# EDGAR Filing Document

**Accession Number:** 0001286973
**File Stem:** 0001062993-26-001707
**Filing Date:** 2026-3
**Character Count:** 190486
**Document Hash:** 15cd30d25624337eb729b6581438003c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-001707.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001062993-26-001707

**CONFORMED SUBMISSION TYPE**: 40-F/A

**PUBLIC DOCUMENT COUNT**: 131

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Americas Gold & Silver Corp
- **CENTRAL INDEX KEY:** 0001286973
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4

**FILING VALUES:**
- **FORM TYPE:** 40-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37982
- **FILM NUMBER:** 26816286

**BUSINESS ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8
- **BUSINESS PHONE:** 604-678-9639

**MAIL ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Americas Silver Corp
- **DATE OF NAME CHANGE:** 20150910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCORPIO MINING CORP
- **DATE OF NAME CHANGE:** 20040414

?xml version='1.0' encoding='ASCII'? Americas Gold and Silver Corporation: Form 40-F/A - Filed by newsfilecorp.com

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F/A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐&nbsp;&nbsp;&nbsp;&nbsp; **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒&nbsp;&nbsp;&nbsp;&nbsp; **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025** 

**Commission file number: <u>001-37982</u>**

![form40fx1.jpg](form40faxz002.jpg)

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AMERICAS GOLD AND SILVER CORPORATION**  |
| (Exact Name of Registrant as Specified in its Charter) |

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**<u>N/A</u>**

(Translation of Registrant's Name into English (if applicable))

**<u>CANADA</u>**

(Province or other jurisdiction of incorporation or organization)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>1040</u>**

(Primary Standard Industrial Classification Code)

**<u>N/A</u>**

(I.R.S. Employer Identification No.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **145 King Street West, Suite 2870** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Toronto, Ontario, Canada M5H 1J8** 

**<u>(416) 848-9503</u>**

(Address and Telephone Number of Registrant's Principal Executive Offices)

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Registered Agent Solutions, Inc.** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **99 Washington Avenue, Suite 1008** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Albany, New York 12260** <br> **<u>(888) 705-7274</u>** |
| (Name, address (including zip code) and telephone number (including area code) of agent for service in the United States) |
| <br> Copies to:<br> **Richard Raymer**<br> **James Guttman** <br> **Dorsey & Whitney LLP**<br> **66 Wellington Street West, Suite 3400**<br> **Toronto, Ontario M5K 1E6**<br> **<u>(416) 367-7388</u>** |

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Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Shares, no par value**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **USAS**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NYSE American LLC**  |

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Securities registered or to be registered pursuant to Section 12(g) of the Act: **N/A**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **N/A**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For annual reports, indicate by check mark the information filed with this form: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For annual reports, indicate by check mark the information filed with this form: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ Annual Information Form  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ Audited Annual Financial Statements  |

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Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: As at December 31, 2025, 320,418,782 common shares of the Registrant were issued and outstanding.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company ☐

If an emerging growth company that prepares is financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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**EXPLANATORY NOTE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The attached copy of the audited annual consolidated financial statements for Americas Gold and Silver Corporation for the fiscal years ended December 31, 2025 and 2024 (the "Annual Financial Statements") is being re-filed to correct an inadvertent administrative error, referencing the audited Annual Financial Statements as "unaudited" statements on the "Consolidated statements of financial position" of the company on pg. 6 of the Annual Financial Statements. No other changes have been made to the document.

**FORWARD-LOOKING STATEMENTS**

Statements Statements contained in this Annual Report may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities laws ("**forward-looking statements**"). Often, but not always, forward-looking statements can be identified by forward-looking words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions. Specific forward-looking statements in this Annual Report include, but are not limited to: estimated and targeted production rates and results for silver and other metals at the Galena Complex and Cosalá Operations; statements relating to the Company's acquisition of the remaining 40% interest in the Galena Complex, including expected benefits to the Company and its shareholders; statements relating to the Company's positioning as a silver-focused producer and the precious metals markets; the expected timing and completion of required development and the expected operational and production results therefrom, statements relating to Americas Gold and Silver's EC120 Project, including expected approvals and capital requirements, and timing to reach commercial and sustainable production and full production on its anticipated timeline and budget; the Company's expectations relating to the operation of San Rafael throughout the EC120 Project development period and related cashflows; the Company's technical review and optimization work at the Galena Complex and related operational improvements, production potential and production efficiencies at the Galena Complex, including the expected production levels and anticipated improvements through production growth and operational efficiency the Company's second phase test work confirming the potential to extract over 90% of antimony from test copper floatation concentrate and the Company's role in the U.S. domestic supply of critical minerals; estimates of, and realizations on, mineral reserves and resources; expected prices of silver and other metals and related expectations relating to the Company's revenue derived from the sale of such metals; anticipated costs, expenses and capital expenditures; opportunities relating to the optimization of concentrate sales by enhancing by-product recovery and the timing and results of its metallurgical sampling program to identify by-product revenue optimization opportunities and the anticipated improvements therefrom; initial results and expectations arising out of the Company's exploration and drilling programs at the Galena Complex; the Company's ability to continue as a going concern; the Company's liquidity position and ability to fund expected operations at prevailing commodity prices and requirement for additional financing, including potential additional debt financing opportunities and existing debt restructuring; the Company's intention to issue guidance for 2026; and expectations regarding the Company's ability to rely in existing infrastructure, facilities and equipment.

Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Some of the risks and other factors (some of which are beyond the Company's control) that could cause results to differ materially from those expressed in the forward-looking statements contained in this Annual Report include, but are not limited to risks relating to: interpretations or reinterpretations of geologic information; results of exploration and production activities; inability or delay in obtaining permits required for future exploration, development or production; to mineral reserves and mineral resources and related interpretations, development and production and the Company's ability to sustain or increase present production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; any hedging activities of the Company; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company's projects; operational matters and hazards inherent in the mining industry; competition in the mining industry; non-compliance with exchange listing standards; cybersecurity; government regulation of mining operations; cyclical aspects of the Company's business; changing global economic conditions and market volatility, including volatility in financial markets, adverse changes in currencies, trade policies and inflation; geopolitical instability, political unrest, tariffs or trade restrictions, war, and other global conflicts; ground conditions; government regulation and environmental compliance, property claims, title, surface rights and access; mining and exploration activities and future mining operations; risks relating to negative operating cash flows; risks relating to the possibility that the Company's working capital requirements may be higher than anticipated and/or its revenue may be lower than anticipated over relevant periods; illegal blockades and other factors limiting mine access or regular operations without interruption; labour relations, disputes and/or disruptions, employee recruitment and retention and pension funding and valuation; failure of plant, equipment, processes and transportation services to operate as anticipated; the US election and expectations related to and actions taken by the current administration; recession expectations; environmental compliance, climate change and government regulation thereof; variations in ore grade or recovery rates; capital and construction expenditures; certain of the Company's material properties are located in Mexico and are subject to changes in political and economic conditions and regulations in that country; risks associated with foreign operations; risks related to the Company's relationship with the communities where it operates; risks related to actions by certain non-governmental organizations; substantially all of the Company's assets are located outside of Canada, which could impact the enforcement of civil liabilities obtained in Canadian and U.S. courts; currency fluctuations that may adversely affect the financial condition of the Company; the Company may need additional capital in the future and may be unable to obtain it or to obtain it on favourable terms; risks associated with the Company's outstanding debt and its ability to make scheduled payments of interest and principal thereon; and reclamation activities and other factors described in the Annual Information Form of the Company for the fiscal year ended December 31, 2025 filed as Exhibit 99.1 to this Annual Report and incorporated by reference herein (the "**AIF**") and the Management Discussion and Analysis of the Company for the fiscal year ended December 31, 2025 filed as <u>Exhibit 99.3</u> to this Annual Report and incorporated by reference herein ("**MD&A**") under the heading "Risk Factors". The list above is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on the forward-looking statements.

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Forward-looking statements contained in this Annual Report are based on management's plans, estimates, projections, beliefs and opinions as at the time such statements were made and the related assumptions may change. Although forward-looking statements contained in this Annual Report are based on what management considers to be reasonable assumptions based on information currently available to it, there can be no assurances that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Some of the important risks and uncertainties that could affect forward-looking statements are described further in this Annual Report. The Company cannot guarantee future results, levels of activity, performance or achievements, should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, the actual results or developments may differ materially from those contemplated by the forward-looking statements. The Company does not undertake to update any forward-looking statements, even if new information becomes available, as a result of future events or for any other reason, except to the extent required by applicable securities laws.

Capitalized terms under the heading "Forward-Looking Statements" and not otherwise defined herein have the meanings given to them in the AIF.

**NOTE TO UNITED STATES READERS -** 

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Company is permitted, under the multijurisdictional disclosure system (the "**MJDS**") adopted by the United States Securities and Exchange Commission (the "**SEC**"), to prepare this Annual Report in accordance with Canadian disclosure requirements, which differ from those of the United States. The Company has prepared its financial statements, which are filed as <u>Exhibit 99.2</u> to this Annual Report and incorporated by reference herein, in accordance with International Financial Reporting Standards ("**IFRS**"), as issued by the International Accounting Standards Board and they are not comparable to financial statements of United States companies.

**CAUTIONARY NOTE TO UNITED STATES INVESTORS**

The exhibits incorporated by reference into this Annual Report have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Our mineral reserves and mineral resources have been calculated in accordance with National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information incorporated by reference herein that describes the Company's mineral reserves and mineral resources estimates may not be comparable with information made public by United States companies subject to the SEC's reporting and disclosure requirements.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Annual Report are in United States dollars. The exchange rate of United States dollars into Canadian dollars, on December 31, 2025, based upon the average daily exchange rate as quoted by the Bank of Canada was U.S.$1.00 = Cdn$1.3706.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Company may have tax consequences under the laws of the United States and Canada that are not described in this Annual Report.

**ANNUAL INFORMATION FORM**

The Company's AIF for the fiscal year ended December 31, 2025 is filed as <u>Exhibit 99.1</u> to this Annual Report, and is incorporated by reference herein.

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**AUDITED ANNUAL FINANCIAL STATEMENTS**

The audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, including the report of the independent registered public accounting firm thereon, are filed as <u>Exhibit 99.2</u> to this Annual Report, and are incorporated by reference herein.

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The Company's MD&A for the year ended December 31, 2025, is filed as <u>Exhibit 99.3</u> to this Annual Report, and is incorporated by reference herein.

**CONTROLS AND PROCEDURES**

*Disclosure Controls and Procedures*

As of the end of the period covered by this Annual Report, the Company carried out an evaluation, under the supervision of the Company's Chief Executive Officer ("**CEO**") and Chief Financial Officer ("**CFO**"), of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company's CEO and CFO have concluded, as a result of the material weaknesses described below, that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), were not effective as at December 31, 2025 to ensure that information required to be disclosed by the Company in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized, and reported within the time periods specified in applicable Canadian and U.S. securities laws. Management based its assessment on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("2013 Framework").

These control deficiencies did not result in a misstatement to the financial statements; however, when aggregated, could impact the Company's ability to maintain a system of effective internal control.

*Management's Annual Report on Internal Control over Financial Reporting*

The Company's management, including the Company's CEO and CFO, is responsible for establishing and maintaining adequate internal control over the Company's internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act ("**ICFR**"). The Company's internal control over financial reporting, including operational controls and procedures for non-financial disclosures, are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with IFRS.

Management, with the participation of the Company's CEO and CFO, assessed the effectiveness of the Company's ICFR as of December 31, 2025. Management based its assessment on criteria established 2013 Framework. Based on that evaluation, management concluded that the Company's ICFR was not effective as of December 31, 2025 due to the material weaknesses described below. A company's ICFR cannot be considered effective if one or more material weaknesses exists.

A material weakness is a deficiency, or a combination of deficiencies (when aggregated), in ICFR, such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

We identified the following material weaknesses:

The Company did not design and maintain effective information technology general controls ("**ITGCs**") in the areas of: (1) user access governance, including privileged access management and segregation of duties, (2) information technology (IT) operations, logging and monitoring, and (3) change management and production safeguards over IT systems that support the Company's financial reporting processes. As a result, certain related process-level automated and manual controls that are dependent on the completeness and accuracy of information derived from the affected information systems were also ineffective because these controls were dependent on data processed by such systems.

The Company did not effectively design and operate process control activities for certain business processes, specifically: asset retirement obligations, income taxes, acquisition accounting, period-end financial reporting, depletion of mining interests, procure-to-pay, and contract liabilities. These controls were not sufficiently designed or did not operate effectively because we lacked personnel with the necessary accounting knowledge, experience and capacity throughout the fiscal period.

In 2025, the Company underwent a period of significant transformation and experienced rapid changes in its business, which led to challenges in allocating sufficient resources to support ICFR. The evolution of the business, combined with limited financial resources, meant that the Company was unable to fully staff personnel dedicated to executing internal control functions. As a result, certain controls were not consistently designed and executed for a sufficient period of time to test, were not consistently performed in a timely manner, or did not have sufficient documentation to evidence the execution of the controls. Further, the Company's risk assessment process did not identify the changes in the business as a risk that could impact its ICFR.

The material weaknesses identified above did not result in any material misstatements or material adjustments in our financial statements or disclosures, other than the revision in relation to contract liabilities. However, if not remediated, they could result in a material misstatement of the Company's accounts or disclosures that would not be prevented or detected.

Our management concluded that the consolidated financial statements, present fairly, in all material respects, our financial position, financial performance, and cash flows for the periods presented in accordance with IFRS Accounting Standards as issued by the IASB.

***Remediation Plan***

Our management is committed to maintaining a strong internal control environment. In response to the identified material weaknesses discussed above, management plans to take comprehensive action to remediate the material weaknesses in ICFR.

Remediation plans include: (i) Onboarding of additional experienced personnel to support and strengthen relevant control processes; (ii) providing ongoing training to control owners throughout the organization to reinforce the importance of roles, responsibilities, and procedures in the ICFR environment; (iii) strengthening communication channels between operational and finance functions to support the timeliness and accuracy of data provided to the financial reporting teams; and (iv) reevaluating the design and implementation of IT general controls, specifically with regard to user access management, change management, and system logging and monitoring capabilities. These activities will be implemented in 2026.

We believe that these actions, when fully implemented, will remediate the identified material weaknesses. The weaknesses will not be considered remediated, however, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. Until fully remediated, these material weaknesses could result in a material misstatement to the annual or interim financial statements that would not be prevented or detected. As we continue to evaluate and improve the applicable controls, management may determine to take additional measures to modify the remediation plan described above.

PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of internal control over financial reporting, and has expressed their opinion in their report included with the Company's annual consolidated financial statements.

*Attestation Report of the Registered Public Accounting Firm*

The attestation report of PricewaterhouseCoopers LLP on the Company's internal control over financial reporting is included in the audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, which are filed as Exhibit 99.2 and incorporated by reference in this annual report on Form 40-F.

