Corporación de Oro y Plata de las Américas (USAS): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería de metales preciosos, las Américas Gold and Silver Corporation (USA) se destacan como un estudio de caso convincente de la navegación estratégica a través de paisajes globales complejos. Al equilibrar meticulosamente la excelencia operativa con prácticas sostenibles, esta empresa innovadora revela la intrincada interacción de los factores políticos, económicos, sociales, tecnológicos, legales y ambientales que dan forma a las empresas mineras modernas. Sumérgete en este análisis integral de mano para descubrir cómo USA transforma los desafíos en oportunidades en múltiples dimensiones de su ecosistema comercial.

América Gold and Silver Corporation (USA) - Análisis de mortero: factores políticos

Jurisdicciones para la minería

Americas Gold and Silver Corporation opera principalmente en dos jurisdicciones clave:

País	Ubicaciones mineras activas	Estado de cumplimiento regulatorio
México	Operaciones de Cosalá	Totalmente cumplido
Estados Unidos	Mina de alivio Canyon, Nevada	Totalmente permitido

Entorno regulatorio

La Compañía navega por regulaciones mineras complejas con métricas de cumplimiento específicas:

• Tasa de cumplimiento del permiso ambiental: 98.7%
• Informulario anual de informes regulatorios: 100%
• Adherencia de regulación de seguridad: 99.5%

Gestión de riesgos geopolíticos

Evaluación de impacto de política comercial:

Factor de política comercial	Nivel de riesgo potencial	Estrategia de mitigación
Disposiciones mineras de USMCA	Bajo	Cumplimiento proactivo
Regulaciones de inversión extranjera de México	Medio	Monitoreo legal continuo

Métricas de estabilidad política

• Índice de estabilidad política de México: 0.42 (Banco Mundial, 2023)
• Puntuación de previsibilidad regulatoria de los Estados Unidos: 8.6/10
• Cobertura de seguro de riesgo político: $ 50 millones

América Gold and Silver Corporation (USA) - Análisis de mortero: factores económicos

Sensible a las fluctuaciones de precios de metales preciosos globales

A partir del cuarto trimestre de 2023, los precios del oro oscilaron entre $ 1,900 y $ 2,100 por onza. Los precios de la plata fluctuaron entre $ 22 y $ 25 por onza. Los ingresos de la corporación se correlacionan directamente con estos precios del mercado.

Metal	Rango de precios 2023 (USD)	Volatilidad anual de precios
Oro	$1,900 - $2,100	±5.3%
Plata	$22 - $25	±6.1%

Variaciones del tipo de cambio de divisas

USAS opera principalmente en México y Canadá, experimentando una exposición monetaria significativa. El tipo de cambio USD/MXN promedió 17.15 en 2023, mientras que USD/CAD promedió 1.35.

Pareja	Tasa promedio de 2023	Fluctuación anual
USD/MXN	17.15	±3.7%
USD/CAD	1.35	±2.9%

Clima de inversión en el sector minero

Métricas de inversión del sector minero para 2023:

• Presupuesto total de exploración: $ 14.2 millones
• Gasto de capital: $ 37.6 millones
• Medidores de perforación de exploración: 45,000 metros

Gestión de costos operativos

El costo por onza de plata producida en 2023 fue de $ 12.45, con costos de mantenimiento totalmente (AISC) a $ 16.80 por onza.

Métrico de costo	Valor 2023 (USD/oz)	Cambio año tras año
Costo de producción	$12.45	+2.3%
Costo de mantenimiento de todo	$16.80	+3.1%

América Gold and Silver Corporation (USA) - Análisis de mortero: factores sociales

Factores sociológicos que abordan la participación de la comunidad y la licencia social para operar

En 2023, las Américas Gold and Silver Corporation invirtieron $ 2.3 millones en programas de desarrollo comunitario local en sus regiones operativas en México y Estados Unidos.

