Here are 1-3 brief analogies for Americas Gold And Silver (USAS):

• A junior Barrick Gold or Newmont, focused on gold and silver mining.
• A smaller, growing version of Pan American Silver, balancing both gold and silver assets.

• Gold: A precious metal primarily used for investment, jewelry, and various industrial applications.
• Silver: A precious metal used in coinage, jewelry, industrial applications, and as an investment.
• Zinc: A base metal primarily utilized as an anti-corrosion coating for steel (galvanizing).
• Lead: A base metal commonly used in batteries, radiation shielding, and as an alloy.

Major Customers of Americas Gold And Silver (USAS)

Americas Gold And Silver (USAS) is a precious metals mining company that primarily sells its gold and silver concentrates and dore to other companies, specifically refiners, smelters, and commodity traders, rather than directly to individuals.

Based on recent company filings (e.g., 2023 Annual Information Form or 10-K), a significant portion of Americas Gold And Silver's revenue was derived from the following two major customers:

• Ocean Partners USA Inc. (Private Company)
• Metalli-Nord AG (Private Company)

null

Joseph Paul Huet, Chief Executive Officer & Chairman of the Board

Mr. Huet was appointed Chief Executive Officer of Americas Gold and Silver in November 2024 and also serves as Chairman of the Board. He has over 35 years of experience in senior leadership and mining. Prior to joining Americas Gold and Silver, Mr. Huet was Chairman and CEO of Karora Resources Inc. from 2018 to 2024, until its acquisition by Westgold Resources Limited. Before Karora, he served as President, Chief Executive Officer, and Director of Klondex Mines from 2012 to 2018, until its acquisition by Hecla Mining Company. Mr. Huet is known for turning around companies and generating cash for shareholders, having significantly invested in Americas Gold and Silver himself, becoming one of the largest shareholders.

Warren Varga, Chief Financial Officer

Mr. Varga is the Chief Financial Officer of Americas Gold and Silver. He brings over 20 years of progressive financial leadership and senior management expertise to the company. Previously, Mr. Varga was the CFO of US Silver & Gold. Before that, he held the position of Senior Director, Corporate Development at Barrick Gold Corporation. Mr. Varga is a member of both the Canadian Institute of Chartered Accountants and the Chartered Financial Analyst Institute.

Michael Doolin, Chief Operating Officer

Mr. Doolin serves as the Chief Operating Officer for Americas Gold and Silver. He has over 35 years of experience in mining operations and management, with a demonstrated ability to drive significant growth and operational efficiency.

Peter McRae, Senior VP of Corporate Affairs & Chief Legal Officer

Mr. McRae is the Senior Vice President of Corporate Affairs and Chief Legal Officer. He has over 15 years of corporate and commercial experience, having previously served as Vice President, General Counsel & Corporate Secretary of U.S. Silver and Gold. Mr. McRae was also an attorney at Weil, Gotshal & Manges LLP, where he represented major organizations and private equity firms globally.

Darren Blasutti, President, Mexican Operations

Mr. Blasutti holds the position of President, Mexican Operations at Americas Gold and Silver. He previously served as President and CEO of US Silver & Gold before its merger with Americas Silver Corporation (formerly Scorpio Mining Corporation). His past roles also include President and Chief Executive Officer of RX Gold & Silver Inc., and Senior Vice President of Corporate Development for Barrick Gold Corporation for 13 years (1998-2011). During his tenure at Barrick, Mr. Blasutti was instrumental in over 25 gold mining transactions, including the acquisitions of Homestake Mining Company and Placer Dome Inc., and also led the creation of Barrick Energy Inc. and the initial public offering of African Barrick Gold.

1. Persistent Unprofitability and High Operating Costs: Americas Gold And Silver has consistently reported net losses, indicating a struggle to translate revenue growth into bottom-line profit. The company faces escalating cash costs per silver ounce, reflecting operational inefficiencies and the capital-intensive nature of its ongoing revitalization efforts at the Galena Complex and the transition of its Cosalá Operations to higher-grade projects.
2. Financial and Liquidity Risk: The company relies significantly on debt financing, with a Debt-to-Equity ratio that is higher than the industry average. While a recent substantial debt facility aims to fund growth, it also increases the company's debt load and associated interest payments. Furthermore, a current ratio of less than 1.0 indicates pressure on the company's working capital and its ability to cover short-term obligations.
3. Geopolitical and Regulatory Risks in Mexico: The Cosalá Operations in Sinaloa, Mexico, expose Americas Gold And Silver to geopolitical risks, including potential security concerns and unpredictable regulatory changes. These factors can disrupt production timelines and impact cash flow, adding an element of uncertainty to its operations in the region.

