08:05 AM EDT, 05/01/2024 (MT Newswires) -- Americas Gold and Silver ( USAS ) reported Wednesday a year-on-year decline in attributable silver production during the first quarter.

The miner produced 480,000 ounces of attributable silver during the period, down from 500,000 ounces produced in the first quarter of the previous year.

The company also produced 8.0 million attributable pounds of zinc and 4.0 million attributable pounds of lead during the first quarter.

Americas Gold and Silver ( USAS ) noted strong production from the Cosala operations in Mexico due to above budgeted silver grades and recoveries.

"The company had a reasonable start to the year in terms of silver production and anticipates much stronger quarterly silver production for the remainder of the year," President and CEO Darren Blasutti said.

Meanwhile, the company said production from the Galena complex in Idaho was slightly below budget as it focused on developing access to the site's new mining areas.

Americas Gold and Silver ( USAS ) also appointed Jim Currie as chief operating officer, effective May 6. Currie has served as COO of Equinox Gold (EQX.TO), Pretium Resources and New Gold (NGD.TO).

The company also noted that it is in the documentation phase with a metal trader to provide concentrate prepayment financing for the entire capital requirement at the El Cajon and Zone 120 silver-copper project within the Cosala operations.

Americas Gold and Silver ( USAS ) expects to close the financing in the second quarter, with the goal of producing silver-copper concentrates in early 2025.

The company's share price rose 2.5% to US$0.2591 at last look in U.S. pre-market trading.