silver production was 337,270 ounces at a cash cost of $16.91 an ounce, the lowest unit cost anywhere in the portfolio. Copper concentrate from EC120 is sold under an offtake agreement with Trafigura, the same counterparty that provided the $15 million credit facility used to develop the project.

Crescent mine, Idaho

Bought on December 12, 2025 from Hale Capital Partners for $20 million in cash and 11,137,558 shares, a total consideration of $87.4 million including transaction costs, of which $84.3 million was allocated to mineral interests. Crescent is a past producer: more than 25 million ounces of silver at an average grade of 891 grammes per tonne between 1917 and 1981, according to the company’s annual information form. It sits four miles southeast of Kellogg, Idaho, and its mineralisation is tetrahedrite, the same material Galena handles, which is the technical reason the company expects to process it through existing mills. It is not in commercial production: the revenue it generated in the first half appears in the accounts as proceeds before intended use, $1.0 million.

Relief Canyon, Nevada

Mining operations are suspended. It still appears in the capital structure through the security package on the debt, and in the company’s list of assets that could be monetised, but it is not producing.

The reporting format matters for anyone tracking the company: quarterly numbers arrive as exhibits to a Form 6-K, not as a 10-Q, and mineral reserve and resource estimates follow Canadian National Instrument 43-101 rather than the SEC’s rules for domestic issuers, so they are not directly comparable to figures published by United States companies.

03 The Second Quarter, Mine By Mine

Consolidated silver production was 664,971 ounces, against 688,663 a year earlier. Silver equivalent production was 800,735 ounces, down 5%. For the first half, silver production of 1,451,896 ounces is 28% ahead of the same period of 2025, and silver equivalent production of 1,709,577 ounces is 2% ahead. The difference between those two growth rates is the whole story of the portfolio shift: more silver and copper, no zinc.

Galena: more tonnes, lower grade

Tonnes milled rose 64% year on year, from 22,815 to 37,471. Silver grade fell from 581 grammes per tonne to 336. Recovery was essentially unchanged at 98.8%. The result was 22% less silver from 64% more rock. The company attributes the grade decline to the Phase 2 shutdown and the June fire pushing higher-grade material into the third quarter, and describes the current focus as increasing higher-grade tetrahedrite ore while supporting development continues.

Costs followed the ounces. Cash cost per silver ounce sold at Galena rose to $35.26 from $23.39, which the company attributes to fewer ounces sold and increased use of contractors as the Idaho operations scale. All-in sustaining cost reached $52.31 an ounce. Against a realised silver price of $67.04, Galena still cleared its all-in cost in the quarter, which is a different statement from saying its unit costs are back inside the guidance range.

Cosalá: fewer tonnes, better rock

The mirror image. Tonnes milled fell from 126,412 to 112,283, grade rose from 94 grammes per tonne to 114, and silver recovery improved from 70.5% to 82.2%. Copper grade rose from 0.24% to 0.32% with recovery up from 75.7% to 87.9%. Silver production rose 26%, copper production nearly doubled to 701,144 pounds, and cash cost per silver ounce sold fell to $16.91 from $30.61 on higher copper by-product credits. All-in sustaining cost of $29.94 an ounce sits inside the company’s full-year guidance band.

What the two mines mean together

Cosalá is currently funding the rebuild of Galena, an arrangement that holds while EC120 grades and copper prices cooperate and becomes a concentration risk if either changes, because Cosalá is a single orebody in a single Mexican state with a history of work stoppages that the company itself lists among its guidance assumptions. Galena is the asset with the growth capital attached, and Galena is the asset whose unit costs are currently the highest in the portfolio.

04 The No. 3 Shaft Upgrade, Read Precisely

The No. 3 Shaft is the primary production shaft at Galena for personnel, materials and ore. Its modernisation is the centre of the growth capital programme, and the numbers around it are easy to quote loosely, so they are worth separating.

Phase 1 raised the skip payload from 5 to 7 tonnes and installed a 2,250 horsepower hoist motor, with a second motor held as a critical spare.

Phase 2 was completed in June 2026 and centred on a new braking system matched to the higher speeds the Phase 1 motor allows, together with mechanical, electrical and control-system work. Crews worked around the clock for 28 days, longer than the 14 days originally planned, because additional maintenance was identified and addressed during the shutdown. The direct cost of the Phase 2 investment was approximately $1.1 million.

