MDA

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# MDA

Source: https://americas-gold.com/site/assets/files/6086/2025q4mda.pdf
Published: 2026-03-30T00:00:00+00:00
Fetched: 2026-05-05T09:22:06.961+00:00
Source artifact: 5f71d5cb-a16f-4bfe-a373-ca871ac69860
Normalizer input: text

## Content

# MDA
AMERICAS GOLD AND SILVER CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED DECEMBER 31, 2025
DATED MARCH 30, 2026
Americas Gold and Silver Corporation
Management’s Discussion and Analysis
Table of Contents
Forward-Looking Statements .................................................................................................... 1
Cautionary Note to Investors in the United States Regarding Resources and Reserves ........... 2
Management’s Discussion and Analysis ................................................................................... 3
Overview ................................................................................................................................... 4
Recent Developments and Operational Discussion ................................................................... 4
Results of Operations.............................................................................................................. 14
Selected Annual Financial Information .................................................................................... 16
Summary of Quarterly Results ................................................................................................ 16
Liquidity................................................................................................................................... 18
Capital Resources................................................................................................................... 20
Off-Balance Sheet Arrangements ........................................................................................... 21
Transactions with Related Parties ........................................................................................... 21
Risk Factors ............................................................................................................................ 21
Accounting Standards and Pronouncements .......................................................................... 49
Financial Instruments .............................................................................................................. 51
Capital Structure ..................................................................................................................... 51
Controls and Procedures ........................................................................................................ 52
Technical Information .............................................................................................................. 53
Non-GAAP and Other Financial Measures .............................................................................. 54
Unless otherwise indicated, in this Management’s Discussion and Analysis all references to “dollar” or the
use of the symbol “$” are to the United States of America dollar and all references to “C$” are to the
Canadian dollar. Additionally, percentage changes in this Management’s Discussion and Analysis are
based on dollar amounts before rounding.
Americas Gold and Silver Corporation
Management’s Discussion & Analysis
For the year ended December 31, 2025
Forward-Looking Statements
Statements contained in this Management’s Discussion and Analysis (“MD&A”) may constitute "forward-
looking information" or "forward-looking statements" within the meaning of applicable Canadian and United
States securities laws ("forward-looking statements"). Often, but not always, forward-looking statements
can be identified by forward-looking words such as "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions. Specific forward-
looking statements in this MD&A include, but are not limited to: estimated and targeted production rates
and results for silver and other metals at the Galena Complex, including the Crescent mine, and Cosalá
Operations; statements relating to the Company’s acquisition of the remaining 40% interest in the Galena
Complex, including expected benefits to the Company and its shareholders; statements relating to the
Company’s positioning as a silver-focused producer and the precious metals markets; the expected timing
and completion of required development and the expected operational and production results therefrom,
statements relating to Americas Gold and Silver’s EC120 Project, including expected approvals and capital
requirements, and timing to reach commercial and sustainable production and full production on its
anticipated timeline and budget; the Company’s expectations relating to the operation of San Rafael
throughout the EC120 Project development period and related cashflows; the Company’s technical review
and optimization work at the Galena Complex and related operational improvements, production potential
and production efficiencies at the Galena Complex, including the expected production levels and anticipated
improvements through production growth and operational efficiency; the Company’s second phase test
work confirming the potential to extract over 99% of antimony from test copper floatation concentrate and
the Company’s role in the U.S. domestic supply of critical minerals; estimates of, and realizations on,
mineral reserves and resources; expected prices of silver and other metals and related expectations relating
to the Company's revenue derived from the sale of such metals; anticipated costs, expenses and capital
expenditures; opportunities relating to the optimization of concentrate sales by enhancing by-product
recovery and the timing and results of its metallurgical sampling program to identify by-product revenue
optimization opportunities and the anticipated improvements therefrom; initial results and expectations
