Americas Gold and Silver USAS reported an adjusted net loss of $33.7 million in 2024, wider than the year-ago adjusted loss of $28.4 million. The impact of higher revenues was offset by increased depletion and amortization and higher exploration costs. Adjusted loss per share was 13 cents, wider than the Zacks Consensus Estimate of a loss of 11 cents. 

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Americas Gold and Silver reported a net loss of $48.9 million for 2024 compared with the 2023 net loss of $38.2 million. Apart from the factors stated above, higher foreign exchange loss, increased loss on fair value of metals contract liability, higher income tax expense, somewhat offset by higher net revenues, and prior period impairment led to the weaker results.

The company posted a loss per share of 17 cents in 2024 compared with the loss of 16 cents per share in 2023.

Higher Silver & Zinc Prices Drive USAS’ 2024 Revenues

Americas Gold and Silver’s revenues were around $100 million in 2024, a 5% increase from the prior year. The revenue growth was attributed to higher realized silver (up 20%) and zinc prices (7%) while lead was down 2%.  It also included pre-production revenues from the EC120 Project of $3.7 million during the period. The top-line figure, however, missed the Zacks Consensus Estimate of $105 million. 

Higher revenues at the Galena Complex from increased silver realized price during 2024 were offset by lower lead revenues from decreased lead grades during the period. Revenues at the Cosalá Operations increased $3.2 million during the period, mainly due to EC120 Project pre-production revenues. 

USAS Sees Lower Production in 2024, Pickup Expected in 2025

USAS’ attributable silver production was 1.7 million ounces in 2024, which was down 15% from 2023. The company also produced around 31.5 million attributable pounds of zinc and 15.8 million attributable pounds of lead.  Zinc production was down 8% and lead slumped 23%.

Silver equivalent production in 2024 was 3.7 million ounces, 19% higher than 4.6 million ounces in 2023, mainly due to higher prices. 

The Galena Complex produced around 1.5 million ounces of silver in 2024, lower than the 1.6 million ounces in 2023. The complex produced 10 million pounds of lead during the year compared with 15.1 million pounds of lead in 2023.

In December 2024, Americas Gold and Silver closed the acquisition of the remaining 40% interest in the Galena Complex in Idaho from an affiliate of Eric Sprott. 

The Cosalá Operations’ silver production was down 25% year over year to 0.825 million ounces. A portion of mining and milling capacity during the year was used to prepare for the next evolution of operations into the EC120 silver-copper deposit.

Zinc output at Cosalá declined 7% year over year to 8.87 million pounds and lead production slumped 20% to 2.56 million pounds. Production of base metals was 31.5 million pounds of zinc and 9.7 million pounds of lead in 2024.  Zinc production was down 8% and lead was down 16%.

The company expects silver production to be higher in 2025 as the development into the EC120 Project progresses and the mine continues to batch higher development grade ore through the mill, and operational improvements begin to be realized at the Galena Complex.

USAS Reports Negative EBITDA in 2024

The company’s attributable cash costs of $17.41 per ounce of silver produced in 2024 were higher than $13.21 per ounce of silver in 2023. All-in-sustaining costs are $28.13 per ounce of silver produced compared with $20.44 per ounce in the prior year.

Adjusted EBITDA was a loss of $1.5 million in 2024 compared with a loss of $1.4 million for 2023, due to higher foreign exchange loss and an increased loss on metals contract liability. 

Americas Gold and Silver’s Cash Position

Americas Gold and Silver ended 2024 with cash and cash equivalents of $20 million and a working capital deficit of $28.7 million. The company used $5.9 million of cash in operating activities during the year.

USAS Stock’s Price Performance

Shares of USAS have surged 150% in the past year against the industry's 9.5% decline.

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Americas Gold and Silver’s Zacks Rank

Americas Gold and Silver currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

USAS’ Peers’ Performances

Avino Silver & Gold Mines Ltd. ASM reported earnings per share of 15 cents in 2024, which beat the Zacks Consensus Estimate of five cents. The bottom line was up from four cents per share in the previous year.

Including one-time items, Avino Silver recorded earnings of six cents per share in 2024 compared with break-even results in 2023.

Avino Silver’s revenues improved 51% year over year to $66 million in 2024. The top line beat the Zacks Consensus Estimate of $60 million.

Endeavour Silver Corporation EXK reported adjusted earnings of three cents per share in 2024 compared with one cent in 2023. Including one-time items, Endeavour Silver reported a loss of 13 cents per share against earnings of three cents per share in 2023. The Zacks Consensus Estimate for the company’s 2024 loss was pegged at seven cents per share.

Endeavour Silver’s revenues increased 6% year over year to $218 million. The top line missed the Zacks Consensus Estimate of $220 million. 

Fortuna Mining Corp. FSM reported adjusted earnings per share of 47 cents, which missed the Zacks Consensus Estimate of 52 cents. Fortuna Mining’s earnings improved 114% year over year.

Including one-time items, Fortuna Mining reported earnings of 42 cents per share in 2024 (including the impact of impairment charges and other non-recurring items) against a loss of 17 cents per share in 2023. Fortuna Mining’s revenues grew 26.1% year over year to $1.06 billion in 2024.

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