Earnings release
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1 AMERICAS GOLD AND SILVER REPORTS Q1 2025 RESULTS TORONTO, ONTARIO – May 9, 2025 – Americas Gold and Silver Corpora Ɵon (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing No rth American precious metals producer, reports consolidated financial and operaƟonal results for the quarter ended March 31, 2025. This earnings release sh ould be read in conjunc Ɵon with the Company’s Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver CorporaƟon SEDAR+ profile at www.sedarplus.ca, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas- gold.com. All figures are in U.S. dollars unless otherwise noted. Highlights Inclusion in the Solactive Global Silver Miners Index on May 1, 2025. Inclusion in this major silver index is an important milestone, validating Americas’ position as a growing silver focused miner and increasing exposure to large institutional investors. Silver production expected to increase steadily over 2025 with additional new equipment, productivity improvements as higher-grade silver-lead and silver-copper stopes are developed at Galena and the Cosalá operation transitions from the San Rafael Mine to higher-grade, silver- copper ore in the EC120 zone. Strong exploration results from the Galena Complex , highlighted by an intersection of 983 g/t over 3.4 metres in the new 034 vein, is just on e example of the prospectivity for new high-grade mining areas that provide near term mining potential. Increase in revenue due to higher realized prices. Revenue increased to $23.5 million for Q1-2025 or 12% compared to $20.9 million for Q1-2024, with a higher realized silver price1 of $32.10/oz. Consolidated attributable silver production of approximately 446,000 ounces and 837,800 ounces of silver equivalent2, including 6.7 million pounds of zinc and 3.8 million pounds of lead. Cost of sales3 per silver equivalent ounce production, cash costs3 and all-in sustaining costs3 per silver ounce sold averaged $25.23, $25.04 and $35.671, respectively, in Q1-2025 as the Company invests into its assets to begin scaling production and reduces unit costs in both operating centres. Net loss of $18.9 million for Q1-2025 (Q1-2024 net lo ss of $16.2 million), primarily due to the increasing precious metal prices on metals-based liabilities, and higher corporate general and administrative expenses, offset in part by higher net revenue, lower care and maintenance costs, higher foreign exchange gain and a gain on disposal of non-operating assets. Adjusted earnings 3 for Q1-2025 was a loss of $11.5 million (adjusted loss of $10.5 million for Q1- 2024) primarily due to lower production at Cosalá and higher corporate general and administrative
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2 expenses as the Company executes on the early stages of optimizing its operating centres, offset by higher net revenue. Adjusted EBITDA3 for Q1-2025 was a loss of $5.5 million (adjusted EBITDA loss of $4.3 million for Q1-2024) primarily due to higher corporate general and administrative expenses, as the Company commenced execution of its strategy, offset by higher net revenue. Cash and cash equivalents balance of $8.8 million and working capital deficit of $27.8 million as at March 31, 2025. Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver, we are in the early stages of the execuƟon on our strategy to scale producƟon and lower costs. During the first 100 days of our efforts involving the new combined team, we have been ex tremely impressed by the tremendous response of our operaƟons teams to unlock the significant potenƟal across both operaƟng mines. We have made major foundaƟonal changes to build a team that can leverage the strength of our assets, and we now have the senior operaƟonal experƟse in place to implement our growth strategy. At Galena, we are well underway with numerous iniƟaƟves designed to improve safe mining and producƟvity which are already having a posi Ɵve impact. We are also in the late stages of securing a non-dilu Ɵve, right-sized debt facility to ensure we have the financial strength to implement our growth strategy. The result is that we expect to realize incremental produc Ɵon increases and lower costs as we progress through a transformaƟve investment year in 2025. Our team is execu Ɵng on several major infrastructure projects to support higher mining rates. These projects include advancing Galena’s 51-179 decline by adding two new 300-ton transfer passes to support our new 20-ton haul trucks, increasing venƟlaƟon capacity and improving secondary access. In part, these improvements will support mining in higher-grade silver-lead and silver-copper veins in Galena’s Central and Lower Country Lead Zones. Our exploraƟon team at Galena is focused on drilling under-explored targets. The recent discovery of the 034 vein, which remains open both up-dip and at dept h is a great example of a high-grade silver-copper system located near exis Ɵng