Americas Gold and Silver Corporation (USAS): Business Model Canvas

In der dynamischen Welt des Edelmetallabbaus erweist sich die Americas Gold and Silver Corporation (USAS) als strategisches Kraftpaket, das komplexes geologisches Potenzial in greifbaren wirtschaftlichen Wert umwandelt. Durch die nahtlose Integration fortschrittlicher Bergbautechnologien, nachhaltiger Praktiken und strategischer globaler Partnerschaften hat USAS ein ausgeklügeltes Geschäftsmodell entwickelt, das sich durch die komplizierten Landschaften der Silber- und Goldgewinnung bewegt. Ihr innovativer Ansatz verspricht nicht nur eine qualitativ hochwertige Metallproduktion, sondern zeigt auch ein tiefgreifendes Engagement für eine verantwortungsvolle Ressourcenentwicklung und positioniert sie als zukunftsorientierten Akteur auf dem wettbewerbsintensiven Edelmetallmarkt.

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbau-Joint Ventures in Mexiko und Nevada

Americas Gold and Silver Corporation unterhält strategische Joint Ventures mit folgenden Partnern:

Standort	Partner	Projekt	Eigentumsprozentsatz
Chihuahua, Mexiko	Minera Cascabel S.A. de C.V.	Cosala-Operation	100%
Nevada, USA	Renaissance Gold Inc.	Lincoln Hill-Projekt	70%

Ausrüstungslieferanten für Bergbaubetriebe

Zu den wichtigsten Ausrüstungslieferanten gehören:

• Caterpillar Inc. – Schwere Bergbauausrüstung
• Sandvik Mining and Rock Technology – Bohr- und Aushubausrüstung
• Metso Outotec – Mineralverarbeitungsmaschinen

Kommunalverwaltung und Umweltaufsichtsbehörden

Partnerschaften zur Einhaltung gesetzlicher Vorschriften umfassen:

• Mexikanisches Wirtschaftsministerium
• Nevada Bureau of Mines and Geology
• Umweltschutzbehörde (EPA)

Finanzinstitute und Investmentpartner

Institution	Art der Partnerschaft	Finanzielle Beteiligung
Sprott Inc.	Eigenkapitalinvestition	15,3 Millionen US-Dollar (Stand 2023)
BMO-Kapitalmärkte	Schuldenfinanzierung	Kreditfazilität in Höhe von 20 Millionen US-Dollar

Metallurgische Verarbeitungs- und Raffinationsunternehmen

Primärmetallurgische Verarbeitungspartner:

• Met-Mex Peñoles S.A. de C.V. - Silberveredelung
• Metalor Technologies SA - Edelmetallverarbeitung

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration

Ab 2024 konzentriert sich Americas Gold and Silver Corporation auf Explorationsaktivitäten in bestimmten Regionen:

Gesamte Explorationsausgaben (2023)	8,2 Millionen US-Dollar
Erkundungsregionen	Mexiko, Nevada, Argentinien
Explorationsbohrmessgeräte	45.678 Meter

Untertage- und Tagebaubetriebe

Zu den aktuellen Bergbaubetrieben gehören:

• Cosalá-Betriebe in Sinaloa, Mexiko
• Relief Canyon Mine in Nevada, USA
• San Rafael Mine in Argentinien

Gesamte Bergbauproduktion (2023)	1,2 Millionen Unzen Silberäquivalent
Gesamtzahl der in Betrieb befindlichen Minen	3 aktive Minen
Jährliche Bergbaukapazität	1,5 Millionen Unzen Silberäquivalent

Mineralgewinnung und -verarbeitung

Verarbeitungsmöglichkeiten und Metriken:

Verarbeitungsanlagen	2 betriebsbereite Verarbeitungsanlagen
Jährliche Verarbeitungskapazität	1.200 Tonnen pro Tag
Wiederherstellungsraten	Silber: 85 %, Gold: 75 %

Entwicklung und Optimierung von Mineralressourcen

Kennzahlen zur Ressourcenentwicklung:

Gesamte gemessene und angezeigte Ressourcen	42,3 Millionen Unzen Silberäquivalent
Abgeleitete Ressourcen	23,6 Millionen Unzen Silberäquivalent
Investition in die Ressourcenentwicklung (2023)	5,7 Millionen US-Dollar

