Americas Gold and Silver (NYSE:USAS) reported record-breaking silver production for 2025 and announced that its high-grade EC120 project in Mexico officially reached commercial production on New Year's Day.
The Toronto-based miner delivered attributable silver production of 2.65 million ounces for the full year, a massive 52% increase over 2024 levels.
The growth was led by a "standout" performance at the Cosalá Operations, which set a new annual record of 1.19 million ounces.
The turnaround at the Galena Complex in Idaho also contributed significantly, while providing a strategic domestic source of antimony—a critical mineral—producing roughly 561,000 pounds of the metal as a payable by-product.
Financially, the company enters 2026 with its strongest balance sheet in years.
Following a $132.25 million bought-deal financing in December, Americas Gold and Silver reported approximately $130 million in cash as of year-end, a $90 million increase from the third quarter.
This capital was immediately deployed to close the $65 million acquisition of the Crescent Silver Mine, located just nine miles from Galena.
"2025 was a transformative investment year," said CEO Paul Andre Huet.
"With EC120 now at commercial rates and the Crescent restart on track for mid-2026, we are positioned to quadruple our silver output over the next two years."