05:33 PM EDT, 05/15/2024 (MT Newswires) -- Americas Gold and Silver ( USAS ) , a North American precious metals producer, was up 6% in US after hours Wednesday despite reporting a wider net loss and lower revenues for the first quarter. The buying may be on the company's optimism around higher silver and base metals prices, and production from the Galena Complex.

It reported a net loss of US$16.2 million for Q1 2024, or US$0.07 per share representing an increase in net loss of US$5.7 million compared to Q1-2023, primarily due to lower net revenue, higher cost of sales, and higher loss on non-cash derivatives related to the convertible debenture, offset in part by lower interest and financing expense.

Revenue decreased to V$19.5 million for Q1 2024 or 12% compared to US$22.1 million for Q1 2023, resulting from lower realized zinc price at the Cosala Operations and lower silver and lead production from the Galena Complex, offset by higher silver production from the Cosala Operations.

As previously reported, Q1 2024 attributable silver production was 0.48 million ounces compared with approximately 0.50 million ounces in Q1 2023. The company also produced approximately 8.0 million attributable pounds of zinc and 4.0 million attributable pounds of lead during Q1-2024.

"I am optimistic about the remainder of the year despite an expected, but lower production quarter. Increasing silver and base metals prices coupled with expected higher silver production from the Galena Complex should greatly improve operating results over the next three quarters," said Americas President and CEO Darren Blasutti. "Ore production from the newly developed 2400 Level at the Galena Complex has commenced, providing a larger monthly base load of silver-lead production. In addition, development on the 3700 Level at the Galena Complex has begun into a high-grade silver-copper area with initial production expected at the start of Q3-2024."

The company shares closed up C$0.04 to C$0.445 on the Toronto Stock Exchange.