$USAS

Americas Gold & Silver Corp

CIK:0001286973|SEC Filings

Consolidated statements of loss and comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 117,934	$ 100,188
Cost of sales	(84,863)	(82,740)
Depletion and amortization	(21,234)	(24,091)
Care and maintenance costs	(2,459)	(4,117)
Corporate general and administrative	(28,598)	(8,895)
Exploration costs	(6,066)	(5,971)
Accretion on decommissioning provision	(627)	(616)
Interest and financing expense	(5,321)	(7,375)
Foreign exchange loss	(1,774)	(3,504)
Gain on disposal of assets	967	18
Impairment to property, plant and equipment	(10,400)	0
Loss on metals contract liabilities	(46,347)	(10,183)
Other gain (loss) on derivatives	6,316	(164)
Fair value loss on royalty payable	(351)	(875)
Loss before income taxes	(82,823)	(48,325)
Income tax expense	(4,623)	(679)
Net loss	(87,446)	(49,004)
Attributable to:
Shareholders of the Company	(87,446)	(45,065)
Non-controlling interests	0	(3,939)
Net loss	(87,446)	(49,004)
Items that will not be reclassified to net loss
Remeasurement of post-employment benefit obligations	1,318	2,151
Deferred income taxes	(277)	(452)
Items that may be reclassified subsequently to net loss
Foreign currency translation reserve	(967)	6,101
Other comprehensive income	74	7,800
Comprehensive loss	(87,372)	(41,204)
Attributable to:
Shareholders of the Company	(87,372)	(37,945)
Non-controlling interests	0	(3,259)
Comprehensive loss	$ (87,372)	$ (41,204)
Loss per share attributable to shareholders of the Company
Basic	$ (0.33)	$ (0.43)
Diluted	$ (0.33)	$ (0.43)
Weighted average number of common shares outstanding
Basic	267,336,954	105,967,493
Diluted	267,336,954	105,967,493

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss for the period	$ (87,446)	$ (49,004)
Depletion and amortization	21,234	24,091
Income tax expense	4,623	679
Accretion on decommissioning provision	627	616
Share-based payments	12,063	1,454
Non-cash expenses from common shares issued	0	769
Provision on other long-term liabilities	(37)	(4)
Interest and financing expense	1,000	3,886
Net charges on post-employment benefit obligations	(720)	(946)
Inventory write-downs	3,670	1,299
Impairment to property, plant and equipment	10,400	0
Gain on disposal of assets	(967)	(18)
Loss on metals contract liabilities	46,347	10,183
Other loss (gain) on derivatives	(6,316)	164
Fair value loss on royalty payable	351	875
Cash flows from (used in) operations before changes in working capital	4,829	(5,956)
Changes in non-cash working capital items:
Trade and other receivables	(1,648)	2,382
Inventories	(3,459)	(3,346)
Prepaid expenses	334	(35)
Trade and other payables	(4,001)	3,887
Net cash generated from (used in) operating activities	(3,945)	(3,068)
Investing activities
Expenditures on property, plant and equipment	(69,240)	(18,850)
Proceeds from disposal of assets	998	0
Net cash used in investing activities	(68,242)	(18,850)
Financing activities
Glencore pre-payment facility	0
Net movements in pre-payment facility	(2,000)	(250)
Net movements in credit facility	(2,400)	9,372
Lease payments	(1,250)	(679)
Repayment of promissory notes	0	(4,275)
Equity offering, net	0	5,026
Non-brokered private placements, net	20,335	9,243
Private placement of subscription receipts, net	0	33,431
Bought deal private placement, net	126,899	0
Acquisition of non-controlling interests	0	(9,989)
Term loan facility, net	49,763	0
Metals contract liability	(18,233)	(8,079)
Royalty agreement	(360)	(2,061)
Derivative instruments	1,001	0
Proceeds from exercise of options and warrants	9,141	620
Contribution from non-controlling interests	0	2,762
Net cash generated from financing activities	182,896	35,121
Effect of foreign exchange rate changes on cash	(928)	4,738
Increase in cash and cash equivalents	109,781	17,941
Cash and cash equivalents, beginning of year	20,002	2,061
Cash and cash equivalents, end of year	129,783	20,002
Interest paid during the year	$ 4,630	$ 3,240

Consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 129,783	$ 20,002
Trade and other receivables	8,856	7,132
Inventories	10,668	10,704
Prepaid expenses	2,542	2,876
Derivative instruments	1,815	0
Total current assets	153,664	40,714
Non-current assets
Restricted cash	4,716	4,527
Property, plant and equipment	248,815	147,399
Investment in joint ventures	2,843	0
Derivative instruments	2,958	0
Total assets	412,996	192,640
Current liabilities
Trade and other payables	38,819	37,333
Metals contract liability	21,308	12,887
Silver contract liability	13,325	0
Derivative instruments	0	709
Convertible debenture	0	10,849
Pre-payment facility	0	2,000
Credit facility	7,041	2,050
Term loan facility	2,918	0
Royalty payable	2,753	2,762
Total current liabilities	86,164	68,590
Non-current liabilities
Other long-term liabilities	2,446	1,658
Metals contract liability	19,718	22,917
Silver contract liability	24,196	14,568
Credit facility	399	7,440
Term loan facility	45,312	0
Post-employment benefit obligations	2,131	3,892
Decommissioning provision	11,000	11,389
Deferred tax liabilities	13	48
Total liabilities	191,379	130,502
Equity
Share capital	812,582	573,532
Equity reserve	64,322	56,521
Foreign currency translation reserve	13,459	14,426
Deficit	(668,746)	(582,341)
Total equity	221,617	62,138
Total liabilities and equity	$ 412,996	$ 192,640