# EDGAR Filing Document

**Accession Number:** 0001286973
**File Stem:** 0001062993-25-016574
**Filing Date:** 2025-11
**Character Count:** 198635
**Document Hash:** e6f78c3e264ca45440546c7ed5b71a44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016574.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001062993-25-016574

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37982
- **FILM NUMBER:** 251464727

**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

------

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **November, 2025**

Commission File Number: **001-37982**

**<u>Americas Gold and Silver Corporation</u>** <br>(Translation of registrant's name into English)

**<u>145 King Street West, Suite 2870, Toronto, ON, M5H 1J8</u>**<br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] Form 20-F [ x ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]

------

**<u>SUBMITTED HEREWITH</u>**

<u>Exhibits</u>

---

| | |
|:---|:---|
| [99.1](exhibit99-1.htm) | [99.1 Interim Financial Statements](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [99.2 Interim Management Discussion and Analysis](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [99.3 Certification of Interim Filings - CEO](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [99.4 Certification of Interim Filings - CFO](exhibit99-4.htm) |

---

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Americas Gold and Silver Corporation** | **Americas Gold and Silver Corporation** |
|  | (Registrant) | (Registrant) |
| Date: November 10, 2025 | By: | */s/ Peter McRae* |
|  |  | Peter McRae |
|  | Title: | Chief Legal Officer and Senior Vice President Corporate Affairs |

---

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## Exhibit 99.1

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---

| |
|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** |
| **Condensed Interim Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025 and 2024**<br>***(In thousands of U.S. dollars, unless otherwise stated, unaudited)*** |

---

**Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements**

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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**Americas Gold and Silver Corporation**

Condensed interim consolidated statements of financial position

(In thousands of U.S. dollars, unaudited)

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
| **As at** | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $39100 | $20002 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables (Note 5) | 10598 | 7132 |
| &nbsp;&nbsp;&nbsp;Inventories (Note 6) | 10225 | 10704 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 3862 | 2876 |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 13 and 22) | 1541 |  |
|  | 65326 | 40714 |
| &nbsp;&nbsp;&nbsp;**Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 4672 | 4527 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 7) | 163384 | 147399 |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 13 and 22) | 1320 |  |
| **Total assets** | $234702 | $192640 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $30718 | $37333 |
| &nbsp;&nbsp;&nbsp;Metals contract liability (Note 8) | 20024 | 13707 |
| &nbsp;&nbsp;&nbsp;Silver contract liability (Note 9) | 6368 |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments (Note 10) |  | 709 |
| &nbsp;&nbsp;&nbsp;Convertible debenture (Note 10) |  | 10849 |
| &nbsp;&nbsp;&nbsp;Pre-payment facility (Note 11) | 2550 | 2000 |
| &nbsp;&nbsp;&nbsp;Credit facility (Note 12) | 6976 | 2050 |
| &nbsp;&nbsp;&nbsp;Term loan facility (Note 13) | 2128 |  |
| &nbsp;&nbsp;&nbsp;Royalty payable (Note 14) | 3062 | 2762 |
|  | 71826 | 69410 |
| &nbsp;&nbsp;&nbsp;**Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 2180 | 1658 |
| &nbsp;&nbsp;&nbsp;Metals contract liability (Note 8) | 24594 | 27161 |
| &nbsp;&nbsp;&nbsp;Silver contract liability (Note 9) | 22198 | 18193 |
| &nbsp;&nbsp;&nbsp;Credit facility (Note 12) | 2184 | 7440 |
| &nbsp;&nbsp;&nbsp;Term loan facility (Note 13) | 45891 |  |
| &nbsp;&nbsp;&nbsp;Post-employment benefit obligations | 3108 | 3892 |
| &nbsp;&nbsp;&nbsp;Decommissioning provision | 12473 | 11389 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities (Note 21) | 33 | 48 |
| **Total liabilities** | $184487 | $139191 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 15) | 615904 | 573532 |
| &nbsp;&nbsp;&nbsp;Equity reserve | 62381 | 56521 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation reserve | 12442 | 14426 |
| &nbsp;&nbsp;&nbsp;Deficit | (640512) | (591030) |
| **Total equity** | $50215 | $53449 |
| **Total liabilities and equity** | $234702 | $192640 |

---

Going concern (Note 2), Contingencies (Note 24)

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

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**Americas Gold and Silver Corporation**