*Changes in Internal Control over Financial Reporting*

Other than as disclosed above, during the period covered by this Annual Report, no significant changes occurred in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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**CORPORATE GOVERNANCE** 

The Company's Board of Directors (the "**Board**") is responsible for the Company's corporate governance policies and has a separately designated standing Compensation and Corporate Governance Committee, Audit Committee, and Sustainability & Technical Committee. The Board has determined that all of the members of the Compensation and Corporate Governance Committee and Audit Committee are independent, based on the criteria for independence prescribed by section 803A of the NYSE American Company Guide (the "**Company Guide**") and Section 805(c) of the Company Guide, as applicable.

*Compensation & Corporate Governance Committee*

The Compensation & Corporate Governance Committee (the "**CCG Committee**") assists the Board in overseeing certain compensation and succession planning matters as well as fulfilling the corporate governance and director nominating responsibilities of the Company. The CCG Committee is composed of: Peter Goudie (Chair), Shirley In't Veld, and Scott Hand, each of whom is "independent" pursuant to Section 803A and 805(c) of the Company Guide. Each of the members of the CCG Committee has direct experience in the management and administration of compensation matters in their role as an executive officer or a board member. This experience has involved the planning and development of such programs and an analysis of competitive trends in compensation and pay for performance practices. Collectively, the attributes and experiences of the members ensure that the CCG Committee will function effectively in reviewing, assessing and recommending to the Board appropriate compensation policies and practices for the Company.

The CCG Committee has the responsibility of maintaining awareness of competitive compensation practices and of reviewing and reporting to the Board, on at least an annual basis, recommendations on compensation packages for the executive officers and directors of the Company. The CCG Committee generally assumes responsibility for assisting the Board in respect of compensation policies for the Company, and in conjunction with the CEO, assessing the performance of the officers of the Company in fulfilling their responsibilities and meeting business objectives. The CCG Committee, following input from the Board, also annually assesses the performance of the CEO. The Company's CEO cannot be present during the CCG Committee's deliberations or vote.

The CCG Committee's responsibilities include a review of the attainment of the performance targets established for the payout, if any, of the annual cash bonus awards for the current year as well as the proposed bonus targets for the next following year including the selection of the performance criteria, the establishment of the performance targets, the participants in the executive incentive bonus programs, the percentage of a participants salary subject to an award and the establishment of individual and corporate objectives. The end-of-year meeting of the CCG Committee may also include a review and recommendation to the Board of proposed changes to base salary as well as the proposed grant of long-term incentive awards comprised of time-based share unit awards or stock options to acquire the Company's common shares to eligible participants.

The Company's CCG Committee Charter is available on the Company's website at www.americas-gold.com/.

**AUDIT COMMITTEE** 

The Board has a separately designated standing Audit Committee (the "**Audit Committee**") established for the purpose of overseeing the accounting and financial reporting processes of the Company and audits of the financial statements of the Company in accordance with Section 3(a)(58)(A) of the Exchange Act. As of the date of this Annual Report, the Company's Audit Committee is comprised of Bradley Kipp (Chair), Meri Verli and Gordon Pridham, each of whom the Board has determined is independent under Section 803A of the Company Guide and Rule 10A-3 under the Exchange Act..

The Board has also determined that each member of the Audit Committee is financially literate, meaning each such member has the ability to read and understand a set of financial statements that present a breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

*Audit Committee Financial Expert*

The Company's Board has determined that each of Bradley Kipp, Meri Verli and Gordon Pridham qualify as a financial expert (as defined in Item 407(d)(5)(ii) of Regulation S-K under the Exchange Act), that each are financially sophisticated, as determined in accordance with Section 803B(2)(iii) of the Company Guide, and each are independent (as determined under Exchange Act Rule 10A-3 and Section 803A of the Company Guide).

The SEC has indicated that the designation or identification of a person as an audit committee financial expert does not make such person an "expert" for any purpose, impose any duties, obligations or liability on such person that are greater than those imposed on members of the audit committee and the board of directors who do not carry this designation or identification, or affect the duties, obligations or liability of any other member of the audit committee or board of directors.

------

**PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY** 

**INDEPENDENT AUDITOR** 

The Audit Committee pre-approves all audit and non-audit services not prohibited by law to be provided to the Company by its independent auditors. Non-audit services that are prohibited to be provided to the Company by its independent auditors may not be pre-approved. In addition, prior to the granting of any pre-approval, the Audit Committee must be satisfied that the performance of the services in question will not compromise the independence of the independent auditors. All non-audit services performed by the Company's auditor for the fiscal year ended December 31, 2025 were pre-approved by the Audit Committee of the Company. No non-audit services were approved pursuant to the de minimis exemption to the pre-approval requirement set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES – INDEPENDENT AUDITOR**

The following table shows the aggregate fees billed to the Company by PricewaterhouseCoopers LLP, Chartered Professional Accountants, located in Toronto, Ontario (PCAOB ID #271) and its affiliates the Company's independent registered public auditing firm, in each of the last two years.

---

| | | |
|:---|:---|:---|
|  | **2025**<br> **(Canadian $)** | **2024**<br> **(Canadian $)** |
| Audit Fees <sup>(1)</sup> | $1617950 | $904150 |
| Audit-Related Fees<sup>(2)</sup> | 30000 | NIL |
| Tax Fees<sup>(3)</sup> | NIL | NIL |
| All Other Fees <sup>(4)</sup> | NIL | NIL |
| Total | $1647950 | $904150 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> "Audit Fees" include fees necessary to perform the audit of the Company's consolidated financial statements. Audit Fees include quarterly reviews, fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> "Audit-Related Fees" include services that are traditionally performed by the auditor. These audit-related services include due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> "Tax Fees" include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for filing tax returns for U.S. subsidiary, tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(4)</sup> "All Other Fees" include fees relating to the aggregate fees billed in each of the last two fiscal years for products and services provided by the Company's external auditor, other than the services reported under clauses 1 to 3 above. |

---

**OFF-BALANCE SHEET TRANSACTIONS**

The Company does not have any off-balance sheet arrangements.

**CODE OF ETHICS**

The Company has adopted a Code of Business Conduct and Ethics that applies to directors, officers and employees of, and consultants to, the Company (the "**Code**"). The Code is posted on the Company's website at www.americas-gold.com/, or may be obtained, without charge, upon request from the Company's Investor Relations at (416) 848-9503. The Code meets the requirements for a "code of ethics" within the meaning of that term in General Instruction 9(b) of Form 40-F.

All amendments to the Code, and all waivers of the Code with respect to any of the officers covered by it, will be posted on the Company's website, www.americas-gold.com/, within five business days of the amendment or waiver and provided in print to any shareholder who requests them. During the fiscal year ended December 31, 2025, the Company did not amend, waive or implicitly waive any provision of the Code with respect to any of the directors, executive officers or employees subject to it.

------

**NOTICES PURSUANT TO REGULATION BTR**

There were no notices required by Rule 104 of Regulation BTR that the Company sent during the year ended December 31, 2025 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

**INTERACTIVE DATA FILE**

An interactive data file for the audited consolidated financial statements for the years ended December 31, 2025 and 2024 is filed herewith.

**NYSE CORPORATE GOVERNANCE**

The Company's common shares are listed on the NYSE American LLC (the "**NYSE American**"). Section 110 of the Company Guide permits the NYSE American to consider the laws, customs and practices of foreign issuers in permitting deviations from certain NYSE American listing criteria, and to grant exemptions from certain NYSE American listing criteria based on these considerations. A company seeking relief under these provisions is required to provide written certification from independent local counsel that the non-complying practice is not prohibited by home country law. A description of the significant ways in which the Company's governance practices differ from those followed by U.S. domestic companies pursuant to the Company Guide is set forth below.

<u>Quorum for Shareholders' Meetings</u>. Section 123 of the Company Guide recommends that a listed company's bylaws provide for a quorum of not less than 33 1/3 percent of such company's shares issued and outstanding and entitled to vote at a meeting of shareholders. The Company's quorum requirements, as set forth in its by-laws, provide that two persons present and each holding or representing by proxy at least one issued share of the Company shall be a quorum of any meeting of shareholders for the choice of a chair of the meeting and for the adjournment of the meeting to a fixed time and place but may not transact any other business; for all other purposes a quorum for any meeting shall be persons present not being less than two in number and holding or representing by proxy not less than 10% of the total number of the issued shares of the Company for the time being enjoying voting rights at such meeting.

<u>Proxy Delivery</u>. The Company Guide requires the solicitation of proxies and delivery of proxy statements for all shareholder meetings of a listed company, and requires that these proxies be solicited pursuant to a proxy statement that conforms to SEC proxy rules. The Company is a "foreign private issuer" under Rule 3b-4 of the Exchange Act, and the equity securities of the Company are accordingly exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company solicits proxies in accordance with applicable rules and regulations in Canada.

<u>Shareholder Approval of Certain Transactions</u>. The Company Guide provides that shareholder approval is required for certain types of securities issuances, including in connection with a transaction (other than public offerings for cash or in certain other cases of financings for cash) where the present or potential issuance of common stock, or securities convertible into common stock, could result in an increase in outstanding common shares of 20% or more. The Company complies with the applicable rules and regulations for shareholder approval in Canada.

The foregoing is consistent with the laws, customs and practices in Canada. In addition, the Company may from time-to-time seek relief from the NYSE American corporate governance requirements on specific transactions under Section 110 of the Company Guide by providing written certification from independent local counsel that the non-complying practice is not prohibited by the Company's home country law, in which case, the Company shall make the disclosure of such transactions available on the Company's website at www.americas-gold.com/. Information contained on the Company's website is not part of this Annual Report.

------

**MINE SAFETY DISCLOSURE**

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is included in <u>Exhibit 99.8</u> to the Annual Report.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

The Company has adopted a compensation recovery policy effective October 2, 2023 (referred to as the "**Incentive Compensation Recovery Policy**") as required by NYSE American listing rules and pursuant to Rule 10D-1 of the Exchange Act. The Incentive Compensation Recovery Policy is filed as <u>Exhibit 97.1</u> to this Form 40-F. At no time during or after the fiscal year ended December 31, 2025 (as of the date of this Annual Report), was the Company required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the Incentive Compensation Recovery Policy and, as of December 31, 2025, there was no outstanding balance of erroneously awarded compensation to be recovered from the application of the Incentive Compensation Recovery Policy to a prior restatement.

**UNDERTAKING**

The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Company has previously filed with the SEC a written consent to service of process on Form F-X. Any change to the name or address of the Company's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Company.

------

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| By: | */s/ Warren Varga* |
| Name: | Warren Varga |
| Title: | Chief Financial Officer |
| Date: | March 30, 2026 |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [97.1](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit97-1.htm) | [Compensation Recovery Policy](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit97-1.htm) |
| [99.1](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-1.htm) | [Annual Information Form of the Company for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Audited Annual Consolidated Financial Statements and notes thereto as at and for the years ended December 31, 2025 and December 31, 2024, together with the report thereon of the independent auditor](exhibit99-2.htm) |
| [99.3](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-3.htm) | [Management's Discussion and Analysis for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-3.htm) |
| [99.4](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-4.htm) | [Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-4.htm) |
| [99.5](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-5.htm) | [Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-5.htm) |
| [99.6](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-6.htm) | [Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-6.htm) |
| [99.7](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-7.htm) | [Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-7.htm) |
| [99.8](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-8.htm) | [Mine Safety Disclosure for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-8.htm) |
| [99.9](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-9.htm) | [Consent of PricewaterhouseCoopers LLP](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-9.htm) |
| [99.10](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-10.htm) | [Consent of Jim Atkinson](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-10.htm) |
| [99.11](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-11.htm) | [Consent of Daren Dell](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-11.htm) |
| [99.12](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-12.htm) | [Consent of Neil de Bruin](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-12.htm) |
| [99.13](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-13.htm) | [Consent of Daniel Hussey](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-13.htm) |
| [99.14](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-14.htm) | [Consent of James Stonehouse](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-14.htm) |
| [99.15](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-15.htm) | [Consent of Shawn Wilson](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-15.htm) |
| [99.16](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-16.htm) | [Consent of Rick Streiff](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/exhibit99-16.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| [101.SCH](usas-20251231.xsd) | [Inline XBRL Taxonomy Extension Schema Document](usas-20251231.xsd) |
| [101.CAL](usas-20251231_cal.xml) | [Inline XBRL Taxonomy Extension Calculation Linkbase Document](usas-20251231_cal.xml) |
| [101.DEF](usas-20251231_def.xml) | [Inline XBRL Taxonomy Extension Definition Linkbase Document](usas-20251231_def.xml) |
| [101.LAB](usas-20251231_lab.xml) | [Inline XBRL Taxonomy Extension Label Linkbase Document](usas-20251231_lab.xml) |
| [101.PRE](usas-20251231_pre.xml) | [Inline XBRL Taxonomy Extension Presentation Linkbase Document](usas-20251231_pre.xml) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

------

## Ex-99

?xml version='1.0' encoding='ASCII'? Americas Gold and Silver Corporation: Exhibit 99-2 - Filed by newsfilecorp.com

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**AMERICAS GOLD AND SILVER CORPORATION**<br>**Consolidated Financial Statements**<br>**For the years ended December 31, 2025 and 2024**<br>***(In thousands of U.S. dollars, unless otherwise stated)***<br>

------

**Americas Gold and Silver Corporation**

*(In thousands of U.S. dollars, unless otherwise stated)*

*December 31, 2025 and 2024*

CONTENTS

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| [Report of Independent Registered Public Accounting Firm](#page_4) | &nbsp;&nbsp;[2](#page_3) |
| [Consolidated Statements of Financial Position](#page_6) | &nbsp;&nbsp;[6](#page_6) |
| [Consolidated Statements of Loss and Comprehensive Loss](#page_7) | &nbsp;&nbsp;[7](#page_7) |
| [Consolidated Statements of Changes in Equity](#page_8) | &nbsp;&nbsp;[8](#page_8) |
| [Consolidated Statements of Cash Flows](#page_9) | &nbsp;&nbsp;[9](#page_9) |
| [Notes to the Consolidated Financial Statements](#page_10) | &nbsp;&nbsp;[10 - 37](#page_10) |

---

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Americas Gold and Silver Corporation

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statements of financial position of Americas Gold and Silver Corporation and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of loss and comprehensive loss, of changes in equity and of cash flows for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by COSO, because material weaknesses in internal control over financial reporting existed as of that date related to IT general controls, period end financial reporting, procure to pay, asset retirement obligation, income taxes, contract liabilities, depletion of mining interests and acquisition accounting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described in Management's Report on Internal Control over Financial Reporting included in the 2025 Management Discussion and Analysis. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and our opinion regarding the effectiveness of the Company's internal control over financial reporting does not affect our opinion on those consolidated financial statements.