infrastructure that fits well with our strategic focus to increase produc Ɵon and mine higher grade zones. While our drilling con Ɵnues to expand the 034 Vein, we have launched a new drilling campaign at the Coeur Mine (part of the Galena Complex) where four primary copper-silver veins remain open at depth. The poten Ɵal here is signi ficant as mining previously ceased during periods of much lower metal prices with significantly higher cut-off grades – a great opportunity for us in the new metal price environment. At our Cosalá opera Ɵons, our team is con Ɵnuing the transi Ɵon from the San Rafael Mine to the higher grade EC120 mining area which we expect to ramp up significantly later this year. Numerous infrastructure projects are progressing well, with drilling of a venƟlaƟon raise to support increased development acƟvity breaking through in late April. We are also outlining a very compelling new explora Ɵon strategy for the Cosalá area – an opportunity which the operaƟon has not had for over seven years. There is more to come and we expect to provide further updates on this opportunity as we outline and prioriƟze our targets. Overall, I am very pleased with our progress in se ƫng up the iniƟal phases of our operaƟonal strategy to unlock the massive potenƟal across our asset base for our shareholders.”
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3 Consolidated ProducƟon Consolidated silver producƟon of 446,000 ounces during Q1-2025 was lower than Q1-2024 producƟon of 484,000 ounces due to the lower consolidated tonnage processed and lower grades at the Cosalá’s San Rafael Mine as the mine transi Ɵons to the higher-grade EC120 mining area. Lower tonnes mined also impacted zinc and lead produc Ɵon. Galena produc Ɵon was impacted by a planned 14-day shutdown to perform maintenance on the Coeur Hoist Motor. Consolidated aƩributable cash costs and all-in sustaining costs for Q1-2025 were $25.04 per silver ounce and $35.67 per silver ounce, respec Ɵvely. Cash costs per silver ounce increased during the quarter due primarily to lower silver producƟon and lower by-product credits. Galena Complex The Galena Complex produced approximately 314,000 ounces of silver in Q1-2025 compared to approximately 311,000 ounces of silver in Q1-2024 (a 1% increase in silver produc Ɵon) despite having a 14-day planned maintenance shutdown to repair the Coeur Hoist motor in February. The Complex also produced 2.2 million pounds of le ad in Q1-2025, compared to 1.9 m illion pounds of lead in Q1-2024 (a 17% increase in lead producƟon). Cash costs increased to $28.08 per ounce silver in Q1-2025 from $27.14 per ounce silver in Q1-2024 due to slight increase in salaries and employee benefits at the operaƟons. Despite it being early in our transi Ɵon at Galena, we met the planned advance footage with signi ficant progress made in the 55-179 decline and associated in frastructure. Average development costs per foot are running less than expected costs – a very posiƟve early achievement. Advancing of the 55-179 decline accessed mul Ɵple high-grade silver-copper produc Ɵon stopes, including the 55-198 stope block on the Silver Hanging Wall Vein which was a significant contributor to producƟon in Q1-2025. Significant advancements were also made on two major infrastructure projects to support the 55-179 decline; excavaƟons for two new 300-ton transfer passes on the 5500 level to support the new 20-ton haul trucks delivered to site and successfully excava Ɵng a new long-hole raise for ven ƟlaƟon and secondary egress. During the quarter, development began on two track driŌs that will access the nests for two Alimak raises: one is a criƟcal venƟlaƟon raise to support conƟnued advance of the 55-179 decline to depth and provide improved secondary egress from the 5500 level, and the other will be a new transfer raise to support con Ɵnued mining of higher-grade silver-lead and silver-copper veins in the Central and Lower Country Lead Zones. Overall, the investment into mining infrastructure and criƟcal waste development at Galena is proceeding in line with expectaƟons and on schedule to scale producƟon moving forward. Cosalá OperaƟons The Cosalá Opera Ɵons are transi Ɵoning from the zinc-lead-silver San Rafael mine to the higher-grade silver-copper EC120 Project in 2025. The Company expects to conƟnue to operate San Rafael throughout the EC120 Project development period and maximize cash flow by prioriƟzing the highest NSR ore through the mill as it develops sufficient working faces in the EC120 Project to reach commercial producƟon by the end of 2025. During the quarter, mining took place in lower silver grade areas of the San Rafael mine while capital development focused on the EC120 Project as well as development into a higher silver grade area of the San Rafael Upper Zone which is expected to be milled in late Q2 or early Q3 2025. Processed silver grades are expected to increase quarter over quarter as EC120 producƟon conƟnues to ramp up.