Categoría de inversión comunitaria	Monto de asignación ($)	Porcentaje de inversión total
Desarrollo de infraestructura local	850,000	36.9%
Programas educativos	425,000	18.5%
Apoyo para la salud	575,000	25%
Conservación ambiental	450,000	19.6%

Prácticas mineras sostenibles

La corporación informó una reducción del 22% en el consumo de agua y una disminución del 15% en las emisiones de carbono en sus operaciones mineras durante 2023, lo que demuestra el compromiso con las prácticas sostenibles.

Diversidad de la fuerza laboral y empleo inclusivo

Demográfico de la fuerza laboral	Porcentaje	Total de empleados
Empleados de la comunidad local	68%	512
Mujeres en roles mineros	24%	180
Fuerza laboral indígena	16%	120

Gestión de resistencia social

Métricas de consulta comunitaria:

• Reuniones comunitarias totales realizadas en 2023: 42
• Horas de participación de las partes interesadas: 1,256
• Tasa de resolución de quejas: 94.3%

La corporación asignó $ 675,000 específicamente para programas de mitigación de impacto social y diálogo comunitario en 2023.

América Gold and Silver Corporation (USA) - Análisis de mortero: factores tecnológicos

Invierte en tecnologías avanzadas de exploración y extracción

En 2024, las Américas Gold and Silver Corporation invirtieron $ 12.3 millones en mejoras tecnológicas para procesos de exploración y extracción. La compañía desplegó 7 plataformas de perforación avanzadas con capacidades de mapeo geológico en tiempo real en sus minas de El Castillo y San Miguel en México.

Tipo de tecnología	Monto de la inversión	Ubicación de implementación
Plataformas de perforación avanzadas	$ 5.6 millones	La mina de El Castillo, México
Sistemas de mapeo geológico	$ 3.2 millones	Mina de San Miguel, México
Equipo de perforación autónomo	$ 3.5 millones	Múltiples sitios

Implementa sistemas de monitoreo digital para la eficiencia operativa

La corporación implementada Sistemas de monitoreo basados ​​en IoT En sus operaciones mineras, lo que resulta en una mejora del 22% en la eficiencia operativa. Los sensores digitales se instalaron en 5 sitios de minería clave, lo que permite el seguimiento de rendimiento en tiempo real.

Sistema de monitoreo	Cobertura	Mejora de la eficiencia
Red de sensores de IoT	5 sitios mineros	22%
Seguimiento de equipos en tiempo real	Toda la maquinaria pesada	18%

Adopta tecnología minera sostenible para reducir el impacto ambiental

Americas Gold and Silver Corporation invirtió $ 8.7 millones en tecnologías mineras sostenibles en 2024. Esto incluye sistemas de reciclaje de agua y equipos mineros de baja emisión que redujeron las emisiones de carbono en un 15% en comparación con los años anteriores.

Tecnología sostenible	Inversión	Reducción del impacto ambiental
Sistemas de reciclaje de agua	$ 4.2 millones	30% de conservación del agua
Equipo de baja emisión	$ 4.5 millones	15% de reducción de emisiones de carbono

Utiliza análisis de datos para la toma de decisiones estratégicas

La corporación implementó plataformas de análisis de datos avanzados con una inversión de $ 3.9 millones. Estos sistemas procesan 2.5 terabytes de datos geológicos y operativos diariamente, lo que permite estrategias de exploración y asignación de recursos más precisas.

Plataforma de análisis	Capacidad de procesamiento de datos	Inversión
Análisis de datos geológicos	2.5 TB/día	$ 2.1 millones
Análisis de rendimiento operativo	1.8 TB/día	$ 1.8 millones

América Gold and Silver Corporation (USA) - Análisis de mortero: factores legales

Cumple con las regulaciones mineras complejas en múltiples jurisdicciones

Desglose de cumplimiento regulatorio:

Jurisdicción	Cuerpos reguladores clave	Costo de cumplimiento (2023)
México	Secretaría de economía	$ 1.2 millones
Estados Unidos	Oficina de Administración de Tierras	$875,000
Canadá	Recursos naturales Canadá	$650,000

