Americas Gold and Silver Corporation

Well, good morning, everyone. I would like to welcome you to the America's Gold and Silver First Quarter 2026 conference call. Just a reminder that today's call is being recorded. All lines have been placed on mute, but later we will take your questions. If you have a question today, it's star 1 on your telephone keypad. I would now like to hand the conference over to Mr. Warren Vargas, CFO. Please go ahead, sir.

Thank you, and good morning, everyone. and welcome to the America's Gold and Silver's first quarter 2026 conference call. This call is being recorded and available on our website's events page later today. We will also be referencing a slide deck during today's webcast presentation. Joining me today is Oliver Turner, our Executive Vice President of Corporate Development. Paul Hewitt is on a plane and our CEO and Chairman is on a plane and unable to attend today, but I'm sure he'll listen to us later. I'll begin with a few housekeeping items and then walk through key operational and strategic highlights from our first quarter before turning the call over to Oliver later on. Before I begin, I would like to remind you to review our cautionary statements regarding forward-looking information and non-GAAP measures contained in our second quarter MD&A news release and presentation slides. Please also note that unless otherwise stated, All dollar figures will be expressed in U.S. dollars throughout this call. Before discussing our operational results, I would like to recognize continued commitment to safety across our operations. On our year-end conference call, I mentioned that our Galena team had achieved a major safety milestone with one full year and over 500,000 hours worked without a single lost-time accident. I'm very pleased to report that as of April 14th, our co-seller team achieved one full year without a single lost time accident as well. Just a great success for both of our teams, and we're very proud of all their efforts at sites. Safety remains a foundation of strong operating culture, and I want to congratulate all of our employees on their commitment and performance. Q1 demonstrated continuing momentum across Americas. Operationally, we delivered a record consolidated silver production of 787,000 ounces and recorded consolidated sales of 830,000 ounces for Q1. Importantly, this production growth was accompanied by solid cost performance in Q1 with cash costs of approximately $24 per ounce sold and all-in sustaining costs of $34 per ounce sold. In addition to strong silver production, we also continue to increase exposure to antimony, a critical metal, and with growing strategic importance in North America. We believe Glenna remains uniquely positioned as one of the few active domestic sources of antimony production in the United States. The strong start to the year positions us in an excellent position to achieve our 2026 consolidated production guidance of 3.2 to 3.6 million silver ounces at an average all-in sustaining cost of $30 to $35 per ounce sold. As a reminder, consolidated total capital expenditures for 2026 are targeted to be between $90 to $120 million, including $30 to $40 million to be deployed at the Crescent Mine. Over the past year, our team has made four major new high-grade discoveries at galena highlighting the significance of untapped potential across the district our most recent discovery the 40 43 l tj vein complex was announced just two weeks ago and includes six new high-grade silver copper antimony veins located close to the existing infrastructure several of the high-grade intercepts are shown on the slide including 1,392 grams per tonne silver, 1.5% copper, and 1.5% antimony over 1.9 metres. We continue to see antimony associated with many of these high-grade silver systems, further reinforcing the strategic importance of the Galena complex as both a high-grade silver asset and a growing domestic source of antimony for the US and for the world. At COSLA, our exploration teams have also delivered encouraging results with the new El Alcoran discovery located just 600 meters north of San Rafael. The discovery, which was announced six weeks ago, intersected multiple silver-gold-copper intercepts, including 69 grams per tonne silver, 0.2 grams per tonne gold, and 0.2% copper over 28 metres. Follow-up drilling is already underway. The recent discoveries across our operations highlight the significant untapped potential within our asset base. To capitalize the opportunity in front of us, we've allocated the largest exploration budget of $15 to $20 million and the largest exploration drilling campaign in the company's history with over 64,000 meters to be drilled across our properties. The recent exploration success also becomes even more meaningful when viewed alongside our recently announced updated silver M&I resource announced earlier this year. Eichelina measured and indicated silver resources increased 19% year over year to 88 million ounces, while grades improved by 21% to 501 grams per tonne silver. On a consolidated basis, Silver M&I mineral resources increased by 10% to 116 million ounces, with grades increasing by 30% to 240 grams per tonne silver. We believe this growing high-grade resource base provides a strong foundation to support our long-term growth plans. For more details, please refer to America's March 30, 2026 news release, and the NI43-101 technical reports supporting the mineral resource and reserve estimates for Galena Complex and coastal operations, which were filed on the company's profile on CDAR Plus yesterday, May 14, 2026. Let me now walk you through some of the major growth initiatives currently underway across the Galena Complex. Starting with the Pace Backfill Plant, progress continues to advance well. Major equipment is currently in fabrication with deliveries starting in June 2026. Site preparation is nearly complete and commissioning remains targeted for the fourth quarter 2026. Once operational, the PACE plant is expected to increase backfill cycle times by approximately 250% and support increased long-haul stoves productivity with output of about 93 tonnes per hour. Another critical project is the number three shaft, which has been recently completed. Phase one is now completed. Sorry, both phases are now completed, both phase one and phase two. These upgrades are expected to increase hoisting by approximately 150% to roughly 105 tons per hour and increase total capacity to roughly 1,350 tons per day, a significant step forward for the operations. This is a critical step in de-risking our growth and enabling higher ore production into 2026 and beyond. We are also making strong progress on digital infrastructure investments. Fiber optic communications are currently being installed down the number three shaft, enabling real-time equipment tracking, improved automation, and full mine connectivity. Full coverage is targeted by the fourth quarter of 2026. At the same time, engineering and minor fabrication is underway to repurpose the Galena shaft into a long-term infrastructure corridor supporting paste, power, air, water, and electrical systems, all important for supporting larger-scale mining operations in the future. On the processing side, Galena mill upgrades are progressing. Crusher upgrades have now been completed, flotation cells have been ordered, and we continue progressing toward restarting the third mill. The goal is to increase total milling capacity from 750 tons per day to roughly 1,200 tons per day by the end of 2026. At the recently acquired Crescent Mine, we also continue to make strong progress following the acquisition. All critical systems had been restored, More than 650 feet of development was completed in the first quarter, and drilling activities have begun. An additional 2,000 feet of development is planned during the second quarter to support resource expansion and future mining. Overall, we are beginning to see tangible results from our growth capital projects that are positioning the Galena complex for a meaningful step change in production by the end of 2026. These advancements, combined with our strong balance sheet and growing resource base, position Glena as a key long-term driver of value creation for the company. Now, going to the financial results. Following the market close yesterday, we released our unaudited, condensed, interim, consolidated financial statements and MD&A for the three months and ended March 31, 2026. These documents are available on our website as well as under the company's profile on CDAR Plus and EDGAR. Revenue for the quarter was $68 million, an increase of 84% compared to the prior quarter and an increase of 189% over Q1 2025, primarily due to the silver production, the higher silver production discussed earlier, and higher realized silver prices during the quarter. Our average realized silver price increased by 148% from Q1 2025 to Q1 2026. The average realized silver price was approximately $80 per ounce for Q1 2026 compared to approximately $32 per ounce in Q1 2025. This is largely comparable to the average London silver price with the difference being the timing of our concentrates sales during the quarter. Our net income was $10 million or $0.03 per share for Q1 2026, an increase from a net loss of $20 million or $0.08 per share for Q1 2025. This is primarily attributed to the higher net revenue that I mentioned earlier and a higher gain on derivatives, offset in part by higher cost of sales and the impact of higher forward gold and silver curve prices which increased the unrealized present value of the company's metals contract liabilities on our balance sheet. Adjusted earnings for the quarter were $20 million, or 6 cents per share, which represents an increase of over 260% over the Q1 2025 loss of approximately $12 million, or 5 cents per share. Adjusted EBITDA was $34 million, or 10 cents per share, Also, a significant improvement over the Q1 2025 loss of $5.5 million, or $0.02 per share. Our liquidity is in a very strong position to address our capital plans, with cash balance of approximately $122 million and working capital of $67 million at the end of the quarter. Capital expenditures were approximately $23 million during the Q1, mainly due to the development initiatives at the Galena Complex that have already been discussed in support of our aggressive growth plans. I will now turn the call over to Oliver.

