Americas Gold and Silver Corporation (USAS): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'extraction des métaux précieux, Americas Gold and Silver Corporation (USAS) est une étude de cas convaincante de la navigation stratégique à travers des paysages mondiaux complexes. En équilibrant méticuleusement l'excellence opérationnelle à des pratiques durables, cette entreprise innovante révèle l'interaction complexe des facteurs politiques, économiques, sociaux, technologiques, juridiques et environnementaux qui façonnent les entreprises minières modernes. Plongez dans cette analyse complète du pilon pour découvrir comment l'USAS transforme les défis en opportunités à travers plusieurs dimensions de son écosystème commercial.

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs politiques

Juridictions adaptées à l'exploitation minière

Americas Gold and Silver Corporation opère principalement dans deux juridictions clés:

Pays	Emplacements d'extraction actifs	Statut de conformité réglementaire
Mexique	Opérations du Cosalá	Pleinement conforme
États-Unis	Mine de relief canyon, Nevada	Entièrement autorisé

Environnement réglementaire

La société navigue sur des réglementations minières complexes avec des mesures de conformité spécifiques:

• Taux de conformité des permis environnementaux: 98,7%
• Exhaustivité des rapports réglementaires annuels: 100%
• Adhésion au règlement sur la sécurité: 99,5%

Gestion des risques géopolitiques

Évaluation de l'impact de la politique commerciale:

Facteur de politique commerciale	Niveau de risque potentiel	Stratégie d'atténuation
Dispositions minières de l'USMCA	Faible	Conformité proactive
Règlement sur l'investissement étranger au Mexique	Moyen	Surveillance juridique continue

Métriques de stabilité politique

• Indice de stabilité politique du Mexique: 0,42 (Banque mondiale, 2023)
• Score de prévisibilité réglementaire des États-Unis: 8,6 / 10
• Couverture d'assurance risque politique: 50 millions de dollars

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs économiques

Sensible aux fluctuations mondiales des prix des métaux précieux

Au quatrième trimestre 2023, les prix de l'or variaient entre 1 900 $ et 2 100 $ l'once. Les prix de l'argent ont fluctué entre 22 $ et 25 $ l'once. Les revenus de la société sont directement corrélés avec ces prix du marché.

Metal	Gamme de prix 2023 (USD)	Volatilité annuelle des prix
Or	$1,900 - $2,100	±5.3%
Argent	$22 - $25	±6.1%

Variations de taux de change

Les USAS opèrent principalement au Mexique et au Canada, connaissant une exposition significative sur les devises. Le taux de change USD / MXN était en moyenne de 17,15 en 2023, tandis que l'USD / CAD était en moyenne de 1,35.

Paire de devises	2023 Taux moyen	Fluctuation annuelle
USD / MXN	17.15	±3.7%
USD / CAD	1.35	±2.9%

Climat d'investissement dans le secteur minier

Métriques d'investissement du secteur minier pour 2023:

• Budget d'exploration total: 14,2 millions de dollars
• Dépenses en capital: 37,6 millions de dollars
• Mettes de forage d'exploration: 45 000 mètres

Gestion des coûts opérationnels

Le coût par once d'argent produit en 2023 était de 12,45 $, avec des coûts de maintien tout-in (AISC) à 16,80 $ l'once.

Métrique coût	2023 valeur (USD / oz)	Changement d'une année à l'autre
Coût de production	$12.45	+2.3%
Coût de maintien tout-in	$16.80	+3.1%

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs sociaux

Facteurs sociologiques concernant l'engagement communautaire et la licence sociale pour opérer

En 2023, Americas Gold and Silver Corporation a investi 2,3 millions de dollars dans des programmes de développement communautaire local dans ses régions opérationnelles au Mexique et aux États-Unis.

Catégorie d'investissement communautaire	Montant d'allocation ($)	Pourcentage de l'investissement total
Développement local des infrastructures	850,000	36.9%
Programmes éducatifs	425,000	18.5%
Soutien aux soins de santé	575,000	25%
Conservation de l'environnement	450,000	19.6%

Pratiques minières durables

La société a signalé une réduction de 22% de la consommation d'eau et une diminution de 15% des émissions de carbone dans ses opérations minières en 2023, démontrant l'engagement envers les pratiques durables.

Diversité de la main-d'œuvre et emploi inclusif

Travailleur démographique	Pourcentage	Total des employés
Employés de la communauté locale	68%	512
Femmes dans des rôles miniers	24%	180
Main-d'œuvre autochtone	16%	120

Gestion de la résistance sociale

Métriques de consultation communautaire:

• Total des réunions communautaires organisées en 2023: 42
• Heures de fiançailles des parties prenantes: 1 256
• Taux de résolution des griefs: 94,3%

La société a alloué 675 000 $ spécifiquement pour l'atténuation de l'impact social et les programmes de dialogue communautaire en 2023.

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs technologiques

Investit dans des technologies avancées d'exploration et d'extraction

En 2024, Americas Gold and Silver Corporation a investi 12,3 millions de dollars dans les mises à niveau technologiques pour les processus d'exploration et d'extraction. La société a déployé 7 plates-formes avancées avec des capacités de cartographie géologique en temps réel dans ses mines El Castillo et San Miguel au Mexique.

