Summary of Americas Gold and Silver Conference Call Company Overview - **Company**: Americas Gold and Silver (NYSEAM:USAS) - **Event**: Crescent Silver Acquisition Conference Call - **Date**: November 13, 2025 Key Points Industry and Acquisition Details - The acquisition involves the **Crescent Mine**, located in **Idaho Silver Valley**, just **9 miles** from the **Galena mill** [4][8] - The mine has a **high-grade silver-copper resource** of approximately **23 million ounces**, grading **655 grams per tonne** [5][10] - The acquisition is valued at approximately **$65 million**, consisting of **$20 million in cash** and **11.1 million common shares** of Americas Gold and Silver [6] Strategic Importance - The acquisition is described as **highly strategic**, providing immediate mill feed to the Galena mill and enhancing operational synergies [4][9] - The Crescent Mine is fully permitted and can restart operations quickly, with production expected to begin as soon as **mid-2026** [5][6] Financial and Operational Synergies - The Galena complex has a milling capacity of **1,500 short tons per day**, with current utilization at just under **410 short tons per day** [12][13] - The acquisition will allow the company to utilize **spare milling capacity**, which is currently underutilized, to process ore from Crescent [12][14] - The management team is confident that the Crescent Mine can contribute significantly to the company's growth, potentially reaching **2 million ounces per year** in production [22][29] Mining Methods and Infrastructure - The Crescent Mine will employ **long-hole stoping**, a method that has been successful at Galena [18][30] - The mine has three adits (Countess, Big Creek, and Hooper) that will be connected to facilitate efficient ore movement [28][30] - The company plans to implement infrastructure improvements, including **Alimak raises**, to enhance access and production capabilities [28][29] Exploration Potential - There is significant exploration upside, with only **5% of the private land** drilled, indicating potential for resource expansion [29] - The management team is optimistic about extending the existing veins and increasing grades through further drilling [20][29] Market Context - The company is positioned in a favorable market for silver, copper, and antimony, with plans to capitalize on these commodities [36] - The management emphasizes the importance of the acquisition in the context of the current strong silver market [36] Closing Remarks - The management expresses excitement about the future growth trajectory of Americas Gold and Silver following the acquisition [36] - The call concludes with gratitude towards shareholders and stakeholders for their support [36][37]

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 103,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $2,359 per ounce, with a full-year production target of 410,000-480,000 gold equivalent ounces, expected to finish in the lower half of that range [8][9] - The net income attributable to shareholders was $65.4 million, or $0.31 per diluted share, while adjusted net income was $68.4 million, or $0.32 per diluted share [10] - Free cash flow before changes in working capital was $72 million, indicating strong margins despite ongoing investments in growth initiatives [11] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce, with expectations for a strong Q4, although slightly below initial expectations [12] - CC&V produced 30,000 ounces of gold at an AISC of $1,756 per ounce, generating nearly $115 million in asset-level free cash flow since acquisition [14] - Seabee faced challenges with production of 9,000 ounces at an AISC of $3,003 per ounce, attributed to lower-than-expected grades and a focus on underground development [15] Market Data and Key Metrics Changes - The average realized gold price was above $3,500 per ounce for the quarter, contributing to the financial performance [10] - The company ended the quarter with $409 million in cash and total liquidity exceeding $900 million, ensuring capacity to fund growth initiatives [9] Company Strategy and Development Direction - The company is focused on advancing organic development projects, including Hod Maden, Buffalo Valley, and others, with a strong emphasis on project updates and technical reports [5][18] - The company aims to showcase the potential of key assets like Cripple Creek and Hod Maden, with upcoming technical reports expected to highlight their upside potential [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger Q4, primarily driven by Marigold and CC&V, while addressing challenges with ore blending at Marigold [22] - Discussions with regulatory bodies regarding the restart of Çöpler are ongoing, with increased public support for reopening noted [30] Other Important Information - The company has spent $44 million on advancing Hod Maden this year and remains on track for full-year growth capital guidance of $60-$100 million [5][18] - The technical report for Cripple Creek and Victor is expected to be published soon, providing insights into mineral reserves and potential expansions [5] Q&A Session Summary Question: Expectations for Q4 performance - Management confirmed that Q4 strength is expected to come primarily from Marigold and CC&V, with adjustments being made to handle ore blending challenges [22][23] Question: Clarification on Seabee's lower grades - Management explained that lower grades were due to an increased proportion of material from the gap hanging wall, which came in at lower grades than expected [26] Question: Update on Çöpler's regulatory discussions - Management indicated ongoing discussions with regulators, focusing on technical aspects for approval, with increased public support for reopening noted [30] Question: Guidance for Hod Maden and potential carryover into 2026 - Management reassured that spending at Hod Maden is on track, with expectations to meet the midpoint of the guidance range [36][37] Question: Strategy regarding M&A and growth opportunities - Management reiterated a consistent strategy focused on organic growth and selective M&A opportunities that fit within established criteria [46][47]

