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# FS

Source: https://americas-gold.com/site/assets/files/6044/2025q3fs.pdf
Published: 2025-11-10T00:00:00+00:00
Fetched: 2026-05-05T09:22:11.277+00:00
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## Content

# FS
AMERICAS GOLD AND SILVER CORPORATION
Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
(In thousands of U.S. dollars, unless otherwise stated, unaudited)
Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the
interim financial statements; they must be accompanied by a notice indicating that the financial statements have not
been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of
the Company have been prepared by management and approved by the Audit Committee and Board of Directors of
the Company. The Company's independent auditor has not performed a review of these financial statements in
accordance with the standards established by Chartered Professional Accountants of Canada for a review of
interim financial statements by an entity's auditor.
00 Page |0
Americas Gold and Silver Corporation
Condensed interim consolidated statements of financial position
(In thousands of U.S. dollars, unaudited)
September 30, December 31,
As at 2025 2024
Assets
Current assets
Cash and cash equivalents $ 39,100 $ 20,002
Trade and other receivables (Note 5) 10,598 7,132
Inventories (Note 6) 10,225 10,704
Prepaid expenses 3,862 2,876
Derivative instruments (Note 13 and 22) 1,541 -
65,326 40,714
Non-current assets
Restricted cash 4,672 4,527
Property, plant and equipment (Note 7) 163,384 147,399
Derivative instruments (Note 13 and 22) 1,320 -
Total assets $ 234,702 $ 192,640
Liabilities
Current liabilities
Trade and other payables $ 30,718 $ 37,333
Metals contract liability (Note 8) 20,024 13,707
Silver contract liability (Note 9) 6,368 -
Derivative instruments (Note 10) - 709
Convertible debenture (Note 10) - 10,849
Pre-payment facility (Note 11) 2,550 2,000
Credit facility (Note 12) 6,976 2,050
Term loan facility (Note 13) 2,128 -
Royalty payable (Note 14) 3,062 2,762
71,826 69,410
Non-current liabilities
Other long-term liabilities 2,180 1,658
Metals contract liability (Note 8) 24,594 27,161
Silver contract liability (Note 9) 22,198 18,193
Credit facility (Note 12) 2,184 7,440
Term loan facility (Note 13) 45,891 -
Post-employment benefit obligations 3,108 3,892
Decommissioning provision 12,473 11,389
Deferred tax liabilities (Note 21) 33 48
Total liabilities $ 184,487 $ 139,191
Equity
Share capital (Note 15) 615,904 573,532
Equity reserve 62,381 56,521
Foreign currency translation reserve 12,442 14,426
Deficit (640,512) (591,030)
Total equity $ 50,215 $ 53,449
Total liabilities and equity $ 234,702 $ 192,640
Going concern (Note 2), Contingencies (Note 24)
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Page|1
Americas Gold and Silver Corporation
Condensed interim consolidated statements of loss and comprehensive loss
(In thousands of U.S. dollars, except share and per share amounts, unaudited)
For the three-month period ended For the nine-month period ended
September 30, September 30, September 30, September 30,
Revise d (1) Revised (1)
2025 2024 2025 2024
Revenue (Note 18) $ 30,596 $ 22,326 $ 81,070 $ 76,391
Cost of sales (Note 19) (20,138) (20,265) (64,756) (62,865)
Depletion and amortization (Note 7) (3,704) (5,914) (15,710) (18,618)
Care and maintenance costs (956) (734) (1,584) (3,197)
Corporate general and administrative (Note 20) (5,933) (1,671) (18,521) (5,036)
Exploration costs (1,709) (932) (3,907) (2,848)
Accretion on decommissioning provision (157) (157) (471) (469)
Interest and financing expense (1,710) (4,419) (3,565) (8,030)
Foreign exchange gain (loss) (1,877) 1,173 1,107 161
