Americas Gold and Silver Corporation

Good morning and welcome to the America's Gold and Silver first quarter 2025 conference call. This call will be recorded and will be available for viewing from the events page of our website later today. Now, without further ado, I'll pass the call over to our chairman and CEO, Paul Hewitt, so he can get started.

Paul, can you hear us?

Yeah, I've been speaking. Can you not hear me? Now we can. Go ahead. Oh, sorry. Thank you, Maxim. Good morning, everyone. I'd like to welcome you to the first quarter conference call. Please note we will be referencing a slide deck which is being shared through the webcast of this call. Before I begin the presentation, I'd like to remind you to please review our cautionary statements regarding forward-looking statements and non-IFRS measures. These statements can be found in our first quarter MD&A, our news release, and within our presentation. Over to slide four, the highlights. With me on today's call is Warren Varga, our Chief Financial Officer. who will take us through the financial highlights for the quarter. Also with me on the call is Oliver Turner, who is heading up our corporate development, and you will hear from Oliver as well. I'll start out by highlighting some key elements of our growth strategy before turning the call over to Warren. Let me start by sharing our optimism about where we are heading as a company and how we intend on getting there. In the last several months, the entire Americas team have been working diligently to methodically build the foundation for multi-year production and growth. With me if you're over to slide five. As an organization, we are aligned in our efforts with a renewed focus on safely maximizing production from our existing asset base. Across our operation, we have been investing in our people and infrastructure, including the purchase of new mining equipment to modernize and grow our underground fleet, and obviously with the intent to become more productive. We have also been actively drilling to bring on new high-grade production areas and conducting exploration activities in underexplored zones near existing mining infrastructure with some very encouraging early results, hence that 34 vein that we hit at Galena that was quite exciting. Over to slide six. We've been very busy at the corporate level as well. In late 2024, we strengthened our balance sheet in conjunction with the Galena consolidation transaction via the $50 million bought deal financing, which allowed us to both invest in our operations and significantly reduce our liabilities. There is more to come. We are in the late stages of negotiating a right-sized debt facility to support the acceleration of our growth initiatives in 2025 and 2026, ensuring we have the financial flexibility required to execute our ambitious plans. Switching to production, on a consolidated basis, we produce 446,000 silver ounces. That's about 80,000 ounce increase compared to the last quarter. We expect to continue to see incremental silver production increases over the course of the year and beyond as we begin to fully implement our growth plan. Now I'll briefly focus on our progress and the path forward at the Galena Complex. Over to slide seven. Building a culture that always prioritizes safety in everything we do is of the utmost importance to the Americas team. I'm proud of our team at Galena for taking this message to heart and demonstrating a strong trend of improving safety performance. I'd like to also congratulate the Galena team for a strong showing at the 2025 Enforcement Mine Rescue Competition, which took place in March. The Galena team's results included a first-place finish and two second-place finishes within various aspects of the competition. Well done to our entire team. Over to slide 8. Operating results at Galena were in line with our expectations for the first quarter, with production of 314,000 silver ounces. Our Galena team is focused on mine development activities that are critical to our growth. And to that end, we've been making significant progress on important infrastructure projects that support the advance of the 55-179 decline. These projects will support our new and larger 20-ton haul trucks and the installation of the required ventilation upgrades. The 55-179 decline will provide access to higher-grade silver lead and silver copper veins in the central and lower country lead zones of the mine. Over to slide 9. The Galena Complex hosts multiple high-priority drill targets near existing infrastructure and vein systems that remain open for drill testing. Our recent discovery of the high-grade silver-copper 34 vane that I just talked about earlier is an excellent example of near-term mining opportunity. The 34 vane has returned several high-grade intercepts, including 983 gram per ton silver at over 3.44 meters. Based on 40 holes drilled to date, we've estimated an initial exploration target in that range of 1.2 to 1.5 million silver ounces and between 750 to 800,000 pounds of copper. And what's even better, this is absolutely just the beginning. The 34 vein remains completely open, uptipped, and at depth. Over to slide 10, another great example of high-priority target for 2025 at the Galena complex is the core mine. Our drill plan will target four silver copper vanes where we have high-grade intercepts from historical wide-space drilling. The historical results include intercepts of 4,313 g per tonne silver per and 5% copper over 0.32 meters and 1,982 gram and 3.2% copper over 1.3 meters wide. And when you consider the last 15, 20 years of our careers, our team are experts at mining this narrow stuff. So this narrow stuff, 1.3 meters wide, 5 feet wide, that is very exciting and encouraging for us with these types of grades. The core mine was previously developed down to the $3,700 level at much lower metal prices, but has seen very limited mining and remains completely open at depth. It is important to note that the targeted core veins all have significant antimony potential, which represents yet another important value driver for America's shareholders. We look forward to providing updates on our drilling progress at the 34 vein and the core mine as the year progresses. Beyond these near-term priorities, there are multiple blue sky opportunities that exist, at the Galena complex, including at depth, near surface, and a long strike. Look, let's face it, this is just the beginning. We've been here just over 100 days here. Over to slide 11, our coastal operations. At our coastal operations in Mexico, we have a highly skilled team led by our general manager, Gabriel Soto, who consistently fosters a strong culture of safety and productivity. During the quarter, silver production was approximately 132,000 ounces, and zinc and lead were 6.7 and 1.6 million pounds, respectively. Silver was lower than the same period last year, as the majority of the silver produced For the quarter, it was sourced from the San Rafael main central area, which is fully developed but contains lower-grade silver with higher zinc values. Over to slide 12, please. The team at COSLA is focused on several initiatives, including development of the EC-120 to the bottom upper west block of the 120 deposits. Starting the development and the rehab of the El Cajon mine with a contractor, bringing in a raise for a contractor to complete ventilation raises, and completing the infill drilling program to support the life of mine plan. We expect to ramp up to full production rate. Expectations by probably around mid-June, July, which will drive quarterly production increases over the course of the year. is processed through our own milling facility. Over to slide 13. Pre-production sales of silver copper concentrate from EC120 have already contributed $2.3 million to our revenue in Q125, with approximately 59,000 ounces of silver produced from the project this quarter. We remain on track to reach commercial production at EC20, by the end of 2025, which will significantly boost our silver output and our free cash flow. While EC120 is ramping up, we will continue to mine the remaining developed stoves at the San Rafael mine, which are able to cover all our fixed costs at our operation. That's quite a unique situation that we find ourselves in. In a quick summary overall, I am extremely pleased with the advancements we're making across our portfolio, including the significant progress made at Galena, where we're driving operational efficiencies and production growth. With both operations positioned to capitalize on strong silver prices, we're well-placed to deliver value in this exciting silver market. I'll now turn the call over to Warren to go over some of the financial highlights.