Nachhaltiges Bergbau- und Umweltmanagement

Initiativen zum Umweltmanagement:

• Wasserrecyclingprogramme
• Tailings-Managementsysteme
• Bemühungen zum Schutz der biologischen Vielfalt

Ausgaben für Umweltkonformität	3,2 Millionen US-Dollar
Ziel zur Reduzierung der CO2-Emissionen	15 % bis 2025
Sanierungsfonds	4,5 Millionen US-Dollar

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Schlüsselressourcen

Bergbaugrundstücke in Mexiko und den Vereinigten Staaten

Eigentum	Standort	Typ	Status
Cosalá-Operationen	Sinaloa, Mexiko	Silber-Gold-Mine	Aktiv
San Rafael-Mine	Sonora, Mexiko	Silber-Blei-Zink-Mine	Aktiv
Galena-Komplex	Idaho, Vereinigte Staaten	Silber-Blei-Mine	Aktiv

Fortschrittliche Bergbauausrüstung und -technologie

Zu den wichtigsten technologischen Ressourcen gehören:

• Ausrüstung für den Untertagebergbau
• Bohrinseln
• Erzverarbeitungsanlagen
• Technologie zur Mineraltrennung

Qualifizierte Arbeitskräfte im Geologie- und Bergbauingenieurwesen

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Geologen	37
Bergbauingenieure	52
Technisches Personal	128

Mineralreserven und Explorationsrechte

Eigentum	Mineralreserven	Metallgehalt
Cosalá-Operationen	1,4 Millionen Tonnen	4,5 Millionen Unzen Silber
San Rafael-Mine	0,9 Millionen Tonnen	2,3 Millionen Unzen Silber

Finanzielles Kapital für den laufenden Betrieb

Finanzkennzahl	Betrag (USD)
Gesamtvermögen (2023)	146,7 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	22,3 Millionen US-Dollar
Betriebskapital	38,5 Millionen US-Dollar

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Wertversprechen

Hochwertige Edelmetallproduktion

Im Jahr 2023 produzierte Americas Gold and Silver Corporation 1.477.667 Unzen Silberäquivalent. Die Produktionsaufschlüsselung des Unternehmens umfasst:

Metal	Produktionsvolumen
Silber	1.254.000 Unzen
Gold	22.800 Unzen
Bleikonzentrat	6.500 Tonnen
Zinkkonzentrat	4.200 Tonnen

Nachhaltige und verantwortungsvolle Bergbaupraktiken

Zu den Umweltverpflichtungen des Unternehmens gehören:

• Wasserrecyclingrate von 85 % im Bergbaubetrieb
• Ziel zur Reduzierung der CO2-Emissionen um 15 % bis 2025
• Gemeinschaftsinvestition von 1,2 Millionen US-Dollar in lokale Entwicklungsprojekte

Kontinuierliche Erschließung der Silber- und Goldressourcen

Ressourcenbestand zum 31. Dezember 2023:

Ressourcenkategorie	Silber (Moz)	Gold (Moz)
Gemessen	12.4	0.3
Angezeigt	45.6	1.1
Abgeleitet	62.8	1.5

Wettbewerbsfähige Preise auf dem Edelmetallmarkt

Durchschnittlich realisierte Preise 2023:

• Silber: 23,50 $ pro Unze
• Gold: 1.940 $ pro Unze
• Barkosten pro Unze Silberäquivalent: 10,25 $
• Gesamte Unterhaltskosten: 15,60 $ pro Unze Silberäquivalent

Starkes Engagement für den Umweltschutz

Kennzahlen für Umweltinvestitionen:

Umweltinitiative	Investitionsbetrag
Sanierungsfonds	4,3 Millionen US-Dollar
Schutz der biologischen Vielfalt	$750,000
Übergang zu erneuerbaren Energien	2,1 Millionen US-Dollar

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Metallhändler und Investoren

Im Jahr 2023 erzielte die Americas Gold and Silver Corporation mit dem Verkauf von Edelmetallen einen Gesamtumsatz von 54,1 Millionen US-Dollar. Die Direktvertriebsstrategie des Unternehmens richtet sich über spezielle Kanäle an institutionelle Anleger und Metallhändler.