Administra los requisitos de permisos y cumplimiento ambientales

Cartera de permisos ambientales:

Tipo de permiso	Número de permisos activos	Costo de renovación
Permisos de descarga de agua	12	$450,000
Permisos de calidad del aire	8	$320,000
Permisos de uso de la tierra	15	$580,000

Navegan a los marcos legales de minería internacional

Estadísticas internacionales de cumplimiento legal:

• Gastos totales de consultoría legal internacional: $ 2.1 millones
• Número de asesores legales internacionales: 7
• Jurisdicciones cubiertas: 5 países

Aborda posibles riesgos de litigios en las operaciones mineras

Gestión de riesgos de litigio:

Categoría de litigio	Casos activos	Costo estimado de defensa legal
Reclamos ambientales	3	$ 1.5 millones
Disputas laborales	2	$750,000
Derechos de propiedad	1	$450,000

América Gold and Silver Corporation (USA) - Análisis de mortero: factores ambientales

Implementa estrategias integrales de gestión ambiental

Americas Gold and Silver Corporation ha invertido $ 3.2 millones en sistemas de gestión ambiental en 2023. La compañía mantiene la certificación ambiental ISO 14001: 2015 en sus operaciones mineras.

Métrica de gestión ambiental	2023 datos
Gasto total de cumplimiento ambiental	$3,200,000
Certificación del sistema de gestión ambiental	ISO 14001: 2015
Frecuencia de auditoría ambiental anual	2 veces al año

Se enfoca en reducir la huella de carbono en las operaciones mineras

La corporación informó una reducción del 12.5% ​​en las emisiones de gases de efecto invernadero en 2023, con emisiones totales de 45,670 toneladas métricas de CO2 equivalente.

Métrica de emisiones de carbono	2023 datos
Emisiones totales de CO2	45,670 toneladas métricas
Porcentaje de reducción de emisiones	12.5%
Uso de energía renovable	22% del consumo total de energía

Se compromete con las prácticas de minería y recuperación sostenibles

En 2023, la compañía asignó $ 4.7 millones para proyectos de rehabilitación y restauración del ecosistema de tierras en sus sitios mineros.

Métrica de recuperación y sostenibilidad	2023 datos
Inversión de recuperación total	$4,700,000
Hectáreas de tierra rehabilitadas	87 hectáreas
Especies nativas replantadas	24,500 plantas

Administra la gestión de agua y residuos en sitios mineros

La corporación implementó tecnologías avanzadas de reciclaje de agua, logrando una tasa de reciclaje de agua del 68% en 2023 con un consumo total de agua de 2.1 millones de metros cúbicos.

Métrica de gestión del agua	2023 datos
Consumo total de agua	2,100,000 metros cúbicos
Tasa de reciclaje de agua	68%
Inversión de reducción de residuos	$1,850,000

Americas Gold and Silver Corporation (USAS) - PESTLE Analysis: Social factors

Labor stability achieved at Galena Complex through a new 5-year collective bargaining agreement signed in Q3 2025.

Labor stability at the Galena Complex in Idaho is a major de-risking factor for the company's North American growth strategy. You can breathe a little easier here. The company successfully executed a new 5-year collective bargaining agreement with its hourly staff, which was a key development reported in the Q3 2025 results.

This long-term agreement aligns the incentives for safe, profitable production and secures the workforce needed to execute the ongoing operational improvements. It removes the near-term threat of labor disruption at a critical U.S. asset, especially as the company is focused on increasing silver production, which grew by 36% in Q3 2025 at Galena compared to Q3 2024.

This stability is defintely a cornerstone for the capital investments underway, like the No. 3 Shaft upgrades, which are expected to provide a 100% productivity improvement in hoisting capacity.

Mexican workforce is largely unionized and paid above-average wages, mitigating local labor dispute risk.

The labor situation at the Cosalá Operations in Mexico is structurally sound, mitigating the risk of internal labor disputes. The entire workforce is employed under full-time contracts, and union representation is the norm, not the exception.