The result the company reports is hoisting throughput rising from roughly 42 short tons per hour to sustained rates of 85, with peak performance reaching 105, which it describes as a 150% improvement in total hoisting capacity, alongside a 40% increase in skip payloads. With both phases complete, the upgraded shaft is expected to deliver approximately 1,350 tons per day of total hoisting capacity. The August 14 release calls that a roughly 50% increase; the June 25 release attaches the same roughly 50% to a different quantity, planned ore production rates averaging approximately 650 tons per day by the end of 2026. Hoisting capacity and ore production rate are not the same measure, and the 650 tons per day figure is the one that describes what the mine plans to move. Further optimisation, including guide alignment, lighter skips and in-shaft communication upgrades, is to be done during routine downtime without interrupting operations.

What hoisting capacity does and does not fix

A shaft upgrade removes a ceiling. It does not by itself produce ore, and it does not raise grade. To convert 1,350 tons per day of hoisting into silver, the mine needs development metres, stopes ready to be mined, and a fleet capable of moving the material to the shaft. The company reports progress on each: a thirteenth long-hole panel extracted at the 46-148 stope with remote mucking averaging around 200 tonnes per shift against roughly 50 historically, four more long-hole stopes in development for extraction in the third and fourth quarters, the 55-179 decline advancing toward two further stopes, and two remote-capable Komatsu WX-04 loaders in service with a third commissioned on the 3,700 level in the third quarter. Underground fibre optic and leaky feeder communications are being installed, with the first segment to the 4,500 level expected to complete in the third quarter.

The June fire

An electrical fire was identified and contained on the 4900 Level in June, caused by a short circuit in a ventilation fan. There were no injuries and no significant damage to mine infrastructure. Normal operations resumed everywhere except the 4900 Level, which went through precautionary safety audits and ventilation repairs, delaying access to higher-grade stopes into the third quarter. The company said at the time that it did not anticipate an impact on full-year guidance, and repeated in August that minor repairs in the affected area have been completed. A separate regional wildfire near Crescent kept crews off that site for about two days with no damage.

05 Crescent: The Second Idaho Mine, And What Is Actually Known About It

Crescent is the growth option the market is being asked to pay for, and it is also the asset where verified information is thinnest.

What is documented. The acquisition closed on December 12, 2025 for $20 million in cash and 11,137,558 shares priced at $5.78, a total consideration of $87.4 million with transaction costs. The purchase was accounted for as an asset acquisition rather than a business combination, with $84.3 million allocated to property, plant and equipment and $2.8 million to investments in joint ventures, the latter including a 34.8% interest in a fully permitted flotation mill. Historical production was more than 25 million ounces of silver at an average grade of 891 grammes per tonne between 1917 and 1981. The property covers 10 acres of surface rights and 15 acres of patented claims and mineral rights over 64 patented claims.

What is historical and labelled as such. The resource figures in the company’s annual information form come from a technical report dated August 21, 2015: measured and indicated of 201 thousand short tons at 19.1 ounces per ton silver for 3.8 million contained ounces, and inferred of 985 thousand short tons at 19.4 ounces per ton for 19.1 million contained ounces, with copper grades of 0.41% and 0.43%. These are historical estimates on a report that is more than a decade old, and they are not current mineral resources.

What is planned. Contractors have been mobilised, drill stations prepared, 122 feet of structural development advanced in the second quarter, and infill drilling started late in the first quarter in support of a resource update the company places in the second half of 2027. Mining is intended to use a combination of cut-and-fill and long-hole stoping, mirroring the method changes underway at Galena. Guidance for 2026 includes $30 to $40 million of growth capital at Crescent.

06 Antimony: A Small Revenue Line And A Large Strategic Argument

Antimony is a federally recognised critical mineral used in flame retardants, ammunition primers, hardened lead alloys and semiconductors. The company states that Galena is the only producing antimony mine in the United States, which is why the company describes itself as a producer of critical minerals supporting artificial intelligence infrastructure, electrification, national security and advanced manufacturing.

The production numbers are modest so far. The Galena Complex produced 97,213 pounds of antimony in the second quarter and 234,291 pounds in the first half, sold 92,934 pounds in the quarter, and booked $0.7 million of antimony revenue after derivative pricing adjustments, against $40.1 million from silver. Antimony grade at Galena was 0.15% in the quarter with recovery of 94.4%.