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4 Silver producƟon decreased in Q1-2025 by 55% to approximately 132,000 ounces of silver compared to approximately 297,000 ounces of silver in Q1-2024 primarily due to lower tonnes mined, lower grades and recoveries as minor development delays in EC120 caused a higher por Ɵon of the mill feed to come from the San Rafael Main Central orebody which has lower grade and silver recoveries based on its minerology. Lower milled tonnage also caused base metals produc Ɵon to decrease to 6.7 million pounds of zinc and 1.6 million pounds of lead in Q1-2025, compared to 8.0 million pounds of zinc, and 2.8 million pounds of lead in Q1-2024. Silver producƟon is expected to increase steadily as the development into EC120 Project progresses, which is now back on schedule, and the mine con Ɵnues to batch higher development grade ore through the mill. During the quarter, the Cosalá OperaƟons increased capital spending on the EC120 Project, incurring $1.0 million over the period. While s Ɵll in its early phase of development, the EC120 Project has already contributed approximately $2.3 million to net reve nue during Q1-2025. Cash costs per silver ounce increased during Q1-2025 to $19.86 per ounce from $16.44 per ounce in Q1-2024 due primarily to decreased silver producƟon during the period. Conference Call Details Date: May 9, 2025 Time: 8:30 am ET / 5:30 am PT. The call may be accessed using this webcast link: hƩps://zoom.us/webinar/register/WN_wa5xN3u2RYO5HG0enqHjPQ Dial-In Toll Free Canada and USA: (888) 788-0099 Dial-In InternaƟonal Toll Number: +1 (647) 374-4685 MeeƟng ID: 976 5554 6597 No parƟcipant ID – Please press # to join. A recording of the conference call will be available for re play on the ‘Events’ page of our website later in the day on May 9, 2025. About Americas Gold and Silver CorporaƟon Americas is a growing precious metals mining company with mul Ɵple assets in North America. The Company owns and operates the Cosalá OperaƟons in Sinaloa, Mexico. In December 2024, the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transacƟon with affiliates of Mr. Eric SproƩ and a Paul Huet-led management team, further strengthening its posiƟon as a leading silver producer. Spro Ʃ is now the Company's largest shareholder, holding a ~20% interest. With these strategically posiƟoned assets, Americas is focused on becoming one of the top North American silver- focused producers with an objecƟve of over 80% of its revenue generated from silver by the end of 2025.
