Americas Gold and Silver Corporation (USAS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de metales preciosos, las Américas Gold and Silver Corporation (USA) surgen como una potencia estratégica, transformando el potencial geológico complejo en un valor económico tangible. Al integrar a la perfección las tecnologías mineras avanzadas, las prácticas sostenibles y las asociaciones globales estratégicas, USA ha creado un modelo de negocio sofisticado que navega por los intrincados paisajes de extracción de plata y oro. Su enfoque innovador no solo promete una producción de metales de alta calidad, sino que también demuestra un profundo compromiso con el desarrollo responsable de los recursos, posicionándolos como un jugador con visión de futuro en el mercado competitivo de metales preciosos.

América Gold and Silver Corporation (USA) - Modelo de negocios: asociaciones clave

Empresas conjuntas de minería estratégica en México y Nevada

Americas Gold and Silver Corporation mantiene empresas conjuntas estratégicas con los siguientes socios:

Ubicación	Pareja	Proyecto	Porcentaje de propiedad
Chihuahua, México	Minera Cascabel S.A. de C.V.	Operación cosal	100%
Nevada, EE. UU.	Renaissance Gold Inc.	Proyecto Lincoln Hill	70%

Proveedores de equipos para operaciones mineras

Los proveedores de equipos clave incluyen:

• Caterpillar Inc. - Equipo minero pesado
• Sandvik Mining and Rock Technology - Equipo de perforación y excavación
• MetSo Outotec - maquinaria de procesamiento de minerales

Gobierno local y organismos reguladores ambientales

Las asociaciones de cumplimiento regulatorio implican:

• Ministerio de Economía mexicano
• Oficina de Minas y Geología de Nevada
• Agencia de Protección Ambiental (EPA)

Instituciones financieras y socios de inversión

Institución	Tipo de asociación	Participación financiera
Spott Inc.	Inversión de capital	$ 15.3 millones (a partir de 2023)
Mercados de capitales de BMO	Financiación de la deuda	Capacidad de crédito de $ 20 millones

Empresas de procesamiento metalúrgico y refinación

Socios de procesamiento metalúrgico primario:

• Peñoles Met-Mex S.A. de C.V. - Refinamiento de plata
• Metalor Technologies SA - Procesamiento de metales preciosos

América Gold and Silver Corporation (USA) - Modelo de negocios: actividades clave

Exploración mineral de plata y oro

A partir de 2024, las Américas Gold and Silver Corporation se centran en actividades de exploración en regiones específicas:

Gasto total de exploración (2023)	$ 8.2 millones
Regiones de exploración	México, Nevada, Argentina
Medidores de perforación de exploración	45,678 metros

Operaciones mineras subterráneas y de superficie

Las operaciones mineras actuales incluyen:

• Operaciones de Cosalá en Sinaloa, México
• Mina de alivio Canyon en Nevada, EE. UU.
• Mina de San Rafael en Argentina

Producción minera total (2023)	1,2 millones de onzas equivalentes de plata
Minas operativas totales	3 minas activas
Capacidad minera anual	1,5 millones de onzas equivalentes de plata

Extracción y procesamiento de minerales

Capacidades y métricas de procesamiento:

Plantas de procesamiento	2 instalaciones de procesamiento operativo
Capacidad de procesamiento anual	1.200 toneladas por día
Tasas de recuperación	Plata: 85%, oro: 75%

Desarrollo y optimización de recursos minerales

Métricas de desarrollo de recursos:

Recursos totales medidos e indicados	42.3 millones de onzas equivalentes de plata
Recursos inferidos	23.6 millones de onzas equivalentes de plata
Inversión en desarrollo de recursos (2023)	$ 5.7 millones

Minería sostenible y gestión ambiental

Iniciativas de gestión ambiental:

• Programas de reciclaje de agua
• Sistemas de gestión de relaves
• Esfuerzos de conservación de la biodiversidad

Gasto de cumplimiento ambiental	$ 3.2 millones
Objetivo de reducción de emisiones de carbono	15% para 2025
Fondo de recuperación	$ 4.5 millones

América Gold and Silver Corporation (USA) - Modelo de negocios: recursos clave

Propiedades mineras en México y Estados Unidos

Propiedad	Ubicación	Tipo	Estado
Operaciones de Cosalá	Sinaloa, México	Mina de dorado plateado	Activo
Mina de San Rafael	Sonora, México	Mina plateada-lead-zinc	Activo
Complejo de Galena	Idaho, Estados Unidos	Mina de plantas plateadas	Activo

Equipos y tecnología de minería avanzada

Los recursos tecnológicos clave incluyen:

• Equipo de minería subterránea
• Plataformas de perforación
• Instalaciones de procesamiento de mineral
• Tecnología de separación mineral

Fuerza laboral de ingeniería geológica y minera calificada

Categoría de empleado	Número de empleados
Geólogos	37
Ingenieros mineros	52
Personal técnico	128