The joint venture with US Antimony

On February 10, 2026 the company signed a joint venture agreement with United States Antimony Corporation to construct and operate an antimony processing facility in Idaho’s Silver Valley. The structure, as described in the interim filings: the joint venture is 51% owned by Americas Gold and Silver; the company contributes the land and will sell antimony feed material mined from Galena to the venture on market terms; it will fund its proportionate share of the project budget once approved, through capital contributions; US Antimony contributes technical expertise, operates the facility, and provides access to its antimony marketing network including the United States Government.

Two things follow from that description. First, the project budget is referred to as something to be approved, so the capital commitment is not yet a fixed number in the public record. Second, the company’s antimony exposure is structurally double-sided: it sells feed material to the venture at market terms and consolidates 51% of the venture’s result, so its economics depend on both mining volumes and the processing margin. The investment in joint ventures on the balance sheet stands at $2.878 million at June 30, 2026, a figure dominated by the Crescent mill interest rather than by the antimony venture, and contributions to joint ventures in the half were $0.1 million. Whatever the antimony facility eventually costs, almost none of it has been spent yet.

07 The Financial Statements, Line By Line

All figures come from the condensed interim consolidated financial statements for the three and six months ended June 30, 2026, filed on Form 6-K on August 14, 2026, and are in thousands of U.S. dollars unless written otherwise.

Cost of sales excludes depletion and amortisation. Per-share figures for the half are derived from the reported net income and the reported weighted average share count. The 2025 comparatives were revised for the treatment of losses on metals contract liabilities, as disclosed in notes 9 and 10.

Two observations that survive checking. First, cost of sales rose only 2.7% year on year in the quarter while revenue rose 71%, because the increase came almost entirely from price, not volume. Second, the loss at the net line in a quarter with $46.3 million of revenue is explained below the operating line: a $5.0 million loss on the settlement of the silver delivery obligation, foreign exchange losses, derivative losses and higher income tax expense, partially offset by a $5.7 million gain on the gold delivery settlement.

Adjusted measures, and what they leave out

The company reports adjusted earnings for the quarter as a loss of $0.9 million, or $0.00 per share, against an adjusted loss of $12.1 million a year earlier, and adjusted EBITDA of $12.0 million against negative $4.1 million. These are non-IFRS measures without standardised definitions, and they principally strip out the mark-to-market movements on the metal delivery liabilities that have now been settled. That is the point management makes about the settlements: from the third quarter onward, those movements no longer pass through the income statement at all, so reported and adjusted figures should converge.

One number that appears in three forms

Capital spending in the half is reported as $63.698 million of expenditures on property, plant and equipment in the cash flow statement, $63.802 million of total net cash used in investing activities once joint venture contributions are included, and $63.9 million of capital expenditures in the narrative of the management discussion. The differences are rounding and scope rather than disagreement: the property, plant and equipment line is the narrower measure, and the investing total is the one that belongs in a cash bridge because it also carries the joint venture contributions.

The revenue bridge, step by step

Gross sales revenue in the quarter was $52.3 million. Derivative pricing adjustments took $2.7 million off that, treatment and selling costs a further $4.5 million, while proceeds before intended use from Crescent added $1.0 million and service revenue $0.2 million, giving the $46.3 million reported. Over the half, treatment and selling costs were $16.4 million against $7.4 million a year earlier. Concentrate producers pay smelters, and that charge scales with volume, so it grows as the ramp continues.

08 Balance Sheet, Debt And The Covenant Question

Condensed interim consolidated statements of financial position, in thousands of U.S. dollars, filed August 14, 2026.

Total liabilities fell $55.1 million in six months while equity rose $74.4 million. Almost none of that is retained earnings: the deficit improved by only $6.0 million. The change is the conversion of $78.5 million of combined metal delivery liabilities into share capital and the accounting gains and losses that came with it.

The debt that remains

SAF Group term loan. Closed on June 24, 2025 for up to $100 million, structured as an initial $50 million advance and two further tranches of $25 million each available on conditions. Five-year term, 6.0% original issue discount worth $3.2 million at closing, interest at U.S. SOFR with a 4% floor plus 6% per annum payable monthly, review fees of 0.5% of outstanding principal every six months. Principal repayments started one year after closing and step up from 1.5% of the aggregate principal quarterly to 6.25% after 36 months. SAF holds senior security over all the company’s assets except where Cosalá and Relief Canyon are pledged in priority to other lenders. Carrying value at June 30 was $48.1 million across current and non-current portions.

