Americas Gold and Silver Corporation (USAS): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in the middle of a major pivot, and frankly, it's a classic high-stakes play in the metals space. Americas Gold and Silver Corporation is betting big on becoming a key North American silver and critical mineral supplier, evidenced by their 98% year-over-year silver production jump in Q3 2025. This isn't just about silver, though; they are positioning themselves as the only current U.S. antimony producer, a critical mineral you need to watch. To understand how they are funding this aggressive ramp-up-from the Galena Complex upgrade to securing a $100 million loan-you need to see the whole picture. Below, I've broken down their entire Business Model Canvas, showing exactly where the value is created and where the near-term risks lie.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Key Partnerships

When you look at the operational backbone of Americas Gold and Silver Corporation (USAS), the Key Partnerships block of the Business Model Canvas really shows how they are funding and supporting their growth, especially around the Galena Complex. These aren't just names on a slide; they are concrete financial and logistical agreements that keep the wheels turning and the capital flowing.

The financing side is heavily supported by institutional debt and equity partners. You'll want to note the significant debt facility secured from SAF Group. This was a US$100 million senior secured term loan facility, primarily earmarked to fund growth and development capital spending at the Galena Complex. This facility is strategically structured into three parts: an initial term loan of US$50 million advanced at closing, plus two additional tranches of US$25 million each, which become available upon satisfying certain conditions precedent. The initial tranche carries an interest rate of SOFR (with a 4% floor) plus 6% per annum, maturing 60 months after closing. SAF Group holds senior security over most of Americas Gold and Silver Corporation's assets, excluding the Cosalá Operations and the Relief Canyon Project. That's a serious commitment to their near-term capital plans.

To be fair, the equity markets were also tapped heavily in late 2025 to support the Crescent Silver acquisition. Underwriters, led by Canaccord Genuity Corp. and BMO Capital Markets, closed a bought deal financing on December 4, 2025. This raised aggregate gross proceeds of US$132.25 million through the issuance of 33,062,500 common shares at a price of US$4.00 per share. This over-subscribed financing was crucial for funding the cash portion of the Crescent acquisition and supporting capital expenditures there.

The logistical partnerships are just as vital, especially for processing. Americas Gold and Silver Corporation secured a multi-metal offtake agreement with Ocean Partners USA Inc. This agreement is non-restrictive and covers up to 100% of the concentrates produced from the Galena Complex. The material is slated for treatment at Teck Resources Limited's Trail Operations in Trail, British Columbia. Guaranteeing this processing capacity is critical as Americas Gold and Silver Corporation executes its plans to significantly increase silver and by-product metal production. As part of this arrangement, Ocean Partners also subscribed for 16.8 million common shares in a private placement for US$11.5 million at C$0.95 per share. That's a nice alignment of interests.

Your largest shareholder relationship is with Eric Sprott. He remains a cornerstone investor, having taken full ownership of the Galena Complex in December 2024 alongside the management team. As of a November 20, 2025 filing, Mr. Sprott beneficially owned approximately 18.0% of the outstanding shares, though the company often cites his interest as approximately ~20%. His continued backing, including participation in the December 2025 bought deal, signals strong confidence in the growth strategy.

Here's a quick look at the key financial and logistical relationships:

You should also keep track of the structure of the financing, as it dictates near-term obligations. The SAF Group loan has specific amortization schedules, and the Ocean Partners offtake is a 5-year agreement. These details define the operational runway you have for the next several years.

• SAF Group loan structure: US$50M initial + two US$25M tranches.
• Ocean Partners offtake term: 5-year multi-metal agreement.
• December 2025 financing: Raised US$132.25 million at US$4.00 per share.
• Eric Sprott's latest reported stake: 18.0% as of November 20, 2025.

Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Key Activities

You're looking at the core actions Americas Gold and Silver Corporation is taking right now to drive its growth story, especially as we close out 2025. It's all about execution on the ground, moving from development to sustained, higher-grade output.

Ramping up consolidated silver production, achieving a 98% year-over-year increase in Q3 2025.

The numbers from the third quarter of 2025 clearly show the strategy is working. Americas Gold and Silver Corporation posted consolidated silver production of 765,000 ounces for Q3 2025. That's a massive 98% increase compared to the 386,000 attributable ounces produced in Q3 2024. Sequentially, this was an 11% increase from the 689,000 ounces produced in Q2 2025. The company is definitely delivering on the promise of increased output.

Here's a quick look at the production breakdown for Q3 2025:

Executing the Galena Complex operational upgrade, including the No. 3 Shaft project.

