Americas Gold & Silver Corp (USAS) - Investor’s Guide

I’ve put together this guide to help you understand how Americas Gold & Silver Corp (USAS) performed over the past year. My goal is to turn complex filings into plain English so you can decide if this company fits your investment goals.

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1. What does this company do?

Americas Gold & Silver mines precious and base metals. Its main assets are the Galena Complex in Idaho (silver and lead) and the Cosalá Operations in Mexico (silver, zinc, and lead). The company is now pivoting to become a domestic supplier of antimony—a mineral vital for military gear, flame retardants, and new battery technologies.

2. Financial Performance: A Difficult Year

The company’s 2025 results show a business under significant pressure:

• Growing Losses: The company lost $87.4 million in 2025, compared to a $49.0 million loss in 2024. This is a 78% increase in annual losses.
• Revenue Drop: Revenue fell to $82.5 million from $119.0 million in 2024. This 30.7% decline was driven by lower production volumes of zinc and lead combined with lower market prices for those metals.
• Rising Corporate Costs: Administrative expenses jumped to $28.6 million from $8.9 million. This 221% increase was primarily driven by one-time debt restructuring fees and higher stock-based compensation for executives.

3. The "Going Concern" Warning & Debt

Auditors issued a "going concern" warning, which signals that the company may face challenges in meeting its long-term financial obligations.

• Dilution of Ownership: To fund operations and manage debt, the company issued a large volume of new shares. The total share count grew from 115 million in 2024 to 242 million in 2025, which reduces the ownership percentage and potential earnings per share for existing investors.
• Liquidity Squeeze: The company faces $93 million in debt and short-term liabilities due within the next year. While the cash balance sits at $129.8 million, much of this liquidity was generated through share issuance and new debt, rather than operational profit.

4. New Developments: The Antimony Bet

In February 2026, the company partnered with United States Antimony Corporation to build a processing facility in Idaho.

• The Strategy: By processing its own antimony, the company aims to charge a premium for "domestic-origin" metal, positioning itself to benefit from the growing demand for secure, non-foreign supply chains.
• The Risks: This project requires significant capital expenditure at a time when the company is already cash-constrained. Additionally, the company is managing a long-standing tax dispute in Mexico; while $1.1 million has been set aside for this, the final resolution could require additional capital.

5. Future Outlook

The company is in a race against time. Success depends on whether higher silver production and the new antimony project can generate enough cash flow to cover high operating costs and debt obligations.

The Bottom Line: This is a high-risk, high-reward situation. The company is in a fragile financial position characterized by rising losses and a "going concern" warning. Investors should consider whether the company can stabilize its mining operations and reach full-scale antimony production before its $93 million in short-term obligations force further dilution or asset sales.

Before investing, ask yourself: Am I comfortable with the risk of further share dilution, and do I believe the antimony project will reach profitability before the company's current cash reserves are exhausted?