Trafigura credit facility. Signed August 14, 2024, up to $15 million to develop EC120, secured on the Mexican subsidiaries, 36-month term with a 12-month principal grace period, interest at SOFR plus 6% on drawings up to $12 million and 6.5% above. Drawn $10.0 million in August 2024, repaid in monthly instalments of $0.6 million. Carrying value $3.952 million. The same agreement includes the copper concentrate offtake from EC120.

Royalty payable. A $4.0 million net smelter returns royalty agreement with Sandstorm from April 2023, repaid through a 2.5% royalty on attributable production from Galena and Cosalá, dropping to 0.2% after $4.0 million is repaid and buyable out for $1.9 million thereafter. Carrying value $2.217 million.

Covenants and going concern, stated exactly

The company reports compliance with key financial covenants during 2026 and 2025 on both facilities. It also states that certain other financial covenants on earnings and debt ratios from December 31, 2025 to June 30, 2026 were waived by SAF, subject to maintaining a minimum consolidated cash balance of $75.0 million during each period, and that there are no indications of difficulty complying when the covenants are next tested at the September 30, 2026 interim reporting date.

Alongside that, the liquidity note says several material uncertainties cast substantial doubt upon the going concern assumption, listing cash flow positive production at Cosalá, Galena and Crescent, compliance with key financial covenants, and the ability to raise additional funds as necessary. The financing alternatives management lists include debt instruments, offtake agreements, sale of non-core assets, private equity financing, royalty sales, metal prepayment and streaming arrangements, and the issuance of equity.

09 The Two Settlements That Reshaped The Liability Side

Two legacy agreements committed the company to deliver metal rather than cash. Both were retired in the second quarter, and both were paid for in shares.

The silver obligation to Sprott

Origin: on December 19, 2024, as part of the consideration for the remaining 40% interest in the Galena Complex, the company entered into a silver metals delivery agreement with Eric Sprott for monthly purchases and deliveries of 18,500 ounces of silver for 36 months starting in January 2026.

Settlement: on May 20, 2026 the company signed a termination agreement covering the entire remaining obligation, 592,000 ounces of silver, in exchange for 7,956,696 common shares at a deemed price of $5.57. The company announced the agreement on May 22 and announced the closing of both settlements on June 11; its own filings date the silver settlement itself to May 20.

Accounting: the carrying value of the liability immediately before settlement was $40.994 million; the fair value of the shares issued, using the May 19 closing price of C$7.77 or $5.65, was $44.940 million. The company recorded a loss on settlement of $3.946 million and a total loss of $5.0 million for the quarter including remeasurement, and $12.1 million for the half. Management described the transaction as removing over $45 million of variable future obligations.

The gold obligation to Royal Gold

Origin: a $25 million precious metals delivery and purchase agreement signed on April 3, 2019 with Sandstorm Gold, entered into as part of the Relief Canyon transaction and amended in 2023 and 2024, with fixed quarterly gold deliveries running to December 2027. Sandstorm was acquired by Royal Gold in October 2025, and the counterparty became International Royalty Corporation, a Royal Gold affiliate.

Settlement: on May 25, 2026 the parties agreed to settle the remaining 8,861 ounces of refined gold by delivering 5,000 ounces of gold and issuing 2,652,532 shares at a deemed price of $5.86. It was announced on May 26 and completed on June 10. The purchase of the 5,000 ounces was funded with roughly $7 million from unwinding in-the-money gold price protection instruments, plus cash on hand.

Accounting: carrying value immediately before settlement $35.095 million, consideration transferred $34.869 million split between $22.393 million of gold and $12.476 million of shares, producing a $0.226 million gain on settlement and a $5.7 million total gain for the quarter including a $5.5 million remeasurement gain.

One detail the accounting makes visible: the two transactions moved in opposite directions at the net line. The silver settlement produced a loss because the shares issued were worth more than the liability carried; the gold settlement produced a gain because the liability had been carried above the value of what was ultimately delivered. Netted, the pair cost the income statement money in the quarter while improving the balance sheet.

10 Capital Structure, Ownership And The Dilution Record

The company reported 338,151,614 common shares outstanding at June 30, 2026 and 338,157,614 at August 13, 2026, with 7,196,838 options outstanding and 4,660,800 shares issuable on warrant exercise. There are no preferred shares. Every figure in this section starts from those company-stated counts rather than from a sum of issuances.

Sources: note 15 to the condensed interim financial statements filed August 14, 2026, and the company releases of May 22, May 26 and June 11, 2026.