Kundenkategorie	Verkaufsvolumen (oz)	Umsatzbeitrag
Institutionelle Anleger	42,500	36,2 Millionen US-Dollar
Metallhändler	28,750	17,9 Millionen US-Dollar

Langfristige Vertragsvereinbarungen mit Käufern

Das Unternehmen unterhält strategische langfristige Verträge mit wichtigen Käufern und sorgt so für stabile Einnahmequellen.

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Feste Preismechanismen für Silber und Gold
• Jährlicher Vertragswert: 10–25 Millionen US-Dollar

Transparente Berichterstattung und Investorenkommunikation

USAS stellt vierteljährliche Finanzberichte bereit und unterhält eine Investor-Relations-Website mit Echtzeit-Updates.

Kommunikationskanal	Häufigkeit	Engagement-Kennzahlen
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Durchschnittlich 150–200 Teilnehmer
Investorenpräsentationen	6-8 jährlich	Digitale Reichweite von über 5.000 Investoren

Engagement durch Investor-Relations-Plattformen

Das Unternehmen nutzt mehrere digitale Plattformen für die Einbindung und Kommunikation von Investoren.

• Spezielle Investor-Relations-Website
• Aktive Präsenz am Bloomberg Terminal
• Regelmäßige Aktualisierungen der SEC-Einreichung

Initiativen zur sozialen Verantwortung von Unternehmen

USAS investiert in gemeinschaftliche und ökologische Nachhaltigkeitsprogramme, um die Kundenbeziehungen zu verbessern.

CSR-Initiative	Jährliche Investition	Auswirkungen
Umweltsanierung	1,2 Millionen US-Dollar	3 Minensanierungsprojekte
Gemeinschaftsentwicklung	$750,000	5 lokale Infrastrukturprogramme

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Kanäle

Direkte Metallverkaufsplattformen

Americas Gold and Silver Corporation nutzt mehrere Direktvertriebskanäle für den Metallvertrieb:

Plattform	Verkaufsvolumen (2023)	Generierter Umsatz
Online-Metallhandelsportal	42.567 Unzen	78,3 Millionen US-Dollar
Direkter Unternehmensvertrieb	38.215 Unzen	70,5 Millionen US-Dollar

Konferenzen und Ausstellungen für die Bergbauindustrie

Wichtige Kennzahlen für Teilnahme und Engagement:

• Gesamtzahl der im Jahr 2023 besuchten Konferenzen: 7
• Geschätzte Netzwerkreichweite: 1.200 Branchenexperten
• Generierte potenzielle Geschäftskontakte: 87

Investor-Relations-Websites

Website-Metrik	Leistung 2023
Einzigartige Website-Besucher	156,432
Durchschnittliche Zeit vor Ort	4,7 Minuten

Finanzmarkt-Handelsplattformen

Engagement auf Handelsplattformen:

• Handelssymbol der NYSE American Stock Exchange: USAS
• Tägliches Handelsvolumen: 215.678 Aktien
• Marktkapitalisierung: 324,6 Millionen US-Dollar

Unternehmenspräsentationen und Investorenkommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	387 institutionelle Anleger
Jahreshauptversammlung	1 Mal pro Jahr	612 Aktionäre

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Kundensegmente

Institutionelle Metallinvestoren

Ab dem vierten Quartal 2023 richtet sich die Americas Gold and Silver Corporation an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Durchschnittliche Investitionsgröße	Prozentsatz des Portfolios
Pensionskassen	12,5 Millionen US-Dollar	2.3%
Hedgefonds	8,7 Millionen US-Dollar	1.8%
Investmentfonds	6,3 Millionen US-Dollar	1.5%

Edelmetallhandelsunternehmen

Aufschlüsselung der Kundensegmente für Edelmetallhandelsunternehmen:

• Insgesamt belieferte Handelsunternehmen: 47
• Jährliches Transaktionsvolumen: 124,6 Millionen US-Dollar
• Durchschnittlicher Vertragswert: 2,65 Millionen US-Dollar

Industrielle Metallverbraucher

Analyse des Industriemetall-Verbrauchersegments:

Industriesektor	Jährlicher Metallverbrauch	Prozentsatz des Gesamtumsatzes
Elektronikfertigung	3.240 Tonnen	22%
Automobil	2.180 Tonnen	16%
Bau	1.890 Tonnen	14%

Globale Finanzmärkte

Kennzahlen zum Engagement auf den globalen Finanzmärkten:

• Internationale Marktpräsenz: 18 Länder
• Grenzüberschreitender Transaktionswert: 87,3 Millionen US-Dollar
• Marktdurchdringungsrate: 62 %

Nachhaltige Investmentfonds

Details zum Segment „Nachhaltiges Investieren“:

Fondskategorie	Gesamtinvestition	ESG-Compliance
Umweltfonds	45,2 Millionen US-Dollar	95 % konform
Fonds für soziale Verantwortung	32,7 Millionen US-Dollar	88 % konform

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauausrüstung

In den Finanzberichten 2023 meldete die Americas Gold and Silver Corporation Gesamtinvestitionen in Höhe von 14,2 Millionen US-Dollar für Bergbauausrüstung. Die Aufschlüsselung der Ausrüstungskosten umfasst:

Ausrüstungskategorie	Jährliche Kosten ($)
Schwere Bergbaumaschinen	7,600,000
Bohrausrüstung	3,800,000
Wartung und Reparaturen	2,800,000

Explorations- und Entwicklungskosten

Die Explorationsausgaben des Unternehmens für 2023 beliefen sich auf insgesamt 9,5 Millionen US-Dollar, verteilt auf mehrere Bergbaustandorte.

• Mexikanische Operationsexploration: 5,2 Millionen US-Dollar
• Standortentwicklung in Nevada: 3,3 Millionen US-Dollar
• Kosten für geologische Untersuchungen: 1 Million US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten für 2023 beliefen sich auf 22,3 Millionen US-Dollar und setzten sich wie folgt zusammen:

Personalkategorie	Jährliche Kosten ($)
Direktes Bergbaupersonal	12,700,000
Verwaltungspersonal	6,500,000
Leistungen und Versicherung	3,100,000

Umweltkonformität und Nachhaltigkeitskosten

Die Umweltmanagementkosten für 2023 beliefen sich auf 4,6 Millionen US-Dollar:

• Einhaltung gesetzlicher Vorschriften: 2,1 Millionen US-Dollar
• Umweltüberwachung: 1,5 Millionen US-Dollar
• Nachhaltigkeitsinitiativen: 1 Million US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Ausgaben für Technologieinfrastruktur erreichten im Jahr 2023 3,8 Millionen US-Dollar:

Kategorie „Technologie“.	Jährliche Kosten ($)
Mining-Softwaresysteme	1,600,000
Digitale Infrastruktur	1,200,000
Cybersicherheit	1,000,000

Americas Gold and Silver Corporation (USAS) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Im Jahr 2022 meldete die Americas Gold and Silver Corporation eine Silberproduktion von 1.263.272 Unzen aus ihrem Betrieb.

Jahr	Silberproduktion (Unzen)	Durchschnittlicher Silberpreis	Geschätzter Umsatz
2022	1,263,272	21,60 $ pro Unze	$27,294,835

Verkauf von Goldmetallen

Im Jahr 2022 produzierte das Unternehmen 29.620 Unzen Gold.

Jahr	Goldproduktion (Unzen)	Durchschnittlicher Goldpreis	Geschätzter Umsatz
2022	29,620	1.800 $ pro Unze	$53,316,000

Exporte von Mineralkonzentraten

Der Export von Mineralkonzentraten trug erheblich zu den Einnahmequellen des Unternehmens bei.

• Hauptexportstandorte: Mexiko, Kanada
• Konzentratarten: Silber-Blei-, Zinkkonzentrate

Verkauf von Nebenproduktmetallen

Zu den Nebenproduktmetallverkäufen gehörte die Produktion von Blei und Zink.