*Substantial Doubt About the Company's Ability to Continue as a Going Concern*

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has reported net losses and negative cash flows from operations and its ability to continue as a going concern is dependent upon achieving profitable operations, attaining targeted financial results to comply with key financial covenants of its outstanding debt financings, and obtaining adequate equity or debt financing as necessary, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB Standards) on the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

PricewaterhouseCoopers LLPPwC Tower, 18 York Street, Suite 2500Toronto, Ontario, Canada M5J 0B2T.: +1 416 863 1133, F.: +1 416 365 8215Fax to mail: ca_toronto_18_york_fax@pwc.com"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

Page \| 2

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***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in management's report referred to above. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Fair Value of Mining Interests and Investment in Joint Ventures Acquired in the Acquisition of Crescent Silver LLC*

As described in Notes 3, 4 and 6 to the consolidated financial statements, the Company completed the acquisition of Crescent Silver, LLC (Crescent) via a purchase agreement dated November 12, 2025, for total consideration of $87.4 million. The acquisition was accounted for as an asset acquisition, which requires the purchase price to be allocated based on the relative fair values of assets acquired and liabilities assumed. Included in the assets acquired and liabilities assumed are (i) $84.3 million in property, plant and equipment (PP&E) of which the majority relates to mining interests, and (ii) $2.8 million of investment in joint ventures. The joint ventures mainly comprise PP&E. Management determined the fair value of the mining interests utilizing different methodologies including an income approach based on discounted cash flows and determined the fair value of the investments in joint ventures utilizing a replacement cost approach. Determining the fair values required management to apply significant judgment and involved the use of key assumptions including the discount rate, future production levels and future commodities prices for the mining interests, and replacement cost for the investment in joint ventures.

The principal considerations for our determination that performing procedures relating to the fair value of mining interests and investment in joint ventures acquired in the acquisition of Crescent is a critical audit matter are (i) the significant judgment by management when developing the fair values of the mining interests and investment in joint ventures; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's key assumptions related to the discount rate, future production levels, future commodities prices, and replacement cost used by management in determining the fair values of the mining interests and the investment in joint ventures; and (iii) the audit effort involved in the use of professionals with specialized skill and knowledge. As described in the "Opinions on the Financial Statements and Internal Control over Financial Reporting" section, a material weakness was identified related to this matter.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) reading the purchase agreement; (ii) testing management's process for determining the fair values of the mining interests and the investment in joint ventures; (iii) evaluating the appropriateness of the methods used by management; (iv) testing the completeness and accuracy of underlying data used by management; and (v) evaluating the reasonableness of the key assumptions used by management related to the discount rate, future production levels and future commodities prices for the mining interests and replacement cost for investment in joint ventures.

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Evaluating management's assumptions related to future production levels involved considering whether they were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the overall reasonableness of the fair values of the mineral interests and the interest in joint ventures, including evaluating the reasonableness of the discount rate, future commodities prices, and replacement cost.

**/s/PricewaterhouseCoopers LLP**

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 30, 2026

We have served as the Company's auditor since 2015.

Page \| 5

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**Americas Gold and Silver Corporation**

Consolidated statements of financial position

(In thousands of U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **As at** | **2025** | **2024<sup>Revised (1)</sup>** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $129783 | $20002 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables (Note 7) | 8856 | 7132 |
| &nbsp;&nbsp;&nbsp;Inventories (Note 8) | 10668 | 10704 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 2542 | 2876 |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 15 and 27) | 1815 |  |
|  | 153664 | 40714 |
| &nbsp;&nbsp;&nbsp;**Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 4716 | 4527 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 6 and 9) | 248815 | 147399 |
| &nbsp;&nbsp;&nbsp;Investment in joint ventures (Note 6) | 2843 |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 15 and 27) | 2958 |  |
| **Total assets** | $412996 | $192640 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $38819 | $37333 |
| &nbsp;&nbsp;&nbsp;Metals contract liability (Note 10) | 21308 | 12887 |
| &nbsp;&nbsp;&nbsp;Silver contract liability (Note 11) | 13325 |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 12) |  | 709 |
| &nbsp;&nbsp;&nbsp;Convertible debenture (Note 12) |  | 10849 |
| &nbsp;&nbsp;&nbsp;Pre-payment facility (Note 13) |  | 2000 |
| &nbsp;&nbsp;&nbsp;Credit facility (Note 14) | 7041 | 2050 |
| &nbsp;&nbsp;&nbsp;Term loan facility (Note 15) | 2918 |  |
| &nbsp;&nbsp;&nbsp;Royalty payable (Note 16) | 2753 | 2762 |
|  | 86164 | 68590 |
| &nbsp;&nbsp;&nbsp;**Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 2446 | 1658 |
| &nbsp;&nbsp;&nbsp;Metals contract liability (Note 10) | 19718 | 22917 |
| &nbsp;&nbsp;&nbsp;Silver contract liability (Note 11) | 24196 | 14568 |
| &nbsp;&nbsp;&nbsp;Credit facility (Note 14) | 399 | 7440 |
| &nbsp;&nbsp;&nbsp;Term loan facility (Note 15) | 45312 |  |
| &nbsp;&nbsp;&nbsp;Post-employment benefit obligations (Note 17) | 2131 | 3892 |
| &nbsp;&nbsp;&nbsp;Decommissioning provision (Note 18) | 11000 | 11389 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities (Note 25) | 13 | 48 |
| **Total liabilities** | $191379 | $130502 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 19) | 812582 | 573532 |
| &nbsp;&nbsp;&nbsp;Equity reserve | 64322 | 56521 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation reserve | 13459 | 14426 |
| &nbsp;&nbsp;&nbsp;Deficit | (668746) | (582341) |
| **Total equity** | $221617 | $62138 |
| **Total liabilities and equity** | $412996 | $192640 |

---

Going concern (Note 2), Contingencies (Note 30), Subsequent events (Note 31)

(1) Metals and silver contract liabilities were revised from liabilities to retained earnings in fiscal 2024 (see Note 10 and 11).

APPROVED BY THE BOARD

(Signed) Brad Kipp (Signed) Gordon Pridham <br> Director Director

The accompanying notes are an integral part of the consolidated financial statements.

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**Americas Gold and Silver Corporation**

Consolidated statements of loss and comprehensive loss

For the years ended December 31, 2025 and 2024

(In thousands of U.S. dollars, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024<sup>Revised (1)</sup>** |
| **Revenue** (Note 22) | $117934 | $100188 |
| Cost of sales (Note 23) | (84863) | (82740) |
| Depletion and amortization (Note 9) | (21234) | (24091) |
| Care and maintenance costs | (2459) | (4117) |
| Corporate general and administrative (Note 24) | (28598) | (8895) |
| Exploration costs | (6066) | (5971) |
| Accretion on decommissioning provision | (627) | (616) |
| Interest and financing expense | (5321) | (7375) |
| Foreign exchange loss | (1774) | (3504) |
| Gain on disposal of assets | 967 | 18 |
| Impairment to property, plant and equipment (Note 9) | (10400) |  |
| Loss on metals contract liabilities (Note 10 and 11) | (46347) | (10183) |
| Other gain (loss) on derivatives (Note 12,15 and 27) | 6316 | (164) |
| Fair value loss on royalty payable (Note 16) | (351) | (875) |
| **Loss before income taxes** | (82823) | (48325) |
| Income tax expense (Note 25) | (4623) | (679) |
| **Net loss** | $(87446) | $(49004) |
| **Attributable to:** |  |  |
| Shareholders of the Company | $(87446) | $(45065) |
| Non-controlling interests (Note 2 and 21) |  | (3939) |
| **Net loss** | $(87446) | $(49004) |
| **Other comprehensive income (loss)** |  |  |
| **Items that will not be reclassified to net loss** |  |  |
| Remeasurement of post-employment benefit obligations | $1318 | $2151 |
| Deferred income taxes | (277) | (452) |
| **Items that may be reclassified subsequently to net loss** |  |  |
| Foreign currency translation reserve | (967) | 6101 |
| **Other comprehensive income** | 74 | 7800 |
| **Comprehensive loss** | $(87372) | $(41204) |
| **Attributable to:** |  |  |
| Shareholders of the Company | $(87372) | $(37945) |
| Non-controlling interests (Note 2 and 21) |  | (3259) |
| **Comprehensive loss** | $(87372) | $(41204) |
| **Loss per share attributable to shareholders of the Company** |  |  |
| Basic and diluted | (0.33) | (0.43) |
| **Weighted average number of common shares** |  |  |
| &nbsp;&nbsp;&nbsp;**outstanding <sup>(2)</sup>** |  |  |
| Basic and diluted (Note 20) | 267336954 | 105967493 |

---

(1) Loss on metals contract liabilities was revised in fiscal 2024 (see Note 10 and 11).

(2) Share information adjusted retrospectively to reflect August 2025 share consolidation (see Note 2).

The accompanying notes are an integral part of the consolidated financial statements.

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**Americas Gold and Silver Corporation**

Consolidated statements of changes in equity

For the years ended December 31, 2025 and 2024

(In thousands of U.S. dollars, except share amounts in thousands of units)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Foreign** |  |  |  |  |
|  | **Share capital** | **Share capital** |  | **currency** |  | **Attributable** | **Non-** |  |
|  | **Common** | **Common** | **Equity** | **translation** |  | **to shareholders** | **controlling** | **Total** |
|  | **Shares<sup>(2)</sup>** | **Amount** | **reserve** | **reserve** | **Deficit** | **of the Company** | **interests** | **equity** |
| **Balance at January 1, 2025** | 237780 | $573532 | $56521 | $14426 | $(582341) | $62138 | $- | $62138 |
| Net loss for the year |  |  |  |  | (87446) | (87446) |  | (87446) |
| Other comprehensive income (loss) for the year |  |  |  | (967) | 1041 | 74 |  | 74 |
| Acquisition of Crescent (Note 6) | 11138 | 64387 |  |  |  | 64387 |  | 64387 |
| Non-brokered private placements (Note 19) | 11664 | 19764 | 571 |  |  | 20335 |  | 20335 |
| Bought deal private placements (Note 19) | 33063 | 126899 |  |  |  | 126899 |  | 126899 |
| Common shares issued (Note 19) | 2330 | 2984 |  |  |  | 2984 |  | 2984 |
| Conversion of convertible debenture (Note 12) | 12923 | 11526 | (484) |  |  | 11042 |  | 11042 |
| Share-based payments |  |  | 12063 |  |  | 12063 |  | 12063 |
| Exercise of options, warrants, and other share units | 11521 | 13490 | (4349) |  |  | 9141 |  | 9141 |
| **Balance at December 31, 2025** | 320419 | $812582 | $64322 | $13459 | $(668746) | $221617 | $- | $221617 |
| **Balance at January 1, 2024<sup>Revised (1)</sup>** | 87476 | $455548 | $52936 | $8325 | $(458208) | 58601 | $18782 | $77383 |
| Net loss for the year |  |  |  |  | (45065) | (45065) | (3939) | (49004) |
| Other comprehensive income for the year |  |  |  | 6101 | 1019 | 7120 | 680 | 7800 |
| Contribution from non-controlling interests (Note 21) |  |  |  |  |  |  | 2762 | 2762 |
| Equity offering, net (Note 19) | 10460 | 3171 | 1855 |  |  | 5026 |  | 5026 |
| Non-brokered private placements (Note 19) | 11245 | 9243 |  |  |  | 9243 |  | 9243 |
| Private placement of subscription receipts (Note 19) | 50000 | 33431 |  |  |  | 33431 |  | 33431 |
| Acquisition of non-controlling interests (Note 21) | 68000 | 64466 |  |  | (80087) | (15621) | (18285) | (33906) |
| Common shares issued | 365 | 242 |  |  |  | 242 |  | 242 |
| Warrants issued |  |  | 527 |  |  | 527 |  | 527 |
| Retraction of convertible debenture (Note 12) | 9219 | 6629 | (69) |  |  | 6560 |  | 6560 |
| Share-based payments |  |  | 1454 |  |  | 1454 |  | 1454 |
| Exercise of warrants | 1015 | 802 | (182) |  |  | 620 |  | 620 |
| **Balance at December 31, 2024** | 237780 | $573532 | $56521 | $14426 | $(582341) | $62138 | $- | $62138 |

---

(1) Loss on metals contract liabilities was revised in fiscal 2024 (see Note 10 and 11).

(2) Share information adjusted retrospectively to reflect August 2025 share consolidation (see Note 2).

The accompanying notes are an integral part of the consolidated financial statements.

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**Americas Gold and Silver Corporation**

Consolidated statements of cash flows

For the years ended December 31, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Cash flow generated from (used in)** |  |  |
| **Operating activities** |  |  |
| Net loss for the period | $(87446) | $(49004) |
| Adjustments for the following items: |  |  |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | 21234 | 24091 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 4623 | 679 |
| &nbsp;&nbsp;&nbsp;Accretion on decommissioning provision | 627 | 616 |
| &nbsp;&nbsp;&nbsp;Share-based payments | 12063 | 1454 |
| &nbsp;&nbsp;&nbsp;Non-cash expenses from common shares issued |  | 769 |
| &nbsp;&nbsp;&nbsp;Provision on other long-term liabilities | (37) | (4) |
| &nbsp;&nbsp;&nbsp;Interest and financing expense | 1000 | 3886 |
| &nbsp;&nbsp;&nbsp;Net charges on post-employment benefit obligations | (720) | (946) |
| &nbsp;&nbsp;&nbsp;Inventory write-downs | 3670 | 1299 |
| &nbsp;&nbsp;&nbsp;Impairment to property, plant and equipment | 10400 |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of assets | (967) | (18) |
| &nbsp;&nbsp;&nbsp;Loss on metals contract liabilities | 46347 | 10183 |
| &nbsp;&nbsp;&nbsp;Other loss (gain) on derivatives | (6316) | 164 |
| &nbsp;&nbsp;&nbsp;Fair value loss on royalty payable | 351 | 875 |
|  | 4829 | (5956) |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | (1648) | 2382 |
| &nbsp;&nbsp;&nbsp;Inventories | (3459) | (3346) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 334 | (35) |
| &nbsp;&nbsp;&nbsp;Trade and other payables | (4001) | 3887 |
| **Net cash generated from (used in) operating activities** | (3945) | (3068) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Expenditures on property, plant and equipment | (69240) | (18850) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets | 998 |  |
| **Net cash used in investing activities** | (68242) | (18850) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Glencore pre-payment facility |  |  |
| &nbsp;&nbsp;&nbsp;Net movements in pre-payment facility | (2000) | (250) |
| &nbsp;&nbsp;&nbsp;Net movements in credit facility | (2400) | 9372 |
| &nbsp;&nbsp;&nbsp;Lease payments | (1250) | (679) |
| &nbsp;&nbsp;&nbsp;Repayment of promissory notes |  | (4275) |
| &nbsp;&nbsp;&nbsp;Equity offering, net |  | 5026 |
| &nbsp;&nbsp;&nbsp;Non-brokered private placements, net | 20335 | 9243 |
| &nbsp;&nbsp;&nbsp;Private placement of subscription receipts, net |  | 33431 |
| &nbsp;&nbsp;&nbsp;Bought deal private placement, net | 126899 |  |
| &nbsp;&nbsp;&nbsp;Acquisition of non-controlling interests |  | (9989) |
| &nbsp;&nbsp;&nbsp;Term loan facility, net | 49763 |  |
| &nbsp;&nbsp;&nbsp;Metals contract liability | (18233) | (8079) |
| &nbsp;&nbsp;&nbsp;Royalty agreement | (360) | (2061) |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 1001 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options and warrants | 9141 | 620 |
| &nbsp;&nbsp;&nbsp;Contribution from non-controlling interests |  | 2762 |
| **Net cash generated from financing activities** | 182896 | 35121 |
| Effect of foreign exchange rate changes on cash | (928) | 4738 |
| **Increase in cash and cash equivalents** | 109781 | 17941 |
| **Cash and cash equivalents, beginning of year** | 20002 | 2061 |
| **Cash and cash equivalents, end of year** | $129783 | $20002 |
| Interest paid during the year | $4630 | $3240 |

---

The accompanying notes are an integral part of the consolidated financial statements.