Weighted average shares went from 255.7 million in the first half of 2025 to 327.0 million in the first half of 2026, an increase of 27.9%. Over the same period revenue rose 126%, which is the arithmetic that matters when judging whether the dilution bought something.

Who owns it

Eric Sprott, through Sprott Mining Inc. and 2176423 Ontario Ltd., reported beneficial ownership of 48,010,636 common shares in a Schedule 13D/A filed on June 12, 2026, equal to 14.33% of the 334,890,295 shares the company confirmed outstanding on June 10, 2026. That position includes the shares issued in the silver settlement two weeks earlier. Finviz shows insider ownership of 19.22% and institutional ownership of 42.35% at August 14, 2026, with a public float of 273.0 million shares and short interest of 6.75% of that float; those are aggregator figures with the usual caveats about classification and lag, and the Schedule 13D/A is the primary document for the Sprott stake.

11 Guidance, The Capital Programme, And What Has To Happen In The Second Half

Guidance from Table 1 of the management discussion and analysis dated August 13, 2026. Guidance assumes an exchange rate of 18 Mexican pesos to the dollar, no significant operational events, and no blockades or work stoppages at Cosalá.

To reach the bottom of the production range the company needs roughly 1.75 million ounces in the second half against 1.45 million in the first, an increase of about 20%. To reach the top it needs about 2.15 million, an increase of about 48%. Management has said repeatedly that production is weighted to the second half, and the mechanical argument for that is the shaft: Phase 2 was completed in June, the higher-grade 4900 Level material deferred by the fire returns in the third quarter, four more long-hole stopes are scheduled for extraction across the third and fourth quarters, and a third loader was commissioned in the third quarter.

The cost guidance is the harder one. All-in sustaining cost of $36.92 for the half sits above the $30 to $35 band, and reaching the band for the full year requires the second half to run below it, because the annual figure is a weighted average of ounces sold. Higher volumes are the mechanism: fixed costs spread over more ounces. That is the same lever the production guidance depends on, so the two targets stand or fall together.

12 Market Data And Analyst Coverage

Price and market data from Finviz Elite. Share count from the company’s own disclosure at August 13, 2026, which is why the capitalisation here may differ slightly from figures computed on an aggregator’s share count.

The 52-week range is the number that describes this stock best. A low of $2.18 and a high of $10.50 inside twelve months, with the price back at $5.24, means the market has repriced this company by a factor of nearly five and then given most of it back. Over the same period the operating business went from $23.5 million of quarterly revenue to $46.3 million. Both things are true at once.

Analyst coverage

Finviz shows a mean analyst target of $9.14 at August 14, 2026. That is an aggregate produced by a data provider, not a note whose author and date are identifiable, and no table of individual price targets appears below, because the underlying notes have not been verified house by house. Retail posts circulating on the day of the results quoted a consensus target of $9.75 and a range from about $6.10 to above $12, attributed to Wall Street consensus without a source; those figures remain unverified until the individual notes are seen.

One coverage item did produce visible confusion on results day. At least one brokerage feed reported the quarter as a miss of $(0.02) against a $0.02 estimate and described it as a 200% miss, which several retail posts flagged as arithmetically odd. The reported figure from the company is a net loss of $5.0 million, or $(0.02) per share, for the second quarter, and net income of $5.0 million, or approximately $0.02 per share, for the six months. Half-year and quarterly figures of the same magnitude and opposite sign are exactly the kind of pair that automated feeds mishandle.

13 Retail Sentiment

These are messages from retail traders on a social platform, not analyst work, and they carry no verification. The themes on results day are still informative about how the story is being received.

The dominant one was disbelief at the disconnect: several posters contrasted a quarter they read as solid, with the fire and the shaft shutdown as explanations for the production dip, against a sentiment indicator stuck in the twenties, and against the sharp reaction in United States Antimony’s stock the same week. A second theme was the earnings-feed confusion described above. A third, from a longer-term holder, was the flat question of when the company will post a profitable quarter, dated back to 2020. The bull case as retail states it rests on silver price leverage after the stream settlements and on the antimony angle; the bear case as retail states it rests on repeated equity issuance and a mine that keeps needing money.

14 What Bulls See

Price leverage that is now unencumbered. With the silver stream terminated and the gold delivery obligation settled, every ounce of future production sells at the market price rather than partly against fixed delivery commitments. At a realised $67.04 an ounce in the second quarter against $34.22 a year earlier, the sensitivity of revenue to the silver price is the largest single variable in the model, and it now runs straight to the bottom line.