The work at the Galena Complex in Idaho is central to this growth. The team realized efficiency improvements through enhanced underground development rates, the re-introduction of long hole stoping, and fleet upgrades. A key bottleneck was the No. 3 Shaft, which historically moved about 700 tons per day of rock (ore or waste). Americas Gold and Silver completed a planned 10-day shutdown to finish Phase 1 upgrades on the No. 3 Shaft ahead of schedule. The goal of this upgrade is to get skipping capacity to over 1,800 tons per day. The Galena Complex contributed approximately 440,000 ounces of silver in Q3 2025.

Developing the high-grade EC120 silver-copper project for commercial production.

Over at the Cosalá Operations in Mexico, the focus is the transition into the higher-grade EC120 zone. Pre-production milling of the EC120 silver-copper concentrate was a major contributor, providing 314,000 ounces of silver during Q3 2025. The Cosalá Operations saw its silver production jump by 70% year-over-year to approximately 325,000 ounces in the quarter. The company was looking to commence commercial production at EC120 by the end of 2025. The pre-production sales from this development added $12.9 million to net revenue in Q3 2025.

Advancing antimony recovery to become the only current U.S. producer.

Americas Gold and Silver Corporation is the only current producer of antimony in the United States, which is a significant strategic position. The high-grade tetrahedrite ore at Galena contains antimony and copper. Year-to-date antimony production from Galena reached 447,466 pounds as of October 2025. The company achieved a breakthrough, announcing 99% recovery of antimony out of the copper concentrate. Historically, over 20 million pounds of antimony came out of that mine without generating payments.

Exploration and resource expansion, like the Crescent Mine acquisition.

The company is actively expanding its resource base in the Coeur d'Alene Mining District. In November 2025, Americas Gold and Silver announced the acquisition of the Crescent Mine for $56 million. This deal immediately adds approximately 3.8 million ounces of measured and indicated silver resources and 19.1 million ounces inferred, all located just 9 miles from the Galena Complex. The company also reported strong exploration results, including the 149 Vein returning 24,913 g/t silver over 0.21 meters.

Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Key Resources

You're looking at the core assets that power Americas Gold and Silver Corporation's strategy as of late 2025. These aren't just properties; they are the physical and intellectual capital driving near-term growth and long-term optionality. Honestly, the recent acquisition in Idaho really changes the resource base significantly.

Physical Assets and Production Capacity

The company's physical resources are anchored by two key mining complexes, both showing strong operational momentum through the third quarter of 2025. The Galena Complex in Idaho, which Americas Gold and Silver now owns 100%, is the cornerstone, especially with its unique by-product profile. You saw the Phase 1 upgrade to the No. 3 Shaft wrap up ahead of schedule, which is a big win for future throughput.

Meanwhile, the Cosalá Operations in Mexico are transitioning into the high-grade EC120 Project, which is boosting overall silver grades and recoveries. The capital deployment here is focused, with $3.8 million spent on the EC120 Project in Q3-2025 alone, aiming for that full production target by year-end 2025.

Here's a look at the recent operational output from these key sites:

Mineral Reserves and Resources Base

The resource base saw a major enhancement with the November 2025 announcement regarding the acquisition of the Crescent Mine. This move is strategic because the mineralization at Crescent is the same silver-copper-antimony tetrahedrite ore found at Galena, allowing for processing synergies. The historical resources from Crescent are substantial, and you should definitely factor these in when modeling the company's long-term potential.

The resource additions are detailed below, though remember the 2015 Preliminary Economic Assessment (PEA) for Crescent is not current under NI 43-101 standards, so these are historical figures used for valuation context:

• Crescent Mine M&I Silver Resources: 3.8 million ounces
• Crescent Mine Inferred Silver Resources: 19.1 million ounces
• Potential Annual Silver Output from Crescent (2015 PEA): 1.4-1.6 million ounces

Financial and Intellectual Capital

Liquidity remains a key resource, especially as the company executes on its growth and acquisition plans. As of the end of the third quarter, Americas Gold and Silver Corporation held $39.1 million in cash and cash equivalents. This balance reflects active capital deployment, including the Crescent acquisition funding.

The intellectual capital, or expertise, is centered on handling complex, multi-metal ores. The ability to extract value from tetrahedrite ore, which contains silver, copper, and antimony, is a defining feature. Metallurgical test work has confirmed the commercial viability of this, showing over 99% antimony extraction from copper concentrate at Galena. This positions Americas Gold and Silver as the only active U.S. mine producing antimony, a critical metal.