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**Americas Gold and Silver Corporation**<br> Notes to the consolidated financial statements<br> For the years ended December 31, 2025 and 2024<br> (In thousands of U.S. dollars, unless otherwise stated)<br>

**1. Corporate information**

Americas Gold and Silver Corporation (the "Company") was incorporated under the Canada Business Corporations Act on May 12, 1998 and conducts mining exploration, development and production in North America. The address of the Company's registered office is 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "USA" and on the New York Stock Exchange American under the symbol "USAS".

The consolidated financial statements of the Company for the year ended December 31, 2025 were approved and authorized for issue by the Board of Directors of the Company on March 30, 2026.

**2. Basis of presentation and going concern**

The Company prepares its consolidated financial statements on a going concern basis in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), which the Canadian Accounting Standards Board has approved for incorporation into Part I of the Chartered Professional Accountants Canada Handbook and interpretations developed by the IFRS Interpretations Committee ("IFRIC"). In preparing these consolidated financial statements, management has considered all available information about the future, which is at least, but not limited to, twelve months from year-end. Significant accounting judgments and estimates used by management in the preparation of these consolidated financial statements are presented in Note 4.

On August 21, 2025 the Company filed articles of amendment to complete an approved share consolidation of the Company's issued and outstanding common shares on the basis of 2.5 pre-consolidated common shares for one post-consolidated common share. The share consolidation affects all issued and outstanding common shares, options, warrants, and other share units. All information relating to issued and outstanding common shares, options, warrants, other share units, and related per share amounts in these consolidated financial statements have been adjusted retrospectively to reflect the share consolidation.

These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due for the foreseeable future. During the year ended December 31, 2025, the Company reported a net loss of $87.4 million, including unrealized loss on metals contract liabilities of $46.3 million, reflecting forward metal prices, net cash used in operating activities of $3.9 million, and had outstanding current liabilities of $86.2 million.

Continuance as a going concern is dependent upon the Company's ability to achieve profitable operations, attain targeted financial results to comply with key financial covenants of its outstanding debt financings, and obtain adequate equity or debt financing as necessary. The Company complied with key financial covenants of its outstanding debt financings during fiscal 2025 while certain financial covenants from December 31, 2025 to March 31, 2026 on earnings and debt ratios from the existing senior secured debt facility were waived. Since 2020 to 2025, the Company was successful in raising funds through equity offerings, debt arrangements, convertible debentures, and registered shelf prospectuses. The Company most recently completed a bought deal private placement on December 4, 2025 raising gross proceeds of $132.3 million at an issue price of $4.00 per offered share concurrent to completing the acquisition of Crescent Mine in exchange for issuance of 11,137,558 of the Company's common shares and $20 million in cash (see Note 6). While the Company has been successful in the past in obtaining financing for its operations, there is no assurance that it will be able to obtain adequate financing in the future. The ability to achieve cash flow positive production at the Cosalá Operations and Galena Complex, including the acquired Crescent Mine, allowing the Company to generate positive operating cash flows, and comply with key financial covenants are significant judgments in these consolidated financial statements.

As a result, several material uncertainties may cast significant doubt (or raise substantial doubt as contemplated by PCAOB Standards) on the Company's ability to continue as going concern.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

These consolidated financial statements do not reflect any adjustments to carrying values of assets and liabilities and the reported expenses and consolidated statement of financial position classification that would be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

**3. Summary of material accounting policies**

The material accounting policies used in the preparation of these consolidated financial statements are as follows:

*a. Consolidation*

These consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries, including special purpose entities). Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where the Company's interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. All intercompany transactions and balances, income and expenses have been eliminated.

The Company applies the acquisition method to account for business combinations. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company elects on an acquisition-by-acquisition basis whether to measure non-controlling interests at its fair value, or at its proportionate share of the recognized amount of identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this consideration is negative, a bargain purchase gain is recognized immediately in profit or loss.

Where an acquisition does not meet the definition of a business, it is accounted for as an asset acquisition, whereby the cost of the acquisition is allocated between the individual identifiable assets and liabilities based on their relative fair values at the date of acquisition. No goodwill is recognized in an asset acquisition.

On December 19, 2024, the Company completed the acquisition of the remaining 40% non-controlling interests of the Company's Galena Complex via an agreement dated October 9, 2024 with Mr. Eric Sprott; consequently from December 19, 2024, consolidated net loss and other comprehensive loss are 100% attributable to the shareholders of the Company.

*b. Segment reporting*

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company's other components. Determination of operating segments are based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions about resources to be allocated to the segment and performance assessment, and for which discrete financial information is available. Unallocated items not directly attributable to a segment comprise mainly of corporate assets and head office expenses.

*c. Presentation currency and functional currency*

The Company's presentation currency is the U.S. dollar ("USD"). The functional currency of the Company's Canadian subsidiaries is the Canadian dollar ("CAD"), and the functional currency of its U.S. and Mexican subsidiaries is the USD. The consolidated financial statements of the Company are translated into the presentation currency. Assets and liabilities have been translated using the exchange rate at period end, and income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions (the average rate for the period). All resulting exchange differences are recorded in the foreign currency translation reserve.

*d. Foreign currency translations*

Transactions in foreign currencies are translated into the entities' functional currency at the exchange rate at the date of the transactions. Monetary assets and liabilities of the Company's operations denominated in a currency other than the functional currency are translated at the rate in effect at the statement of financial position date, and non-monetary items at historic exchange rates at each transaction date. Revenue and expense items are translated at average exchange rates of the reporting period. Gains and losses on translation are charged to the statements of loss and comprehensive loss.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

*e. Revenue recognition*

The Company applies the following five-step approach in recognizing revenue from contracts with customers:

* Identify the enforceable contract with the customer.

* Identify the separate performance obligations in the contract from transferring the distinct good or service.

* Determine the transaction price for consideration of transferring the good or service.

* Allocate the transaction price to the separate performance obligations identified.

* Recognize revenue when each separate performance obligation is satisfied.

The Company recognizes revenue through entering into concentrate sales contracts with customers with the performance obligation of delivering its concentrate production in exchange for consideration valued initially under provisional pricing arrangements. Revenue from sales is recorded at the time of delivery based on forward prices for the expected date of final settlement. The final sale prices are determined by quoted market prices in a period subsequent to the date of sale.

Subsequent variations in metal prices are recognized as embedded derivative pricing adjustments at fair value from contracts with customers.

The Company recognizes deferred revenue from advanced consideration received for fixed and variable precious metals deliveries over a specified period. Deferred revenue is recognized into revenue as performance obligations to metals delivery are satisfied over the term of the delivery contract.

The Company recognizes revenue when control of finished silver has transferred to the customer. The sale price is fixed on the date of sale primarily based on the silver spot price in the London spot market.

*f. Defined benefit plans*

The cost of defined benefit plans is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.

Actuarial valuations for defined benefit plans are carried out annually. The discount rate applied in arriving at the present value of the pension liability represents the yield on high quality corporate bonds denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.

Actuarial gains and losses arise from the difference between the actual long-term rate of return on plan assets for a period and the expected long-term rate of return on plan assets for that period, or from changes in actuarial assumptions used to determine the accrued benefit obligation. Actuarial gains and losses arising in the year are recognized in full in the period in which they occur, in other comprehensive income and retained earnings without recycling to the consolidated statement of loss and comprehensive loss in subsequent periods.

Current service cost, the recognized element of any past service cost, interest expense arising on the pension liability and the expected return on plan assets are recognized in the same line items in the consolidated statement of loss and comprehensive loss as the related compensation cost.

The values attributed to plan liabilities are assessed in accordance with the advice of independent qualified actuaries. Service costs arising from plan amendments are recognized immediately.

*g. Share-based payments*

The Company's stock option plan allows its employees (including directors and officers) and non-employees to acquire shares of the Company. Accordingly, the fair value of the option is either charged to operations or capitalized to exploration or development expenditures, depending on the accounting for the optionee's other compensation, with a corresponding increase in equity reserve.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted using the Black-Scholes Option Pricing Model.

The costs of equity-settled transactions are recognized, together with a corresponding increase in equity reserve, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the "vesting date"). The cumulative expense recognized for equity-settled transactions at each reporting date up to the vesting date reflects the Company's best estimate of the number of equity instruments that will ultimately vest. The charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in equity reserve. No expense is recognized for awards that do not ultimately vest.

Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification.

*h. Income taxes*

Income tax comprises of current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in other comprehensive income (loss) or directly in equity, in which case the income tax is also recognized directly in other comprehensive income (loss) or equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company's subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and it considers whether it is probable that a taxation authority will accept an uncertain tax treatment. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities in the consolidated statement of financial position and the corresponding tax bases used in the computation of taxable income. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the consolidated statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent it is probable future taxable profits will be available against which they can be utilized.

The Company does not recognize any deferred income taxes relating to its investments in subsidiaries. Deferred tax assets and liabilities are offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

*i. Earnings/loss per share*

Basic earnings/loss per share is calculated by dividing the net earnings/loss for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period.

Diluted earnings/loss per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The treasury stock method, which assumes that outstanding stock options and warrants with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The Company's potentially dilutive common shares comprise stock options granted to employees, and warrants.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

*j. Comprehensive income (loss)*

Comprehensive income (loss) is the change in the Company's net assets that results from transactions, events and circumstances from sources other than the Company's shareholders and includes items that would not normally be included in net earnings such as foreign currency gains or losses related to the Company's net investment in foreign operations and unrealized gains or losses on available-for-sale securities net of tax. The Company's comprehensive income (loss), components of other comprehensive income (loss) and cumulative translation adjustments are presented in the consolidated statements of comprehensive income (loss) and the consolidated statements of changes in equity.

*k. Inventories*

Concentrates, ore stockpile, and spare parts and supplies are valued at the lower of cost and estimated net realizable value. Cost for concentrates and ore stockpile includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a weighted average basis for the Mexican operations and first in, first out method for the U.S. operations. Cost for spare parts and supplies are determined using the first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form.

Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not been sold.

Ore stockpile represents ore that has been extracted from the mine and is available for further processing. Costs added to ore stockpile are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are removed at the average cost per tonne when processed. Ore stockpile is verified by periodic surveys.

Materials and supplies inventory are valued at the lower of cost and net realizable value, where cost is determined using the first-in-first-out method. Any provision for obsolescence is determined by reference to specific items of stock. A regular review is undertaken to determine the extent of any provision for obsolescence by comparing those items to their net realizable value. If carrying value exceeds net realizable value, a write-down is recognized.

Finished goods, in-circuit work in progress, and ore on leach pads are valued at the lower of cost and estimated net realizable value. Cost for in-circuit work in progress and ore on leach pads includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form.

*l. Property, plant and equipment*

(i) Producing mining interests

Producing mining interests are carried at cost less accumulated depletion and amortization and accumulated impairment losses. Following the completion of commissioning, the costs related to the mining interests are depleted and charged to operations on the unit of production method as a proportion of estimated recoverable mineral reserves.

Completion of the commissioning is deemed to have occurred when major mine and processing plant components are completed, operating results are being achieved consistently for a period of time and that there are indicators that these operational results, including mill capacity and recovery, will be sustainable in the future.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

Construction in progress is not depreciated until the assets are ready for their intended use.

(ii) Non-producing mining interests

The Company follows the method of accounting for its non-producing mining interests whereby all costs relating to the acquisition and development are deferred and capitalized by property until the property to which they directly relate is placed into production, sold, discontinued or subject to a condition of impairment. Exploration expenses not related to placing the property into production are expensed as incurred.

In the event that a mining interest is placed into production, capitalization of costs ceases, the costs are transferred to producing mining interests and the mining interest is depleted on a unit of production basis. The recoverability of amounts is dependent upon the discovery of economically recoverable mineral reserves, the ability of the Company to finance the further development of the properties, and on the future profitable production or proceeds from the disposition thereof.

(iii) Plant and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate assets (major components) of property, plant and equipment.

The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within that part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the consolidated statement of loss and comprehensive loss during the period in which they are incurred.

Depreciation is recorded over the estimated useful life of the asset as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Mining interests - unit of production based upon estimated proven and probable reserves.

&nbsp;&nbsp;&nbsp;&nbsp;• Plant and equipment - 3-30 years over straight-line basis or units of production based upon estimated proven and probable reserves as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate office equipment - 3-10 years over straight-line basis.

Residual values, method of amortization and useful lives of the assets are reviewed annually and adjusted if appropriate.

(iv) Impairment and reversal of impairment

The Company reviews and evaluates the carrying values of its property, plant and equipment to determine whether there is an indication of impairment or reversal of impairment. For exploration and evaluation assets, indication includes but is not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor planned, and if the entity has decided to discontinue exploration activity in the specific area.

When the carrying value of assets exceeds the recoverable amount, the carrying value of the assets is reduced to the recoverable amount. The recoverable amount takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use of the asset. To achieve this, the recoverable amount is the higher of value in use (being the net present value of expected pre-tax future cash flows of the relevant asset) and fair value less costs to dispose the asset.

If, after the Company has previously recognized an impairment loss, circumstances indicate that the recoverable amount of the impaired assets is greater than the carrying amount, the Company reverses the impairment loss by the amount the revised fair value exceeds its carrying amount, to a maximum of the previous impairment loss. In no case shall the revised carrying amount exceed the original carrying amount, after depreciation or amortization, that would have been determined if no impairment loss had been recognized.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

(v) Care and maintenance

The Company may elect to place its mining operations in care and maintenance if continued operation is no longer economically feasible due to change in circumstances. During care and maintenance, depreciable property, plant and equipment continue to be depreciated over their useful lives.

*m. Decommissioning provision*

The Company recognizes contractual, statutory and legal obligations associated with retirement of mining properties when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, the decommissioning provision is recognized at its fair value in the period in which it is incurred. Upon initial recognition of the liability, the corresponding decommissioning provision is added to the carrying amount of that asset and the cost is amortized as an expense over the economic life of the related asset. Following the initial recognition of the decommissioning provision, the periodic unwinding of the discount is recognized in the consolidated statement of loss and comprehensive loss and adjusted for changes to the amount or timing of the underlying cash flows to settle the obligation.