Increasing global scrutiny and regulation regarding environmental, social, and governance (ESG) performance poses an emerging threat. This trend can lead to higher operating costs due to stricter compliance requirements, longer and more challenging permitting processes, and increased difficulty in securing financing from investors who prioritize ESG criteria.

Americas Gold And Silver (USAS) operates in the mining sector, with its main products being silver, gold, zinc, lead, copper, and antimony. The addressable market sizes for these products are as follows:

• Silver: The global silver market was valued at approximately USD 87.12 billion in 2024 and is projected to grow to about USD 202.07 billion by 2033.
• Gold: The global gold market was valued at an estimated USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032.
• Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is anticipated to grow to USD 48.51 billion by 2032.
• Lead: The global lead market was valued at USD 23.34 billion in 2024 and is expected to reach USD 37.20 billion by 2032.
• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030.
• Antimony: The global antimony market size was estimated at USD 2.17 billion in 2023 and is projected to reach USD 3.30 billion by 2030.

Here are 3-5 expected drivers of future revenue growth for Americas Gold And Silver (USAS) over the next 2-3 years:

1. Increased Silver Production: Americas Gold and Silver anticipates significant growth in silver output from both its Galena Complex in Idaho and Cosalá Operations in Mexico. The company reported a 98% year-over-year increase in consolidated silver production in Q3 2025, driven by operational improvements and efficiencies. This focus is part of a strategic shift to become a leading North American silver producer, with continued robust production growth expected over the coming years.
2. Ramp-up of the EC120 Project at Cosalá: The high-grade EC120 silver-copper concentrate project at the Cosalá Operations is a key component of future revenue growth. Pre-production sales from EC120 contributed $12.9 million to revenue in Q3 2025, and commercial production, expected by the end of 2025, is projected to substantially enhance silver output and free cash flow.
3. Operational Enhancements and Infrastructure Upgrades at Galena Complex: Strategic investments and ongoing operational improvements at the Galena Complex, including the completion of Phase 1 upgrades to the No. 3 Shaft, are crucial for sustaining production growth. These enhancements have already led to significant productivity improvements, positioning Galena as a key driver of the company's success and future silver production.
4. Leveraging Antimony Production: Americas Gold and Silver is currently the sole producer of antimony in the United States, a mineral classified as critical. The company has confirmed the viability of antimony production and is exploring discussions with the U.S. government for potential support. This unique position in the critical minerals supply chain presents an additional and significant revenue stream, as the company works towards establishing an antimony resource.
5. Favorable Silver Prices: While subject to market fluctuations, higher realized silver prices have demonstrably contributed to revenue growth, as seen in Q3 2025 where revenue increased partly due to a higher realized silver price of approximately $40 per ounce. Continued strength in silver prices would further bolster the company's financial performance.

Share Issuance

• In December 2024, Americas Gold and Silver issued 294,999,998 common shares to various parties, which included 169,999,998 common shares to Sprott affiliates and 125,000,000 common shares from a private placement of subscription receipts that raised C$50 million.
• The company completed a share consolidation (1-for-2.5 reverse split) in August 2025, reducing the number of outstanding common shares from approximately 679 million to about 271.7 million, aimed at strengthening its capital structure and attracting institutional investors.
• In June 2025, Ocean Partners USA Inc. agreed to acquire 16.8 million common shares for US$11.5 million (C$15.8 million) through a non-brokered private placement.

Inbound Investments

• Eric Sprott became the largest shareholder with approximately a 20% interest in Americas Gold and Silver in December 2024, following the company's acquisition of the remaining 40% interest in the Galena Complex from Sprott affiliates.
• Americas Gold and Silver secured a US$100 million senior secured term loan facility with SAF Group, with the initial US$50 million tranche received in June 2025, designated for growth and development capital spending.
• Ocean Partners USA Inc. made an investment of US$11.5 million (C$15.8 million) in June 2025 by acquiring 16.8 million common shares through a private placement.

Outbound Investments

• Americas Gold and Silver acquired the remaining 40% interest in the Galena Complex in Idaho, USA, from an affiliate of Eric Sprott in December 2024, consolidating 100% ownership. The consideration involved 169,999,998 common shares, US$10 million in cash, and commitments for future monthly silver deliveries.

Capital Expenditures

• In Q3 2025, Americas Gold and Silver deployed capital into growth initiatives, including productivity-focused projects, new equipment, and operational adjustments at the Galena Complex.
• Capital spending at the Cosalá Operations for the EC120 Project increased to $2.9 million in Q2 2025, up from $1.0 million in Q1 2025, focusing on developing higher-grade silver-copper ore.
• The company anticipates 2025 to be a year of investment into its flagship Galena mine to establish foundations for future growth.