Key components of this expertise include:

• Multi-metal processing for tetrahedrite ore.
• Proven operational improvements at Galena, including re-introduction of long hole stoping and fleet upgrades.
• Expertise in managing complex logistics, like the planned 10-day shutdown for Galena No. 3 Shaft upgrades.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Value Propositions

High-leverage exposure to silver prices, targeting over 80% revenue from silver

Americas Gold and Silver Corporation has achieved its objective of high silver leverage. For the second quarter of 2025, 82% of revenue came from silver, surpassing the short-term goal of over 80% by the end of 2025. This positions the company as one of the highest-leverage plays to silver prices within its peer group, which often shows silver revenue exposure in the 20-30% range. The company's objective remains to generate over 80% of its revenue from silver by the end of 2025.

Strategic supply of antimony, a critical mineral for U.S. defense and technology

The Galena Complex is positioned to be the sole primary antimony producer in the United States. Year-to-date in 2025, the company produced approximately 450,000 pounds of antimony. Phase 2 testing completed in September 2025 confirmed commercial viability, positioning Galena to supply U.S. defense and flame-retardant markets, which currently depend on Chinese and Russian sources that represent 90% of global production.

Diversified revenue from silver, copper, lead, and zinc by-products

Revenue is generated from the sale of silver concentrates alongside base metal by-products. The transition to the EC120 Project is shifting the profile toward silver and copper. For instance, pre-production sales of EC120 silver-copper concentrate contributed $12.9 million to revenue during the third quarter of 2025.

Operational base in North America (USA and Mexico), reducing geopolitical risk

Americas Gold and Silver Corporation operates two primary assets in North America. The Galena Complex is a cornerstone U.S. silver asset located in Idaho, USA. The Cosalá Operations are located in Sinaloa, Mexico.

High-grade ore bodies at Galena and EC120, supporting future lower costs

The company operates one of the world's highest-grade active silver mines at Galena, with an average grade reported at 480 g/t. Recent exploration success highlights the quality of the ore bodies. The EC120 Project at Cosalá hosts predominantly higher-grade silver and copper compared to the San Rafael mine it is replacing.

Here's a look at some of the concrete high-grade intercepts reported from the Galena Complex as of late 2025:

The 149 Vein currently being mined contributes cuts averaging 700 to 950 grams silver per ton.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Customer Relationships

Dedicated B2B sales are secured via a new non-restrictive 5-year multi-metal offtake agreement with Ocean Partners USA Inc. for the treatment of up to 100% of the concentrates from the Galena Complex at Teck Resources Limited's Trail Operations in British Columbia. This agreement is designed to guarantee processing capacity for Galena's planned increase in silver and by-product metal production.

Investor relationships focus on major shareholders, notably Eric Sprott, who holds approximately ~20% ownership. In the December 2025 bought deal financing, an entity beneficially owned by Eric Sprott purchased 900,000 Offered Shares. Institutional ownership expanded from 8% to 60% following the October 2024 acquisition of the remaining 40% interest in Galena.

Proactive engagement with the U.S. government centers on antimony, as Americas Gold and Silver Corporation is currently the only antimony producer in the United States. The company engaged Lot Sixteen LLC, a D.C.-based firm, to initiate discussions with the U.S. Government regarding support for antimony production and the potential construction of a dedicated processing plant in Idaho's Silver Valley. This aligns with the U.S. Geological Survey's 2025 draft list proposing to add silver as a critical mineral for the first time. The U.S. imported 64% of its silver consumption in 2024.

Regular financial disclosures maintain investor confidence. The Third Quarter Report for the period ended September 30, 2025, was released on November 10, 2025.

The strategic objective is to become a top North American silver producer, with an objective of over 80% of revenue generated from silver by the end of 2025.

Key shareholder data as of late 2025 includes:

• Eric Sprott interest: approximately ~20%.
• Merk Investments LLC holding (as of 11/17/2025): 9.389%.
• Institutional ownership increased from 8% to 60%.
• Total common shares issued in December 2025 financing: 33,062,500 at US$4.00 per share.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Channels

Direct sales of concentrates to smelters/refiners via Ocean Partners is a key channel for monetizing production from the Galena Complex. Americas Gold and Silver Corporation has a new non-restrictive 5-year multi-metal offtake agreement with Ocean Partners USA Inc. for the treatment of up to 100% of the concentrates at Teck Resources Limited's Trail Operations in British Columbia. This agreement is structured to convert previously penalized by-products like copper, antimony, and gold into payable elements, turning what was a fine or charge into a payment.

The operational output flows through this channel, with pre-production sales of EC120 silver-copper concentrate contributing $12.9 million to Q3-2025 revenue. The company's focus is on increasing silver and by-product metal production over the next several years, leveraging this guaranteed processing capacity.

