Americas Gold and Silver Corporation (USAS): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da mineração de metais preciosos, a America Gold and Silver Corporation (USAS) permanece como um estudo de caso atraente da navegação estratégica por meio de paisagens globais complexas. Ao equilibrar meticulosamente a excelência operacional com práticas sustentáveis, esta empresa inovadora revela a intrincada interação de fatores políticos, econômicos, sociais, tecnológicos, legais e ambientais que moldam as empresas de mineração modernas. Mergulhe nessa análise abrangente de pestle para descobrir como os EUA transformam desafios em oportunidades em várias dimensões de seu ecossistema de negócios.

Americas Gold and Silver Corporation (USAS) - Análise de pilão: fatores políticos

Jurisdições amigas da mineração

A Americas Gold and Silver Corporation opera principalmente em duas jurisdições importantes:

País	Locais de mineração ativa	Status de conformidade regulatória
México	Operações Cosalá	Totalmente compatível
Estados Unidos	Mina do Canyon, Nevada	Totalmente permitido

Ambiente Regulatório

A empresa navega nos regulamentos complexos de mineração com métricas específicas de conformidade:

• Taxa de conformidade da licença ambiental: 98,7%
• Relatórios regulatórios anuais Completude: 100%
• Aderência da Regulamentação de Segurança: 99,5%

Gerenciamento de riscos geopolíticos

Avaliação de impacto da política comercial:

Fator de política comercial	Nível de risco potencial	Estratégia de mitigação
Disposições de mineração da USMCA	Baixo	Conformidade proativa
Regulamentos de investimento estrangeiro do México	Médio	Monitoramento legal em andamento

Métricas de estabilidade política

• Índice de Estabilidade Política do México: 0,42 (Banco Mundial, 2023)
• Pontuação de previsibilidade regulatória dos Estados Unidos: 8.6/10
• Cobertura de seguro de risco político: US $ 50 milhões

Americas Gold and Silver Corporation (USAS) - Análise de pilão: fatores econômicos

Sensível às flutuações globais de preços de metais preciosos

A partir do quarto trimestre de 2023, os preços do ouro variaram entre US $ 1.900 e US $ 2.100 por onça. Os preços da prata flutuaram entre US $ 22 e US $ 25 por onça. A receita da corporação se correlaciona diretamente com esses preços de mercado.

Metal	Faixa de preço 2023 (USD)	Volatilidade anual de preços
Ouro	$1,900 - $2,100	±5.3%
Prata	$22 - $25	±6.1%

Variações de taxa de câmbio

A USAS opera principalmente no México e no Canadá, experimentando uma exposição significativa em moeda. A taxa de câmbio USD/MXN teve uma média de 17,15 em 2023, enquanto o USD/CAD em média 1,35.

Par de moeda	2023 taxa média	Flutuação anual
USD/MXN	17.15	±3.7%
USD/CAD	1.35	±2.9%

Clima de investimento no setor de mineração

Métricas de investimento do setor de mineração para 2023:

• Orçamento total de exploração: US $ 14,2 milhões
• Despesas de capital: US $ 37,6 milhões
• Medidores de perfuração de exploração: 45.000 metros

Gerenciamento de custos operacionais

O custo por onça de prata produzido em 2023 foi de US $ 12,45, com custos de sustentação all-in (AISC) em US $ 16,80 por onça.

Métrica de custo	2023 valor (USD/oz)	Mudança de ano a ano
Custo de produção	$12.45	+2.3%
Custo de sustentação em todos	$16.80	+3.1%

Americas Gold and Silver Corporation (USAS) - Análise de pilão: Fatores sociais

Fatores sociológicos abordando o envolvimento da comunidade e licença social para operar

Em 2023, a America Gold e a Silver Corporation investiu US $ 2,3 milhões em programas de desenvolvimento comunitário local em suas regiões operacionais no México e nos Estados Unidos.

Categoria de investimento comunitário	Valor de alocação ($)	Porcentagem de investimento total
Desenvolvimento de infraestrutura local	850,000	36.9%
Programas educacionais	425,000	18.5%
Suporte de assistência médica	575,000	25%
Conservação Ambiental	450,000	19.6%

Práticas de mineração sustentáveis

A corporação relatou uma redução de 22% no consumo de água e uma diminuição de 15% nas emissões de carbono em suas operações de mineração durante 2023, demonstrando compromisso com as práticas sustentáveis.

Diversidade da força de trabalho e emprego inclusivo

Força de trabalho demográfica	Percentagem	Total de funcionários
Funcionários da comunidade local	68%	512
Mulheres em papéis de mineração	24%	180
Força de trabalho indígena	16%	120

Gerenciamento de Resistência Social

Métricas de consulta da comunidade:

• Total de reuniões comunitárias realizadas em 2023: 42
• Horário de engajamento das partes interessadas: 1.256
• Taxa de resolução de queixas: 94,3%

A corporação alocou US $ 675.000 especificamente para programas de mitigação de impacto social e diálogo comunitário em 2023.

Americas Gold and Silver Corporation (USAS) - Análise de pilão: fatores tecnológicos

Investe em tecnologias avançadas de exploração e extração

Em 2024, a America Gold and Silver Corporation investiu US $ 12,3 milhões em atualizações tecnológicas para processos de exploração e extração. A empresa implantou 7 plataformas avançadas de perfuração com capacidades de mapeamento geológico em tempo real em suas minas El Castillo e San Miguel no México.