*n. Financial instruments*

The Company classifies and measures its financial instruments at fair value, with changes in fair value recognized in profit or loss as they arise. Unless restrictive criteria regarding the objective and contractual cash flows of the instrument are met then classification and measurement are at either amortized cost or fair value through other comprehensive income.

Cash and cash equivalents and trade and other receivables are classified and measured as financial assets at amortized cost. Embedded derivatives arising from subsequent adjustments in provisional sales revenue are classified and measured as financial instruments at fair value through profit or loss. Trade and other payables are classified and measured as financial liabilities at amortized cost. Pre-payment, credit, and term loan facilities, convertible debenture, and promissory notes are classified as financial liabilities initially at fair value through profit or loss and subsequently carried at amortized cost. Fixed and variable deliveries of precious metals are classified and measured as financial liabilities at fair value through profit or loss determined using forward commodity pricing curves at end of the reporting period using a credit adjusted discount rate. Royalty payable is measured at fair value through profit or loss determined using discounted cash flows of expected future royalty payments at end of the reporting period. The fair value of the Company's derivative instruments is based on quoted market prices for similar instruments and at market prices at the valuation date.

*o. Borrowing costs*

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset during the period of time required to complete and prepare the asset for its intended use or sale and amortized over the expected useful life of the asset. Other borrowing costs not directly attributable to a qualifying asset are expensed in the period incurred.

*p. Provisions*

Provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

*q. Related party transactions*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence, and related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at the exchange amount.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

*r. Restricted cash*

Restricted cash includes cash that has been pledged for reclamation and closure activities which are not available for immediate disbursement.

**4. Significant accounting judgments and estimates**

The preparation of financial statements in conformity with the IFRS requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The areas which require management to make significant judgments, estimates and assumptions in determining carrying values include, but are not limited to:

(i) Depletion and amortization

Mining properties are depleted using the unit-of-production method over a period not to exceed the estimated life of the ore body based on estimated recoverable reserves.

Property, plant and equipment are depreciated, net of residual value over their estimated useful life but do not exceed the related estimated life of the mine based on estimated recoverable mineral reserves.

The calculation of the units of production rate, and therefore the annual depletion and amortization expense, could be materially affected by changes in the underlying estimates. Changes in estimates can be the result of actual future production differing from current forecasts of future production and expansion of mineral reserves through exploration activities.

(ii) Decommissioning provision

The Company assesses its decommissioning provision on an annual basis or when new material information becomes available. Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for decommissioning provision requires management to make estimates of the time and future costs the Company will incur to complete the rehabilitation work required to comply with existing laws and regulations at each mining operation. Also, future changes to environmental laws and regulations could increase the extent of rehabilitation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for decommissioning provision. The provision represents management's best estimate of the present value of the future decommissioning provision. The actual future expenditures may differ from the amounts currently provided.

(iii) Income taxes

Preparation of the consolidated financial statements requires an estimate of income taxes in each of the jurisdictions in which the Company operates. The process involves an estimate of the Company's current tax exposure and an assessment of temporary differences resulting from differing treatment of items, such as depletion and amortization, for tax and accounting purposes, and when they might reverse.

These differences result in deferred tax assets and liabilities that are included in the Company's consolidated statements of financial position.

An assessment is also made to determine the likelihood that the Company's future tax assets will be recovered from future taxable income. To the extent that recovery is not considered likely, the related tax benefits are not recognized.

Judgment is required to continually assess changing tax interpretations, regulations and legislation, to ensure liabilities are complete and to ensure assets, net of valuation allowances, are realizable. The impact of different interpretations and applications could be material.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

(iv) Assessment of impairment and reversal of impairment indicators

The Company applies judgment in assessing whether indicators of impairment or reversal of impairment exist for a cash generating unit which would require impairment testing. Internal and external sources such as changes in use of an asset, capital and production forecasts, commodity prices, quantities of reserves and resources, and changes in market, economic, and legal environment are used by management in determining whether there are any indicators.

The Company determines recoverable amount based on the after-tax discounted cash flows from a cash generating unit's life-of-mine cash flow projection which incorporates management's best estimates of commodity prices, future capital requirements and production costs along with geological assumptions and judgments made in estimating the size, grade and recovery of the ore bodies. Absent a life-of-mine cash flow projection, a market approach of comparable companies is used to determine recoverable amount of in-situ ounces from the cash generating unit.

(v) Cash flows from ongoing production and impact on operations

The Company had negative operating cash flows during the year ended December 31, 2025. The ability to achieve cash flow positive production through meeting production targets at the Cosalá Operations and Galena Complex, including the acquired Crescent Mine, allowing the Company to generate positive operating cash flows, while facing market fluctuations in commodity prices and inflationary pressures, maintaining access to capital markets, and comply with key financial covenants are significant judgments in these consolidated financial statements with respect to the Company's liquidity. Should the Company experience decreasing commodity prices and negative operating cash flows in future periods, or encounter non-compliance of key financial covenants, the Company will need to raise additional funds through the issuance of equity or debt securities which funding cannot be assured.

(vi) Fair value allocation for transactions accounted for as asset acquisitions

Asset acquisitions require judgment and estimates to be made at the date of acquisition in relation to determining assets and liability fair values and the allocation of the purchase consideration over the fair value of the identifiable assets acquired and liabilities assumed. The purchase consideration is first allocated to monetary assets and liabilities such as cash and cash equivalents, receivables and payables. The remaining purchase consideration is allocated to non-monetary assets where fair values are determined through an income, market, or cost approach applied based on the nature of the asset.

**5. Changes in accounting policies and recent accounting pronouncements**

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. The following standards have been issued by the IASB:

- Amendments to IFRS 9 and 7 - Classification and Measurement of Financial Instruments include the clarification of the date of initial recognition or derecognition of financial liabilities, including financing liabilities that are settled in cash using an electronic payment system. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and are not expected to have a material impact on the financial statements.

- IFRS 18 - Presentation and Disclosure in Financial Statements introduces categories and defined subtotals in the statement of loss and comprehensive loss, disclosures on management-defined performance measures, and requirements to improve the aggregation and disaggregation of information in the financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively. This standard is currently being assessed for its impact on the Company's financial statements in the future reporting periods.

**6. Acquisition of Crescent Silver, LLC**

On December 12, 2025, the Company completed the acquisition of Crescent Silver, LLC ("Crescent") via a purchase agreement dated November 12, 2025. The acquisition was completed by the Company acquiring all the membership interests in the capital of Crescent from Hale Capital Partners, L.P. for consideration of $20 million in cash and 11,137,558 of the Company's common shares.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The acquisition was concentrated on the identifiable asset of Crescent's mineral interests and accounted for as an asset acquisition. The Company measures and recognizes asset acquisitions that are not a business combination based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisition. The consideration paid was allocated to the fair value of identifiable assets acquired and liabilities assumed on a relative fair value basis. Included in the net assets acquired are $84.3 million in property, plant and equipment the majority of which relates to mining interests, and $2.8 million in investment in joint ventures.

The fair value of the mining interests was determined using an income approach based on discounted cash flows, and a market approach. For fair value of investment in joint ventures was determined using a replacement cost approach as majority of the joint ventures' net assets relate to property, plant and equipment.

Key assumptions used in fair values include discount rate, future production levels, future commodity prices, and a dollar per ounce silver implied multiple for the mining interests, and replacement cost for investment in joint ventures.

The following summarizes the total consideration paid and the amounts allocated to assets acquired and liabilities assumed:

---

| | |
|:---|:---|
| **Consideration** |  |
| Cash consideration | $20000 |
| Common share consideration |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of common shares | 11137558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common share price, December 12, 2025 | 5.78 |
|  | 64387 |
| Acquisition related transaction costs | 3047 |
| Total consideration | $87434 |
| **Allocation of consideration** |  |
| Cash and cash equivalents | $295 |
| Trade and other receivables | 76 |
| Inventories | 175 |
| Property, plant and equipment | 84337 |
| Investment in joint ventures | 2843 |
| Trade and other payables | (292) |
| Net assets acquired | $87434 |

---

Investment in joint ventures acquired includes a 34.8% interest of a fully permitted floatation mill recognized initially at fair value with the carrying amount adjusted subsequently to recognize future profits or losses under the equity method of accounting.

**7. Trade and other receivables**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Trade receivables | $5197 | $3572 |
| Value added taxes receivable | 394 |  |
| Other receivables | 3265 | 3560 |
|  | $8856 | $7132 |

---

**8. Inventories**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Concentrates | $635 | $2971 |
| Ore stockpiles | 3582 | 1767 |
| Spare parts and supplies | 6451 | 5966 |
|  | $10668 | $10704 |

---

The amount of inventories recognized in cost of sales was $84.9 million during the year ended December 31, 2025 (2024: $82.7 million), including concentrates, and ore stockpiles write-down to net realizable value of $3.7 million (2024: $1.3 million) during the year ended December 31, 2025.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

**9. Property, plant and equipment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Corporate** |  |
|  | **Mining** | **Non-producing** | **Plant and** | **Right-of-use** | **office** |  |
|  | **interests** | **properties** | **equipment** | **lease assets** | **equipment** | **Total** |
| **Cost** |  |  |  |  |  |  |
| **Balance at January 1, 2024** | $226819 | $12469 | $128228 | $11685 | $237 | $379438 |
| Asset additions | 14226 |  | 4794 | 789 |  | 19809 |
| Change in decommissioning provision | (1420) |  |  |  |  | (1420) |
| **Balance at December 31, 2024** | 239625 | 12469 | 133022 | 12474 | 237 | 397827 |
| Asset additions | 111652 |  | 19202 | 2933 | 308 | 134095 |
| Asset disposals |  |  |  | (31) |  | (31) |
| Change in decommissioning provision | (1014) |  |  |  |  | (1014) |
| **Balance at December 31, 2025** | $350263 | $12469 | $152224 | $15376 | $545 | $530877 |
| **Accumulated depreciation and depletion** |  |  |  |  |  |  |
| **Balance at January 1, 2024** | $(132474) | $- | $(85440) | $(8223) | $(200) | $(226337) |
| Depreciation/depletion for the year | (14172) |  | (8615) | (1278) | (26) | (24091) |
| **Balance at December 31, 2024** | (146646) |  | (94055) | (9501) | (226) | (250428) |
| Depreciation/depletion for the year | (11233) |  | (7741) | (2249) | (11) | (21234) |
| Impairment for the year |  |  | (10400) |  |  | (10400) |
| **Balance at December 31, 2025** | $(157879) | $- | $(112196) | $(11750) | $(237) | $(282062) |
| **Carrying value** |  |  |  |  |  |  |
| **at December 31, 2024** | $92979 | $12469 | $38967 | $2973 | $11 | $147399 |
| **at December 31, 2025** | $192384 | $12469 | $40028 | $3626 | $308 | $248815 |

---

Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount may not be recoverable. An impairment of a hoist at the Galena Complex was identified during the year ended December 31, 2025 where carrying value of $10.4 million was recognized as an impairment loss to plant and equipment. No other impairment or impairment reversal were identified for the year ended December 31, 2025 and 2024 for each of the Company's cash-generating units, including non-producing properties and properties placed under care and maintenance.

Right-of-use lease assets consist of long-term commitments on mining equipment and office space leases.

The carrying amounts of mineral interests, plant and equipment, and right-of-use lease assets from the Relief Canyon Mine is approximately $16.0 million, $4.4 million, and nil, respectively, as at December 31, 2025 (December 31, 2024: $16.0 million, $7.0 million, and $1.2 million, respectively).

The Company completed the acquisition of the San Felipe property located in Sonora, Mexico on October 8, 2020. As at December 31, 2025, the carrying amount of this property was $12.5 million included in non-producing properties.

**10. Precious metals delivery and purchase agreement**

On April 3, 2019, the Company entered into a $25 million precious metals delivery and purchase agreement (the "Purchase Agreement") with Sandstorm Gold Ltd. ("Sandstorm"), acquired by Royal Gold, Inc. in October 2025, for the construction and development of the Relief Canyon Mine. The Company initially recorded the advances received on precious metals delivery, net of transaction costs, as deferred revenue though subsequently amended its treatment and recognized the fixed deliveries of precious metals as a financial liability measured at fair value through profit or loss.

The Purchase Agreement was further amended in 2023 and 2024 by which the Company received advances to pay its gold obligations with a final amendment on December 19, 2024, whereby the Company will deliver its remaining fixed ounces of gold over a quarterly fixed deliveries schedule with final delivery in December 2027. The Company shall have the right for Sandstorm to subscribe common shares of the Company for proceeds up to a maximum of $1.9 million per calendar quarter to satisfy the gold delivery obligations under the Purchase Agreement.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The following table summarizes the continuity of the Company's net metals contract liability during the period discounted using a credit adjusted risk rate of 10.1% (2024: 12.1%):

---

| | | |
|:---|:---|:---|
|  | **Year** | **Year** |
|  | **ended** | **ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Net metals liability, beginning of year | $- | $36837 |
| Revision from liabilities to retained earnings | - | (5183) |
| Revised net metals liability, beginning of year <sup>Revised (1)</sup> | $35804 | $31654 |
| Advance increase (net of financing expense) |  | 12512 |
| Delivery of metals purchased | (18233) | (18564) |
| Revaluation of metals liability | 23455 | 10202 |
| Net metals liability, end of year | $41026 | $35804 |
| Current portion | $21308 | $12887 |
| Non-current portion | 19718 | 22917 |
|  | $41026 | $35804 |

---

(1) Previously the Company used a risk-free rate rather than a credit adjusted risk free rate in determining the fair value of the net metals liability. Approximately $5.2 million was revised from liabilities to retained earnings in fiscal 2024.

**11. Silver metals delivery agreement**

On December 19, 2024, as part of the consideration for the remaining 40% interest in the Galena Complex, the Company entered into a silver metals delivery agreement with Mr. Eric Sprott for monthly purchases and deliveries of 18,500 ounces of silver for 36 months starting in January 2026 (the "Silver Agreement"). As part of the Silver Agreement, outstanding indebtedness of $1.4 million from Mr. Eric Sprott related to the original joint venture agreement (see Note 21) will be used to offset the metals contract liability commencing with the initial monthly delivery starting in January 2026.

The fixed deliveries are recognized as a financial liability measured at fair value through profit or loss as the Company expects metal deliveries will be satisfied through external purchase of silver. A fair value of the metals contract liability of $19.8 million was determined at inception using forward commodity pricing curves at the end of the fiscal 2024. A $23.8 million loss to fair value on metals contract liability due to changes in forward commodity pricing curves was recorded during the year ended December 31, 2025 (2024: nil).