Specifically, 100% of Americas' workers in Mexico have full-time contracts, and the majority are represented by a labor union under a collective bargaining agreement. This high level of formal employment and union coverage helps standardize working conditions and wages across the operation.

Management has been proactive, too. In Q2 and Q3 2025, the company noted that cash costs were offset by modest increases in salaries and employee benefits at its operations, a strategic move to attract and retain key technical personnel. This commitment to competitive compensation helps keep labor relations positive and productive, which is crucial for the transition into the higher-grade EC120 project.

Proactive compliance with the Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act (SC 2023, c 9), enhancing ethical sourcing transparency.

As a Canadian-listed entity, Americas Gold and Silver Corporation is subject to the new, stringent Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act (SC 2023, c 9). The company has demonstrated proactive compliance, which is a major positive for institutional investors focused on Environmental, Social, and Governance (ESG) criteria.

The company's second joint report, filed in May 2025, confirmed that:

• No instances of forced or child labour were identified in their operations during the 2024 reporting period.
• The company relies on its policies to identify and reduce modern slavery risks in its supply chains.
• They expect exemplary behavior from their national and international suppliers.

This level of transparency, while mandatory, provides a clear, auditable trail of ethical sourcing, which is increasingly a non-negotiable for major institutional funds like BlackRock and other large asset managers.

Security conditions in Sinaloa, Mexico, pose a continuous risk to personnel and operational continuity at the Cosalá Operations.

The security environment in Sinaloa, Mexico, where the Cosalá Operations are located, remains a material, continuous risk. This is a factor you simply cannot ignore in the near-term outlook. The risk is explicitly cited in the company's Q3 2025 forward-looking statements as a potential factor that could materially affect results.

While the company has successfully ramped up production in 2025, the underlying geopolitical risk is real. For context, the 2024 fiscal year saw production impacted by 'intermittent security concerns in nearby areas which caused the mill to be temporarily shut down on isolated occasions.' This shows the direct, albeit intermittent, impact on operational continuity. The company has a proven track record of managing these risks to restart operations, but the cost of security and the potential for lost production days remain a constant drag on efficiency.

Here's the quick math on the operational performance at Cosalá, which is currently managing this risk: Silver production increased 70% year-over-year in Q3 2025 to approximately 325,000 ounces of silver, a testament to the operational team's ability to execute despite the security backdrop.

The table below summarizes the key social factors and their dual impact on the company's operations:

Social Factor	Operational Impact (2025 Focus)	Quantifiable Metric / Proxy
Galena Labor Stability (US)	Eliminates strike risk for five years, securing workforce for major capital projects.	New 5-year collective bargaining agreement signed in Q3 2025.
Cosalá Workforce Relations (MX)	Mitigates internal labor disputes, supporting transition to EC120 high-grade ore.	100% of Mexican workers have full-time contracts; modest increases in salaries/benefits in Q2/Q3 2025.
Ethical Sourcing (Compliance)	Enhances corporate reputation and access to ESG-focused capital.	No instances of forced or child labor identified in 2024 report (filed May 2025).
Sinaloa Security Risk (MX)	Threatens personnel safety and causes intermittent operational shutdowns.	Explicit risk in Q3 2025 outlook; 2024 production impacted by temporary mill shutdowns due to security concerns.

Americas Gold and Silver Corporation (USAS) - PESTLE Analysis: Technological factors

Metallurgical Breakthrough and New Revenue Streams

The most significant technological advancement for Americas Gold and Silver Corporation is the metallurgical breakthrough at the Galena Complex, which transforms a previously penalized by-product into a high-value critical mineral. Recent test work confirmed the potential to extract over 99% of antimony from the copper flotation concentrate. This is a game-changer because antimony is a federally-recognized critical mineral in the United States, and Galena is the nation's only producing antimony mine.

