Americas Gold’s record silver output miss: production drivers for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Americas Gold and Silver posted record Q3 silver output of 800,458 oz., up 4.6% year-on-year but well below the 950,000 oz. analyst consensus, as infrastructure works at the Galena complex in Idaho constrained production. The company reaffirmed 2026 guidance of 3.2–3.6 million oz. at all-in sustaining costs of $30–35/oz., implying a required Q4 step-up to about 1.1 million oz., while record silver sales of 860,850 oz. and Cosalá’s 23% quarter-on-quarter output increase to 415,879 oz. were supported by higher grades in the EC120 orebody. Galena’s ongoing projects—a new paste fill plant, hoist upgrades and underground fibre optic installation—aim to prepare higher-grade silver-copper-antimony veins for future long-hole stoping, with Q3 by-product output including 918,456 lb. copper, 964,551 lb. lead and 121,691 lb. antimony.
Technical Brief
- Galena complex infrastructure works include a new paste fill plant, hoist upgrades and underground fibre optic.
- Underground waste development at Galena is targeting higher-grade silver–copper–antimony veins for long-hole stoping.
- Galena delivered 384,579 oz. silver production vs 437,709 oz. silver sales in Q3 2026.
- By-product output at Galena comprised 964,551 lb lead, 182,362 lb copper and 101,011 lb antimony.
- Cosalá in Sinaloa produced 415,879 oz silver and sold 423,141 oz in the quarter.
- Cosalá generated 736,094 lb copper, accounting for the majority of consolidated copper production.
- Higher grades at Cosalá came from advancing into the central EC120 orebody with improved material movement.
- Americas Gold ended September with US$63 million cash and total liquidity of US$113 million, including US$50 million undrawn credit.
Our Take
Americas Gold and Silver’s need for a 43% quarter‑on‑quarter lift in silver output to hit 2026 guidance comes soon after it removed the Galena silver stream with Sprott Mining (May 22, 2026 piece), meaning any shortfall now hits its own balance sheet rather than a streaming counterparty.
The Cosalá mine’s 23% quarter‑on‑quarter silver increase aligns with our June 1, 2026 coverage of San Rafael Upper and 120 zone infill drilling returning grades up to five times the resource model, suggesting further upside if those higher‑grade areas can be brought into the mine plan quickly.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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