The following table summarizes the continuity of the Company's net metals contract liability during the period discounted using a credit adjusted risk rate of 10.1% (2024: 12.1%):

---

| | |
|:---|:---|
|  | **Year** |
|  | **ended** |
|  | **December 31,** |
|  | **2025** |
| Net silver liability, beginning of year | $18193 |
| Revision from liabilities to retained earnings | (3625) |
| Revised net silver liability, beginning of year <sup>Revised (1)</sup> | 14568 |
| Revaluation of metals liability | 22953 |
| Net silver liability, end of year | $37521 |
| Current portion | $13325 |
| Non-current portion | 24196 |
|  | $37521 |

---

(1) Previously the Company used a risk-free rate rather than a credit adjusted risk free rate in determining the fair value of the net silver liability. Approximately $3.6 million was revised from liabilities to retained earnings in fiscal 2024.

**12. Convertible debenture**

On April 28, 2021, the Company issued a $12.5 million CAD convertible debenture (the "Convertible Debenture") due April 28, 2024 with interest payable at 8% per annum secured by the Company's interest in the Galena Complex and by shares of one of the Company's Mexican subsidiaries.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The Company amended the Convertible Debenture multiple times increasing the principal balance to total outstanding principal, net of retractions, of $16.8 million CAD or $11.7 million USD as at December 31, 2024, retractable at the holder's option at a cumulative $1.75 million CAD per month, and convertible at the holder's option at a conversion price of $1.30 CAD.

The Convertible Debenture was fully converted by the holders as of January 31, 2025 at the conversion price of $1.30 CAD resulting in the issuance of 12,923,076 of the Company's common shares.

The Company recognized a gain of $0.7 million for the year ended December 31, 2025 (2024: loss of $0.2 million) as a result of the change in the estimated fair value of the Convertible Debenture's combined redemption option and retraction option.

**13. Pre-payment facility**

On December 12, 2022, the Company amended its existing unsecured offtake agreement with Ocean Partners USA, Inc. of lead concentrates produced from the Galena Complex to include a pre-payment facility of $3.0 million with an initial term of three years at an interest of U.S. SOFR rate plus 6.95% per annum (the "Facility") to fund general working capital at the Galena Complex. Principal on the Facility is repaid through semi-monthly installments deductible from concentrate deliveries to Ocean Partners or paid in cash and can be redrawn on a revolving basis. The Facility was drawn in full for $3.0 million in June 2025, and repaid in full as at December 31, 2025, with interest amended to U.S. SOFR rate plus 4.75% per annum.

**14. Credit facility**

On August 14, 2024, the Company signed a credit and offtake agreement with Trafigura PTE Ltd. ("Trafigura") for a secured credit facility of up to $15 million to complete initial development of the Zone 120 and El Cajón silver-copper project ("EC120") (the "Credit Facility"). The Credit Facility is secured by share and asset pledges of all the Company's material Mexican subsidiaries. The term of the Credit Facility is for a period of 36 months which includes a principal repayment grace period of 12 months, and bears interest of U.S. SOFR rate plus 6% per annum on cumulative drawings up to $12 million and 6.5% thereafter. The Credit Facility was drawn for $10.0 million in August 2024 and is paid in equal monthly installments of $0.6 million commencing after expiry of the grace period. The Company also entered into an offtake agreement with Trafigura for all the copper concentrates produced from EC120 where Trafigura will pay for the concentrates at the prevailing market prices for silver and copper, less customary treatment, refining and penalty charges. Total interest and financing expense of $1.3 million for the year ended December 31, 2025 (2024: $0.5 million) was considered borrowing costs and capitalized as property, plant and equipment. The Company complied with key financial covenants on liquidity and earnings ratio during fiscal 2025.

**15. Term loan facility**

On June 24, 2025, the Company closed a senior secured debt facility (the "Term Loan Facility") with SAF Group ("SAF") for funds of up to $100 million. The Term Loan Facility consists of three tranches with an initial $50 million term loan advanced upon closing (the "Initial Advance"), and two additional tranches of $25 million each made available to the Company upon satisfactory of certain conditions. SAF holds senior security over all the Company's assets other than second ranking security relating to the Cosalá Operations and the Relief Canyon Mine which are secured in priority by other debt providers.

The Term Loan Facility is due in 5 years and subject to a 6.0% original issue discount, valued at $3.2 million on closing date. Principal repayments commence after one year of closing date and are payable quarterly thereafter starting at 1.5% of the aggregate principal amount and gradually increasing to 6.25% after 36 months. Interest of U.S. SOFR rate (4% floor) plus 6% per annum is payable monthly, and review fees equal to 0.5% of the outstanding aggregate principal is payable every six months. The Term Loan Facility may be pre-paid at the Company's option equal the par value of total aggregate principal amount plus unpaid interests and fees accrued up to 42 months following the closing date. The Term Loan Facility is subject to certain quarterly and annual financial covenants starting at end of fiscal 2025, along with a price protection program completed in July 2025 on future precious and base metals production and commitments. See Note 27 for the Company's price risk impact from the price protection program. The Company complied with key financial covenants during fiscal 2025 while certain financial covenants on earnings and debt ratios from December 31, 2025 to March 31, 2026 were waived by SAF subject to maintaining a minimum consolidated cash balance of $75.0 million during this period. There are no indications that the Company may have difficulties complying with the minimum cash balance covenant when it will be next tested as at March 31, 2026 interim reporting date.

At inception, the Initial Advance was accounted for at amortized cost, net of $2.5 million in financing costs, with principal repayments being amortized over the term of the loan. The Company recognized total interest and financing expense of $3.9 million for the year ended December 31, 2025 of which $0.5 million was considered borrowing costs and capitalized as property, plant and equipment.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

**16. Royalty payable**

On April 12, 2023, the Company entered into a $4.0 million net smelter returns royalty agreement (the "Royalty Agreement") with Sandstorm to be repaid through a 2.5% royalty on attributable production from the Galena Complex and Cosalá Operations. The royalty reduces to 0.2% on attributable production from the Galena Complex and Cosalá Operations after the aggregate repayment of $4.0 million and may be eliminated thereafter with a buyout payment of $1.9 million.

On inception, the Royalty Agreement was classified as a hybrid instrument of host financial liability with embedded derivatives from the reduced 0.2% royalty on attributable production and buyout payment. The Company elected at inception to designate the entire hybrid instrument at fair value through profit or loss with its initial fair value be representative of the $4.0 million in proceeds received. Subsequent measurement of fair value for the hybrid instrument was determined based on an income approach of expected future cash flows into a single current discounted amount. Key assumptions used in the fair value determination of the hybrid instrument include timing of repayment of the $4.0 million, which considers factors such as forecasted production and commodity prices in quantifying expected net smelter returns, feasibility of the reduced 0.2% royalty on attributable production versus the buyout payment, and applicable discount rates. The Company recognized a loss of $0.4 million for the year ended December 31, 2025 (2024: $0.9 million) as a result of the change in the estimated fair value of the Royalty Agreement.

**17. Post-employment benefit obligations**

The Company maintains two non-contributory defined benefit pension plans covering substantially all employees at its U.S. operating subsidiary, U.S. Silver - Idaho, Inc. One plan covers salaried employees and one plan covers hourly employees. Benefits for the salaried plan are based on salary and years of service. Hourly plan benefits are based on negotiated benefits and years of service. The Company's funding policy is to contribute annually the minimum amount prescribed, as specified by applicable regulations. The expected average service life of the active plan participants as at December 31, 2025 is approximately 9 years.

The amounts recognized in the consolidated statements financial position are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Present value of funded obligations | 25104 | 24876 |
| Fair value of plan assets | 22973 | 20984 |
| Deficit of funded plans | $2131 | $3892 |

---

The movements in the defined benefit obligations are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Obligations, beginning of year | $24876 | $26176 |
| Current service costs | 467 | 552 |
| Interest costs | 1319 | 1238 |
| Benefits paid | (1331) | (1308) |
| Actuarial loss (gain) | (227) | (1782) |
| Obligations, end of year | $25104 | $24876 |

---

The movements in the fair value of plan assets are as follows:

Page \| 23

------

**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Assets, beginning of year | $20984 | $19639 |
| Return on assets | 1048 | 976 |
| Actuarial gain | 1092 | 369 |
| Employer contributions | 1180 | 1308 |
| Benefits paid | (1331) | (1308) |
| Assets, end of year | $22973 | $20984 |

---

The amounts recognized in the consolidated statements of loss and comprehensive loss are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Current service costs, interest costs, and return on assets included in cost of sales | $738 | $814 |

---

The principal actuarial assumptions are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Discount rate (expense) | 5.50% | 4.75% |
| Discount rate (year end disclosures) | 5.50% | 5.50% |
| Future salary increases (salaried plan only) | 5.00% | 5.00% |

---

A 1% decrease in discount rate would have resulted in approximately $3.2 million increase in the defined benefit obligation from $25.1 million to $28.3 million as at December 31, 2025 (2024: $3.2 million increase in the defined benefit obligation from $24.9 million to $28.1 million). A 1% increase in future salary increases would have resulted in approximately $0.1 million increase in the defined benefit obligation from $25.1 million to $25.2 million as at December 31, 2025 (2024: $0.1 million increase in the defined benefit obligation from $24.9 million to $25.0 million).

Plan assets are fully comprised of pooled or mutual funds. The expected return on plan assets at 5.0% (2024: 5.0%) is determined by considering the expected returns available on the assets underlying the current investment policy. Expected yield on fixed interest investments is based on gross redemption yields as at the end of the reporting period. Expected returns on equity investments reflect long-term real rates of return in the market.

Expected contributions to pension benefit plans for the year ended December 31, 2026 are approximately $1.3 million, inclusive of contributions for fiscal 2025 of $0.3 million. For the year ended December 31, 2025, the actuarial gains charged to other comprehensive income are $1.3 million (2024: actuarial gains of $2.2 million).

**18. Decommissioning provision**

The decommissioning provision consists of land rehabilitation, demolition of buildings and mine facilities, and related costs. Although the ultimate amount of the decommissioning provision is uncertain, the fair value of these obligations is based on information currently available, including closure plans and the Company's interpretation of current regulatory requirements.

Fair value is determined based on the net present value of future cash expenditures upon reclamation and closure. Reclamation and closure costs are capitalized into property, plant and equipment depending on the nature of the asset related to the obligation and amortized over the life of the related asset.

The decommissioning provision relates to reclamation and closure costs of the Company's Cosalá Operations, Galena Complex, Crescent Mine, and Relief Canyon Mine. The decommissioning provision is estimated at an undiscounted amount of $16.0 million over a period of 5 to 21 years, and discounted using a risk-free rate varying from 3.6% to 9.1% (2024: estimated at an undiscounted amount of $19.8 million over a period of 5 to 14 years, and discounted using a risk-free rate varying from 3.7% to 10.4%).

Page \| 24

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Provisions, beginning of year | $11389 | $12129 |
| Decommissioning costs and change in estimates | (1016) | (1356) |
| Accretion on decommissioning provision | 627 | 616 |
| Provisions, end of year | $11000 | $11389 |

---

**19. Share capital**

On August 21, 2025 the Company completed a share consolidation of issued and outstanding common shares on the basis of 2.5 pre-consolidated common shares for one post-consolidated common share. The share consolidation affects all issued and outstanding common shares, options, warrants, deferred share units, and restricted share units. All information relating to issued and outstanding common shares, options, warrants, other share units, and related per share amounts have been adjusted retrospectively to reflect the share consolidation.

On December 12, 2025, the Company completed the acquisition of Crescent in exchange for issuance of 11,137,558 of the Company's common shares and $20 million in cash (see Note 6). The Company also completed a concurrent bought deal private placement on December 4, 2025 raising gross proceeds of $132.3 million at an issue price of $5.54 CAD per offered share resulting from total issuance of 33,062,500 of the Company's common shares.

During the year ended December 31, 2025, the Company closed non-brokered private placements for total gross proceeds of $20.5 million through total issuance of 11,664,016 of the Company's common shares priced at approximately $2.45 CAD per share. As part of the non-brokered private placements, 1,044,000 warrants for approximately $0.6 million were issued and offset against share capital where each warrant is exercisable for one common share at an exercise price of $2.50 CAD for a period of three years starting March 31, 2025.

During the year ended December 31, 2025, the Company settled $3.0 million of transaction-related payables from the 2024 acquisition of non-controlling interests through issuance of 2,329,870 of the Company's common shares.

The Company entered into a joint venture agreement with Mr. Eric Sprott effective October 1, 2019 for 40% non-controlling interests of the Company's Galena Complex with initial contribution of $15 million to fund capital improvements and operations. On December 19, 2024, the Company completed an acquisition of the remaining 40% non-controlling interests of the Company's Galena Complex. The $18.3 million proportionate non-controlling interests' carrying amount prior to the change in ownership was derecognized from the consolidated financial statements upon completion of the acquisition.

On March 27, 2024, the Company completed an equity offering of 10,400,000 units at a price of $0.75 CAD per unit for total gross proceeds of $5.8 million. Each unit consisted of one common share and one common share purchase warrant where each warrant is exercisable for one common share at an exercise price of $1.00 CAD for a period of three years starting March 27, 2024. As part of the equity offering, approximately $0.8 million in transaction costs were incurred and offset against share capital, and 60,000 common shares and 604,008 warrants for approximately $0.1 million and $0.1 million, respectively, were issued to the Company's advisors and offset against share capital where each warrant is exercisable for one common share at an exercise price of $0.75 CAD for a period of two years starting March 27, 2024.

On December 19, 2024, the Company completed an acquisition of the remaining 40% non-controlling interests of the Company's Galena Complex in exchange for issuance of 68,000,000 of the Company's common shares, and $10 million in cash, plus monthly deliveries of 18,500 ounces of silver for a period of 36 months starting in January 2026 (see Note 11). The Company also completed a concurrent bought deal private placement of subscription receipts raising gross proceeds of $50 million CAD or $35.1 million USD at an issue price of $1.00 CAD per subscription receipt resulting from total issuance of 50,000,000 of the Company's common shares.

During fiscal 2024, the Company closed non-brokered private placements for total gross proceeds of $9.4 million through total issuance of 11,245,046 of the Company's common shares priced at approximately $1.18 CAD per share.

Page \| 25

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

*a. Authorized*

Authorized share capital consists of an unlimited number of common and preferred shares. No preferred shares have been issued to date.

*b. Stock option plan*

The number of shares reserved for issuance under the Company's stock option plan is limited to 10% of the number of common shares which are issued and outstanding on the date of a particular grant of options. Under the plan, the Board of Directors determines the term of a stock option to a maximum of 10 years, the period of time during which the options may vest and become exercisable as well as the option exercise price which shall not be less than the closing price of the Company's share on the Toronto Stock Exchange on the date immediately preceding the date of grant. The Compensation Committee determines and makes recommendations to the Board of Directors as to the recipients of, and nature and size of, share-based compensation awards in compliance with applicable securities law, stock exchange and other regulatory requirements.