Reservas minerales y derechos de exploración

Propiedad	Reservas minerales	Contenido de metal
Operaciones de Cosalá	1.4 millones de toneladas	4.5 millones de oz de plata
Mina de San Rafael	0.9 millones de toneladas	2,3 millones de oz de plata

Capital financiero para operaciones en curso

Métrica financiera	Cantidad (USD)
Activos totales (2023)	$ 146.7 millones
Equivalentes de efectivo y efectivo	$ 22.3 millones
Capital de explotación	$ 38.5 millones

América Gold and Silver Corporation (USA) - Modelo de negocios: propuestas de valor

Producción de metales preciosos de alta calidad

En 2023, las Américas Gold and Silver Corporation produjeron 1,477,667 onzas equivalentes de plata. El desglose de producción de la compañía incluye:

Metal	Volumen de producción
Plata	1,254,000 onzas
Oro	22,800 onzas
Concentrado de plomo	6.500 toneladas
Concentrado de zinc	4.200 toneladas

Prácticas mineras sostenibles y responsables

Los compromisos ambientales de la compañía incluyen:

• Tasa de reciclaje de agua del 85% en las operaciones mineras
• Objetivo de reducción de emisiones de carbono del 15% para 2025
• Inversión comunitaria de $ 1.2 millones en proyectos de desarrollo local

Desarrollo constante de recursos de plata y oro

Inventario de recursos al 31 de diciembre de 2023:

Categoría de recursos	Plata (Moz)	Oro (Moz)
Mesurado	12.4	0.3
Indicado	45.6	1.1
Inferido	62.8	1.5

Precios competitivos en el mercado de metales preciosos

2023 Precios promedio realizados:

• Plata: $ 23.50 por onza
• Oro: $ 1,940 por onza
• Costo de efectivo por onza equivalente de plata: $ 10.25
• Costo de mantenimiento de todo: $ 15.60 por onza equivalente de plata

Fuerte compromiso con la administración ambiental

Métricas de inversión ambiental:

Iniciativa ambiental	Monto de la inversión
Fondo de recuperación	$ 4.3 millones
Protección de biodiversidad	$750,000
Transición de energía renovable	$ 2.1 millones

Americas Gold and Silver Corporation (USA) - Modelo de negocios: relaciones con los clientes

Ventas directas a comerciantes e inversores de metales

En 2023, las Américas Gold and Silver Corporation generaron ingresos totales de $ 54.1 millones de ventas de metales preciosos. La estrategia de ventas directas de la compañía se dirige a inversores institucionales y comerciantes de metales a través de canales especializados.

Categoría de clientes	Volumen de ventas (OZ)	Contribución de ingresos
Inversores institucionales	42,500	$ 36.2 millones
Comerciantes de metal	28,750	$ 17.9 millones

Acuerdos contractuales a largo plazo con compradores

La corporación mantiene contratos estratégicos a largo plazo con compradores clave, asegurando flujos de ingresos estables.

• Duración promedio del contrato: 3-5 años
• Mecanismos de precios fijos para plata y oro
• Rango anual del valor del contrato: $ 10-25 millones

Informes transparentes y comunicaciones de inversores

USAS proporciona informes financieros trimestrales y mantiene un sitio web de relaciones con los inversores con actualizaciones en tiempo real.

Canal de comunicación	Frecuencia	Métricas de compromiso
Llamadas de ganancias trimestrales	4 veces al año	Promedio de 150-200 asistentes participantes
Presentaciones de inversores	6-8 anualmente	Alcance digital de más de 5,000 inversores

Compromiso a través de plataformas de relaciones con los inversores

La compañía utiliza múltiples plataformas digitales para la participación y comunicación de los inversores.

• Sitio web de relaciones con inversores dedicados
• Presencia activa en la terminal Bloomberg
• Actualizaciones regulares de presentación de la SEC

Iniciativas de responsabilidad social corporativa

USAS invierte en programas de sostenibilidad comunitaria y ambiental para mejorar las relaciones con los clientes.

Iniciativa de RSE	Inversión anual	Impacto
Restauración ambiental	$ 1.2 millones	3 proyectos de rehabilitación del sitio de minas
Desarrollo comunitario	$750,000	5 programas locales de infraestructura

América Gold and Silver Corporation (USA) - Modelo de negocios: canales

Plataformas directas de ventas de metal

Americas Gold and Silver Corporation utiliza múltiples canales de ventas directas para la distribución de metales:

Plataforma	Volumen de ventas (2023)	Ingresos generados
Portal de comercio de metales en línea	42,567 onzas	$ 78.3 millones
Ventas corporativas directas	38,215 onzas	$ 70.5 millones

Conferencias y exposiciones de la industria minera

Participación clave y métricas de compromiso:

• Conferencias totales asistidas en 2023: 7
• Alcance estimado de redes: 1.200 profesionales de la industria
• Potencios de negocios potenciales generados: 87

Sitios web de relaciones con los inversores

Métrico del sitio web	2023 rendimiento
Visitantes únicos del sitio web	156,432
Tiempo promedio en el sitio	4.7 minutos

Plataformas de comercio del mercado financiero

Compromiso de la plataforma de comercio:

• NYSE Símbolo de comercio de la Bolsa Americana de Valores: USAS
• Volumen de negociación diaria: 215,678 acciones
• Capitalización de mercado: $ 324.6 millones

Presentaciones corporativas y comunicaciones de inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	387 inversores institucionales
Reunión anual de accionistas	1 vez por año	612 accionistas

Americas Gold and Silver Corporation (USA) - Modelo de negocios: segmentos de clientes

Inversores de metales institucionales

A partir del cuarto trimestre de 2023, las Américas Gold and Silver Corporation se dirigen a inversores institucionales con características de inversión específicas:

Tipo de inversor	Tamaño de inversión promedio	Porcentaje de cartera
Fondos de pensiones	$ 12.5 millones	2.3%
Fondos de cobertura	$ 8.7 millones	1.8%
Fondos mutuos	$ 6.3 millones	1.5%

Compañías comerciales de metales preciosos

Desglose del segmento de clientes para compañías comerciales de metales preciosos:

• Compañías comerciales totales atendidas: 47
• Volumen de transacción anual: $ 124.6 millones
• Valor promedio del contrato: $ 2.65 millones

Consumidores de metales industriales

Análisis de segmento de consumo de metal industrial:

Sector industrial	Consumo anual de metales	Porcentaje de ventas totales
Fabricación electrónica	3.240 toneladas métricas	22%
Automotor	2,180 toneladas métricas	16%
Construcción	1.890 toneladas métricas	14%

Mercados financieros globales

Métricas de compromiso de mercados financieros globales:

• Presencia del mercado internacional: 18 países
• Valor de transacción transfronteriza: $ 87.3 millones
• Tasa de penetración del mercado: 62%

Fondos de inversión sostenibles

Detalles del segmento de inversión sostenible:

Categoría de fondos	Inversión total	Cumplimiento de ESG
Fondos ambientales	$ 45.2 millones	95% de cumplimiento
Fondos de responsabilidad social	$ 32.7 millones	88% de cumplimiento

Americas Gold and Silver Corporation (USA) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

A partir de 2023 informes financieros, las Américas Gold and Silver Corporation informaron gastos de capital totales de $ 14.2 millones para equipos mineros. El desglose de los costos del equipo incluye:

Categoría de equipo	Costo anual ($)
Maquinaria minera pesada	7,600,000
Equipo de perforación	3,800,000
Mantenimiento y reparaciones	2,800,000

Gastos de exploración y desarrollo

Los gastos de exploración de la corporación para 2023 totalizaron $ 9.5 millones, asignados en múltiples sitios mineros.

• Exploración de operaciones mexicanas: $ 5.2 millones
• Desarrollo del sitio de Nevada: $ 3.3 millones
• Costos del estudio geológico: $ 1 millón

Salarios y beneficios de los empleados

Los gastos totales de personal para 2023 fueron de $ 22.3 millones, estructurados de la siguiente manera:

Categoría de personal	Costo anual ($)
Personal minero directo	12,700,000
Personal administrativo	6,500,000
Beneficios y seguro	3,100,000

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de gestión ambiental para 2023 ascendieron a $ 4.6 millones:

• Cumplimiento regulatorio: $ 2.1 millones
• Monitoreo ambiental: $ 1.5 millones
• Iniciativas de sostenibilidad: $ 1 millón

Inversiones de tecnología e infraestructura

El gasto en infraestructura tecnológica en 2023 alcanzó los $ 3.8 millones:

Categoría de tecnología	Costo anual ($)
Sistemas de software de minería	1,600,000
Infraestructura digital	1,200,000
Ciberseguridad	1,000,000

América Gold and Silver Corporation (USA) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

En 2022, las Américas Gold and Silver Corporation informaron una producción de plata de 1,263,272 onzas de sus operaciones.

Año	Producción de plata (onzas)	Precio promedio de plata	Ingresos estimados
2022	1,263,272	$ 21.60 por onza	$27,294,835

Ventas de Gold Metal

La corporación produjo 29,620 onzas de oro en 2022.

Año	Producción de oro (onzas)	Precio promedio de oro	Ingresos estimados
2022	29,620	$ 1,800 por onza	$53,316,000

Exportaciones de concentrados minerales

Las exportaciones de concentrados minerales contribuyeron significativamente a los flujos de ingresos de la compañía.

• Ubicaciones de exportación primaria: México, Canadá
• Tipos de concentrados: plateado, concentrados de zinc

Ventas de metal de subproducto

Las ventas de metal de subproducto incluyeron la producción de plomo y zinc.

Subproducto metal	Producción 2022	Precio promedio de mercado	Ingresos estimados
Dirigir	8.312 toneladas	$ 2,200 por tonelada	$18,286,400
Zinc	12,456 toneladas	$ 3,100 por tonelada	$38,613,600

Inversión y rendimiento financiero

Devoluciones financieras de las operaciones mineras en 2022.

Métrica financiera	Cantidad
Ingresos totales	$139,510,835
Beneficio bruto	$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.