Americas Gold and Silver Corporation

Hello and welcome to the America's Gold and Silver Fourth Quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. I'll now turn the conference over to Paul Hewitt, Chairman and CEO. Please go ahead.

Thank you and good morning, everyone. I'd like to welcome you to our fourth quarter year-end 2025 conference call. This call will be recorded and available to watch on our website event page later today. Please note that all dollar figures will be expressed in U.S. dollars throughout this call, unless otherwise noted. We will also be referencing a slide deck that will be shared during the webcast for this call. Joining me today are Warren Barza, our Chief Financial Officer, who will walk through our fourth quarter and full year financials, and Oliver Turner, our Executive Vice President of Corporate Development. I'll start off with a few key updates before turning it over to Warren. Before I begin, I would like to remind you to review our cautionary statements regarding forward-looking information and non-IFRS measures. These statements are included in our year-end MD&A news release and in the presentation slides. Let me start by saying how excited I am about the massive transformation we have delivered at America's Gold and Silver throughout 2025 and into early 2026. But before I outline our progress at the mines, I would like to announce a very significant milestone for our company. Just a few weeks ago, our Galena team achieved a major safety milestone. We have completed one full year and over 550,000 man hours of work during that year. We had no lost time accidents. Nothing is more important than the safety of our miners. And I would like to congratulate the team on the culture around safety we are building at Galena and in Mexico as well. Well done, team. 2025 was a year of transformation for our business, and we delivered exactly that. In 2025, we achieved a massive 52% increase in attributable silver production up to 2.65 million ounces. At Galena, this was accomplished despite a total of 20-plus days of planned shutdowns for significant upgrades to both number three and core shafts, in addition to many other de-risking optimization projects that I will discuss later on this call. So a massive increase in production while we're shutting down and growing the operations, quite impressive. 2025 was also highlighted by a production record year of 1.2 million ounces set at Kosala. where our team delivered the highest annual and quarterly silver output in operation in history, while successfully ramping up the EC120 to commercial production. This is another remarkable milestone and a testament to the exceptional execution by our entire team at COSERA. Congratulations to everyone at the operation for achieving these record-breaking numbers while setting the table for a very strong future. At Galena, consistent productivity gains came alongside our focus on major capital projects and the integration of the newly acquired Crescent Mines. I'm proud of our team for advancing key operational initiatives, including the introduction of long-hole scoping, the expansion of our underground mining fleet, the upgrades to No. 3 and core shafts, all of which position us to support increased development and accelerate mining rates moving forward. Over the course of 2025, we have made major progress in mining infrastructure and in development at Galena. Our transition to long-hole stoping is going exceptionally well. To date, we have mined seven to nine long-hole scope panels designed at specific widths, while three new long-hole scopes are currently being developed at the moment. I think it is very worthwhile noting that in 2024, we had zero long-hole scopes. So this is an extremely exceptional step in the right direction and where we're wanting to head at Kalima. In Q4 of 2025, we accelerated upgrades by installing the new 2,250 horsepower motor and a redundant motor at the core shaft, further de-risking the operation and supporting our growth plan. Phase 2 of the number 3 shaft upgrades remain on track for completion in Q2 of 2026. With the arrival of all the parts coming in this month, in March and early April, we needed to complete the upgrades on the braking systems and the lilies. This will bring the total hoisting capacity to over 100 tons per hour, representing a 150% increase compared to the 40 tons per hour achieved in 2024 when we started this project. we have all seen major productivity improvements. In 2025, we had about a 200% improvement on mucking operations. We're now seeing around 200 tons of ore move per ship, up from around 50 tons of ore when we were doing conventional mining. This is through the use of remote control mucking. Other significant achievements at Galena included a new Alamak ventilation range, new declines in place that are de-bottlenecking mining areas. We made major investments into our underground mining fleet, replacing and upgrading a large portion of our gear with more expected in 2026. Lastly, we are bringing Galena into the modern era of mining. We are currently installing a modern fiber optic communication that will allow us to remotely monitor and optimizing pieces of equipment in the mine. In just one year, we have completed a large number of projects and upgrades to the mine, and we will continue this strong progress in 2026. At Crescent, we're off to extremely fast start there as well, with key infrastructure and equipment upgrades in place within a few short weeks of closing the acquisition in December. Firstly, we added line power to all three add-ins and are actively setting up the operation to deliver ore to the Galena mill later this year after commissioning the secondary e-dresses. Our updated mineral resource estimate has shown a larger and higher grade ore body at Galena, a tremendous result in our first year of drilling. Even when excluding the historical resource at present, our 2P is over 25 million ounces, M&I over 115 million ounces, and then third is over 133 million ounces of silver. And I just want to remind folks this is not silver equivalent. This updated resource gives us even greater confidence in the quality and longevity of our assets. I also want to note that our operations in the Silver Valley are still among some of the shallowest, and we know there is more silver to be found here. We are quite excited to continue drilling and exploring these previously underexplored properties, both in Mexico and in Idaho. As a company, we recently launched the largest exploration program in history. with approximately 64,000 meters of drilling planned across the Galena complex, including Crescent and Cotula. This follows the discovery of 10 new high-grade silver, copper, antimony, and silver lead veins at Galena, highlighted by intercepts of approximately 4,900 grams per tonne silver, 4% copper, over widths of 1.3 metres. and 2,600 grams per tonne silver and 1.4% antimony over 0.7 metres wide. The continued discovery of these high-grade veins like 34 veins, 149 veins, and the newly discovered 520 veins announced today are strong examples of the tremendous potential of galena to continue to grow with high-grade discoveries something the mine has been doing consistently for well over 100 years. This February, we announced a landmark joint venture with United States Antimony to build and operate a new antimony facility at the Galena Complex, creating the first fully U.S. mine-to-finish antimony solution and creating additional downstream value for our shareholders. Our full-year antimony and copper byproduct production from the Galena complex further demonstrates the value potential of our unique position as the largest active U.S. antimony land. Beginning January 1, 26, we finally started receiving revenue from these byproducts under the new offtake agreement negotiated with Ocean Partners and Tech Resources. as earlier announced in June of 2025. Looking ahead, we're extremely excited about the opportunity in antimony production as we continue test work initiatives and evaluate numerous pathways to unlock the substantial byproduct value of antimony at the Galena Complex. Moving forward, Americas remains squarely focused on playing a leading role in strengthening U.S. critical minerals supply chain. Finally, we've introduced our formal 2026 production cost and capital guidance. For the full year, we expect consolidated silver to be 3.2 to 3.6 million ounces at an ASIC of $30 to $35 per ounce sold. This is yet another 30% increase production over last year. The last year, 50%, another 30%, as we continue along that trend that we're heading towards over that five-month. It keeps us well on track and on course to return Galena back to those historical production and record levels. These are big, big step-ups year after year. Our cost guidance reflects deliberate investments in advancing operational improvements at Galena and Crescent. including the completion and commissioning of the new surface paid-fill plant, as we've been discussing for some time, as well as the planned transition in our mining method over the next few years to getting 60% to 70% long-hole scoping and a mixture of 30% underhand cut-and-fill. These changes will drive higher productivity, lower costs over the medium and short-term time. Consolidated capital expenditures are targeted between $90 and $120 million, including crescent development, while exploration capital is targeted between $15 to $20 million. 2026 will be another pivotal year for infrastructure upgrades that Galena and our complex so desperately need, building directly on the strong foundation we've established in 2025. Overall, I'm extremely pleased with the progress we have made over the last year, which has laid a strong foundation for a continued growth of 2026 and beyond across both Idaho and Mexico. I'll now turn the call over to Warren for a financial highlight.