Public equity markets serve as the primary channel for securing capital and providing liquidity for Americas Gold and Silver Corporation shareholders. The company trades on two major exchanges:

• NYSE American: USAS
• TSX: USA

Capital raising activities in late 2025 demonstrate this channel in action. In November 2025, Americas Gold and Silver Corporation upsized a "bought deal" private placement to aggregate gross proceeds of US$115,000,000. This offering involved the issuance of 28,750,000 common shares at a price of US$4.00 per share. Earlier in the year, in June 2025, the company closed a US$100 million senior secured debt facility from SAF Group, with the first tranche advanced being US$50 million, primarily to fund growth at the Galena Complex. Furthermore, as a condition to the debt facility, Ocean Partners subscribed for 16.8 million common shares for gross proceeds of US$11.5 million at C$0.95 per share.

The financial standing resulting from these capital channels as of late 2025 is significant. As of December 4, 2025, the market capitalization was reported at $1.22 Billion USD. The company's unaudited consolidated cash balance as at September 30, 2025, was US$39 million, down from $61.7 million as of June 30, 2025, following capital investments.

The following table summarizes key financial metrics relevant to the company's scale and recent performance, which are intrinsically linked to its ability to access capital and sell product:

Information dissemination to investors and regulators is managed through established digital channels. Americas Gold and Silver Corporation ensures transparency by posting required documents on its corporate website and through regulatory portals. The primary locations for this information are:

• Corporate Website: www.americas-gold.com
• Regulatory Filings (SEDAR+): www.sedarplus.ca
• Regulatory Filings (EDGAR): www.sec.gov

For the third quarter and nine months ended September 30, 2025, financial statements and Management's Discussion and Analysis were posted to the SEDAR+ and EDGAR profiles. This consistent reporting is a necessary component of maintaining access to the public equity markets channel. Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Customer Segments

You're looking at the core buyers and capital providers for Americas Gold and Silver Corporation (USAS) as of late 2025, which is a period of intense operational pivot.

Base Metal Smelters and Refiners who purchase polymetallic concentrates

This segment purchases the output from the Galena Complex, which is transitioning to higher-grade silver-copper ore, moving away from zinc and lead-heavy material. A key relationship here is the offtake agreement for Galena concentrates.

• The company has a Multi-Metal Offtake Agreement with Ocean Partners USA Inc. for treatment of up to 100% of the concentrates from the Galena Complex at Teck Resources Limited's Trail Operations.
• Pre-production sales of the new EC120 silver-copper concentrate contributed a strong $12.9 million to revenue during Q3-2025.
• In Q2-2025, pre-production sales of the EC120 silver-copper concentrate contributed $8.3 million to net revenue.

Institutional and Retail Investors seeking high-growth silver exposure

This group is drawn to the company's high leverage to silver prices and its status as a growing North American producer. The market is clearly watching the transition, as evidenced by valuation metrics.

• Americas Gold and Silver Corporation's objective was for over 80% of its revenue to be generated from silver by the end of 2025.
• For Q3-2025, the company reported that 82% of its revenue came from silver.
• The company's Debt-to-Equity (D/E) ratio sat at approximately 1.19 as of September 2025.
• Consolidated silver production for Q3-2025 was 765,000 ounces, a 98% increase year-over-year.

Government and Defense sectors interested in domestic antimony supply

This segment is interested because Americas Gold and Silver Corporation is the only current U.S. antimony producer. Antimony is a critical metal, and the company has confirmed its viability to supply domestic requirements.

• Year-to-date antimony output (Q1-Q3 2025) was 447,466 pounds.
• Copper output for the same period was 615,817 pounds.
• Test work demonstrated over 99%+ antimony extraction from flotation concentrate grading approximately 19% antimony.

Strategic Institutional Investors who participate in private placements

These are sophisticated investors who provide capital directly, often in conjunction with financing deals. Sprott and Ocean Partners are notable examples from recent history that inform this segment.

The company's total debt stood at approximately $59.7 million as of September 2025, with total shareholder equity at $50.2 million.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Americas Gold and Silver Corporation (USAS) as they push hard on development in late 2025. The structure is heavily influenced by the capital-intensive transition at both major assets. Honestly, the unit costs are elevated right now because they are funding major growth projects.

The high cash cost per silver ounce is a near-term reality as the company executes its strategy. For the third quarter of 2025, the reported cash cost per silver ounce averaged $23.87. This is up significantly from the $7.12 per ounce seen in Q3 2024, which management attributes primarily to lower by-product credits from reduced zinc and lead output while shifting focus. Still, the company is spending heavily to fix this long-term.