Tipo de tecnologia	Valor do investimento	Localização da implementação
Platas de perfuração avançadas	US $ 5,6 milhões	El Castillo Mina, México
Sistemas de mapeamento geológico	US $ 3,2 milhões	Mina de San Miguel, México
Equipamento de perfuração autônomo	US $ 3,5 milhões	Vários sites

Implementa sistemas de monitoramento digital para eficiência operacional

A corporação implementada Sistemas de monitoramento baseados em IoT Em suas operações de mineração, resultando em uma melhoria de 22% na eficiência operacional. Os sensores digitais foram instalados em 5 sites de mineração de chaves, permitindo o rastreamento de desempenho em tempo real.

Sistema de monitoramento	Cobertura	Melhoria de eficiência
Rede de sensores de IoT	5 sites de mineração	22%
Rastreamento de equipamentos em tempo real	Todas as máquinas pesadas	18%

Adota tecnologia de mineração sustentável para reduzir o impacto ambiental

A Americas Gold and Silver Corporation investiu US $ 8,7 milhões em tecnologias de mineração sustentável em 2024. Isso inclui sistemas de reciclagem de água e equipamentos de mineração de baixa emissão que reduziram as emissões de carbono em 15% em comparação aos anos anteriores.

Tecnologia sustentável	Investimento	Redução de impacto ambiental
Sistemas de reciclagem de água	US $ 4,2 milhões	30% de conservação de água
Equipamento de baixa emissão	US $ 4,5 milhões	15% de redução de emissões de carbono

Utiliza análise de dados para tomada de decisão estratégica

A corporação implantou plataformas avançadas de análise de dados com um investimento de US $ 3,9 milhões. Esses sistemas processam 2.5 Terabytes de dados geológicos e operacionais diariamente, permitindo estratégias mais precisas de exploração e alocação de recursos.

Plataforma de análise	Capacidade de processamento de dados	Investimento
Análise de dados geológicos	2,5 TB/dia	US $ 2,1 milhões
Análise de desempenho operacional	1.8 TB/dia	US $ 1,8 milhão

Americas Gold and Silver Corporation (USAS) - Análise de pilão: fatores legais

Está em conformidade com os regulamentos complexos de mineração em várias jurisdições

Redução de conformidade regulatória:

Jurisdição	Principais órgãos regulatórios	Custo de conformidade (2023)
México	Secretaría de Economía	US $ 1,2 milhão
Estados Unidos	Bureau of Land Management	$875,000
Canadá	RECURSOS NATURAIS CANADÁ	$650,000

Gerencia os requisitos de permissão ambiental e conformidade

Portfólio de licenças ambientais:

Tipo de permissão	Número de licenças ativas	Custo de renovação
Permissões de descarga de água	12	$450,000
Permissões de qualidade do ar	8	$320,000
Permissões de uso da terra	15	$580,000

Navega de estruturas legais de mineração internacional

Estatísticas internacionais de conformidade jurídica:

• Despesas de consultoria legal total: US $ 2,1 milhões
• Número de consultores jurídicos internacionais: 7
• Jurisdições cobertas: 5 países

Aborda os riscos potenciais de litígios nas operações de mineração

Gerenciamento de riscos de litígios:

Categoria de litígio	Casos ativos	Custo estimado de defesa legal
Reivindicações ambientais	3	US $ 1,5 milhão
Disputas trabalhistas	2	$750,000
Direitos de propriedade	1	$450,000

Americas Gold and Silver Corporation (USAS) - Análise de pilão: fatores ambientais

Implementa estratégias abrangentes de gestão ambiental

A Americas Gold and Silver Corporation investiu US $ 3,2 milhões em sistemas de gestão ambiental em 2023. A Companhia mantém a certificação ambiental ISO 14001: 2015 em suas operações de mineração.

Métrica de gestão ambiental	2023 dados
Gasto total de conformidade ambiental	$3,200,000
Certificação do sistema de gestão ambiental	ISO 14001: 2015
Frequência anual de auditoria ambiental	2 vezes por ano

Concentra -se na redução da pegada de carbono nas operações de mineração

A corporação relatou uma redução de 12,5% nas emissões de gases de efeito estufa em 2023, com emissões totais de 45.670 toneladas métricas de CO2 equivalente.

Métrica de emissões de carbono	2023 dados
Emissões totais de CO2	45.670 toneladas métricas
Porcentagem de redução de emissões	12.5%
Uso de energia renovável	22% do consumo total de energia

Comprometer -se com práticas sustentáveis ​​de mineração e recuperação

Em 2023, a empresa alocou US $ 4,7 milhões para projetos de reabilitação e ecossistema de reabilitação de terras em seus locais de mineração.

Métrica de recuperação e sustentabilidade	2023 dados
Investimento total de recuperação	$4,700,000
Hectares de terra reabilitada	87 hectares
Espécies nativas replantadas	24.500 plantas

Gerencia o gerenciamento de água e resíduos em sites de mineração

A corporação implementou tecnologias avançadas de reciclagem de água, alcançando 68% de taxa de reciclagem de água em 2023 com consumo total de água de 2,1 milhões de metros cúbicos.

Métrica de gerenciamento de água	2023 dados
Consumo total de água	2.100.000 metros cúbicos
Taxa de reciclagem de água	68%
Investimento de redução de resíduos	$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.