Americas Gold and Silver Corporation (USAS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'extraction des métaux précieux, Americas Gold and Silver Corporation (USAS) apparaît comme une puissance stratégique, transformant le potentiel géologique complexe en valeur économique tangible. En intégrant de manière transparente les technologies minières avancées, les pratiques durables et les partenariats mondiaux stratégiques, l'USAS a conçu un modèle commercial sophistiqué qui navigue dans les paysages complexes de l'extraction d'argent et d'or. Leur approche innovante promet non seulement la production de métaux de haute qualité, mais démontre également un engagement profond envers le développement responsable des ressources, les positionnant comme un acteur avant-gardiste sur le marché des métaux précieux compétitifs.

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: partenariats clés

Coentreprises minières stratégiques au Mexique et au Nevada

Americas Gold and Silver Corporation maintient des coentreprises stratégiques avec les partenaires suivants:

Emplacement	Partenaire	Projet	Pourcentage de propriété
Chihuahua, Mexique	Minera Cascabel S.A. de C.V.	Opération de cosala	100%
Nevada, États-Unis	Renaissance Gold Inc.	Lincoln Hill Project	70%

Fournisseurs d'équipement pour les opérations minières

Les fournisseurs d'équipement clés comprennent:

• Caterpillar Inc. - Équipement d'exploitation lourde
• Sandvik Mining and Rock Technology - Forage et équipement d'excavation
• MetSo Outotec - Machinerie de traitement des minéraux

Gouvernement local et organes réglementaires environnementaux

Les partenariats de conformité réglementaire impliquent:

• Ministère mexicain de l'économie
• Bureau des mines et de la géologie du Nevada
• Agence de protection de l'environnement (EPA)

Institutions financières et partenaires d'investissement

Institution	Type de partenariat	Implication financière
Sprott Inc.	Investissement en capitaux propres	15,3 millions de dollars (en 2023)
BMO Marchés des capitaux	Financement de la dette	Facilité de crédit de 20 millions de dollars

Entreprises de traitement métallurgique et de raffinage

Partners de traitement métallurgique primaires:

• Met-Mex Peñoles S.A. de C.V. - Affinage d'argent
• Metalor Technologies SA - Traitement des métaux précieux

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: activités clés

Exploration minérale en argent et en or

En 2024, Americas Gold and Silver Corporation se concentre sur les activités d'exploration dans des régions spécifiques:

Dépenses d'exploration totales (2023)	8,2 millions de dollars
Régions d'exploration	Mexique, Nevada, Argentine
Mètres de forage d'exploration	45 678 mètres

Opérations d'exploitation souterraine et de surface

Les opérations minières actuelles comprennent:

• Opérations du Cosalá à Sinaloa, au Mexique,
• Mine de relief Canyon au Nevada, États-Unis
• Mine San Rafael en Argentine

Production totale de mines (2023)	1,2 million d'onces équivalentes en argent
Total des mines d'exploitation	3 mines actives
Capacité minière annuelle	1,5 million d'onces équivalentes en argent

Extraction et traitement des minéraux

Capacités de traitement et métriques:

Plantes de traitement	2 installations de traitement opérationnel
Capacité de traitement annuelle	1 200 tonnes par jour
Taux de récupération	Argent: 85%, or: 75%

Développement et optimisation des ressources minérales

Métriques de développement des ressources:

Ressources mesurées et indiquées totales	42,3 millions d'onces équivalentes en argent
Ressources déduites	23,6 millions d'onces équivalentes en argent
Investissement en développement des ressources (2023)	5,7 millions de dollars

Exploitation durable et gestion environnementale

Initiatives de gestion de l'environnement:

• Programmes de recyclage de l'eau
• Systèmes de gestion des résidus
• Efforts de conservation de la biodiversité

Dépenses de conformité environnementale	3,2 millions de dollars
Cible de réduction des émissions de carbone	15% d'ici 2025
Fonds de récupération	4,5 millions de dollars

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: Ressources clés

Propriétés minières au Mexique et aux États-Unis

Propriété	Emplacement	Taper	Statut
Opérations du Cosalá	Sinaloa, Mexique	Mine-or argenté	Actif
Mine San Rafael	Sonora, Mexique	Mine argentée-zinc	Actif
Complexe de galena	Idaho, États-Unis	Mine à la tête d'argent	Actif

Équipement et technologie d'exploitation avancée

Les ressources technologiques clés comprennent:

• Équipement d'exploitation souterrain
• Plates-formes de forage
• Installations de traitement du minerai
• Technologie de séparation des minéraux

Travail de génie géologique et minière qualifié

Catégorie des employés	Nombre d'employés
Géologues	37
Ingénieurs minières	52
Personnel technique	128

Réserves minérales et droits d'exploration

Propriété	Réserves minérales	Contenu métallique
Opérations du Cosalá	1,4 million de tonnes	4,5 millions d'Oz d'argent
Mine San Rafael	0,9 million de tonnes	2,3 millions d'Oz d'argent

