Financial Data and Key Metrics Changes - Consolidated revenue increased to $118 million, up 18% from $100 million in 2024, driven by higher silver production and strong realized prices [17] - Consolidated attributable silver production reached 2.65 million oz, with approximately 3.4 million oz of silver equivalent, including byproducts [17] - Net loss reported at $87 million or $0.33 per share in 2025, compared to a net loss of $49 million or $0.46 per share in 2024 [18] Business Line Data and Key Metrics Changes - Significant increase in silver production by 52% to 2.65 million oz, with record production of 1.2 million oz at Cosalá [4][5] - Galena achieved consistent productivity gains alongside major capital projects and integration of the Crescent Mine [5][10] - Transition to long hole stoping at Galena has shown a 200% improvement in mucking operations, moving around 200 tons of ore per shift [8][9] Market Data and Key Metrics Changes - Institutional ownership increased from 7% in late 2024 to over 65%, indicating strong market support [20] - Americas Gold and Silver added to the VanEck GDXJ and SIL ETFs, with increased analyst coverage [20] Company Strategy and Development Direction - Focus on strengthening U.S. critical minerals supply chains and expanding silver and antimony production [12][13] - Introduction of a formal 2026 production cost and capital guidance, expecting silver production of 3.2 million-3.6 million oz at an AISC of $30-$35 per ounce sold [13][15] - Major investments planned for infrastructure upgrades and operational improvements at Galena and Crescent [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future silver production growth as the Crescent Mine restarts and EC120 operations optimize [19] - The company is excited about the potential of new high-grade discoveries and the ongoing exploration program [11][21] - Management highlighted the importance of safety, achieving over 550,000 man-hours without lost time accidents [3] Other Important Information - The company launched its largest exploration program in history, with approximately 64,000 m of drilling planned across the Galena Complex [11] - A joint venture with United States Antimony was announced to build and operate a new antimony facility at the Galena Complex [12] Q&A Session Summary Question: Production guidance breakdown for Cosalá and Galena - Management provided a range of 2.2 million-2.6 million oz from Galena and 1.2 million-1.4 million oz from Mexico for 2026 [27][28] Question: Capital allocation split for the year - Total capital expenditures targeted between $90 million and $120 million, with $60 million-$80 million for growth and $30 million-$40 million for sustaining [33] Question: Update on Relief Canyon and antimony JV - An internal study on Relief Canyon is planned, while the antimony JV is progressing faster than expected [35][38] Question: 2026 guidance and production trajectory - Crescent will contribute a small amount to production in 2026, with a focus on extending vein systems [41][42] Question: New discoveries and their impact - The new 520 vein is under exploration, with potential for significant discoveries in the district [75]