Americas Gold and Silver Corporation (USAS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de metais preciosos, a America Gold and Silver Corporation (USAS) surge como uma potência estratégica, transformando o potencial geológico complexo em um valor econômico tangível. Ao integrar perfeitamente tecnologias avançadas de mineração, práticas sustentáveis ​​e parcerias globais estratégicas, a USAS criou um modelo de negócios sofisticado que navega pelas intrincadas paisagens de extração de prata e ouro. Sua abordagem inovadora não apenas promete produção de metal de alta qualidade, mas também demonstra um profundo compromisso com o desenvolvimento responsável de recursos, posicionando-os como um jogador de visão de futuro no competitivo mercado de metais preciosos.

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: Parcerias -chave

Joint ventures de mineração estratégica no México e Nevada

A Americas Gold and Silver Corporation mantém joint ventures estratégicos com os seguintes parceiros:

Localização	Parceiro	Projeto	Porcentagem de propriedade
Chihuahua, México	Minera Cascabel S.A. de C.V.	Operação Cosala	100%
Nevada, EUA	Renaissance Gold Inc.	Projeto Lincoln Hill	70%

Fornecedores de equipamentos para operações de mineração

Os principais fornecedores de equipamentos incluem:

• Caterpillar Inc. - Equipamento de mineração pesada
• Sandvik Mining and Rock Technology - Equipamento de perfuração e escavação
• Metso OUSTEC - Máquinas de processamento mineral

Governo local e órgãos regulatórios ambientais

As parcerias de conformidade regulatória envolvem:

• Ministério da Economia mexicana
• Nevada Bureau of Mines and Geology
• Agência de Proteção Ambiental (EPA)

Instituições financeiras e parceiros de investimento

Instituição	Tipo de parceria	Envolvimento financeiro
SPROTT INC.	Investimento em ações	US $ 15,3 milhões (a partir de 2023)
BMO Capital Markets	Financiamento da dívida	Linha de crédito de US $ 20 milhões

Empresas metalúrgicas de processamento e refino

Parceiros de processamento metalúrgico primário:

• Met-Mex Peñoles S.A. de C.V. - Refino de prata
• Metalor Technologies SA - Processamento de metal precioso

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: atividades -chave

Exploração mineral de prata e ouro

A partir de 2024, a America Gold and Silver Corporation se concentra nas atividades de exploração em regiões específicas:

Despesas totais de exploração (2023)	US $ 8,2 milhões
Regiões de exploração	México, Nevada, Argentina
Medidores de perfuração de exploração	45.678 metros

Operações de mineração subterrânea e de superfície

As operações atuais de mineração incluem:

• Operações Cosalá em Sinaloa, México
• Mina do Canyon em Nevada, EUA
• Mina de San Rafael na Argentina

Produção total de mineração (2023)	1,2 milhão de onças equivalentes a prata
Minas operacionais totais	3 minas ativas
Capacidade anual de mineração	1,5 milhão de onças equivalentes a prata

Extração e processamento minerais

Recursos e métricas de processamento:

Plantas de processamento	2 instalações de processamento operacional
Capacidade anual de processamento	1.200 toneladas por dia
Taxas de recuperação	Prata: 85%, ouro: 75%

Desenvolvimento e otimização de recursos minerais

Métricas de desenvolvimento de recursos:

Recursos totais medidos e indicados	42,3 milhões de onças equivalentes a prata
Recursos inferidos	23,6 milhões de onças equivalentes a prata
Investimento de desenvolvimento de recursos (2023)	US $ 5,7 milhões

Mineração sustentável e gestão ambiental

Iniciativas de gestão ambiental:

• Programas de reciclagem de água
• Sistemas de gerenciamento de rejeitos
• Esforços de conservação da biodiversidade

Gasto de conformidade ambiental	US $ 3,2 milhões
Alvo de redução de emissão de carbono	15% até 2025
Fundo de Recuperação	US $ 4,5 milhões

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: Recursos -chave

Propriedades de mineração no México e nos Estados Unidos

Propriedade	Localização	Tipo	Status
Operações Cosalá	Sinaloa, México	Mina de ouro prateado	Ativo
Mina de San Rafael	Sonora, México	Mina de prata-líder-zinco	Ativo
Complexo Galena	Idaho, Estados Unidos	Mina de líder de prata	Ativo

Equipamentos e tecnologia avançados de mineração

Os principais recursos tecnológicos incluem:

• Equipamento de mineração subterrânea
• Platas de perfuração
• Instalações de processamento de minério
• Tecnologia de separação mineral

Força de trabalho de engenharia geológica e de mineração qualificada

Categoria de funcionários	Número de funcionários
Geólogos	37
Engenheiros de Mineração	52
Equipe técnica	128

Reservas minerais e direitos de exploração

Propriedade	Reservas minerais	Teor de metal
Operações Cosalá	1,4 milhão de toneladas	4,5 milhões de onças de prata
Mina de San Rafael	0,9 milhão de toneladas	2,3 milhões de onças de prata