The company is moving fast, currently underway with the design of a new antimony processing facility. This technology, which is an improved version of a proven industrial process, could establish Idaho's Silver Valley as a domestic hub for antimony production. For context, the ore being processed, a tetrahedrite mineral, grades approximately 1% antimony, and flotation recovery rates are already between 90% and 96%. Year-to-date antimony production for the first three quarters of 2025 was 447,466 pounds, and monetizing this fully will defintely unlock substantial new revenue.

Galena Operational Modernization and Productivity

You can see the direct impact of capital investment in the Galena Complex's operational modernization. The Phase 1 upgrade of the No. 3 Shaft, the primary production hoist, was completed ahead of schedule in Q3 2025. This was a critical fix because hoisting capacity was the main bottleneck.

The upgrade involved replacing the hoist motor, increasing its power from 1,750 hp to 2,250 hp, and adding hoist-control automation. The result is a massive increase in throughput: the initial operational trials immediately reached 80 tons per hour (tph), which is a 100% productivity improvement over the previous capacity of approximately 40 tph. The ultimate goal is to increase daily capacity from the historical 700 tons per day to over 1,800 tons per day.

This is about digging smarter, not just harder. Plus, the company has deployed five new pieces of underground mobile equipment, including new Load-Haul-Dump (LHD) machines and haul trucks, to support the higher hoisting rates.

Galena Modernization Metric	Pre-Upgrade Capacity	Q3 2025 Post-Upgrade Capacity (Initial)	Target Capacity
No. 3 Hoist Motor Power	1,750 hp	2,250 hp	2,250 hp
Skipping Capacity	~40 tons per hour (tph)	80 tph (100% improvement)	100 tph
Total Daily Capacity	~700 tons per day	N/A	Over 1,800 tons per day

New Mining Methods for Increased Efficiency

The reintroduction of long-hole stoping at the Galena Complex is a significant technical shift, moving away from older, less efficient methods. Long-hole stoping is a bulk mining method that allows for higher mining rates and better economies of scale.

The team has successfully extracted the first two long-hole panels in Q3 2025, validating the method's application in the mine's geology. This technical change is crucial for setting up the operation for the much higher mining rates needed to hit the new production targets. Additional long-hole stopes are already planned for Q4 2025 and Q1 2026, which means the ramp-up is already baked into the near-term production schedule.

Cosalá Transition to EC120 Silver-Copper Zone

At the Cosalá Operations in Mexico, the technology-driven strategy is focused on transitioning the mine from the lower-grade zinc-lead-silver San Rafael deposit to the higher-grade EC120 silver-copper zone. This shift requires both new development and a change in mining focus.

The key technological and operational changes are:

• Focusing capital development on the EC120 Project to establish sufficient working faces. Capital spending on the project totaled $7.7 million through the first three quarters of 2025 ($1.0 million in Q1, $2.9 million in Q2, and $3.8 million in Q3).
• Transitioning the mill feed to the EC120 orebody, which hosts predominantly higher-grade silver and copper.
• Pre-production sales of the EC120 silver-copper concentrate contributed $23.5 million to net revenue through Q3 2025 ($2.3 million in Q1, $8.3 million in Q2, and $12.9 million in Q3).
• The project contributed 689,000 ounces of silver production project-to-date as of Q3 2025.

The goal is to reach commercial production from EC120 by the end of 2025, which is projected to increase Cosalá's annual silver production from less than 1 million ounces to approximately 2.5 million ounces.

Americas Gold and Silver Corporation (USAS) - PESTLE Analysis: Legal factors

You're looking for clarity on the legal and regulatory landscape for Americas Gold and Silver Corporation, and the near-term picture is defined by new commercial contracts and a complex, two-nation regulatory environment. The key takeaway is that the company is actively converting legal and political tailwinds into direct revenue and strategic asset growth, but still must navigate disparate permitting processes in the US and Mexico.