Core Viewpoint - Borealis Mining Company has received approval from the U.S. Forest Service for a minor modification to its operational plan, enabling the restart of the Borealis Gold Mine in Q1 2026, marking a significant regulatory milestone for the company [1][4]. Group 1: Permit Modification and Project Area - The approved minor modification allows for expanded mining activities in several pits, development of new waste rock facilities, reconfiguration of existing waste facilities, and construction of new roads, adding approximately 68.3 acres of disturbance, bringing the total project area to 549.7 acres [2]. Group 2: Mine Restart Preparations - The company is preparing for a full mine restart in Q1 2026, with contractor mobilization expected to begin in December, followed by drilling and blasting activities in early January. Additional preparatory works include slope angle adjustments, hiring personnel, and conducting geotechnical works [3]. Group 3: Financial and Operational Readiness - Borealis is fully financed for the restart through existing working capital and revenues from its ongoing stockpile crushing program. The company is debt-free and ready to generate significant revenues for shareholders [4][6]. Group 4: Ongoing Operations - The company continues its stockpile and leaching program, with the ADR plant operational and generating gold and silver recoveries during the pre-restart phase, aimed at ensuring a smooth transition to steady-state operations [5]. Group 5: Mine Property and Exploration Potential - The Borealis mine property is fully permitted and equipped for operations, having historically produced over 600,000 ounces of gold. The property has high-grade expansion potential with excellent historical drilling results and several untested regional targets [7][8]. Group 6: Company Overview - Borealis is focused on the exploration and resumption of production at the Borealis Mine and advancing its Sandman project in Nevada. The company holds approximately 16,300 acres of mining claims and is led by a strong management team with a successful track record in the mining industry [9].

La Guitarra Mine Operations - Full commercial production commenced on January 1, 2025[13, 26, 64] - Q2 2025 sales reached 173,562 silver equivalent ounces[13, 44] - Q2 2025 revenues totaled $5.4 million[13, 44, 45] - Gross profit of $1.3 million was recorded for Q2 2025[13, 45] - Milled 41,235 tonnes of material in Q2 2025[45] Resource Update & Exploration - La Guitarra's 2023 resource update shows a 373% increase in Measured & Indicated silver-equivalent ounces, totaling 27.2 million ounces[30] - Inferred silver-equivalent ounces increased by 204%, reaching 20.2 million ounces[30] - The company is planning a +20,000m drill program in the Temascaltepec East District[49, 64] - Over 1,400 drill holes totaling 236,000 meters have been completed[48] Financial Position & Share Structure - A C$19.5 million private placement closed in July 2025[13, 40, 64] - Current assets, including cash, amounted to $5.9 million as of June 30, 2025[53, 64] - First Majestic Silver holds 37.7% of the company's shares[26, 54, 64]

Core Viewpoint - Minnova Corp. has engaged A&B Global Mining to advance the PL Gold Mine restart plan, which includes an updated feasibility study and mineral resource estimate scheduled for completion in 2026 [2][3][4]. Group 1: Strategic Engagement - The partnership with A&B Global Mining is a pivotal milestone in Minnova's strategy to de-risk the PL Gold Mine and enhance its value in the robust gold market [3][4]. - A&B Global Mining will lead a structured, two-stage technical program to optimize the mine plan and maximize the project's overall value [3][7]. Group 2: Project Details - The PL Gold Mine is an advanced-stage development project with significant existing infrastructure, including a processing plant with a capacity of 1,000 tonnes per day and over 7,000 meters of underground ramp development [5][10]. - The planned technical programs will focus on a revised mine development plan prioritizing lower-cost open pit mining methods in the initial years of operation [6][7]. Group 3: Work Programs and Deliverables - Key development activities for 2025 and 2026 include diamond drilling to expand resources, an updated mineral resource estimate, and a comprehensive feasibility study [7][9]. - The two-stage approach will first establish foundational data and models, followed by a full feasibility study to Class 3 engineering standards [8][9]. Group 4: Company Background - Minnova Corp. aims to restart the PL Gold Mine, having completed a positive feasibility study in 2018 based on a gold price of US$1,250 per ounce, indicating an average annual production rate of 46,493 ounces over a minimum 5-year mine life [10]. - The project benefits from a short pre-production timeline forecast at 15 months and a valid underground mining permit [10].