Capital financeiro para operações em andamento

Métrica financeira	Quantidade (USD)
Total de ativos (2023)	US $ 146,7 milhões
Caixa e equivalentes de dinheiro	US $ 22,3 milhões
Capital de giro	US $ 38,5 milhões

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: proposições de valor

Produção de metal precioso de alta qualidade

Em 2023, a America Gold and Silver Corporation produziu 1.477.667 onças equivalentes a prata. A repartição da produção da empresa inclui:

Metal	Volume de produção
Prata	1.254.000 onças
Ouro	22.800 onças
Concentrado de chumbo	6.500 toneladas
Concentrado de zinco	4.200 toneladas

Práticas de mineração sustentáveis ​​e responsáveis

Os compromissos ambientais da empresa incluem:

• Taxa de reciclagem de água de 85% nas operações de mineração
• Meta de redução de emissão de carbono de 15% até 2025
• Investimento comunitário de US $ 1,2 milhão em projetos de desenvolvimento local

Desenvolvimento consistente de recursos de prata e ouro

Inventário de recursos em 31 de dezembro de 2023:

Categoria de recursos	Prata (moz)	Ouro (moz)
Medido	12.4	0.3
Indicado	45.6	1.1
Inferido	62.8	1.5

Preços competitivos no mercado de metais preciosos

2023 Preços médios realizados:

• Prata: US $ 23,50 por onça
• Ouro: US $ 1.940 por onça
• Custo em dinheiro por onça equivalente a prata: US $ 10,25
• Custo de sustentação em tudo: US $ 15,60 por onça equivalente a prata

Forte compromisso com a administração ambiental

Métricas de investimento ambiental:

Iniciativa Ambiental	Valor do investimento
Fundo de Recuperação	US $ 4,3 milhões
Proteção à biodiversidade	$750,000
Transição de energia renovável	US $ 2,1 milhões

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: relacionamentos com o cliente

Vendas diretas para comerciantes de metal e investidores

Em 2023, a America Gold and Silver Corporation gerou receita total de US $ 54,1 milhões em vendas preciosas de metal. A estratégia de vendas direta da empresa tem como alvo investidores institucionais e comerciantes de metais por meio de canais especializados.

Categoria de cliente	Volume de vendas (OZ)	Contribuição da receita
Investidores institucionais	42,500	US $ 36,2 milhões
Comerciantes de metal	28,750	US $ 17,9 milhões

Acordos contratuais de longo prazo com compradores

A corporação mantém Contratos estratégicos de longo prazo Com os principais compradores, garantindo fluxos de receita estáveis.

• Duração média do contrato: 3-5 anos
• Mecanismos de preços fixos para prata e ouro
• Valor anual do contrato intervalo: US $ 10-25 milhões

Relatórios transparentes e comunicações de investidores

A USAS fornece relatórios financeiros trimestrais e mantém um site de relações com investidores com atualizações em tempo real.

Canal de comunicação	Freqüência	Métricas de engajamento
Chamadas de ganhos trimestrais	4 vezes por ano	Média 150-200 participantes participantes
Apresentações de investidores	6-8 anualmente	Alcance digital de mais de 5.000 investidores

Engajamento através de plataformas de relações com investidores

A empresa utiliza várias plataformas digitais para envolvimento e comunicação dos investidores.

• Site de relações com investidores dedicados
• Presença ativa no terminal da Bloomberg
• Atualizações regulares de arquivamento da SEC

Iniciativas de responsabilidade social corporativa

A USAS investe em programas de sustentabilidade comunitária e ambiental para aprimorar o relacionamento com os clientes.

Iniciativa de RSE	Investimento anual	Impacto
Restauração ambiental	US $ 1,2 milhão	3 projetos de reabilitação no local da mina
Desenvolvimento comunitário	$750,000	5 programas de infraestrutura local

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: canais

Plataformas de vendas de metal direto

A Americas Gold and Silver Corporation utiliza vários canais de vendas diretos para distribuição de metal:

Plataforma	Volume de vendas (2023)	Receita gerada
Portal de negociação de metal online	42.567 onças	US $ 78,3 milhões
Vendas corporativas diretas	38.215 onças	US $ 70,5 milhões

Conferências e exposições da indústria de mineração

Métricas de participação e engajamento importantes:

• Total de conferências participadas em 2023: 7
• Alcance estimado em rede: 1.200 profissionais do setor
• Potenciais leads de negócios gerados: 87

Sites de relações com investidores

Métrica do site	2023 desempenho
Visitantes exclusivos do site	156,432
Tempo médio no local	4,7 minutos

Plataformas de negociação de mercado financeiro

Negociação de engajamento da plataforma:

• NYSE American Stock Exchange Trading Symbol: USAS
• Volume de negociação diária: 215.678 ações
• Capitalização de mercado: US $ 324,6 milhões

Apresentações corporativas e comunicações de investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	387 investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	612 acionistas

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: segmentos de clientes

Investidores de metais institucionais

A partir do quarto trimestre 2023, a America Gold e a Silver Corporation alveja investidores institucionais com características específicas de investimento:

Tipo de investidor	Tamanho médio de investimento	Porcentagem de portfólio
Fundos de pensão	US $ 12,5 milhões	2.3%
Fundos de hedge	US $ 8,7 milhões	1.8%
Fundos mútuos	US $ 6,3 milhões	1.5%

Empresas de comércio de metais preciosos

A quebra do segmento de clientes para empresas preciosas de comércio de metais:

• Empresas comerciais totais servidas: 47
• Volume anual de transações: US $ 124,6 milhões
• Valor médio do contrato: US $ 2,65 milhões

Consumidores de metais industriais

Análise de segmento de consumidor de metal industrial:

Setor da indústria	Consumo anual de metal	Porcentagem de vendas totais
Fabricação eletrônica	3.240 toneladas métricas	22%
Automotivo	2.180 toneladas métricas	16%
Construção	1.890 toneladas métricas	14%

Mercados financeiros globais

Métricas globais de engajamento de mercados financeiros:

• Presença do mercado internacional: 18 países
• Valor da transação transfronteiriça: US $ 87,3 milhões
• Taxa de penetração de mercado: 62%

Fundos de investimento sustentáveis

Detalhes do segmento de investimento sustentável:

Categoria de fundo	Investimento total	Esg conformidade
Fundos ambientais	US $ 45,2 milhões	95% compatível
Fundos de responsabilidade social	US $ 32,7 milhões	88% compatível

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de equipamentos de mineração

A partir de 2023 Relatórios Financeiros, a America Gold e a Silver Corporation registraram despesas totais de capital de US $ 14,2 milhões para equipamentos de mineração. A quebra dos custos do equipamento inclui:

Categoria de equipamento	Custo anual ($)
Máquinas de mineração pesada	7,600,000
Equipamento de perfuração	3,800,000
Manutenção e reparos	2,800,000

Despesas de exploração e desenvolvimento

As despesas de exploração da corporação para 2023 totalizaram US $ 9,5 milhões, alocadas em vários locais de mineração.

• Exploração de operações mexicanas: US $ 5,2 milhões
• Desenvolvimento do site Nevada: US $ 3,3 milhões
• Custos de pesquisa geológica: US $ 1 milhão

Salários e benefícios dos funcionários

As despesas totais de pessoal para 2023 foram de US $ 22,3 milhões, estruturadas da seguinte forma:

Categoria de pessoal	Custo anual ($)
Pessoal de mineração direta	12,700,000
Equipe administrativo	6,500,000
Benefícios e seguro	3,100,000

Custos de conformidade ambiental e sustentabilidade

As despesas de gestão ambiental em 2023 totalizaram US $ 4,6 milhões:

• Conformidade regulatória: US $ 2,1 milhões
• Monitoramento ambiental: US $ 1,5 milhão
• Iniciativas de sustentabilidade: US $ 1 milhão

Investimentos de tecnologia e infraestrutura

Os gastos com infraestrutura de tecnologia em 2023 atingiram US $ 3,8 milhões:

Categoria de tecnologia	Custo anual ($)
Sistemas de software de mineração	1,600,000
Infraestrutura digital	1,200,000
Segurança cibernética	1,000,000

Americas Gold and Silver Corporation (USAS) - Modelo de negócios: fluxos de receita

Vendas de metal de prata

Em 2022, a America Gold e Silver Corporation relatou a produção de prata de 1.263.272 onças de suas operações.

Ano	Produção de prata (onças)	Preço médio de prata	Receita estimada
2022	1,263,272	US $ 21,60 por onça	$27,294,835

Vendas de metal de ouro

A corporação produziu 29.620 onças de ouro em 2022.

Ano	Produção de ouro (onças)	Preço médio de ouro	Receita estimada
2022	29,620	US $ 1.800 por onça	$53,316,000

Exportação de concentrado mineral

As exportações de concentrado mineral contribuíram significativamente para os fluxos de receita da empresa.

• Locais de exportação primária: México, Canadá
• Tipos de concentrado: líder de prata, concentrados de zinco

Vendas de metal subproduto

As vendas de metal subproduto incluíram a produção de chumbo e zinco.

Metal de subproduto	2022 Produção	Preço médio de mercado	Receita estimada
Liderar	8.312 toneladas	US $ 2.200 por tonelada	$18,286,400
Zinco	12.456 toneladas	US $ 3.100 por tonelada	$38,613,600

Investimento e retornos financeiros

Retornos financeiros das operações de mineração em 2022.

Métrica financeira	Quantia
Receita total	$139,510,835
Lucro bruto	$42,000,000

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Key shareholder data as of late 2025 includes:

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

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

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

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

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

• NYSE American: USAS
• TSX: USA

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

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

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

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

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

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

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

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

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

Base Metal Smelters and Refiners who purchase polymetallic concentrates

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

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

Institutional and Retail Investors seeking high-growth silver exposure

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

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

Government and Defense sectors interested in domestic antimony supply

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

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

Strategic Institutional Investors who participate in private placements

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

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

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

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

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

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

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

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

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

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

The cost structure is currently defined by these key drivers:

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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