A summary of changes in the Company's outstanding stock options is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year** |  | **Year** |
|  |  | **ended** |  | **ended** |
|  |  | **December 31,** |  | **December 31,** |
|  |  | **2025** |  | **2024** |
|  |  | Weighted |  | Weighted |
|  |  | average |  | average |
|  |  | exercise |  | exercise |
|  | Number | price | Number | price |
|  | (thousands) | CAD | (thousands) | CAD |
| Balance, beginning of year | 8044 | $1.67 | 6948 | $3.25 |
| Granted | 3940 | 1.41 | 3620 | 1.33 |
| Exercised | (2631) | 1.72 |  |  |
| Expired | (1591) | 2.61 | (2524) | 5.55 |
| Balance, end of year | 7762 | $1.33 | 8044 | $1.67 |

---

The following table summarizes information on stock options outstanding and exercisable as at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Weighted |  |  |  |  |
|  | &nbsp;&nbsp;average |  | Weighted |  | Weighted |
|  | &nbsp;&nbsp;remaining |  | average |  | average |
| &nbsp;&nbsp;Exercise | &nbsp;&nbsp;contractual |  | exercise |  | exercise |
| &nbsp;&nbsp;price | &nbsp;&nbsp;life | Outstanding | price | Exercisable | price |
| &nbsp;&nbsp;CAD | &nbsp;&nbsp;(years) | (thousands) | CAD | (thousands) | CAD |
| &nbsp;&nbsp;$0.01 to $1.00 | &nbsp;&nbsp;0.98 | 963 | $0.78 | 963 | $0.78 |
| &nbsp;&nbsp;$1.01 to $2.00 | &nbsp;&nbsp;3.06 | 6629 | 1.38 | 1772 | 1.38 |
| &nbsp;&nbsp;$2.01 to $3.00 | &nbsp;&nbsp;2.79 | 130 | 2.29 | 50 | 2.25 |
| &nbsp;&nbsp;$3.01 to $4.00 | &nbsp;&nbsp;4.63 | 40 | 3.43 |  |  |
|  |  | 7762 | $1.33 | 2785 | $1.19 |

---

*c. Share-based payments*

The weighted average fair value at grant date of the Company's stock options granted during the year ended December 31, 2025 was $0.59 (2024: $0.45).

Page \| 26

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The Company used the Black-Scholes Option Pricing Model to estimate fair value using the following weighted-average assumptions:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Expected stock price volatility <sup>(1)</sup> | 70% | 69% |
| Risk free interest rate | 2.94% | 3.10% |
| Expected life | 5 years | 3 years |
| Expected forfeiture rate | 3.25% | 2.91% |
| Expected dividend yield | 0% | 0% |
| Share-based payments included in cost of sales | $- | $- |
| Share-based payments included in general and administrative expenses | 2070 | 1199 |
| Total share-based payments | $2070 | $1199 |

---

(1) Expected volatility has been based on historical volatility of the Company's publicly traded shares.

*d. Warrants*

The warrants that are issued and outstanding as at December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Number of | Exercise | Issuance | Expiry |
| warrants | price (CAD) | date | date |
| 7040 | 0.75 | Mar 2024 | Mar 27, 2026 |
| 400000 | 1.38 | Jun 2023 | Jun 21, 2026 |
| 4709400 | 1.00 | Mar 2024 | Mar 27, 2027 |
| 1000000 | 1.05 | Aug 2024 | Aug 14, 2027 |
| 1044000 | 2.50 | Mar 2025 | Mar 31, 2028 |
| 7160440 |  |  |  |

---

*e. Restricted share units:*

The Company has a Restricted Share Unit Plan under which eligible directors, officers and key employees of the Company are entitled to receive awards of restricted share units settled in either cash or common shares at the Company's discretion. Prior to December 31, 2024, the Company previously elected to settle these units in cash. For cash-settled share units, the Company recognizes a corresponding increase in trade and other payables with compensation expense and the associated liability adjusted at each period end date to reflect changes in market value. As at December 31, 2025, nil (December 31, 2024: 93,630) cash-settled restricted share units are outstanding at an aggregate value of nil (December 31, 2024: $0.1 million) which is included in trade and other payables in the consolidated statement of financial position.

Effective January 1, 2025, the Company amended the application of its accounting policy for solely share-settled restricted share units where each share-settled restricted share unit is equivalent in value to the fair market value of a common share of the Company on the date of grant with the value of each award charged to compensation expense over the period of vesting with corresponding increase in equity reserve upon recognition. As at December 31, 2025, 9,469,438 (December 31, 2024: nil) share-settled restricted share units are outstanding which are included in equity reserve in the consolidated statement of financial position.

*f. Performance share units:*

The Company has a Performance Share Unit Plan under which eligible directors, officers and key employees of the Company are entitled to receive awards of performance share units settled in common shares at the Company's discretion. Performance share units are fair valued on the date of grant with the fair value of each award charged to compensation expense over the period of vesting with corresponding increase in equity reserve upon recognition. The fair value of performance share units is determined using a Monte Carlo simulation approach. This approach uses random numbers, together with various market assumptions to generate potential future outcomes for share prices using Geometric Brownian Motion which is an industry standard method for simulating the expected future path of share prices.

Page \| 27

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The Company granted 1,140,730 performance share units to certain employees on August 19, 2025 which vest over 3 years and are subject to certain key performance indicators. The following assumptions were used to estimate fair value on grant date:

---

| | |
|:---|:---|
| Number of performance share units granted | 1140730 |
| Average fair value per unit | $2.64 |
| Share price | $2.22 |
| Risk free interest rate | 3.42% |
| Expected life | 3 years |
| Expected volatility | 71% |
| Expected dividends | 0% |
| Average index share price | $43.74 |
| Average correlation coefficient | 0.54 |

---

*g. Deferred share units:*

The Company has a Deferred Share Unit Plan under which eligible directors of the Company receive awards of deferred share units on a quarterly basis as payment for 50% to 100% of their director fees earned. Deferred share units are settled in either cash or common shares at the Company's discretion when the director leaves the Company's Board of Directors. The Company recognizes a charge to director fees and a corresponding increase in equity reserve upon issuance of deferred share units. As at December 31, 2025, 3,213,599 (December 31, 2024: 1,425,166) deferred share units are issued and outstanding.

**20. Weighted average basic and diluted number of common shares outstanding**

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Basic weighted average number of shares | 267336954 | 105967493 |
| Effect of dilutive stock options and warrants |  |  |
| Diluted weighted average number of shares | 267336954 | 105967493 |

---

Diluted weighted average number of common shares for the years ended December 31, 2025 excludes nil anti-dilutive preferred shares (2024: nil), 7,762,340 anti-dilutive stock options (2024: 8,044,000) and 7,160,440 anti-dilutive warrants (2024: 14,089,280).

**21. Non-controlling interests**

The Company entered into a joint venture agreement with Mr. Eric Sprott effective October 1, 2019 for 40% non-controlling interests of the Company's Galena Complex with initial contribution of $15 million to fund capital improvements and operations. On December 19, 2024, the Company completed an acquisition of the remaining 40% non-controlling interests of the Company's Galena Complex. The $18.3 million proportionate non-controlling interests' carrying amount prior to the change in ownership was derecognized from the consolidated financial statements upon completion of the acquisition.

**22. Revenue**

The following is a disaggregation of revenue categorized by commodities sold:

Page \| 28

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Silver** |  |  |
| Sales revenue | $61769 | $62052 |
| Derivative pricing adjustments | 453 | 326 |
|  | 62222 | 62378 |
| **Zinc** |  |  |
| Sales revenue | $11883 | $37878 |
| Derivative pricing adjustments | 155 | 986 |
|  | 12038 | 38864 |
| **Lead** |  |  |
| Sales revenue | $8487 | $18208 |
| Derivative pricing adjustments | (168) | (1) |
|  | 8319 | 18207 |
| **Other by-products** |  |  |
| Sales revenue | $353 | $1060 |
| Derivative pricing adjustments | 89 | 342 |
|  | 442 | 1402 |
| Total sales revenue | $82492 | $119198 |
| Total derivative pricing adjustments | 529 | 1653 |
| Gross revenue | $83021 | $120851 |
| Proceeds before intended use | 44781 | 3678 |
| Treatment and selling costs | (9868) | (24341) |
|  | $117934 | $100188 |

---

Derivative pricing adjustments represent subsequent variations in revenue recognized as an embedded derivative from contracts with customers and are accounted for as financial instruments (see Note 27).

Proceeds before intended use represent net revenues recognized on sale of silver-copper concentrate mined from the EC120 Project at the Cosalá Operations as it progresses toward commercial production declaration. Sales revenue from silver and copper were approximately $39.5 million and $8.5 million, respectively, net of treatment and selling costs.

**23. Cost of sales**

Cost of sales is costs that directly relate to production at the mine operating segments and excludes depletion and amortization. The following are components of cost of sales:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Salaries and employee benefits | $28815 | $32097 |
| Raw materials and consumables | 20676 | 34027 |
| Utilities | 4190 | 4439 |
| Transportation costs | 2344 | 5212 |
| Other costs | 7782 | 7063 |
| Costs before intended use | 20845 | 1949 |
| Changes in inventories | (3459) | (3346) |
| Inventory write-downs (Note 8) | 3670 | 1299 |
|  | $84863 | $82740 |

---

Page \| 29

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

Costs before intended use represent cost of sales of direct mining costs incurred on sale of silver-copper concentrate mined from the EC120 Project at the Cosalá Operations as it progresses toward commercial production declaration. Approximately $5.8 million of costs before intended use relates to salaries and employee benefits.

**24. Corporate general and administrative expenses**

Corporate general and administrative expenses are costs incurred at corporate and other subsidiaries that do not directly relate to production. The following are components of corporate general and administrative expenses:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Salaries and employee benefits | $7168 | $3581 |
| Directors' fees | 3713 | 452 |
| Share-based payments | 8658 | 1292 |
| Professional fees | 5488 | 1501 |
| Office and general | 3571 | 2069 |
|  | $28598 | $8895 |

---

During the year ended December 31, 2025, $3.4 million in directors' fees were settled through issuance of deferred share units (2024: $0.3 million).

**25. Income taxes**

The components of income tax expense (recovery) are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Current income tax expense | $4935 | $1712 |
| Deferred income tax recovery | (312) | (1033) |
| Income tax expense | $4623 | $679 |

---

The Company's effective rate of income tax differs from the statutory rate of 26.5% as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Loss before income taxes | $(82823) | $(48325) |
| Statutory rate | 26.5% | 26.5% |
| Tax recovery at statutory rate | (21948) | (12806) |
| Mexican mining royalty | 1655 | 84 |
| Impact of foreign tax rates | 185 | (31) |
| Non-deductible expenses | 4931 | 3544 |
| Losses not recognized | 19800 | 9888 |
| Income tax expense (recovery) | $4623 | $679 |

---

Page \| 30

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

The Company's net deferred tax liability relates to the Mexican mining royalty and arises principally from the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Property, plant and equipment | $130 | $130 |
| Other | 400 | 313 |
| Total deferred tax liabilities | 530 | 443 |
| Provisions and reserves | (517) | (395) |
| Net deferred tax liabilities | $13 | $48 |

---

Deferred income taxes have not been recognized in respect of the following deductible temporary differences, as management does not consider their utilization to be probable for the foreseeable future:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Property, plant and equipment | $14910 | $24680 |
| Mexican tax losses (expiring in 2026 - 2035) | 46540 | 32000 |
| Canadian tax losses (expiring in 2034 - 2045) | 67150 | 44900 |
| U.S. tax losses (no expiry) | 13100 | 32150 |
| Provisions and other | 53157 | 91012 |
| Deferred Mexican mining royalty | 13 | 48 |
|  | $194870 | $224790 |

---

Canadian tax losses include a dual Canadian and U.S. resident entity with $26.2 million in losses (2024: $20.8 million).

**26. Key management transactions**

Remuneration to directors and key management who have the authority and responsibility for planning, directing and continuing the activities of the Company:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Salaries and employee benefits | $3730 | $1947 |
| Directors' fees | 3713 | 452 |
| Consulting fees | 1317 | 65 |
| Share-based payments | 6931 | 1164 |

---

Gross proceeds of $0.3 million CAD from the $50 million CAD raised through bought deal private placement of subscription receipts in December 2024 were from members of the Company's board and management.

**27. Financial risk management**

*a. Financial risk factors*

The Company's risk exposures and the impact on its financial instruments are summarized below:

(i) Credit Risk

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's credit risk is primarily attributable to cash and cash equivalents, trade and other receivables and derivative instruments. The credit risk on cash and cash equivalents is limited because the Company invests its cash in deposits with well-capitalized financial institutions with strong credit ratings in Canada and the United States. Under current concentrate offtake agreements, risk on trade receivables related to concentrate sales is managed by receiving payments for 85% to 100% of the estimated value of the concentrate within one month following the time of shipment. Derivative instruments are held by a multinational investment banking and financial services group.

Page \| 31

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

As of December 31, 2025, the Company's exposure to credit risk with respect to trade receivables amounts to $5.2 million (December 31, 2024: $3.6 million). The Company believes credit risk is not significant and there was no significant change to the Company's allowance for expected credit losses as at December 31, 2025 and December 31, 2024.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company's liquidity requirements are met through a variety of sources, including cash, cash generated from operations, credit facilities and debt and equity capital markets. The Company's trade payables have contractual maturities of less than 30 days and are subject to normal trade terms.