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5 Annual Filings The Company refers to its audited consolidated financial statements for the fiscal year ended December 31, 2024, included in the Company’s Annual Report on Form 40-F, which contained an audit report from its independent registered public accoun Ɵng firm with a going concern quali ficaƟon. Reference to this informaƟon is required by SecƟon 610(b) of the NYSE American Company Guide. Such reference does not represent any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2024. For more informaƟon: Maxim Kouxenko - Manager, Investor RelaƟons M: +1(647) 888-6458 E: ir@americas-gold.com W: Americas-gold.com Technical InformaƟon and Qualified Persons The scienƟfic and technical informa Ɵon relaƟng to the Company’s material mining properƟes contained herein has been reviewed and approved by Chris McCann, P .Eng., Vice President, Technical Services of the Company. The Company’s current Annual InformaƟon Form and the NI 43-101 Technical Reports for its mineral properƟes, all of which are available on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource es Ɵmates, classi ficaƟon and reporƟng parameters, key assumpƟons and associated risks for each of the Company’s material mineral properƟes, including a breakdown by category. All mining terms used herein have the meanings set forth in Na Ɵonal Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), as required by Canadian securi Ɵes regulatory authori Ɵes. These standards di ffer from the requirements of the SEC that are applicable to domes Ɵc United States reporƟng companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under-SEC standards. Accordingly, informa Ɵon contained in this news release may not be comparable to similar informaƟon made public by companies subject to the SEC’s reporƟng and disclosure requirements. CauƟonary Statement on Forward-Looking InformaƟon: This news release contains “forward-looking informaƟon” within the meaning of applicable securiƟes laws. Forward-looking informaƟon includes, but is not limited to, Americas’ expecta Ɵons, inten Ɵons, plans, assumpƟons and beliefs with respect to, among other things, esƟmated and targeted producƟon rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; produc Ɵon from the Galena Complex and Cosalá OperaƟons, including the expected number of producing stopes and produc Ɵon levels; the expected Ɵming and comple Ɵon of required development and the expected opera Ɵonal and produc Ɵon results therefrom, including the an Ɵcipated improvements to produc Ɵon rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; statements relaƟng to Americas’ EC120 Project; and statements relaƟng to implementa Ɵon of, and the impact of new management on, the planned recapitaliza Ɵon of
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6 Galena Complex. Guidance and outlook references co ntained in this press release were prepared based on current mine plan assump Ɵons with respect to produc Ɵon, development, costs and capital expenditures, the metal price assump Ɵons disclosed herein, and assumes no further adverse impacts to the Cosalá Opera Ɵons from blockades or work stoppages, and comple Ɵon of the sha Ō repair and sha Ō rehab work at the Galena Complex on its expected schedule and budget, the realizaƟon of the anƟcipated benefits therefrom, and is subject to the risks and uncertain Ɵes outlined below. The ability to maintain cash flow posiƟve producƟon at the Cosalá OperaƟons, which includes the EC120 Project, through meeƟng producƟon targets and at the Galena Complex through implemen Ɵng the Galena Recapitaliza Ɵon Plan, including the comple Ɵon of the Galena sha Ō repair and sha Ō rehab work on its expected schedule and budget, allowing the Company to generate sufficient operaƟng cash flows while facing market fluctuaƟons in commodity prices and in flaƟonary pressures, are signi ficant judgments in the consolidated financial statements with respect to the Company’s liquidity. Should the Company experience nega Ɵve operaƟng cash flows in future periods, the Company may need to raise addi Ɵonal funds through the issuance of equity or debt securiƟes. OŌen, but not always, forward-looking informaƟon can be idenƟfied by forward- looking words such as “an Ɵcipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “potenƟal’, “esƟmate”, “may”, “assume” and “will” or similar words suggesƟng future outcomes, or other expecta Ɵons, beliefs, plans, objecƟves, assumpƟons, intenƟons, or statements about future events or performance. Forward- looking informaƟon is based on the opinions and esƟmates of Americas as of the date such informaƟon is provided and is subject to known and unknown risks, uncertainƟes, and other factors that may cause the actual results, level of acƟvity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking informa Ɵon. With respect to the business of Americas, these risks and uncertain Ɵes include risks rela Ɵng to widespread epidemics or pandemic outbreak, acƟons that have been and may be taken by governmental authoriƟes to contain such epidemic or pandemic or to treat its impact and/or the availability, effecƟveness and use of treatments and vaccines (including the e ffecƟveness of boosters); interpreta Ɵons or reinterpreta Ɵons of geologic informa Ɵon; unfavorable exploraƟon results; inability to obtain