Condensed interim consolidated statements of loss and comprehensive loss

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month period ended** | **For the three-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024 Revised <sup>(1)</sup>** | **2025** | **2024 Revised <sup>(1)</sup>** |
| **Revenue** (Note 18) | $30596 | $22326 | $81070 | $76391 |
| Cost of sales (Note 19) | (20138) | (20265) | (64756) | (62865) |
| Depletion and amortization (Note 7) | (3704) | (5914) | (15710) | (18618) |
| Care and maintenance costs | (956) | (734) | (1584) | (3197) |
| Corporate general and administrative (Note 20) | (5933) | (1671) | (18521) | (5036) |
| Exploration costs | (1709) | (932) | (3907) | (2848) |
| Accretion on decommissioning provision | (157) | (157) | (471) | (469) |
| Interest and financing expense | (1710) | (4419) | (3565) | (8030) |
| Foreign exchange gain (loss) | (1877) | 1173 | 1107 | 161 |
| Gain on disposal of assets | 1 |  | 967 |  |
| Loss on metals contract liabilities (Note 8 and 9) | (12316) | (5330) | (26889) | (10044) |
| Other gain (loss) on derivatives (Note 10, 13 and 22) | 2916 | 178 | 3625 | (566) |
| Fair value loss on royalty payable (Note 14) | (19) | (216) | (300) | (729) |
| **Loss before income taxes** | (15006) | (15961) | (48934) | (35850) |
| Income tax expense (Note 21) | (702) | (198) | (795) | (469) |
| **Net loss** | $(15708) | $(16159) | $(49729) | $(36319) |
| **Attributable to:** |  |  |  |  |
| Shareholders of the Company | $(15708) | $(14056) | $(49729) | $(33375) |
| Non-controlling interests (Note 2 and 17) |  | (2103) |  | (2944) |
| **Net loss** | $(15708) | $(16159) | $(49729) | $(36319) |
| **Other comprehensive income (loss)** |  |  |  |  |
| **Items that will not be reclassified to net loss** |  |  |  |  |
| Remeasurement of post-employment benefit obligations | $(41) | $(733) | $247 | $1757 |
| **Items that may be reclassified subsequently to net loss** |  |  |  |  |
| Foreign currency translation reserve | 1568 | (913) | (1984) | 1194 |
| **Other comprehensive income (loss)** | 1527 | (1646) | (1737) | 2951 |
| **Comprehensive loss** | $(14181) | $(17805) | $(51466) | $(33368) |
| **Attributable to:** |  |  |  |  |
| Shareholders of the Company | $(14181) | $(15409) | $(51466) | $(31128) |
| Non-controlling interests (Note 2 and 17) |  | (2396) |  | (2240) |
| **Comprehensive loss** | $(14181) | $(17805) | $(51466) | $(33368) |
| **Loss per share attributable to shareholders of the Company** |  |  |  |  |
| Basic and diluted | (0.06) | (0.13) | (0.19) | (0.34) |
| **Weighted average number of common shares outstanding <sup>(2)</sup>** |  |  |  |  |
| Basic and diluted (Note 16) | 271451602 | 105053467 | 260988191 | 98314006 |

---

(1) Certain fiscal 2024 amounts were reclassified from revenue to cost of sales (see Note 19).

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

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

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**Americas Gold and Silver Corporation**

Condensed interim consolidated statements of changes in equity<br>For the nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, except share amounts in thousands of units, unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Foreign** |  |  |  |  |
|  | **Share capital** | **Share capital** |  | **currency** |  | **Attributable** | **Non-** |  |
|  | **Common** | **Common** | **Equity** | **translation** |  | **to shareholders** | **controlling** | **Total** |
|  | **Shares<sup>(1)</sup>** | **Amount** | **reserve** | **reserve** | **Deficit** | **of the Company** | **interests** | **equity** |
| **Balance at January 1, 2025** | 237780 | $573532 | $56521 | $14426 | $(591030) | $53449 | $- | $53449 |
| Net loss for the period |  |  |  |  | (49729) | (49729) |  | (49729) |
| Other comprehensive income (loss) for the period |  |  |  | (1984) | 247 | (1737) |  | (1737) |
| Non-brokered private placements (Note 15) | 11197 | 17884 | 571 |  |  | 18455 |  | 18455 |
| Common shares issued (Note 15) | 2330 | 2984 |  |  |  | 2984 |  | 2984 |
| Conversion of convertible debenture (Note 10) | 12923 | 11526 | (484) |  |  | 11042 |  | 11042 |
| Share-based payments |  |  | 9007 |  |  | 9007 |  | 9007 |
| Exercise of options, warrants, and other share units | 9271 | 9978 | (3234) |  |  | 6744 |  | 6744 |
| **Balance at September 30, 2025** | 273501 | $615904 | $62381 | $12442 | $(640512) | $50215 | $- | $50215 |
| **Balance at January 1, 2024** | 87476 | $455548 | $52936 | $8325 | $(463391) | 53418 | $18782 | $72200 |
| Net loss for the period |  |  |  |  | (33375) | (33375) | (2944) | (36319) |
| Other comprehensive income for the period |  |  |  | 1194 | 1054 | 2248 | 703 | 2951 |
| Contribution from non-controlling interests (Note 17) |  |  |  |  |  |  | 1995 | 1995 |
| Equity offering (Note 15) | 10460 | 3171 | 1855 |  |  | 5026 |  | 5026 |
| Non-brokered private placements (Note 15) | 634 | 441 |  |  |  | 441 |  | 441 |
| Common shares issued | 92 | 50 |  |  |  | 50 |  | 50 |
| Warrants issued |  |  | 527 |  |  | 527 |  | 527 |
| Retraction of convertible debenture (Note 10) | 8051 | 5603 | (53) |  |  | 5550 |  | 5550 |
| Share-based payments |  |  | 634 |  |  | 634 |  | 634 |
| **Balance at September 30, 2024** | 106713 | $464813 | $55899 | $9519 | $(495712) | $34519 | $18536 | $53055 |