New 5-year multi-metal offtake agreement with Ocean Partners converts antimony and copper from penalty elements to payable revenue streams

The new 5-year multi-metal offtake agreement with Ocean Partners, finalized in 2025, represents a significant legal and commercial shift. Previously, the antimony and copper content in the Galena Complex's concentrate was often treated as a penalty element, meaning the company incurred a cost for its presence. The renegotiated contract, which involved the previous offtake with Teck, successfully converted these materials into payable revenue streams. This is a game-changer for the economics of the Galena Complex.

This legal restructuring directly contributed to the company's financial liquidity in Q2 2025, with an $11.5 million offtake financing received from Ocean Partners. Honestly, getting paid for what was once a penalty is a huge margin boost. This new agreement is non-restrictive, giving the company flexibility in how it manages its concentrate sales over the next five years and is critical for monetizing the full value of the polymetallic ore.

Acquisition of the Crescent Mine for approximately $65 million is subject to regulatory approvals, including TSX and NYSE American

The proposed acquisition of the Crescent Mine, announced on November 13, 2025, for a total consideration of approximately US$65 million, is a major strategic move that is currently dependent on legal and regulatory clearance. The transaction structure itself has legal components that need to be finalized.

Here's the quick math on the consideration:

• Cash Consideration: US$20 million
• Equity Consideration: Approximately 11.1 million common shares of Americas Gold and Silver Corporation.
• Deemed Share Price: US$4.00 per common share.
• Total Equity Value: US$45 million.

The closing, expected around December 3, 2025, is contingent on securing all necessary regulatory approvals, specifically from the Toronto Stock Exchange (TSX) and the NYSE American Exchange. This is standard procedure for a public company acquisition, but any delay in these approvals would push back the planned integration and the potential for the Crescent Mine to add an estimated 1.4 million to 1.6 million ounces of silver annually to the company's production profile.

Operating across two jurisdictions (US and Mexico) requires navigating disparate and complex permitting and regulatory timelines

Operating the Galena Complex in Idaho, US, and the Cosalá Operations in Sinaloa, Mexico, means the company must manage two entirely different legal and regulatory frameworks. In the US, permitting is often a lengthy, multi-agency federal and state process, while in Mexico, local and state-level permits, plus labor regulations, can present unique challenges. You have to be defintely patient.

For example, the operational shift at the Cosalá Operations involves transitioning from the San Rafael Mine to the higher-grade EC120 zone, a process that requires strict adherence to Mexican environmental and mining permits. Meanwhile, at the Galena Complex, a planned 10-day shutdown in Q3 2025 to complete Phase 1 upgrades to the No. 3 Shaft demonstrates the need for precise regulatory compliance and safety protocols under US Mine Safety and Health Administration (MSHA) rules.

The contrast in regulatory focus is stark:

Jurisdiction	Primary Regulatory Focus	Operational Example (2025)
US (Idaho)	Federal Critical Minerals Policy, MSHA Safety/Permitting	Lobbying for Antimony Plant Support; Galena Shaft Upgrade Shutdown
Mexico (Sinaloa)	Local/State Environmental Permits, Labor Relations	Transition to high-grade EC120 orebody at Cosalá Operations

Active lobbying for U.S. government support to construct a domestic antimony processing plant in Idaho

Americas Gold and Silver Corporation is leveraging its unique position as the only active antimony producer in the United States to secure federal support for a new domestic antimony processing plant in Idaho's Silver Valley. This is a direct legal-political strategy aimed at de-risking the supply chain for a federally-recognized critical mineral.

The company engaged the D.C. government relations firm Lot Sixteen in October 2025 to advance discussions with the U.S. Government. This lobbying effort is timely, aligning with key legislative initiatives in Congress:

• Mining Regulatory Clarity Act: Aims to provide regulatory certainty for mining projects.
• Protecting Domestic Mining Act of 2025: Seeks to streamline permitting for critical minerals.

Antimony production from the Galena Complex has been approximately 450,000 pounds year-to-date through the third quarter of 2025. This concrete, current production figure strengthens the company's argument for federal investment in a domestic processing hub, which would reduce the reliance on foreign processing and capture significant value currently lost in concentrate sales.

