Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) a growing precious metals producer with operations in North America, increased its first-quarter silver production by 66 per cent compared with the same period last year.
On Friday, the Toronto-based company reported producing about 500,000 ounces of silver in the first quarter of 2023, compared with 300,000 ounces in the first quarter of 2022.
Despite the significant boost in silver production, Americas Gold and Silver’s silver equivalent production fell 8 per cent to 1.2 million ounces because of a 17-day shutdown of its Cosala Operations tailings facility in Mexico in February.
The shutdown allowed the San Rafael mine to replenish its ore stockpiles and allowed scheduled maintenance to be completed at the Los Braceros mill, positioning the operation for increased production for the remainder of the year, the company said.
Americas Gold and Silver expects silver and silver equivalent production to increase in each quarter this year at both its Cosala Operations in Sinaloa, Mexico, and Galena Complex in Idaho. Additional production increases are expected once the company’s Galena Hoist project is complete, which is expected before the end of the second quarter.
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The company’s production guidance for 2023 remains unchanged, with consolidated silver equivalent production expected to range between 5.5 million to 6 million ounces and consolidated silver production expected to range between 2.2 million to 2.6 million ounces.
Mining operations at the Galena Complex resumed on April 12 after a two-day suspension following the death of an employee on April 11.
“The company had a strong operational start to the year, despite a 17-day operating shutdown in Mexico in February,” said Americas Gold and Silver President and CEO Darren Blasutti.
The Cosala Operations produced about 265,000 ounces of silver, 2.7 million pounds of lead and 7.2 million pounds of zinc. Production at the Cosala Operations during the first quarter was impacted by the shutdown of the Cosala Operations tailings facility in February. The Galena Complex produced 235,000 ounces of silver and 2.8 million pounds of lead.
The company began mining higher-grade silver ore from the 3700 Level at the Galena Complex in December 2022 and recently started development at the 4300 Level to access the Upper 360 Complex reserve area.
Americas Gold and Silver Corporation is a precious metals mining company with multiple assets in North America, including the Cosala Operations in Sinaloa, Mexico, and a 60-per-cent interest in the Galena Complex in Idaho. The company is also evaluating the Relief Canyon mine in Nevada.
Company stock went up by 1.52 per cent on Friday to $0.67 on the Toronto Stock Exchange.
