TORONTO, ONTARIO – Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, is pleased to provide its full year 2022 production results and progress of the Galena Hoist Project.
- The Company’s 2022 estimated attributable silver equivalent[1] production of 5.3 million ounces exceeded the silver equivalent guidance range of 4.8 – 5.2 million ounces.
- Silver production for 2022 is estimated to be just over 1.3 million ounces versus the guidance range of 1.4 – 1.8 million ounces. As highlighted previously, the Company chose to prioritize mining the base metal rich Main Zone at the Cosalá Operations and delayed production from the higher-grade silver Upper Zone at the Cosalá Operations which contributed to the lower silver production.
- The Galena Hoist project continues to move-forward and the hoist was physically installed prior to year-end. Shaft repair will start following completion of electrical work and commissioning. The Galena Hoist is expected to be fully operational in Q2-2023.
“I would like to thank our employees for the Company’s strong finish to the year that resulted in silver equivalent production exceeding the upper end of our guidance range. As we had indicated throughout the year, we chose to prioritize mining higher grade zinc and lead areas at the Cosalá Operations to maximize revenue given the prevailing prices for both zinc and lead versus silver,” stated Americas President and CEO Darren Blasutti. “Once shaft repair is complete and the Galena Hoist becomes fully operational, we anticipate it will add operational flexibility and support plans to significantly increase production at the Galena Complex moving forward. I am confident that the Company will continue its strong production trajectory going forward into 2023.”
Consolidated Attributable Production*
* Silver equivalent ounces for 2022 and 2021 were calculated based on silver, zinc and lead realized prices during each respective period throughout this press release.
The Cosalá Operations produced 196,000 ounces of silver, 3.8 million pounds of lead and 10.4 million pounds of zinc in Q4-2022 and 636,000 ounces of silver, 15.3 million pounds of lead and 39.3 million pounds of zinc in 2022. The Company continued to focus on mining the higher-grade zinc and lower-grade silver areas of the Main Zone to maximize revenue generated from the Cosalá Operations. As a result, base metal production exceeded the upper end of the 2022 guidance range while silver production was slightly below the bottom end of the range. The second half of the fourth quarter saw higher silver production as the mining rate increased in the Upper Zone.
The Galena Complex attributable production was approximately 182,000 ounces of silver and 2.2 million pounds of lead in Q4-2022 and 672,000 ounces of silver and 9.3 million pounds of lead in 2022. Lead production for the year was within guidance while silver production was slightly below the lower end of the guidance range due to the weaker than expected production in late Q3-2022 that affected the start of Q4-2022. Silver production in December 2022 was the highest of any month during the calendar year as the operation began accessing higher grade silver stopes including the new 3700 Level.
The Company is pleased to announce that the hoist for the Galena Hoist project has been successfully installed. Once it becomes fully operational, the Galena Hoist will increase hoisting capacity at the Galena Complex, support plans to increase production and improve operational flexibility.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company owns and operates the Relief Canyon mine in Nevada, USA, the Cosalá Operations in Sinaloa, Mexico and manages the 60%-owned Galena Complex in Idaho, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR or www.americas-gold.com.
