Americas Gold and Silver(USAS) - 2025 Q3 - Quarterly Report

Revenue Performance - Total revenue for the three-month period ended September 30, 2025, was $30,596,000, representing a 37% increase from $22,326,000 in the same period of 2024[3]. - For the nine-month period ended September 30, 2025, total revenue reached $81,070,000, up 6% from $76,391,000 in 2024[3]. - The company reported total sales revenue of $19,372,000 for the three-month period ended September 30, 2025, compared to $27,837,000 in 2024, reflecting a decrease of approximately 30%[62]. - The Cosalá Operations segment generated revenue of $13,099 for the three-month period ended September 30, 2025, compared to $12,699 in the same period of 2024, an increase of 3.2%[88]. - The Galena Complex segment reported revenue of $17,497 for the three-month period ended September 30, 2025, up from $9,627 in the same period of 2024, a growth of 81.5%[88]. - For the nine-month period ended September 30, 2025, total revenue was $81,070,000, an increase of 6% compared to $76,391,000 for the same period in 2024[89]. Net Loss and Earnings - The net loss for the three months ended September 30, 2025, was $15,708,000, compared to a net loss of $16,159,000 in the same period of 2024[3]. - The net loss for the nine months ended September 30, 2025, was $49,729,000, an increase from $36,319,000 in 2024[3]. - The company reported a basic and diluted loss per share of $0.06 for the three months ended September 30, 2025, compared to $0.13 in 2024[3]. - For the nine-month period ended September 30, 2025, the net loss was $49,729,000 compared to a net loss of $36,319,000 for the same period in 2024, representing an increase of approximately 37% in losses[7]. - Net income for the three-month period ended September 30, 2025, was $2,083, compared to a net loss of $15,708 in the same period of 2024, marking a significant turnaround[88]. Cash and Liquidity - Cash and cash equivalents increased to $39,100,000 as of September 30, 2025, from $20,002,000 at the end of 2024[2]. - Cash and cash equivalents at the end of the period were $39,100,000, up from $7,215,000 at the end of September 2024, indicating a significant increase in liquidity[7]. - As of September 30, 2025, the company reported a working capital deficit of $6.5 million, with cash and cash equivalents totaling $39.1 million[12]. - The company's liquidity requirements are met through various sources, including cash generated from operations, credit facilities, and debt and equity capital markets[71]. - As of September 30, 2025, cash and cash equivalents increased to $39,100, up from $20,002 as of December 31, 2024, representing a growth of 95.5%[85]. Assets and Liabilities - Total assets grew to $234,702,000 as of September 30, 2025, compared to $192,640,000 at the end of 2024[2]. - Total liabilities increased to $184,487,000 as of September 30, 2025, from $139,191,000 at the end of 2024[2]. - The company reported a total liability of $184,487 as of September 30, 2025, compared to $139,191 as of December 31, 2024, an increase of 32.5%[88]. - The company's total financial liabilities as of September 30, 2025 amount to $225.8 million, with trade and other payables constituting $30.7 million[72]. Capital Expenditures and Investments - Expenditures on property, plant, and equipment were $28,762,000 for the nine-month period ended September 30, 2025, compared to $13,575,000 in 2024, indicating a significant increase in capital investment[7]. - The company completed the acquisition of the remaining 40% non-controlling interests in the Galena Complex on December 19, 2024, and raised gross proceeds of $50 million CAD (approximately $35.1 million USD) through a private placement[13]. - The Company issued 68 million common shares and paid $10 million in cash to acquire the remaining 40% non-controlling interests of the Galena Complex[46]. Shareholder Equity and Stock Options - Share capital rose to $615,904,000 as of September 30, 2025, up from $573,532,000 at the end of 2024[2]. - The Company’s stock options increased to 9,103 thousand with a weighted average exercise price of $1.42 CAD as of September 30, 2025[50]. - The weighted average number of common shares outstanding for the three months ended September 30, 2025, was 271,451,602, compared to 105,053,467 in the same period of 2024[3]. - The basic weighted average number of shares outstanding for the nine-month period ended September 30, 2025, was 260,988,191, compared to 98,314,006 in 2024[59]. Exploration and Operational Costs - The company incurred exploration costs of $3,907,000 for the nine-month period, compared to $2,848,000 in 2024, representing a 37% increase[89]. - Corporate general and administrative expenses were $18,521,000 for the nine-month period, significantly higher than $5,036,000 in 2024[89]. Financial Instruments and Risks - The company recognized a net gain of $3.6 million on derivative instruments during the nine-month period ended September 30, 2025, compared to a loss of $0.6 million in the same period of 2024[81]. - The company is subject to interest rate risk with various financial instruments linked to the 3-month U.S. SOFR rate plus varying margins[75]. - The company has silver put options for 60,000 ounces per month at a strike price of $29 per ounce, valued at a total cost of $0.3 million at inception[82]. Tax and Regulatory Obligations - The company accrued a probable obligation of $1,000,000 related to a tax reassessment as of September 30, 2025, consistent with the previous year[92]. - The estimated average annual income tax rate for the nine-month period ended September 30, 2025, was 26.5%[67].