TORONTO, ONTARIO — Americas Gold and Silver Corporation announced its Q2-2023 production results July 17.
Q2-2023 consolidated attributable silver production increased by 92% year-over-year and 15% quarter-over-quarter totaling approximately 0.57 million ounces compared with approximately 0.30 million ounces in Q2-2022 and 0.50 million ounces in Q1-2023.
Consolidated attributable silver equivalent1 production in Q2-2023 was approximately 1.3 million ounces compared with approximately 1.2 million ounces in Q1-2023 and 1.3 million ounces in Q2-2022.
Production guidance for 2023 remains unchanged with consolidated attributable silver production expected to range between 2.2 and 2.6 million ounces and consolidated attributable silver equivalent production expected to range between 5.5 and 6.0 million ounces.
The Company successfully installed the Galena Hoist which is now operational as of the end of Q2-2023 with only shaft repair remaining before final certification can be obtained.
In early July, the Company closed the second tranche of the senior secured convertible debenture for a total of C$8.0 million. In addition, certain members of the Company’s board and management invested a total of C$550,000 in a private placement for common shares of the Company.
“The Company continued the strong momentum from Q1-2023 and delivered another solid production quarter in Q2-2023, resulting in a significant increase in silver production quarter-over-quarter and year-over-year. Production in the second half of the year is expected to be higher than the first half of the year,” stated Americas President and CEO Darren Blasutti. “The Galena Hoist was successfully installed by the end of the quarter with only shaft repair remaining on a part of the shaft. The Galena Hoist is expected to positively impact the Galena Complex operations for many years to come.”
The Cosalá Operations produced approximately 335,000 ounces of silver, 3.2 million pounds of lead and 9.6 million pounds of zinc in Q2-2023, compared to approximately 128,000 ounces of silver, 3.9 million pounds of lead and 9.9 million pounds of zinc in Q2-2022, benefitting from more production from the higher-grade silver areas in the Upper Zone of the San Rafael mine.
Attributable production from the 60% owned Galena Complex was approximately 238,000 ounces of silver and 2.7 million pounds of lead in Q2-2023, compared to approximately 171,000 ounces of silver and 2.5 million pounds of lead in Q2-2022. Much of the increase in silver production comes from the 3700 Level silver-copper areas which drove total silver grade processed above 400 g/t during the quarter. Also, during the quarter, the Company successfully installed the Galena Hoist which is now operational. The Company is focused on finishing the remaining shaft repair work, which is not expected to impact production guidance for the Galena Complex in 2023.
The Company’s production guidance for 2023 remains unchanged with attributable consolidated silver equivalent production expected to range between 5.5 and 6.0 million ounces and attributable consolidated silver production forecast between 2.2 and 2.6 million ounces.