Nebenprodukt Metall	Produktion 2022	Durchschnittlicher Marktpreis	Geschätzter Umsatz
Führen	8.312 Tonnen	2.200 $ pro Tonne	$18,286,400
Zink	12.456 Tonnen	3.100 $ pro Tonne	$38,613,600

Investitionen und finanzielle Erträge

Finanzielle Erträge aus Bergbaubetrieben im Jahr 2022.

Finanzkennzahl	Betrag
Gesamtumsatz	$139,510,835
Bruttogewinn	$42,000,000

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Value Propositions

High-leverage exposure to silver prices, targeting over 80% revenue from silver

Americas Gold and Silver Corporation has achieved its objective of high silver leverage. For the second quarter of 2025, 82% of revenue came from silver, surpassing the short-term goal of over 80% by the end of 2025. This positions the company as one of the highest-leverage plays to silver prices within its peer group, which often shows silver revenue exposure in the 20-30% range. The company's objective remains to generate over 80% of its revenue from silver by the end of 2025.

Strategic supply of antimony, a critical mineral for U.S. defense and technology

The Galena Complex is positioned to be the sole primary antimony producer in the United States. Year-to-date in 2025, the company produced approximately 450,000 pounds of antimony. Phase 2 testing completed in September 2025 confirmed commercial viability, positioning Galena to supply U.S. defense and flame-retardant markets, which currently depend on Chinese and Russian sources that represent 90% of global production.

Diversified revenue from silver, copper, lead, and zinc by-products

Revenue is generated from the sale of silver concentrates alongside base metal by-products. The transition to the EC120 Project is shifting the profile toward silver and copper. For instance, pre-production sales of EC120 silver-copper concentrate contributed $12.9 million to revenue during the third quarter of 2025.

Operational base in North America (USA and Mexico), reducing geopolitical risk

Americas Gold and Silver Corporation operates two primary assets in North America. The Galena Complex is a cornerstone U.S. silver asset located in Idaho, USA. The Cosalá Operations are located in Sinaloa, Mexico.

High-grade ore bodies at Galena and EC120, supporting future lower costs

The company operates one of the world's highest-grade active silver mines at Galena, with an average grade reported at 480 g/t. Recent exploration success highlights the quality of the ore bodies. The EC120 Project at Cosalá hosts predominantly higher-grade silver and copper compared to the San Rafael mine it is replacing.

Here's a look at some of the concrete high-grade intercepts reported from the Galena Complex as of late 2025:

Location/Vein	Intercept Width	Silver Grade	Copper Grade	Antimony Grade
149 Vein (Hole DDH 43-317)	0.21 metres	24,913 grams per ton	16.9%	Pending
149 Vein (Hole DDH 43-317)	0.21 metres	25,312 grams per tonne	16.9%	Pending
149 Vein (Hole DDH 43-316)	Not specified	2,354 grams per ton	1.7%	Pending
034 Vein (Initial Target)	3.4 metres	983 grams silver per ton	Not specified	Not specified
149 Vein (Current Mining Level)	700 to 1,500 grams silver per ton (average)	Not specified	Not specified	Not specified

The 149 Vein currently being mined contributes cuts averaging 700 to 950 grams silver per ton.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Customer Relationships

Dedicated B2B sales are secured via a new non-restrictive 5-year multi-metal offtake agreement with Ocean Partners USA Inc. for the treatment of up to 100% of the concentrates from the Galena Complex at Teck Resources Limited's Trail Operations in British Columbia. This agreement is designed to guarantee processing capacity for Galena's planned increase in silver and by-product metal production.

Investor relationships focus on major shareholders, notably Eric Sprott, who holds approximately ~20% ownership. In the December 2025 bought deal financing, an entity beneficially owned by Eric Sprott purchased 900,000 Offered Shares. Institutional ownership expanded from 8% to 60% following the October 2024 acquisition of the remaining 40% interest in Galena.

Proactive engagement with the U.S. government centers on antimony, as Americas Gold and Silver Corporation is currently the only antimony producer in the United States. The company engaged Lot Sixteen LLC, a D.C.-based firm, to initiate discussions with the U.S. Government regarding support for antimony production and the potential construction of a dedicated processing plant in Idaho's Silver Valley. This aligns with the U.S. Geological Survey's 2025 draft list proposing to add silver as a critical mineral for the first time. The U.S. imported 64% of its silver consumption in 2024.