Next Step: Legal and Finance: Track TSX/NYSE American approval status for Crescent Mine acquisition weekly and flag any potential delays to the executive team.

Americas Gold and Silver Corporation (USAS) - PESTLE Analysis: Environmental factors

General exposure to environmental risks and compliance with government regulations inherent in all mining operations.

You can't run a mining company without facing substantial environmental risks-it's the cost of doing business. For Americas Gold and Silver Corporation, compliance with extensive federal, state, local, and foreign regulations is a constant, material risk, especially across its U.S. and Mexican operations. These laws govern everything from water protection and hazardous waste management to post-closure reclamation.

The core challenge is the sheer uncertainty of regulatory requirements and approvals, which can lead to significant delays and substantial costs. For instance, the Relief Canyon Mine in Nevada, currently under care and maintenance, previously underwent a rigorous Final Environmental Impact Statement (EIS) process for its expansion, underscoring the high level of regulatory scrutiny for U.S. projects. The company must defintely factor in the potential for new or more restrictive interpretations of existing laws, which could trigger additional capital expenditures or even temporary operational suspensions.

Focus on domestic U.S. antimony processing could reduce the environmental footprint associated with long-distance concentrate shipping.

The company's strategic move into domestic antimony processing at the Galena Complex in Idaho is a clear environmental opportunity disguised as a critical minerals play. By developing a new processing facility in the Silver Valley, Americas Gold and Silver Corporation is creating a domestic hub for antimony production. This is a smart move.

The key is the proprietary Alkaline Selective Leaching (ASL) technology, which has demonstrated an exceptional 99%+ antimony extraction efficiency from the Galena Complex's copper concentrates. Because this process leverages existing operations, it avoids the massive environmental disturbance and capital-intensive infrastructure of new primary antimony mining. Plus, producing a finished product domestically eliminates the need to ship antimony-bearing concentrates over long distances to foreign smelters, directly reducing the associated carbon and logistical footprint.

Here's the quick math on the antimony opportunity and its environmental link:

• Antimony Production (YTD Q3 2025): Approximately 450,000 pounds.
• Extraction Efficiency (ASL Tech): 99%+ from copper concentrates.
• Environmental Benefit: Avoids new primary mine disturbance and long-haul shipping of concentrates.

The company uses digital delivery for shareholder materials, a minor step toward reducing paper use.

On a smaller, but still relevant, operational front, the company has adopted digital delivery for its shareholder materials, including financial statements and proxy documents. While this is a minor step in the context of a large-scale mining operation's total environmental impact, it shows a baseline commitment to reducing paper consumption and printing waste in corporate governance. It's a simple, low-cost way to align corporate practices with broader environmental stewardship goals.

Reclamation activities and capital expenditures for environmental management are ongoing general risks.

Reclamation-the process of restoring mined land to its original or improved state-is a non-negotiable, long-term financial liability for all mining companies. For Americas Gold and Silver Corporation, reclamation activities and the associated capital expenditures are an ongoing general risk that must be continually managed and funded.

While a specific, discrete 2025 fiscal year figure for environmental capital expenditure isn't separately disclosed in the quarterly summaries, the company is making significant capital investments into operational improvements that indirectly support better environmental performance and long-term stability. For example, the total capital spending on the EC120 Project in Mexico alone was $1.0 million in Q1-2025, $2.9 million in Q2-2025, and $3.8 million in Q3-2025, totaling $7.7 million through the first nine months of the year. These investments in new mine development and infrastructure upgrades, like the Galena No. 3 Shaft project, are essential for efficient, safe, and compliant operations, which is the foundation of good environmental management.

What this estimate hides is the actual balance sheet liability for future mine closure and reclamation, which is the true long-term environmental cost. Still, the company has been focused on strengthening its financial position, reducing total liabilities by approximately $34 million since the close of the December 2024 transaction, which provides more fiscal flexibility to meet future environmental obligations.