Thank you very much, Warren, and good morning, everyone. Over the past year, Ameritrade has experienced a significant increase in both analyst coverage and trading activity, reflecting the growing interest in the company and the progress being made across the business. Today, the company is now covered by eight analysts compared to just two analysts a little over a year ago, marking substantial increase in both market visibility and institutional awareness. When we take a look at trading liquidity, the numbers are truly staggering. From January 1st to May 8th of 2026, America has traded an average of approximately $32.8 million Canadian per day, comparing to approximately $1.9 million Canadian per day during the same period in 2025. This represents an over 1,600% increase in daily traded volume. On the U.S. NYSE exchange, we're now trading over $48 million U.S. worth of volume, which is a 1,300% improvement compared to the same period last year. So combined, we're now trading north of $100 million Canadian dollars per day. And what does this mean? This now allows us to be owned by some of the largest mining investors in the world And I'm very pleased to say that we now have most of them on our register. It's a big step forward for America's gold and silver as we continue to build our case as a premier silver and antimony investment vehicle for institutions globally. And lastly, we're now trading with a significant beta to silver price of over 1.5 times, which is one of the strongest in the entire silver sector. This means that for investors searching for a way to invest into a silver vehicle with strong outperformance of the underlying metal, USA shares are a terrific place to be. With that, I'll turn the call back to Warren for closing remarks.