The following table presents the contractual maturities of the Company's financial liabilities and provisions on an undiscounted basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Less than |  |  |
|  | Total | 1 year | 2-3 years | 4-5 years |
| Trade and other payables | $38819 | $38819 | $- | $- |
| Credit facility | 7600 | 7200 | 400 |  |
| Interest on credit facility | 357 | 357 |  |  |
| Term loan facility | 53191 | 2394 | 18218 | 32579 |
| Interest and fees on term loan facility | 19813 | 5843 | 9960 | 4010 |
| Royalty payable | 2753 | 2753 |  |  |
| Metals contract liability | 41026 | 21308 | 19718 |  |
| Silver contract liability | 37521 | 13325 | 24196 |  |
| Projected pension contributions | 7159 | 1286 | 2179 | 2400 |
| Decommissioning provision | 15966 |  |  |  |
| Other long-term liabilities | 2446 |  | 1570 | 289 |
|  | $226651 | $93285 | $76241 | $39278 |

---

Minimum lease payments in respect to lease liabilities are included in trade and other payables and other long-term liabilities as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Less than |  |  |
|  | Total | 1 year | 2-3 years | 4-5 years |
| Trade and other payables | $1657 | $1657 | $- | $- |
| Other long-term liabilities | 1859 |  | 1570 | 289 |
|  | $3516 | $1657 | $1570 | $289 |

---

The following table summarizes the continuity of the Company's total lease liabilities discounted using an incremental borrowing rate ranging from 6% to11% applied during the year:

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

---

| | | |
|:---|:---|:---|
|  | **Year** | **Year** |
|  | **ended** | **ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Lease liabilities, beginning of year | $1655 | $1436 |
| Additions | 2922 | 823 |
| Lease principal payments | (1021) | (608) |
| Lease interest payments | (229) | (71) |
| Accretion on lease liabilities | 189 | 75 |
| Lease liabilities, end of year | $3516 | $1655 |

---

(iii) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and price risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Interest rate risk*

The Company is subject to interest rate risk of the 3-month U.S. SOFR rate plus 7.2% per annum from Cosalá Operations' advance payments of concentrate, the 3-month U.S. SOFR rate plus 4.75% per annum from the Facility, the 3-month U.S. SOFR rate plus 6% per annum from the Credit Facility, and the U.S SOFR rate plus 6% per annum from the Term Loan Facility. Interest rates of other financial instruments are fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Currency risk*

As at December 31 2025, the Company is exposed to foreign currency risk through financial assets and liabilities denominated in CAD and MXN:

Financial instruments that may impact the Company's net loss or other comprehensive loss due to currency fluctuations include CAD and MXN denominated assets and liabilities which are included in the following table:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** |
|  | CAD | MXN |
| Cash and cash equivalents | $1880 | $975 |
| Trade and other receivables | 973 | 2609 |
| Trade and other payables | 6403 | 13010 |

---

As at December 31, 2025, the CAD/USD and MXN/USD exchange rates were 1.37 and 17.97, respectively. The sensitivity of the Company's net loss and other comprehensive loss due to changes in the exchange rates for the year ended December 31, 2025 is included in the following table:

---

| | | |
|:---|:---|:---|
|  | **CAD/USD** | **MXN/USD** |
|  | **Exchange rate** | **Exchange rate** |
|  | +/- 10% | +/- 10% |
| Approximate impact on: |  |  |
| Net loss | $3354 | $4651 |
| Other comprehensive loss | 247 | (150) |

---

The Company may, from time to time, employ derivative financial instruments to manage exposure to fluctuations in foreign currency exchange rates.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

As at December 31, 2025 and December 31, 2024, the Company does not have any non-hedge foreign exchange forward contracts outstanding. During the years ended December 31, 2025 and 2024, the Company did not settle any non-hedge foreign exchange forward contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Price risk*

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market. As at December 31, 2025, the Company had certain amounts related to the sales of concentrates that have only been provisionally priced. A ±10% fluctuation in silver, zinc, lead, and gold prices would affect trade receivables by approximately $0.5 million (December 31, 2024: $0.4 million). The Company also has precious metals contract liabilities which fluctuate from changes in commodity prices. A ±10% fluctuation in gold and silver prices would affect total metals contract liability and silver contract liability by approximately $4.5 million and $4.2 million, respectively (December 31, 2024: $4.1 million and $1.8 million, respectively).

A price protection program on future precious and base metals production and commitments was completed in July 2025 in relation to the Term Loan Facility. The following were the non-hedge contracts entered:

* Silver put options for 60,000 ounces per month from July 2025 to June 2026 at a strike price of $29 per ounce valued at total cost of $0.3 million at inception.

* Gold forward options to buy 1,275 ounces every three months from September 2025 to June 2026 at prices between $3,375 and $3,541 per ounce.

* Gold call options to buy 1,259 to 1,275 ounces every three months from September 2026 to December 2027 at a strike price of $3,500 per ounce valued at total cost of $3.4 million at inception.

* Zinc forward options to sell approximately 200,000 pounds per month from August 2025 to December 2025 at $1.27 per pound.

* Lead forward options to sell approximately 500,000 pounds per month from August 2025 to January 2026 at $0.91 per pound.

* Copper forward options to sell approximately 100,000 to 250,000 pounds per month from August 2025 to July 2026 at $4.39 per pound.

The Company recognized a $1.0 million gain from settled non-hedge contracts and a $4.6 million gain from unsettled non-hedge contracts during the year ended December 31, 2025. At December 31, 2025, the unsettled non-hedged contracts resulted in a net asset of derivative instruments valued at $4.8 million.

Net amount of gain or loss on derivative instruments from non-hedge commodity contracts recognized through profit or loss during the year ended December 31, 2025 was $5.6 million (2024: nil). Total amount of gain or loss on derivative instruments including those recognized through profit or loss from the Company's convertible debenture during the year ended December 31, 2025 was a gain of $6.3 million (2024: loss of $0.2 million).

*b. Fair values*

The fair value of cash, restricted cash, trade and other receivables, and other financial assets and liabilities listed below approximate their carrying amounts mainly due to the short-term maturities of these instruments.

The methods and assumptions used in estimating the fair value of financial assets and liabilities are as follows:

* Cash and cash equivalents: The fair value of cash equivalents is valued using quoted market prices in active markets.

* Trade and other receivables: The fair value of trade receivables from silver sales contracts that contain provisional pricing terms is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, there is an embedded derivative feature within trade receivables.

* Metals and silver contract liabilities: Fixed and variable deliveries of precious metals are classified and measured as financial liabilities at fair value through profit or loss determined using forward commodity pricing curves at end of the reporting period.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

* Pre-payment, credit, and term loan facilities, convertible debenture, and promissory notes: The principal portion of pre-payment, credit, and term loan facilities, convertible debenture, and promissory notes are initially measured at fair value and subsequently carried at amortized cost.

* Royalty payable: The financial liability is measured at fair value through profit or loss determined using discounted cash flows of expected future royalty payments at end of the reporting period.

* Embedded derivatives: Revenues from the sale of metals produced from silver sales contracts since the commencement of commercial production are based on provisional prices at the time of shipment. Variations between the price recorded at the time of sale and the actual final price received from the customer are caused by changes in market prices for metals sold and result in an embedded derivative in revenues and accounts receivable.

* Derivatives: The Company uses derivative and non-derivative instruments to manage financial risks, including commodity, interest rate, and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The Company does not use derivatives for speculative purposes. The fair value of the Company's derivative instruments is based on quoted market prices for similar instruments and at market prices at the valuation date.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value:

* Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

* Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means.

* Level 3 inputs are unobservable (supported by little or no market activity).

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Level 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | $8856 | $7132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments - assets | 4773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments - liabilities |  | 709 |
| Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals contract liability | 41026 | 35804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver contract liability | 37521 | 14568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty payable | 2753 | 2762 |
| Amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 129783 | 20002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4716 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-payment facility |  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | 7440 | 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan facility | 48230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture |  | 10849 |

---

**28. Segmented and geographic information, and major customers**

*a. Segmented information*

The Company's operations comprise of four reporting segments engaged in acquisition, exploration, development and exploration of mineral resource properties in Mexico and the United States. Management has determined the operating segments based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions.

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

*b. Geographic information*

All revenues from sales of concentrates for the years ended December 31, 2025 and 2024 were earned in Mexico and the United States. The following segmented information is presented as at December 31, 2025 and December 31, 2024, and for the years ended December 31, 2025 and 2024. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cosalá Operations** | **Galena Complex** | **As at December 31, 2025**<br> **Relief Canyon**  | **Corporate and Other** | **Total** | **Cosalá Operations** | **Galena Complex** | **As at December 31, 2024**<br> **Relief Canyon**  | **Corporate and Other** | **Total** |
| Cash and cash equivalents | $7029 | $1990 | $204 | $120560 | $129783 | $6576 | $1390 | $35 | $12001 | $20002 |
| Trade and other receivables | 6513 | 1370 |  | 973 | 8856 | 5485 | 1450 |  | 197 | 7132 |
| Inventories | 8052 | 2513 | 103 |  | 10668 | 7976 | 2625 | 103 |  | 10704 |
| Prepaid expenses | 734 | 1043 | 235 | 530 | 2542 | 745 | 933 | 755 | 443 | 2876 |
| Derivative instruments |  |  |  | 4773 | 4773 |  |  |  |  |  |
| Restricted cash | 153 | 53 | 4510 |  | 4716 | 135 | 53 | 4339 |  | 4527 |
| Investment in Joint Ventures |  | 2843 |  |  | 2843 |  |  |  |  |  |
| Property, plant and equipment | 61449 | 165587 | 20420 | 1359 | 248815 | 48123 | 74935 | 23686 | 655 | 147399 |
| Total assets | $83930 | $175399 | $25472 | $128195 | $412996 | $69040 | $81386 | $28918 | $13296 | $192640 |
| Trade and other payables | $14289 | $9450 | $3894 | $11186 | $38819 | $12650 | $8689 | $2896 | $13098 | $37333 |
| Derivative instruments |  |  |  |  |  |  |  |  | 709 | 709 |
| Pre-payment facility |  |  |  |  |  |  | 2000 |  |  | 2000 |
| Credit facility | 7440 |  |  |  | 7440 | 9490 |  |  |  | 9490 |
| Term loan facility |  |  |  | 48230 | 48230 |  |  |  |  |  |
| Other long-term liabilities | 673 | 884 |  | 889 | 2446 |  | 1170 |  | 488 | 1658 |
| Metals contract liability |  |  |  | 41026 | 41026 |  |  |  | 35804 | 35804 |
| Silver contract liability |  |  |  | 37521 | 37521 |  |  |  | 14568 | 14568 |
| Convertible debenture |  |  |  |  |  |  |  |  | 10849 | 10849 |
| Royalty payable |  |  |  | 2753 | 2753 |  |  |  | 2762 | 2762 |
| Post-employment benefit obligations |  | 2131 |  |  | 2131 |  | 3892 |  |  | 3892 |
| Decommissioning provision | 2770 | 4173 | 4057 |  | 11000 | 2129 | 5346 | 3914 |  | 11389 |
| Deferred tax liabilities | 13 |  |  |  | 13 | 48 |  |  |  | 48 |
| Total liabilities | $25185 | $16638 | $7951 | $141605 | $191379 | $24317 | $21097 | $6810 | $78278 | $130502 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Cosalá Operations** | **Galena Complex** | **Relief Canyon** | **Corporate and Other** | **Total** | **Cosalá Operations** | **Galena Complex** | **Relief Canyon** | **Corporate and Other** | **Total** |
| Revenue | $57686 | $60248 | $- | $- | $117934 | $54111 | $46077 | $- | $- | $100188 |
| Cost of sales | (38524) | (46339) |  |  | (84863) | (42554) | (40186) |  |  | (82740) |
| Depletion and amortization | (6098) | (11686) | (3221) | (229) | (21234) | (8651) | (11822) | (3446) | (172) | (24091) |
| Care and maintenance costs |  | (558) | (1901) |  | (2459) |  | (581) | (3536) |  | (4117) |
| Corporate general and administrative |  |  |  | (28598) | (28598) |  |  |  | (8895) | (8895) |
| Exploration costs | (3088) | (2857) | (121) |  | (6066) | (2754) | (3107) | (110) |  | (5971) |
| Accretion on decommissioning provision | (216) | (238) | (173) |  | (627) | (236) | (219) | (161) |  | (616) |
| Interest and financing income (expense) | (175) | (379) | 171 | (4938) | (5321) | (311) | (408) | 54 | (6710) | (7375) |
| Foreign exchange gain (loss) | (3064) |  |  | 1290 | (1774) | 1072 |  |  | (4576) | (3504) |
| Gain on disposal of assets |  |  | 967 |  | 967 |  |  | 18 |  | 18 |
| Impairment to property, plant and equipment |  | (10400) |  |  | (10400) |  |  |  |  |  |
| Loss on metals contract liability |  |  |  | (46347) | (46347) |  |  |  | (10183) | (10183) |
| Other gain (loss) on derivatives |  |  |  | 6316 | 6316 |  |  |  | (164) | (164) |
| Fair value loss on royalty payable |  |  |  | (351) | (351) |  |  |  | (875) | (875) |
| Income (loss) before income taxes | 6521 | (12209) | (4278) | (72857) | (82823) | 677 | (10246) | (7181) | (31575) | (48325) |
| Income tax recovery (expense) | (4900) | 277 |  |  | (4623) | (1131) | 452 |  |  | (679) |
| Net income (loss) for the year | $1621 | $(11932) | $(4278) | $(72857) | $(87446) | $(454) | $(9794) | $(7181) | $(31575) | $(49004) |

---

*c. Major customers*

For the year ended December 31, 2025, the Company sold concentrates and finished goods to three major customers accounting for 100% of consolidated revenue with 49% from Cosalá Operations and 51% from Galena Complex (2024: two major customers accounting for 91% of consolidated revenue with 45% from Cosalá Operations and 46% from Galena Complex).

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**Americas Gold and Silver Corporation**<br>Notes to the consolidated financial statements<br>For the years ended December 31, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated)<br>

**29. Capital management**

Capital is defined as equity. The Company's objectives when managing its capital are to safeguard its ability to continue as a going concern and to maximize the value for its shareholders.

The Company's activities have been funded so far through debt and equity financing based on cash needs, and through operations. The Company typically sells its shares by way of private placement. There were no changes in these objectives, policies and processes used to manage capital during the year.

The Company manages its capital structure and determines its capital requirements in light of the changing economic conditions and the risk characteristics of its assets. To reach its objectives the Company may have to maintain or adjust its capital structure by issuing new share capital or new debt.

At this stage of its development, it is the policy of the Company to preserve cash to fund its operations and complete its capital projects and not to pay dividends. As of December 31, 2025, and 2024, the Company is not subject to any externally imposed capital requirements.

The following summarizes the Company's capital structure:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Equity attributable to shareholders of the Company | $221617 | $62138 |

---

**30. Contingencies**

Due to the size, complexity and nature of the Company's operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.

In November 2010, the Company received a reassessment from the Mexican tax authorities related to its Mexican subsidiary, Minera Cosalá, for the year ended December 31, 2007. The tax authorities disallowed the deduction of transactions with certain suppliers for an amount of approximately $11.0 million (MXN 196.8 million), of which $4.7 million (MXN 84.4 million) would be applied against available tax losses. The Company appealed this reassessment and the Mexican tax authorities subsequently reversed $5.3 million (MXN 94.6 million) of their original reassessment. The remaining $5.7 million (MXN 102.2 million) consists of $4.7 million (MXN 84.4 million) related to transactions with certain suppliers and $1.0 million (MXN 17.8 million) of value added taxes thereon. The Company appealed the remaining reassessment with the Mexican Tax Court in December 2011. The Company may be required to post a bond of approximately $1.0 million (MXN 17.8 million) to secure the value added tax portion of the reassessment. The deductions of $4.7 million (MXN 84.4 million), if denied, would be offset by available tax losses. The Company accrued $1.1 million (MXN 19.9 million) in the consolidated financial statements as at December 31, 2018 as a probable obligation for the disallowance of value added taxes related to the Mexican tax reassessment. As at December 31, 2025, the accrued liability of the probable obligation from the ongoing appeal was $1.1 million (December 31, 2024: $1.0 million).

**31. Subsequent events**

On February 10 2026, the Company signed a joint venture agreement with United States Antimony Corporation ("US Antimony") to construct and operate an antimony processing facility in Idaho's Silver Valley. The joint venture will be 51% owned by the Company and is intended to provide a mine-to-finished antimony production solution to secure the supply chain for this critical mineral within the United States. The Company will contribute the land for the site and will sell antimony feed material mined from the Galena Complex to the joint venture on market terms. US Antimony will contribute its knowledge and technical expertise in constructing and operating antimony processing facilities and will provide the joint venture with access to its extensive antimony marketing network including the United States Government.

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