Americas Gold and Silver Corporation (AMEX:USAS) Q4 2024 Earnings Call

Americas Gold and Silver Corporation (AMEX:USAS) Q4 2024 Earnings Call Transcript March 28, 2025

Operator: Hello, and welcome to the Americas Gold and Silver Fourth Quarter and Year-end 2024 Conference Call. This call will be recorded and will be available for watching from the Events page of our website at around 1:00 PM Eastern Time or 10:00 AM Pacific Time today. Now without further ado, I’d like to pass it over to Paul Huet, the Chairman and CEO of Americas Gold and Silver, so that we can get started.

Paul Huet: Thank you, Maxim. Good morning, everyone. I would like to welcome you to the Fourth Quarter and Year-End 2024 Conference Call. Please note, we will be referencing a slide deck, which is being shared through the webcast of this call. Over to Slide 3. Before I begin the presentation, I would like to remind you to please review our cautionary statements regarding forward-looking information and non-IFRS measures. These statements can be found in your year-end MD&A, news release and in our presentation slides. Over to Slide 4 with the highlights. On today’s call with me is Warren Varga, our CFO, who will take us through the financial highlights for the fourth quarter and full year. Oliver Turner, who is heading up our Corporate Development, is also on the call, and you will hear from Oliver later.

But first, I will cover some recent highlights and then hand the call over to Warren to review the financial results. Let me start by sharing how excited I am about the significant transformation for the company that officially kicked off late last year and we’ve been taking important steps forward ever since. Since I joined Americas Gold and Silver as Chairman and CEO, we have quickly taken steps to strengthen our Board and management that will provide a proven leadership and unlock the massive potential of our operations for our shareholders. I couldn’t be happier about the growing silver producer in what looks to be a very strong bull market for silver that has a lot of room to run from here. Last year, we moved fairly quickly to consolidate ownership of the Galena Complex.

Then we closed an oversubscribed $50 million subscription receipt financing with the book filled in about, I don’t know, 3 to 5 minutes. Demand was extremely high. We could have easily raised $100 million, but we said no. At these levels, we didn’t want to take on more dilution than what was needed, and we knew we could work with preferred lenders to get a strong debt solution in place to clean up the rest of the balance sheet. Now that original $50 million, it went to work at Galena, Cosalá and to begin the process of tackling the liabilities on our balance sheet. Warren will go into more details later. But since the consolidation transaction, we have reduced liabilities by approximately $43 million, a tremendous accomplishment, both from operating cash flow and our bolstered treasury.

These wins just go to show our team’s relentless drive and hard work to build value. All this puts us in a great spot to grow from this. Before I turn to the operations, it is important to know that we are making great progress towards putting in place — sorry, putting towards a substantial debt financial facility in place. In the near future, we will strengthen our balance sheet and provide financial flexibility to bring our operations to the next level. I’m also pleased to let you know we will be issuing our full year production guidance for ’25 in the next few weeks. So that’s just a couple of weeks — in April. So stay tuned for that. Now I just want to discuss the Galena Complex with everybody. Since we unified the asset in late ’24, we’ve been laser-focused on unlocking its full potential.

Q&A Session

And let me tell you, look, there’s tremendous opportunity here. Our strategy is crystal clear. We’re breathing a new life into this high-grade silver operation and delivering real value to our shareholders with a smart multifaceted game plan. So what did we accomplish in late ’24? As previously mentioned, we unified ownership of the historic Galena, first huge step. We jumped right in, evaluated productivity rates and rolled up some quick win improvements that are already making a difference. On the leadership front, we strengthened the Board, strengthened the management team and the senior executive team on site, and we didn’t stop there. We brought in some top-notch technical and operational talent that are really relevant to help us elevate things.

Coupled with that, we ordered some brand-new…