arising out of the Company’s exploration and drilling programs at the Galena Complex; the Company’s
ability to continue as a going concern; the Company’s liquidity position and ability to fund expected
operations at prevailing commodity prices and requirement for additional financing, including potential
additional debt financing opportunities and existing debt restructuring; the Company’s intention to issue
guidance for 2026; and expectations regarding the Company’s ability to rely in existing infrastructure,
facilities and equipment.
Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors
beyond the Company's ability to control or predict that may cause the actual results, performance or
achievements of the Company, or developments in the Company's business or in its industry, to differ
materially from the anticipated results, performance, achievements or developments expressed or implied
by such forward-looking statements. Some of the risks and other factors (some of which are beyond the
Company’s control) that could cause results to differ materially from those expressed in the forward-looking
statements contained in this MD&A include, but are not limited to risks relating to: interpretations or
reinterpretations of geologic information; results of exploration and production activities; inability or delay in
obtaining permits required for future exploration, development or production; mineral reserves and mineral
resources and related interpretations, development and production and the Company's ability to sustain or
increase present production; general economic conditions and conditions affecting the industries in which
the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation;
fluctuating mineral and commodity prices; any hedging activities of the Company; the ability to obtain
necessary future financing on acceptable terms or at all; the ability to operate the Company’s projects;
operational matters and hazards inherent in the mining industry; competition in the mining industry; non-
compliance with exchange listing standards; cybersecurity; government regulation of mining operations;
cyclical aspects of the Company’s business; changing global economic conditions and market volatility,
including volatility in financial markets, adverse changes in currencies, trade policies and inflation;
geopolitical instability, political unrest, tariffs or trade restrictions, war, and other global conflicts; ground
conditions; government regulation and environmental compliance, property claims, title, surface rights and
1|P a g e
Americas Gold and Silver Corporation
Management’s Discussion & Analysis
For the year ended December 31, 2025
access; tailing risks; mining and exploration activities and future mining operations; risks relating to negative
operating cash flows; risks relating to the possibility that the Company’s working capital requirements may
be higher than anticipated and/or its revenue may be lower than anticipated over relevant periods; illegal
blockades and other factors limiting mine access or regular operations without interruption; labour relations,
disputes and/or disruptions, employee recruitment and retention and pension funding and valuation; failure
of plant, equipment, processes and transportation services to operate as anticipated; the US election and
expectations related to and actions taken by the current administration; recession expectations;
environmental compliance, climate change and government regulation thereof; variations in ore grade or
recovery rates; capital and construction expenditures; certain of the Company's material properties are
located in Mexico and are subject to changes in political and economic conditions and regulations in that
country; risks associated with foreign operations; risks related to the Company's relationship with the
communities where it operates; risks related to actions by certain non-governmental organizations;
substantially all of the Company's assets are located outside of Canada, which could impact the
enforcement of civil liabilities obtained in Canadian and U.S. courts; currency fluctuations that may
adversely affect the financial condition of the Company; litigation risks; acquisitions and integrations; joint
ventures; the Company may need additional capital in the future and may be unable to obtain it or to obtain
it on favourable terms; risks associated with the Company's outstanding debt and its ability to make
scheduled payments of interest and principal thereon; and reclamation activities and other factors described
in this MD&A and the Company’s most recently filed Annual Information Form (“AIF”) under the heading
“Risk Factors”. The list above is not exhaustive of the factors that may affect any of the Company's forward-
looking statements. Investors and others should carefully consider these and other factors and not place
undue reliance on the forward-looking statements.
Forward-looking statements contained in this MD&A are based on management's plans, estimates,
projections, beliefs and opinions as at the time such statements were made and the related assumptions
may change. Although forward-looking statements contained in this MD&A are based on what management
considers to be reasonable assumptions based on information currently available to it, there can be no
assurances that actual events, performance or results will be consistent with these forward-looking
statements, and management's assumptions may prove to be incorrect. Some of the important risks and
uncertainties that could affect forward-looking statements are described further in this MD&A. The Company
cannot guarantee future results, levels of activity, performance or achievements, should one or more of
these risks and uncertainties materialize, or should underlying assumptions prove incorrect, the actual
results or developments may differ materially fr

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