Americas Gold and Silver Reports 2022 Results
Home > Mining > News Article

Americas Gold and Silver Reports 2022 Results

Photo by:   Pixabay
Share it!
Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Fri, 03/17/2023 - 09:19

Americas Gold and Silver Corporation has announced its financial and operational results for the year 2022. The growing North American precious metals producer reported a revenue of US$85 million, which marks a US$40 million increase from the previous year. The company has also reported a net loss of US$45.2 million, or an attributable loss of US$0.23 per share, representing a decrease in net loss of US$115.4 million compared to 2021.

Despite the net loss, Americas Gold and Silver Corporation had positive operational results. The net income from the Cosalá Operations and Galena Complex operating segments increased by US$15.3 million, which is a 100% increase year-over-year compared to 2021. Adjusted net loss was US$27.7 million in 2022, a decrease of US$9.3 million from the US$37 million in 2021 after adjusting for one-time, non-recurring items, primarily related to the Relief Canyon mine.

“The Company is well positioned to benefit from the expected production increase in 2023 and offers stakeholders substantial silver optionality given the current global uncertainty,” stated Darren Blasutti, President and CEO, Americas. “Though the 2022 financial results were disappointing, attributable silver production is expected to increase by over 80% in 2023 compared with 2022,” he added. 

The company has also reported cash costs of US$0.77/oz silver produced and all-in sustaining costs of US$9.64/oz silver produced during the year. The cash costs per oz silver were lower than the guidance range of US$4 to US$5 per silver oz. Americas Gold and Silver previously reported 2022 consolidated attributable production of approximately 5.3 million oz of silver equivalent, including 1.3 million oz of silver, 39.3 million lb of zinc and 24.6 million lb of lead, exceeding the silver equivalent guidance range of 4.8 to 5.2 million oz.

The company's production guidance for 2023 remains unchanged at 2.2-2.6 million silver oz and 5.5-6.0 million silver equivalent oz at cash costs of $8.00-$9.00 per silver oz.

Despite the net loss, Americas Gold and Silver is focused on continuing to increase its production of precious metals while keeping cash costs at a minimum. The company urged investors to carefully review the company's Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for a comprehensive understanding of its financial and operational results.

Photo by:   Pixabay

You May Like

Most popular