Summary of Americas Gold and Silver Conference Call Company Overview - **Company**: Americas Gold and Silver (NYSEAM:USAS) - **Primary Asset**: Galena Complex in Idaho, USA - **Other Assets**: Cosalá Mine in Mexico, Relief Canyon, and San Felipe exploration asset Key Points and Arguments 1. **Management Team**: The company emphasizes the importance of a skilled management team with a strong track record in mining operations and turnaround strategies [2][3][4] 2. **Turnaround Expertise**: Americas Gold and Silver is recognized as a turnaround expert, having successfully revitalized struggling mining assets in the past [2][4] 3. **Historical Success**: Previous successes include Klondex Mines sold for $700 million and RNC Minerals sold for $1.3 billion, showcasing the team's ability to enhance asset value [3][4] 4. **Galena Complex**: The Galena Complex has a rich mining history and is positioned in a premier silver mining area, with a production goal of returning to 5 million ounces of silver per year [8][9][10] 5. **Infrastructure Value**: The existing infrastructure at Galena is valued at over $2 billion, which provides a significant advantage for future operations [10] 6. **Production Capacity**: The company plans to increase the hoisting capacity from 350 tons per day to 900 tons per day, which will enhance mill feed and overall production [11][12] 7. **Mining Method Changes**: Transitioning from underhand cut and fill to long-hole stoping is expected to improve efficiency and production rates [12][13] 8. **Resource Endowment**: Galena has over 170 million ounces of silver, with plans to compress mine life by increasing production beyond 5 million ounces per year [14][15] 9. **High-Grade Mining**: The current head grades are around 480 grams per tonne silver, with aspirations to return to historical grades of 700 grams per tonne [15][17] 10. **Byproduct Revenue**: The renegotiated offtake agreement with Teck Resources allows the company to receive payments for byproducts, including antimony, which has significant revenue potential [19][20] 11. **Antimony Production**: Galena is the only large-scale producing antimony mine in the U.S., with plans to capitalize on this byproduct through new processing facilities [19][21] 12. **Cosalá Mine**: The Cosalá operation is producing 1.5-2 million ounces of silver annually and is set for exploration drilling to enhance production [21][22] 13. **Shareholder Alignment**: Management and directors have a strong alignment with shareholders, having increased their ownership from 7% to 63% since the deal announcement [22][23] Additional Important Information - **Market Position**: The company is positioned as the third highest-grade silver mine globally, with 87% of revenue exposure to silver [22] - **Analyst Coverage**: The company has gained interest from four new analysts, indicating growing market confidence [23] This summary encapsulates the key insights and strategic direction of Americas Gold and Silver as discussed in the conference call.

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with a strong cash position of over $9 million, reflecting successful capital raising efforts and disciplined cash management [9] - Mining gross profit was recorded during the quarter, indicating meaningful progress towards profitability [10] - Cash cost per gold equivalent ounce and all-in sustaining cost per gold equivalent ounce remain above long-term targets, but a downward trend was observed during Q3 [10] Business Line Data and Key Metrics Changes - Production ramped up significantly towards the end of Q3, with multiple shipments completed in late September [9] - The introduction of cut-and-fill mining methods has improved profitability by reducing dilution and enhancing ore grades delivered to the plant [6][10] - Metallurgical recoveries across all metals exceeded prior quarters, contributing to improved financial performance [7][10] Market Data and Key Metrics Changes - The company is benefiting from record-high metal prices, particularly in silver, which has positively impacted cash flow and overall financial performance [6][10] - The precious metal content in mined material has increased, further contributing to financial improvements [10] Company Strategy and Development Direction - The company is focused on executing strategic plans laid out earlier in the year, with a particular emphasis on mine development and exploration drilling [8][12] - Significant capital investments have been made in underground development and exploration, particularly in the Three Sisters area, to support long-term growth [11] - The Bat 40 project is now able to advance towards a production decision due to improvements at the mine [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround at operations in Mexico, with tangible benefits from strategic plans becoming evident [4][12] - The company anticipates that between 40% and 50% of total production will come from the Three Sisters area as they head into 2026 [17] - Management expects continued improvement in production volumes and profitability through the remainder of the year and into next [12][40] Other Important Information - The company engaged an external consultant to conduct a comprehensive safety assessment and audit following several lost-time injury incidents [7] - The contractor's progress in mine development has validated expectations, revealing good vein widths and high-grade mineralization [5][6] Q&A Session Summary Question: Development work at Three Sisters and future throughput targets - Management anticipates that between 40% and 50% of total production will come from Three Sisters, with at least 40% expected in Q1 2026 [17][18] Question: Thoughts on hedging to lock in higher credits - Management is actively considering hedging options but has been reticent in the past; they are looking at collars primarily [19] Question: Details on received equipment and uptime comparison - Approximately $4 million has been spent on a blend of new and used equipment, with uptime now running north of 80% [28][33] Question: Impact of cut-and-fill mining on cost per ton - The net result of cut-and-fill mining is an increase in revenue per ton mined, with a significant reduction in dilution and improved recoveries [35][36]