A revenue base that has genuinely doubled. $114.1 million in six months against $50.5 million, with $46.3 million achieved in a quarter where the main shaft was down for 28 days. The first quarter of 2026 at $67.8 million shows what the same asset base produces without an interruption.

Infrastructure spending that is behind rather than ahead. Phase 1 and Phase 2 of the shaft are complete for a Phase 2 cash cost of about $1.1 million, hoisting is designed for 1,350 tons per day, remote mucking is averaging around four times the historical rate per shift, and the fleet replacement is underway. Bulls argue the heavy work is done and the volume follows.

Two American strategic assets. A mine the company describes as the only producing antimony operation in the United States, plus a 51% interest in a processing joint venture with the operator that already sells to the United States Government. In a policy environment focused on domestic critical mineral supply, bulls see optionality that the current revenue line does not capture.

Crescent as a second mine at low incremental cost. Nine miles from an existing complex, the same ore mineralogy, an interest in a permitted mill, and a purchase price of $87.4 million for an asset that historically produced more than 25 million ounces.

15 What Bears See

Costs going the wrong way at the flagship. Galena’s all-in sustaining cost of $52.31 an ounce in the quarter, against $31.83 a year earlier, on 64% more tonnes milled at 42% lower grade. Bears read that as a mine whose grade profile is deteriorating while the cost base expands, with the shutdown and the fire as timing explanations rather than causes.

The going concern language has not gone away. It sits in a set of interim statements that also show $88.9 million of cash, which is the point: the company’s own auditors and management retain the disclosure because the uncertainties named — cash flow positive production at all three Idaho and Mexican operations, covenant compliance, access to funding — are unresolved, not because the balance sheet is empty.

A covenant floor that constrains the capital plan. The waiver requires $75.0 million of minimum consolidated cash. Cash is $88.9 million. Remaining capital guidance is $26 to $56 million plus exploration. The arithmetic leaves limited room for a weak second half without either new funding or a slower spend.

Serial equity issuance. Weighted average shares up 27.9% year on year, and every strategic step of the last two years paid for in stock. Bears note that the settlements were struck at deemed prices of $5.57 and $5.86 while the shares now trade at $5.24, so recent buyers of that paper are underwater and the pattern of funding by issuance has not visibly stopped.

Single-orebody dependence in Mexico. Cosalá is currently the low-cost half of the portfolio and it is one operation, in one state, whose guidance assumptions explicitly include no blockades or work stoppages. Zinc and lead output has already gone to zero as San Rafael was retired.

Resource estimates that are not current. Reserves and resources are stated as at December 31, 2024, before Crescent was acquired, with an update promised without a date. Crescent’s own figures are a historical 2015 estimate. Bears argue the asset base is being valued on documents that predate the strategy.

16 Scenario Framework

These are descriptions of what the reported figures would look like under different second halves. They carry no probabilities, no price levels and no recommendation.

A third variable sits above both branches and is outside management’s control: the silver price. A realised $67.04 an ounce is what turned a 3% production decline into a 71% revenue increase. A materially lower silver price would change the arithmetic of both scenarios without anything happening underground.

17 Bottom Line

Americas Gold and Silver spent the first half of 2026 doing three things at once: raising production capacity at Galena, starting a second Idaho mine at Crescent, and clearing metal-linked obligations off the balance sheet by issuing shares. The first is measurable and incomplete, the second is early and rests partly on documents from 2015, the third is finished and cost 10.6 million shares.

What the August 14 filing establishes: revenue of $46.3 million in a disrupted quarter and $114.1 million in the half, a realised silver price that doubled year on year, silver output 3% below the same quarter of 2025 with the flagship mine down 22% and the Mexican operation up 26%, all-in sustaining cost above guidance at both the quarterly and half-year level, cash down $40.9 million to $88.9 million, capital spending of $63.7 million, unchanged full-year guidance, a covenant waiver tied to a $75.0 million cash floor, and going concern language retained.

What it does not establish: whether the second-half production weighting materialises, what the reserve and resource base looks like once updated, what the antimony joint venture costs to build, and whether the next stage of the growth programme is funded from operations or from the market.

The next disclosures that move any of this are the third quarter results, which have no announced date, and the September 30 covenant test. Between now and then, the silver price does most of the talking.