Gain on disposal of assets 1 - 967 -
Loss on metals contract liabilities (Note 8 and 9) (12,316) (5,330) (26,889) (10,044)
Other gain (loss) on derivatives (Note 10, 13 and 22) 2,916 178 3,625 (566)
Fair value loss on royalty payable (Note 14) (19) (216) (300) (729)
Loss before income taxes (15,006) (15,961) (48,934) (35,850)
Income tax expense (Note 21) (702) (198) (795) (469)
Net loss $ (15,708) $ (16,159) $ (49,729) $ (36,319)
Attributable to:
Shareholders of the Company $ (15,708) $ (14,056) $ (49,729) $ (33,375)
Non-controlling interests (Note 2 and 17) - (2,103) - (2,944)
Net loss $ (15,708) $ (16,159) $ (49,729) $ (36,319)
Other comprehensive income (loss)
Items that will not be reclassified to net loss
Remeasurement of post-employment benefit obligations $ (41) $ (733) $ 247 $ 1,757
Items that may be reclassified subsequently to net loss
Foreign currency translation reserve 1,568 (913) (1,984) 1,194
Other comprehensive income (loss) 1,527 (1,646) (1,737) 2,951
Comprehensive loss $ (14,181) $ (17,805) $ (51,466) $ (33,368)
Attributable to:
Shareholders of the Company $ (14,181) $ (15,409) $ (51,466) $ (31,128)
Non-controlling interests (Note 2 and 17) - (2,396) - (2,240)
Comprehensive loss $ (14,181) $ (17,805) $ (51,466) $ (33,368)
Loss per share attributable to shareholders of the Company
Basic and diluted (0.06) (0.13) (0.19) (0.34)
Weighted average number of common shares
(2)
outstanding
Basic and diluted (Note 16) 271,451,602 105,053,467 260,988,191 98,314,006
(1) Certain fiscal 2024 amounts were reclassified from revenue to cost of sales (see Note 19).
(2) Share information adjusted retrospectively to reflect August 2025 share consolidation (see Note 2).
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Page|2
Americas Gold and Silver Corporation
Condensed interim consolidated statements of changes in equity
For the nine-month periods ended September 30, 2025 and 2024
(In thousands of U.S. dollars, except share amounts in thousands of units, unaudited)
Foreign
Share capital currency Attributable Non-
Common Equity translation to shareholders controlling Total
(1)
Shares Amount reserve reserve Deficit of the Company interests equity
Balance at January 1, 2025 237,780 $ 573,532 $ 56,521 $ 14,426 $ (591,030) $ 53,449 $ - $ 53,449
Net loss for the period - - - - (49,729) (49,729) - (49,729)
Other comprehensive income (loss) for the period - - - (1,984) 247 (1,737) - (1,737)
Non-brokered private placements (Note 15) 11,197 17,884 571 - - 18,455 - 18,455
Common shares issued (Note 15) 2,330 2,984 - - - 2,984 - 2,984
Conversion of convertible debenture (Note 10) 12,923 11,526 (484) - - 11,042 - 11,042
Share-based payments - - 9,007 - - 9,007 - 9,007
Exercise of options, warrants, and other share units 9,271 9,978 (3,234) - - 6,744 - 6,744
Balance at September 30, 2025 273,501 $ 615,904 $ 62,381 $ 12,442 $ (640,512) $ 50,215 $ - $ 50,215
Balance at January 1, 2024 87,476 $ 455,548 $ 52,936 $ 8,325 $ (463,391) 53,418 $ 18,782 $ 72,200
Net loss for the period - - - - (33,375) (33,375) (2,944) (36,319)
Other comprehensive income for the period - - - 1,194 1,054 2,248 703 2,951
Contribution from non-controlling interests (Note 17) - - - - - - 1,995 1,995
Equity offering (Note 15) 10,460 3,171 1,855 - - 5,026 - 5,026
Non-brokered private placements (Note 15) 634 441 - - - 441 - 441
Common shares issued 92 50 - - - 50 - 50
Warrants issued - - 527 - - 527 - 527
Retraction of convertible debenture (Note 10) 8,051 5,603 (53) - - 5,550 - 5,550
Share-based payments - - 634 - - 634 - 634
Balance at September 30, 2024 106,713 $ 464,813 $ 55,899 $ 9,519 $ (495,712) $ 34,519 $ 18,536 $ 53,055
(1) Share information adjusted retrospectively to reflect August 2025 share consolidation (see Note 2).