Thank you, Paul. This morning, we released our Q4 and full year 2025 financial results. Our audited financial statements and MD&A for the 12 months ended December 31st, 2025 are available on our website and under America's Gold and Silver's profile on both CDAR Plus and EDGAR. For the full year, our consolidated revenue increased to $118 million, up 18% from $100 million in 2024. driven by higher silver production and strong realized prices. We achieved consolidated attributable silver production of 2.65 million ounces with approximately 3.4 million ounces of silver equivalent, including 9.3 million pounds of lead and 2 million pounds of copper, in addition to 561,000 pounds of antimony. As for our cost structure, costs of sales per silver equivalent ounce and cash costs in all in sustaining costs per silver ounce produced averaged 25 26 and 33 dollars respectfully respectively on their earnings front we reported a net loss of 87 million dollars or 33 cents per share in 2025 compared to a net loss of 49 million dollars or $0.46 per share in 2024. Our adjusted earnings loss for the year was $35 million or $0.13 per share compared to $34 million or $0.32 per share in 2024. Adjusted EBITDA for 2025 was a loss of $4 million or $0.02 per share compared to $1.5 million or $0.01 per share in 2024. We remain optimistic about the future, with silver production expected to grow as we advance the restart of the Crescent mine and continuing optimizing the EC120 mine at our COSOA operations. To support this growth, we closed $133 million bought deal financing in December 2025, which also funded the cash portion of the Crescent acquisition. With that, I'll now turn the call over to Oliver Turner.