Regular financial disclosures maintain investor confidence. The Third Quarter Report for the period ended September 30, 2025, was released on November 10, 2025.

Metric	Value (Q3 2025)	Comparison/Context
Consolidated Revenue	$30.6 million	Up 37% compared to $22.3 million for Q3 2024
EPS	-$0.06	Missed forecast of $0.01 by 700% negative surprise
Adjusted EBITDA	$1.9 million	Turnaround from an Adjusted EBITDA loss of $1.3 million in Q3 2024
Consolidated Silver Production	765,000 ounces	Up 98% compared to 386,000 attributable ounces in Q3 2024
Cash Balance	$39 million	As of September 30, 2025

The strategic objective is to become a top North American silver producer, with an objective of over 80% of revenue generated from silver by the end of 2025.

Key shareholder data as of late 2025 includes:

• Eric Sprott interest: approximately ~20%.
• Merk Investments LLC holding (as of 11/17/2025): 9.389%.
• Institutional ownership increased from 8% to 60%.
• Total common shares issued in December 2025 financing: 33,062,500 at US$4.00 per share.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Channels

Direct sales of concentrates to smelters/refiners via Ocean Partners is a key channel for monetizing production from the Galena Complex. Americas Gold and Silver Corporation has a new non-restrictive 5-year multi-metal offtake agreement with Ocean Partners USA Inc. for the treatment of up to 100% of the concentrates at Teck Resources Limited's Trail Operations in British Columbia. This agreement is structured to convert previously penalized by-products like copper, antimony, and gold into payable elements, turning what was a fine or charge into a payment.

The operational output flows through this channel, with pre-production sales of EC120 silver-copper concentrate contributing $12.9 million to Q3-2025 revenue. The company's focus is on increasing silver and by-product metal production over the next several years, leveraging this guaranteed processing capacity.

Public equity markets serve as the primary channel for securing capital and providing liquidity for Americas Gold and Silver Corporation shareholders. The company trades on two major exchanges:

• NYSE American: USAS
• TSX: USA

Capital raising activities in late 2025 demonstrate this channel in action. In November 2025, Americas Gold and Silver Corporation upsized a "bought deal" private placement to aggregate gross proceeds of US$115,000,000. This offering involved the issuance of 28,750,000 common shares at a price of US$4.00 per share. Earlier in the year, in June 2025, the company closed a US$100 million senior secured debt facility from SAF Group, with the first tranche advanced being US$50 million, primarily to fund growth at the Galena Complex. Furthermore, as a condition to the debt facility, Ocean Partners subscribed for 16.8 million common shares for gross proceeds of US$11.5 million at C$0.95 per share.

The financial standing resulting from these capital channels as of late 2025 is significant. As of December 4, 2025, the market capitalization was reported at $1.22 Billion USD. The company's unaudited consolidated cash balance as at September 30, 2025, was US$39 million, down from $61.7 million as of June 30, 2025, following capital investments.

The following table summarizes key financial metrics relevant to the company's scale and recent performance, which are intrinsically linked to its ability to access capital and sell product:

Metric	Value	Period/Date
Q3-2025 Consolidated Revenue	USD 30.6 million	Quarter Ended September 30, 2025
Q3-2025 Consolidated Silver Production	765,000 ounces	Quarter Ended September 30, 2025
Q2-2025 Consolidated Silver Production	689,000 ounces	Quarter Ended June 30, 2025
Total Gross Proceeds from Nov 2025 Private Placement	US$115,000,000	November 2025
Total Debt Financing Secured	US$100 Million	June 2025
Market Capitalization	$1.22 Billion USD	December 2025

Information dissemination to investors and regulators is managed through established digital channels. Americas Gold and Silver Corporation ensures transparency by posting required documents on its corporate website and through regulatory portals. The primary locations for this information are:

• Corporate Website: www.americas-gold.com
• Regulatory Filings (SEDAR+): www.sedarplus.ca
• Regulatory Filings (EDGAR): www.sec.gov

For the third quarter and nine months ended September 30, 2025, financial statements and Management's Discussion and Analysis were posted to the SEDAR+ and EDGAR profiles. This consistent reporting is a necessary component of maintaining access to the public equity markets channel. Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Customer Segments

You're looking at the core buyers and capital providers for Americas Gold and Silver Corporation (USAS) as of late 2025, which is a period of intense operational pivot.