permits required for future explora Ɵon, development or producƟon; general economic condiƟons and condiƟons affecƟng the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; poten Ɵal li ƟgaƟon; fluctuaƟng mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including futu re commodity prices, currency fluctuaƟons and energy prices), ground condiƟons, illegal blockades and other factors limi Ɵng mine access or regular opera Ɵons without interrupƟon, failure of plant, equipment, processes and transportaƟon services to operate as anƟcipated, environmental risks, government regula Ɵon, actual results of current explora Ɵon and produc Ɵon acƟviƟes, possible variaƟons in ore grade or recovery rates, permiƫng Ɵmelines, capital and construcƟon expenditures, reclamaƟon acƟviƟes, labor relaƟons or disrupƟons, social and poliƟcal developments, risks associated with generally elevated in flaƟon and in flaƟonary pressures, risks related to changing global economic condiƟons, and market vola Ɵlity, risks relaƟng to geopoli Ɵcal instability, poliƟcal unrest, war, and other global conflicts may result in adverse e ffects on macroeconomic condiƟons including volaƟlity in financial markets, adverse changes in trade policies, in flaƟon, supply chain disrup Ɵons and other risks of the mining industry. Although the Company has a Ʃempted to iden Ɵfy important factors that could cause actual results to di ffer materially from those contained in forward-looking informa Ɵon, there may be other factors that cause results not to be as anƟcipated, esƟmated, or intended. Readers are cauƟoned not to place undue reliance on such informa Ɵon. AddiƟonal informaƟon regarding the factors that may
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7 cause actual results to di ffer materially from this forward-looking informa Ɵon is available in Americas’ filings with the Canadian Securi Ɵes Administrators on SEDAR+ and with the SEC. Americas does not undertake any obligaƟon to update publicly or otherwise revise any forward-looking informaƟon whether as a result of new informaƟon, future events or other such factors which affect this informaƟon, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectaƟons, or (2) concerning the result or Ɵming thereof. All subsequent wriƩen and oral forward-looking informaƟon concerning Americas are expressly qualified in their enƟrety by the cauƟonary statements above. 1. This metric is a non-GAAP financial measure or ra Ɵo. The Company uses the financial measures "average realized silver price", "average realized zinc price” and “average realized lead price” because it understands that in addi Ɵon to conven Ɵonal measures prepared in accordance with IFRS, certain investors and analysts use this informaƟon to evaluate the Company’s performance vis-à-vis average market prices of metals for the period. The presenta Ɵon of average realized metal prices is not meant to be a subsƟtute for the revenue informaƟon presented in accordance with IFRS, but rather should be evaluated in conjuncƟon with such IFRS measure. Average realized metal prices represent the sa le price of the underlying metal excluding unrealized mark-to-market gains and losses on provisional pricing and concentrate treatment and refining charges. Average realized silver, zinc and lead prices are calculated as the revenue related to each of the metals sold, e.g. revenue from sales of silver divided by the quanƟty of ounces sold. 2. The Company references certain supplementary financial measures that are not de fined terms under IFRS to assess performance because it believes they provide useful supplemental informaƟon to investors. References to silver equivalent produc Ɵon are based on all metals producƟon at average realized silver, zinc, and lead prices during each respec Ɵve period, except as otherwise noted. 3. This metric is a non-GAAP financial measure or ra Ɵo. The Company uses the financial measure “Cost of Sales/Ag Eq Oz Produced” because it understands that, in addi Ɵon to conven Ɵonal measures prepared in accordance with IFRS, ce rtain investors and analysts use this informa Ɵon to evaluate the Company’s underlying cost of operaƟons. Silver equivalent producƟon are based on all metals produc Ɵon at average realized silver, zinc, and lead prices during each respec Ɵve period, except as otherwise noted. The Company uses the financial measures, “Cash Cost”, “Cash Cost/Ag Oz Produced”, “All-In Sustaining Cost”, and “All-In Su staining Cost/Ag Oz Produced” in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addi Ɵon to convenƟonal measures prepared in accordance with IFRS, certain investors and analysts use this informa Ɵon to evaluate the Company’s underlying earnings, cash costs and total costs of operaƟons. Cash costs are determined on a mine-by-mine basis and include mine site operaƟng costs such as: mining, processing, administra Ɵon, producƟon taxes and royal Ɵes which are not based on sales or taxable income calculaƟons. Non-cash costs consist of: non-cash related charges to cost of sales including inventory movements, write-downs to net realizable value of concentrates, ore stockpiles, and spare parts and supplies, and employee profit share accruals. All-in sustaining costs is cash costs plus all sustaining development, capital expenditures, and exploraƟon spending, excluding costs not related to current operaƟons.