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Page|3
Americas Gold and Silver Corporation
Condensed interim consolidated statements of cash flows
For the nine-month periods ended September 30, 2025 and 2024
(In thousands of U.S. dollars, unaudited)
September 30, September 30,
2025 2024
Cash flow generated from (used in)
Operating activities
Net loss for the period $ (49,729) $ (36,319)
Adjustments for the following items:
Depletion and amortization 15,710 18,618
Income tax expense 795 469
Accretion on decommissioning provision 471 469
Share-based payments 9,007 634
Non-cash expenses from common shares issued - 577
Provision on other long-term liabilities 6 46
Interest and financing expense 564 4,197
Net charges on post-employment benefit obligations (537) (504)
Inventory write-downs 3,379 871
Gain on disposal of assets (967) -
Loss on metals contract liabilities 26,889 10,044
Other loss (gain) on derivatives (3,625) 566
Fair value loss on royalty payable 300 729
Changes in non-cash working capital items:
Trade and other receivables (3,466) 2,036
Inventories (2,900) (1,034)
Prepaid expenses (986) (472)
Trade and other payables (7,460) 1,473
Net cash generated from (used in) operating activities (12,549) 2,400
Investing activities
Expenditures on property, plant and equipment (28,762) (13,575)
Proceeds from disposal of assets 998 -
Net cash used in investing activities (27,764) (13,575)
Financing activities
Pre-payment facility 550 (750)
Credit facility (600) 10,000
Lease payments (811) (487)
Equity offering, net - 5,026
Non-brokered private placements, net 18,455 441
Term loan facility, net 49,763 -
Metals contract liability, net (12,691) (113)
Royalty agreement, net - (628)
Derivative instruments 58 -
Proceeds from exercise of options and warrants 6,744 -
Contribution from non-controlling interests - 1,995
Net cash generated from financing activities 61,468 15,484
Effect of foreign exchange rate changes on cash (2,057) 845
Increase in cash and cash equivalents 19,098 5,154
Cash and cash equivalents, beginning of period 20,002 2,061
Cash and cash equivalents, end of period $ 39,100 $ 7,215
Interest paid during the period $ 1,425 $ 2,214
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Page|4
Americas Gold and Silver Corporation
Notes to the condensed interim consolidated financial statements
For the three-month and nine-month periods ended September 30, 2025 and 2024
(In thousands of U.S. dollars, unless otherwise stated, unaudited)
1. Corporate information
Americas Gold and Silver Corporation (the “Company") was incorporated under the Canada Business Corporations
Act on May 12, 1998 and conducts mining exploration, development and production in North America. The address
of the Company’s registered office is 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The
Company’s common shares are listed on the Toronto Stock Exchange under the symbol “USA” and on the New
York Stock Exchange American under the symbol “USAS”.
The unaudited condensed interim consolidated financial statements of the Company (“the Interim Financial
Statements”) for the three and nine months ended September 30, 2025 were approved and authorized for issue by
the Board of Directors of the Company on November 10, 2025.
2. Basis of presentation and going concern
These Interim Financial Statements have been prepared in accordance with International Accounting Standard 34,
Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board (“IASB”). As such they do not include all the
information and disclosures required in the annual consolidated financial statements and should be read in
conjunction with the Company’s annual audited consolidated financial statements as at and for the years ended
December 31, 2024 and 2023.
On August 21, 2025 the Company filed articles of amendment to complete an approved share consolidation of the
Company’s issued and outstanding common shares on the basis of 2.5 pre-consol

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