Type de technologie	Montant d'investissement	Lieu d'implémentation
Plates-formes avancées	5,6 millions de dollars	Mine El Castillo, Mexique
Systèmes de cartographie géologique	3,2 millions de dollars	Mine San Miguel, Mexique
Équipement de forage autonome	3,5 millions de dollars	Plusieurs sites

Implémente les systèmes de surveillance numérique pour l'efficacité opérationnelle

La société mise en œuvre Systèmes de surveillance basés sur l'IoT À travers ses opérations minières, entraînant une amélioration de 22% de l'efficacité opérationnelle. Les capteurs numériques ont été installés sur 5 sites miniers clés, permettant le suivi des performances en temps réel.

Système de surveillance	Couverture	Amélioration de l'efficacité
Réseau de capteurs IoT	5 sites miniers	22%
Suivi d'équipement en temps réel	Toutes les machines lourdes	18%

Adopte la technologie minière durable pour réduire l'impact environnemental

Americas Gold and Silver Corporation a investi 8,7 millions de dollars dans les technologies minières durables en 2024. Cela comprend les systèmes de recyclage de l'eau et les équipements d'exploitation à faible émission qui ont réduit les émissions de carbone de 15% par rapport aux années précédentes.

Technologie durable	Investissement	Réduction de l'impact environnemental
Systèmes de recyclage de l'eau	4,2 millions de dollars	30% de conservation de l'eau
Équipement à faible émission	4,5 millions de dollars	15% de réduction des émissions de carbone

Utilise l'analyse des données pour la prise de décision stratégique

La société a déployé des plateformes d'analyse de données avancées avec un investissement de 3,9 millions de dollars. Ces systèmes traitent 2,5 téraoctets de données géologiques et opérationnelles quotidiennement, permettant des stratégies d'exploration et d'allocation des ressources plus précises.

Plate-forme d'analyse	Capacité de traitement des données	Investissement
Analyse des données géologiques	2,5 To / jour	2,1 millions de dollars
Analyse des performances opérationnelles	1,8 To / jour	1,8 million de dollars

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs juridiques

Se conforme aux réglementations minières complexes dans plusieurs juridictions

Répartition de la conformité réglementaire:

Juridiction	Organes de réglementation clés	Coût de conformité (2023)
Mexique	Secrétaría de Economía	1,2 million de dollars
États-Unis	Bureau de gestion des terres	$875,000
Canada	Ressources naturelles Canada	$650,000

Gère les exigences de permis et de conformité environnementales

Portfolio de permis environnementaux:

Type de permis	Nombre de permis actifs	Coût de renouvellement
Permis de décharge d'eau	12	$450,000
Permis de qualité de l'air	8	$320,000
Permis d'utilisation des terres	15	$580,000

Navigue des cadres juridiques internationaux

Statistiques internationales de conformité juridique:

• Total des dépenses de conseil juridique internationales: 2,1 millions de dollars
• Nombre de conseillers juridiques internationaux: 7
• Juridictions couvertes: 5 pays

Aborde les risques potentiels de litige dans les opérations minières

Gestion des risques du litige:

Catégorie de litige	Cas actifs	Coût de défense juridique estimé
Réclations environnementales	3	1,5 million de dollars
Différend	2	$750,000
Droits de propriété	1	$450,000

Americas Gold and Silver Corporation (USAS) - Analyse du pilon: facteurs environnementaux

Met en œuvre des stratégies de gestion environnementale complètes

Americas Gold and Silver Corporation a investi 3,2 millions de dollars dans les systèmes de gestion de l'environnement en 2023. La société maintient ISO 14001: Certification environnementale 2015 dans ses opérations minières.

Métrique de gestion de l'environnement	2023 données
Dépenses totales de conformité environnementale	$3,200,000
Certification du système de gestion de l'environnement	ISO 14001: 2015
Fréquence annuelle d'audit environnemental	2 fois par an

Se concentre sur la réduction de l'empreinte carbone dans les opérations minières

La société a signalé une réduction de 12,5% des émissions de gaz à effet de serre en 2023, avec des émissions totales de 45 670 tonnes métriques d'équivalent CO2.

Métrique des émissions de carbone	2023 données
Émissions totales de CO2	45 670 tonnes métriques
Pourcentage de réduction des émissions	12.5%
Consommation d'énergie renouvelable	22% de la consommation d'énergie totale

Commet des pratiques minières et de réévaluation durables

En 2023, la société a alloué 4,7 millions de dollars aux projets de réadaptation des terres et de restauration des écosystèmes sur ses sites miniers.

Métrique de remise en état et de durabilité	2023 données
Investissement total de récupération	$4,700,000
Hectares de terre réhabilité	87 hectares
Espèce indigène replantée	24 500 plantes

Gère la gestion de l'eau et des déchets dans les sites miniers

La société a mis en œuvre des technologies avancées de recyclage de l'eau, atteignant 68% de taux de recyclage de l'eau en 2023 avec une consommation totale d'eau de 2,1 millions de mètres cubes.

Métrique de gestion de l'eau	2023 données
Consommation totale d'eau	2 100 000 mètres cubes
Taux de recyclage de l'eau	68%
Investissement de réduction des déchets	$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.