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8 The Company uses the financial measures “EBITDA”, “adjusted EBITDA” and “adjusted earnings” as indicators of the Company’s ability to generate opera Ɵng cash flows to fund working capital needs, service debt obliga Ɵons, and fund explora Ɵon and evalua Ɵon, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indicaƟve of opera Ɵng profit or cash flows from opera Ɵng acƟviƟes as determined under IFRS. Other companies may calculate these financial measures differently. EBITDA is net income (loss) under IFRS before deple Ɵon and amorƟzaƟon, interest and financing expense, and income taxes. Adjusted EBITDA fu rther excludes other non-cash items such as accreƟon expenses, impairment charges, and other fair value gains and losses. Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accreƟon expenses, impairment charges, and other fair value gains and losses. Reconciliation of Consolidated Cost of Sales/Ag Eq Oz Produced Q1-2025a Q1-2024a,b Cost of sales ('000) $ 21,139 $ 21,038 Less non-controlling interests portion ('000) - (3,488) Attributable cost of sales ('000) $ 21,139 $ 17,550 Divided by silver equivalent produced (oz) 837,800 1,020,864 Cost of sales/Ag Eq oz produced ($/oz) $ 25.23 $ 17.19 Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Produced Q1-2025a Q1-2024a,b Cost of sales ('000) $ 10,991 $ 12,316 Divided by silver equivalent produced (oz) 460,508 788,207 Cost of sales/Ag Eq oz produced ($/oz) $ 23.87 $ 15.63 Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Produced Q1-2025 Q1-2024b Cost of sales ('000) $ 10,148 $ 8,722 Divided by silver equivalent produced (oz) 377,292 387,761 Cost of sales/Ag Eq oz produced ($/oz) $ 26.90 $ 22.49 Reconciliation of Consolidated Cash Costs/Ag Oz Produced Q1-2025a Q1-2024a Cost of sales ('000) $ 21,139 $ 21,038 Less non-controlling interests portion ('000) - (3,488) Attributable cost of sales ('000) 21,139 17,550 Smelting, refining and royalty expenses in cost of sales ('000) (1,068) (1,301) Non-cash costs ('000) (1,394) 152 Direct mining costs ('000) $ 18,677 $ 16,401 Smelting, refining and royalty expenses ('000) 3,234 4,343 Less by-product credits ('000) (10,737) (10,790) Cash costs ('000) $ 11,174 $ 9,954
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9 Divided by silver produced (oz) 446,207 483,920 Cash costs/Ag oz produced ($/oz) $ 25.04 $ 20.57 Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced Q1-2025a Q1-2024a Cost of sales ('000) $ 10,991 $ 12,316 Smelting, refining and royalty expenses in cost of sales ('000) (855) (1,207) Non-cash costs ('000) (1,311) (278) Direct mining costs ('000) $ 8,825 $ 10,831 Smelting, refining and royalty expenses ('000) 2,460 3,849 Less by-product credits ('000) (8,920) (9,793) Cash costs ('000) $ 2,365 $ 4,887 Divided by silver produced (oz) 132,444 297,262 Cash costs/Ag oz produced ($/oz) $ 17.86 $ 16.44 Reconciliation of Galena Complex Cash Costs/Ag Oz Produced Q1-2025 Q1-2024 Cost of sales ('000) $ 10,148 $ 8,722 