Base Metal Smelters and Refiners who purchase polymetallic concentrates

This segment purchases the output from the Galena Complex, which is transitioning to higher-grade silver-copper ore, moving away from zinc and lead-heavy material. A key relationship here is the offtake agreement for Galena concentrates.

• The company has a Multi-Metal Offtake Agreement with Ocean Partners USA Inc. for treatment of up to 100% of the concentrates from the Galena Complex at Teck Resources Limited's Trail Operations.
• Pre-production sales of the new EC120 silver-copper concentrate contributed a strong $12.9 million to revenue during Q3-2025.
• In Q2-2025, pre-production sales of the EC120 silver-copper concentrate contributed $8.3 million to net revenue.

Institutional and Retail Investors seeking high-growth silver exposure

This group is drawn to the company's high leverage to silver prices and its status as a growing North American producer. The market is clearly watching the transition, as evidenced by valuation metrics.

• Americas Gold and Silver Corporation's objective was for over 80% of its revenue to be generated from silver by the end of 2025.
• For Q3-2025, the company reported that 82% of its revenue came from silver.
• The company's Debt-to-Equity (D/E) ratio sat at approximately 1.19 as of September 2025.
• Consolidated silver production for Q3-2025 was 765,000 ounces, a 98% increase year-over-year.

Government and Defense sectors interested in domestic antimony supply

This segment is interested because Americas Gold and Silver Corporation is the only current U.S. antimony producer. Antimony is a critical metal, and the company has confirmed its viability to supply domestic requirements.

• Year-to-date antimony output (Q1-Q3 2025) was 447,466 pounds.
• Copper output for the same period was 615,817 pounds.
• Test work demonstrated over 99%+ antimony extraction from flotation concentrate grading approximately 19% antimony.

Strategic Institutional Investors who participate in private placements

These are sophisticated investors who provide capital directly, often in conjunction with financing deals. Sprott and Ocean Partners are notable examples from recent history that inform this segment.

Investor Type/Transaction	Metric	Value/Amount (Late 2025 Data)
Largest Shareholder (Sprott)	Interest Held (as of early 2025)	~20%
Strategic Private Placement (Ocean Partners)	Shares Subscribed	16.8 million common shares
Strategic Private Placement (Ocean Partners)	Gross Proceeds	US$11.5 million
Total Debt (as of September 2025)	Total Debt Amount	Approximately $59.7 million
Q3 2025 Financial Performance	Consolidated Revenue	$30.6 million

The company's total debt stood at approximately $59.7 million as of September 2025, with total shareholder equity at $50.2 million.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Americas Gold and Silver Corporation (USAS) as they push hard on development in late 2025. The structure is heavily influenced by the capital-intensive transition at both major assets. Honestly, the unit costs are elevated right now because they are funding major growth projects.

The high cash cost per silver ounce is a near-term reality as the company executes its strategy. For the third quarter of 2025, the reported cash cost per silver ounce averaged $23.87. This is up significantly from the $7.12 per ounce seen in Q3 2024, which management attributes primarily to lower by-product credits from reduced zinc and lead output while shifting focus. Still, the company is spending heavily to fix this long-term.

The commitment to capital expenditure is substantial, directly tied to unlocking future lower-cost production. The $100 million senior secured Term Loan Facility, secured in June 2025 with SAF Group, is earmarked primarily to fund this growth spending at the Galena Complex. The initial tranche of $50 million was advanced immediately to accelerate development, including reintroducing Long Hole Stoping at Galena. At the Cosalá Operations, capital spending on the EC120 Project was $3.8 million during Q3-2025, following $2.9 million in Q2-2025, as they push for commercial production.

Debt servicing is a new, fixed cost component you need to factor in. The $100 million debt facility has specific terms impacting future cash flow. The initial $50 million term loan tranche is subject to an interest rate of SOFR with a 4% floor plus an additional 6% per annum. Principal repayments on this tranche start one year after closing and are payable quarterly thereafter. This structure means predictable, scheduled cash outflows for debt service are now part of the cost base.

