Americas Gold and Silver USAS posted second-quarter 2024 loss per share of 2 cents, which was narrower than the Zacks Consensus Estimate of a loss of 4 cents. The bottom line marked an improvement from a loss of 3 cents per share in the second quarter of 2023. The uptick was aided by higher revenues and lower income tax expense, partially offset by higher depletion and amortization, increase in interest and financing expense and higher loss on fair value of metals contract liability.

Americas Gold and Silver’s revenues were around $31.6 million, a 31% increase from the year-ago quarter. The revenue growth was driven by higher silver output at the Galena Complex and an increase in realized silver, zinc and lead prices. This was partially offset by a decline in lead production from the Galena Complex and lower output at Cosalá.

The average realized prices for silver, zinc and lead increased 24%, 16% and 4%, respectively, in the quarter.

Americas Gold and Silver Corporation Price, Consensus and EPS Surprise

Americas Gold and Silver Corporation price-consensus-eps-surprise-chart | Americas Gold and Silver Corporation Quote

USAS’ attributable silver production was 0.51 million ounces, which was down 12% from the second quarter of 2023. The company also produced around 8.87 million attributable pounds of zinc and 4.4 million attributable pounds of lead in the second quarter.  Zinc production was down 7% and lead slumped 25%.

Silver equivalent production in the quarter was 1.058 million ounces, 16% lower than 1.265 million ounces in the year-ago quarter.

The Galena Complex produced around 5.6 million ounces of silver in the quarter. It was the highest on record since 2013. Silver production was up 41% on a year-over-year comparison. The operation benefited from production from mining areas in the Upper Country Lead Zone between 2400 and 2800 levels and a strong quarter from the 52-198 Silver Hanging Wall Vein.

The complex produced 3 million pounds of lead in the second quarter of 2024, compared with 4.4 million pounds of lead in the year-ago quarter.

The Cosalá Operations’ silver production was down 49% year over year to 1.7 million ounces. This was due to the company’s decision to focus on mining higher-grade zinc and lower-grade silver areas of the San Rafael Main and Upper Zones to take advantage of the increase in zinc prices in the second quarter.

Zinc output at Cosalá declined 7% year over year to 8.87 million pounds and lead production slumped 20% to 2.56 million pounds.

The company’s attributable cash costs of $12.42 per ounce of silver produced were higher than $10 per ounce of silver in the second quarter of 2023. All-in-sustaining costs are $19.58 per ounce of silver produced compared with $16.78 per ounce in the year-ago quarter.