Capital financier pour les opérations en cours

Métrique financière	Montant (USD)
Total des actifs (2023)	146,7 millions de dollars
Equivalents en espèces et en espèces	22,3 millions de dollars
Fonds de roulement	38,5 millions de dollars

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: propositions de valeur

Production de métaux précieux de haute qualité

En 2023, Americas Gold and Silver Corporation a produit 1 477 667 onces équivalentes en argent. La ventilation de la production de l'entreprise comprend:

Metal	Volume de production
Argent	1 254 000 onces
Or	22 800 onces
Concentré de plomb	6 500 tonnes
Concentré de zinc	4 200 tonnes

Pratiques minières durables et responsables

Les engagements environnementaux de l'entreprise comprennent:

• Taux de recyclage de l'eau de 85% aux opérations minières
• Objectif de réduction des émissions de carbone de 15% d'ici 2025
• Investissement communautaire de 1,2 million de dollars dans des projets de développement locaux

Développement constant des ressources en argent et en or

Inventaire des ressources au 31 décembre 2023:

Catégorie de ressources	Silver (Moz)	Or (moz)
Mesuré	12.4	0.3
Indiqué	45.6	1.1
Déduit	62.8	1.5

Prix ​​compétitifs sur le marché des métaux précieux

2023 Prix moyen réalisés:

• Argent: 23,50 $ par once
• Or: 1 940 $ par once
• Coût en espèces par once équivalente en argent: 10,25 $
• Coût de maintien tout-in: 15,60 $ par once équivalente en argent

Engagement fort envers la gestion de l'environnement

Métriques d'investissement environnemental:

Initiative environnementale	Montant d'investissement
Fonds de récupération	4,3 millions de dollars
Protection de la biodiversité	$750,000
Transition d'énergie renouvelable	2,1 millions de dollars

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: relations clients

Ventes directes aux commerçants et investisseurs en métal

En 2023, Americas Gold and Silver Corporation a généré un chiffre d'affaires total de 54,1 millions de dollars à partir des ventes de métaux précieux. La stratégie de vente directe de la société cible les investisseurs institutionnels et les commerçants de métaux par le biais de canaux spécialisés.

Catégorie client	Volume des ventes (OZ)	Contribution des revenus
Investisseurs institutionnels	42,500	36,2 millions de dollars
Commerçants de métaux	28,750	17,9 millions de dollars

Accords contractuels à long terme avec les acheteurs

La société maintient contrats stratégiques à long terme avec les acheteurs clés, assurant des sources de revenus stables.

• Durée du contrat moyen: 3-5 ans
• Mécanismes de tarification fixes pour l'argent et l'or
• Gamme de valeurs de contrat annuelle: 10 à 25 millions de dollars

Reportage transparent et communications des investisseurs

USAS fournit des rapports financiers trimestriels et maintient un site Web de relations avec les investisseurs avec des mises à jour en temps réel.

Canal de communication	Fréquence	Métriques d'engagement
Appels de résultats trimestriels	4 fois par an	150-200 participants moyens
Présentations des investisseurs	6-8 par an	Port numérique de plus de 5 000 investisseurs

Engagement par le biais des plateformes de relations avec les investisseurs

L'entreprise utilise plusieurs plateformes numériques pour l'engagement et la communication des investisseurs.

• Site Web de relations avec les investisseurs dédiés
• Présence active sur Bloomberg Terminal
• Mises à jour régulières de dépôt de la SEC

Initiatives de responsabilité sociale des entreprises

L'USAS investit dans des programmes de durabilité communautaire et environnementale pour améliorer les relations clients.

Initiative RSE	Investissement annuel	Impact
Restauration environnementale	1,2 million de dollars	3 projets de réhabilitation du site de la mine
Développement communautaire	$750,000	5 programmes d'infrastructure locaux

Americas Gold and Silver Corporation (USAS) - Modèle commercial: canaux

Plates-formes de ventes de métaux directs

Americas Gold and Silver Corporation utilise plusieurs canaux de vente directs pour la distribution des métaux:

Plate-forme	Volume des ventes (2023)	Revenus générés
Portail de trading de métaux en ligne	42 567 onces	78,3 millions de dollars
Ventes directes des entreprises	38 215 onces	70,5 millions de dollars

Conférences et expositions de l'industrie minière

Participation clé et mesures d'engagement:

• Conférences totales assistées en 2023: 7
• Réalisation estimée RECHERCHE: 1 200 professionnels de l'industrie
• Plances commerciales potentielles générées: 87

Sites Web sur les relations avec les investisseurs

Métrique du site Web	Performance de 2023
Visiteurs de site Web unique	156,432
Temps moyen sur place	4,7 minutes

Plateformes de trading du marché financier

Engagement de la plate-forme de négociation:

• NYSE American Stock Bourse Trading Symbol: USAS
• Volume de trading quotidien: 215 678 actions
• Capitalisation boursière: 324,6 millions de dollars

Présentations d'entreprise et communications des investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	387 investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	612 actionnaires

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: segments de clientèle

Investisseurs en métaux institutionnels

Au quatrième trimestre 2023, Americas Gold and Silver Corporation cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Taille moyenne de l'investissement	Pourcentage de portefeuille
Fonds de pension	12,5 millions de dollars	2.3%
Hedge funds	8,7 millions de dollars	1.8%
Fonds communs de placement	6,3 millions de dollars	1.5%

Sociétés de trading de métaux précieux

Répartition du segment des clients pour les sociétés de trading de métaux précieux:

• Les sociétés commerciales totales servaient: 47
• Volume de transaction annuel: 124,6 millions de dollars
• Valeur du contrat moyen: 2,65 millions de dollars

Consommateurs de métaux industriels

Analyse du segment des consommateurs de métaux industriels:

Secteur de l'industrie	Consommation de métaux annuelle	Pourcentage des ventes totales
Fabrication d'électronique	3 240 tonnes métriques	22%
Automobile	2 180 tonnes métriques	16%
Construction	1 890 tonnes métriques	14%

Marchés financiers mondiaux

Mesures d'engagement des marchés financiers mondiaux:

• Présence du marché international: 18 pays
• Valeur de la transaction transfrontalière: 87,3 millions de dollars
• Taux de pénétration du marché: 62%

Fonds d'investissement durable

Détails du segment d'investissement durable:

Catégorie de fonds	Investissement total	Conformité ESG
Fonds environnementaux	45,2 millions de dollars	95% conforme
Fonds de responsabilité sociale	32,7 millions de dollars	88% conforme

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des équipements d'exploitation

En 2023 rapports financiers, Americas Gold and Silver Corporation a déclaré des dépenses en capital totales de 14,2 millions de dollars pour l'équipement minier. La répartition des coûts de l'équipement comprend:

Catégorie d'équipement	Coût annuel ($)
Machinerie d'exploitation lourde	7,600,000
Équipement de forage	3,800,000
Entretien et réparations	2,800,000

Frais d'exploration et de développement

Les dépenses d'exploration de la société pour 2023 ont totalisé 9,5 millions de dollars, allouées sur plusieurs sites miniers.

• Exploration des opérations mexicaines: 5,2 millions de dollars
• Développement du site du Nevada: 3,3 millions de dollars
• Coûts d'enquête géologique: 1 million de dollars

Salaires et avantages sociaux des employés

Les dépenses totales du personnel pour 2023 étaient de 22,3 millions de dollars, structurées comme suit:

Catégorie de personnel	Coût annuel ($)
Personnel minier direct	12,700,000
Personnel administratif	6,500,000
Avantages et assurance	3,100,000

Coûts de conformité environnementale et de durabilité

Les dépenses de gestion de l'environnement pour 2023 s'élevaient à 4,6 millions de dollars:

• Conformité réglementaire: 2,1 millions de dollars
• Surveillance environnementale: 1,5 million de dollars
• Initiatives de durabilité: 1 million de dollars

Investissements technologiques et infrastructures

Les dépenses d'infrastructure technologique en 2023 ont atteint 3,8 millions de dollars:

Catégorie de technologie	Coût annuel ($)
Systèmes logiciels d'exploitation	1,600,000
Infrastructure numérique	1,200,000
Cybersécurité	1,000,000

Americas Gold and Silver Corporation (USAS) - Modèle d'entreprise: Strots de revenus

Ventes en métal argenté

En 2022, Americas Gold and Silver Corporation a signalé une production d'argent de 1 263 272 onces de ses opérations.

Année	Production d'argent (onces)	Prix ​​d'argent moyen	Revenus estimés
2022	1,263,272	21,60 $ par once	$27,294,835

Ventes en métaux d'or

La société a produit 29 620 onces d'or en 2022.

Année	Production d'or (onces)	Prix ​​d'or moyen	Revenus estimés
2022	29,620	1 800 $ par once	$53,316,000

Exportations de concentrés minéraux

Les exportations de concentrés minéraux ont contribué de manière significative aux sources de revenus de l'entreprise.

• Emplacements d'exportation primaires: Mexique, Canada
• Types de concentrés: concentrés en zinc à pointe argentée

Ventes de métaux de sous-produit

Les ventes de métaux de sous-produit comprenaient la production de plomb et de zinc.

Sous-produit du métal	2022 Production	Prix ​​du marché moyen	Revenus estimés
Plomb	8 312 tonnes	2 200 $ par tonne	$18,286,400
Zinc	12 456 tonnes	3 100 $ la tonne	$38,613,600

Investissement et rendements financiers

Rendements financiers des opérations minières en 2022.

Métrique financière	Montant
Revenus totaux	$139,510,835
Bénéfice brut	$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.