Smelting, refining and royalty expenses in cost of sales ('000) (213) (156) Non-cash costs ('000) (83) 716 Direct mining costs ('000) $ 9,852 $ 9,282 Smelting, refining and royalty expenses ('000) 774 823 Less by-product credits ('000) (1,817) (1,661) Cash costs ('000) $ 8,809 $ 8,444 Divided by silver produced (oz) 313,763 311,096 Cash costs/Ag oz produced ($/oz) $ 28.08 $ 27.14 Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Produced Q1-2025a Q1-2024a Cash costs ('000) $ 11,174 $ 9,954 Capital expenditures ('000)c 3,493 3,938 Exploration costs ('000) 1,249 646 All-in sustaining costs ('000) $ 15,916 $ 14,538 Divided by silver produced (oz) 446,207 483,920 All-in sustaining costs/Ag oz produced ($/oz) $ 35.67 $ 30.04 Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Produced Q1-2025a Q1-2024a Cash costs ('000) $ 2,365 $ 4,887 Capital expenditures ('000)c 429 1,881 Exploration costs ('000) 820 123 All-in sustaining costs ('000) $ 3,614 $ 6,891 Divided by silver produced (oz) 132,444 297,262
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10 All-in sustaining costs/Ag oz produced ($/oz) $ 27.29 $ 23.18 Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Produced Q1-2025 Q1-2024 Cash costs ('000) $ 8,809 $ 8,444 Capital expenditures ('000)c 3,064 3,428 Exploration costs ('000) 429 871 All-in sustaining costs ('000) $ 12,302 $ 12,743 Divided by silver produced (oz) 313,763 311,096 All-in sustaining costs/Ag oz produced ($/oz) $ 39.21 $ 40.96 Reconciliation of EBITDA and Adjusted EBITDA Q1-2025 Q1-2024 Net loss ('000) $ (18,918) $ (16,157) Depletion and amortization ('000) 5,509 5,524 Interest and financing expense ('000) 474 689 Income tax recovery ('000) (28) (15) EBITDA ('000) $ (12,963) $ (9,959) Accretion on decommissioning provision ('000) 160 153 Foreign exchange loss (gain) ('000) (175) 1,136 Gain on disposal of assets ('000) (966) - Loss on metals contract liabilities ('000) 9,024 3,046 Other loss (gain) on derivatives ('000) (709) 1,071 Fair value loss on royalty payable ('000) 125 256 Adjusted EBITDA ('000) $ (5,504) $ (4,297) Reconciliation of Adjusted Earnings Q1-2025 Q1-2024 Net loss ('000) $ (18,918) $ (16,157) Accretion on decommissioning provision ('000) 160 153 Foreign exchange loss (gain) ('000) (175) 1,136 Gain on disposal of assets ('000) (966) - Loss on metals contract liabilities ('000) 9,024 3,046 Other loss (gain) on derivatives ('000) (709) 1,071 Fair value loss on royalty payable ('000) 125 256 Adjusted earnings ('000) $ (11,459) $ (10,495) (a) Throughout this press release, tonnes milled, silver grade and recovery, silver produc Ɵon and sales, silver equivalent producƟon, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-producƟon from the Cosalá OperaƟons. (b) Throughout this press release, contract services related to transportaƟon costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024. (c) For fiscal 2025, capital expenditures exclude growth capital from the Galena Complex and Cosalá OperaƟons, including capital spend on the EC120 Project