The commitment to capital expenditure is substantial, directly tied to unlocking future lower-cost production. The $100 million senior secured Term Loan Facility, secured in June 2025 with SAF Group, is earmarked primarily to fund this growth spending at the Galena Complex. The initial tranche of $50 million was advanced immediately to accelerate development, including reintroducing Long Hole Stoping at Galena. At the Cosalá Operations, capital spending on the EC120 Project was $3.8 million during Q3-2025, following $2.9 million in Q2-2025, as they push for commercial production.

Debt servicing is a new, fixed cost component you need to factor in. The $100 million debt facility has specific terms impacting future cash flow. The initial $50 million term loan tranche is subject to an interest rate of SOFR with a 4% floor plus an additional 6% per annum. Principal repayments on this tranche start one year after closing and are payable quarterly thereafter. This structure means predictable, scheduled cash outflows for debt service are now part of the cost base.

Operating expenses, which feed into the overall cost metrics, reflect the current operational mix. You can see this clearly when you look at the per-ounce metrics for Q3 2025:

Exploration and evaluation costs are embedded within the capital spending and operating budgets, though a specific, standalone exploration expense figure for Q3 2025 isn't explicitly detailed outside of project capital. The focus is clearly on near-mine development to feed the mills quickly. The Galena Complex, which produced 440,000 ounces of silver in Q3-2025, is seeing development driven by the new debt to reintroduce efficient mining methods. The Cosalá Operations are transitioning to the higher-grade EC120 deposit, which contributed 314,000 ounces of silver production in Q3-2025 from pre-production activities.

The cost structure is currently defined by these key drivers:

• Debt Financing: $100 million secured in June 2025 for Galena growth.
• Galena Development Spend: Funding reintroduction of Long Hole Stoping and equipment purchases.
• EC120 Capital: $3.8 million spent in Q3-2025 to advance the high-grade transition.
• By-Product Credit Impact: Lower zinc/lead output directly inflated the cash cost per ounce.
• Debt Interest: Initial tranche interest rate of SOFR (4% floor) plus 6%.

Finance: draft 13-week cash view by Friday.

Americas Gold and Silver Corporation (USAS) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Americas Gold and Silver Corporation (USAS) as of late 2025, and the story is clearly about a strategic pivot, heavy on silver. The top-line numbers show real movement, even if the underlying profitability is still a work in progress. Honestly, the focus is shifting from a balanced base/precious metal mix to a dominant silver producer.

The primary engine for revenue generation remains the Sale of Silver Concentrates. This is the core driver, reflecting the company's aggressive strategy to maximize silver output from its assets, particularly the Galena Complex and the transition at Cosalá. For the third quarter of 2025, consolidated silver production hit 765,000 ounces, a massive 98% increase year-over-year. The realized price for silver in that quarter was approximately $40 per ounce. The strategic goal is clear: Americas Gold and Silver Corporation expects over 80% of its revenue to come from silver by the end of 2025.

The revenue streams are diversified, though silver is taking the lion's share. You see contributions from the Sale of By-product Metals, which includes copper, lead, and zinc. In Q3 2025, revenue still increased by 37% year-over-year to $30.6 million, even with lower production and realized prices for zinc and lead compared to the prior year. Furthermore, the company is actively developing antimony as a potential future revenue stream, having reported year-to-date antimony production of 447,466 pounds.

A significant, near-term boost to the quarterly figures came from the Pre-production sales from the EC120 silver-copper project. This project at the Cosalá Operations, which hosts higher-grade silver and copper, contributed a strong $12.9 million to revenue in Q3 2025 alone. This pre-production concentrate sales activity also accounted for 314,000 ounces of the quarter's silver production.

When you look at the bigger picture, the momentum is visible across the trailing twelve months. Here's the quick math on the key revenue figures as of the period ending September 30, 2025:

The revenue sources for Americas Gold and Silver Corporation are clearly centered on metal sales, with a defined hierarchy:

• Primary Revenue: Sale of silver concentrates, aiming for over 80% of total revenue by year-end 2025.
• Key Contributor: Pre-production sales from the high-grade EC120 silver-copper concentrate.
• Secondary Revenue: Sales of base metals, including copper, lead, and zinc.
• Emerging Stream: Potential future revenue from antimony production.

If you're tracking the operational success against the financial results, the $30.6 million in Q3 2025 revenue shows the volume is there, driven by that massive silver production increase. Still, you need to keep an eye on the base metal contribution, as lower realized prices for zinc and lead in the quarter were a drag on the overall mix, even with the silver surge. Finance: draft 13-week cash view by Friday.