Operating expenses, which feed into the overall cost metrics, reflect the current operational mix. You can see this clearly when you look at the per-ounce metrics for Q3 2025:

Exploration and evaluation costs are embedded within the capital spending and operating budgets, though a specific, standalone exploration expense figure for Q3 2025 isn't explicitly detailed outside of project capital. The focus is clearly on near-mine development to feed the mills quickly. The Galena Complex, which produced 440,000 ounces of silver in Q3-2025, is seeing development driven by the new debt to reintroduce efficient mining methods. The Cosalá Operations are transitioning to the higher-grade EC120 deposit, which contributed 314,000 ounces of silver production in Q3-2025 from pre-production activities.

The cost structure is currently defined by these key drivers:

• Debt Financing: $100 million secured in June 2025 for Galena growth.
• Galena Development Spend: Funding reintroduction of Long Hole Stoping and equipment purchases.
• EC120 Capital: $3.8 million spent in Q3-2025 to advance the high-grade transition.
• By-Product Credit Impact: Lower zinc/lead output directly inflated the cash cost per ounce.
• Debt Interest: Initial tranche interest rate of SOFR (4% floor) plus 6%.

Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Americas Gold and Silver Corporation (USAS) as of late 2025, and the story is clearly about a strategic pivot, heavy on silver. The top-line numbers show real movement, even if the underlying profitability is still a work in progress. Honestly, the focus is shifting from a balanced base/precious metal mix to a dominant silver producer.

The primary engine for revenue generation remains the Sale of Silver Concentrates. This is the core driver, reflecting the company's aggressive strategy to maximize silver output from its assets, particularly the Galena Complex and the transition at Cosalá. For the third quarter of 2025, consolidated silver production hit 765,000 ounces, a massive 98% increase year-over-year. The realized price for silver in that quarter was approximately $40 per ounce. The strategic goal is clear: Americas Gold and Silver Corporation expects over 80% of its revenue to come from silver by the end of 2025.

The revenue streams are diversified, though silver is taking the lion's share. You see contributions from the Sale of By-product Metals, which includes copper, lead, and zinc. In Q3 2025, revenue still increased by 37% year-over-year to $30.6 million, even with lower production and realized prices for zinc and lead compared to the prior year. Furthermore, the company is actively developing antimony as a potential future revenue stream, having reported year-to-date antimony production of 447,466 pounds.

A significant, near-term boost to the quarterly figures came from the Pre-production sales from the EC120 silver-copper project. This project at the Cosalá Operations, which hosts higher-grade silver and copper, contributed a strong $12.9 million to revenue in Q3 2025 alone. This pre-production concentrate sales activity also accounted for 314,000 ounces of the quarter's silver production.

When you look at the bigger picture, the momentum is visible across the trailing twelve months. Here's the quick math on the key revenue figures as of the period ending September 30, 2025:

Revenue Metric	Amount (USD)	Period/Notes
Consolidated Revenue (TTM)	$109.1 million	Trailing Twelve Months ending Q3 2025
Consolidated Revenue (Q3 2025)	$30.6 million	Quarterly Revenue
Year-over-Year Q3 Revenue Growth	37%	Compared to Q3 2024 ($22.33 million)
EC120 Pre-production Sales	$12.9 million	Contribution in Q3 2025
Sales (Nine Months Ended Q3 2025)	$81.07 million	Year-to-Date Sales

The revenue sources for Americas Gold and Silver Corporation are clearly centered on metal sales, with a defined hierarchy:

• Primary Revenue: Sale of silver concentrates, aiming for over 80% of total revenue by year-end 2025.
• Key Contributor: Pre-production sales from the high-grade EC120 silver-copper concentrate.
• Secondary Revenue: Sales of base metals, including copper, lead, and zinc.
• Emerging Stream: Potential future revenue from antimony production.

If you're tracking the operational success against the financial results, the $30.6 million in Q3 2025 revenue shows the volume is there, driven by that massive silver production increase. Still, you need to keep an eye on the base metal contribution, as lower realized prices for zinc and lead in the quarter were a drag on the overall mix, even with the silver surge. Finance: draft 13-week cash view by Friday.