---

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

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

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**Americas Gold and Silver Corporation**

Condensed interim consolidated statements of cash flows<br>For the nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Cash flow generated from (used in)** |  |  |
| **Operating activities** |  |  |
| Net loss for the period | $(49729) | $(36319) |
| Adjustments for the following items: |  |  |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | 15710 | 18618 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 795 | 469 |
| &nbsp;&nbsp;&nbsp;Accretion on decommissioning provision | 471 | 469 |
| &nbsp;&nbsp;&nbsp;Share-based payments | 9007 | 634 |
| &nbsp;&nbsp;&nbsp;Non-cash expenses from common shares issued |  | 577 |
| &nbsp;&nbsp;&nbsp;Provision on other long-term liabilities | 6 | 46 |
| &nbsp;&nbsp;&nbsp;Interest and financing expense | 564 | 4197 |
| &nbsp;&nbsp;&nbsp;Net charges on post-employment benefit obligations | (537) | (504) |
| &nbsp;&nbsp;&nbsp;Inventory write-downs | 3379 | 871 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of assets | (967) |  |
| &nbsp;&nbsp;&nbsp;Loss on metals contract liabilities | 26889 | 10044 |
| &nbsp;&nbsp;&nbsp;Other loss (gain) on derivatives | (3625) | 566 |
| &nbsp;&nbsp;&nbsp;Fair value loss on royalty payable | 300 | 729 |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | (3466) | 2036 |
| &nbsp;&nbsp;&nbsp;Inventories | (2900) | (1034) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (986) | (472) |
| &nbsp;&nbsp;&nbsp;Trade and other payables | (7460) | 1473 |
| **Net cash generated from (used in) operating activities** | (12549) | 2400 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Expenditures on property, plant and equipment | (28762) | (13575) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets | 998 |  |
| **Net cash used in investing activities** | (27764) | (13575) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Pre-payment facility | 550 | (750) |
| &nbsp;&nbsp;&nbsp;Credit facility | (600) | 10000 |
| &nbsp;&nbsp;&nbsp;Lease payments | (811) | (487) |
| &nbsp;&nbsp;&nbsp;Equity offering, net |  | 5026 |
| &nbsp;&nbsp;&nbsp;Non-brokered private placements, net | 18455 | 441 |
| &nbsp;&nbsp;&nbsp;Term loan facility, net | 49763 |  |
| &nbsp;&nbsp;&nbsp;Metals contract liability, net | (12691) | (113) |
| &nbsp;&nbsp;&nbsp;Royalty agreement, net |  | (628) |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 58 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options and warrants | 6744 |  |
| &nbsp;&nbsp;&nbsp;Contribution from non-controlling interests |  | 1995 |
| **Net cash generated from financing activities** | 61468 | 15484 |
| Effect of foreign exchange rate changes on cash | (2057) | 845 |
| **Increase in cash and cash equivalents** | 19098 | 5154 |
| **Cash and cash equivalents, beginning of period** | 20002 | 2061 |
| **Cash and cash equivalents, end of period** | $39100 | $7215 |
| Interest paid during the period | $1425 | $2214 |

---

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

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

**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 unaudited condensed interim consolidated financial statements of the Company ("the Interim Financial Statements") for the three and nine months ended September 30, 2025 were approved and authorized for issue by the Board of Directors of the Company on November 10, 2025.

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

These Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). As such they do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Company's annual audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023.

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 Interim Financial Statements have been adjusted retrospectively to reflect the share consolidation.

These Interim 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. The Company had a working capital deficit of $6.5 million, including cash and cash equivalents of $39.1 million as at September 30, 2025. During the nine-month period ended September 30, 2025, the Company reported a net loss of $49.7 million, including loss on metals contract liabilities of $26.9 million. At September 30, 2025, the Company may not have sufficient liquidity on hand to fund its operations for the next twelve months and may require further financing to meet its financial obligations and execute on its business plans at its mining operations.

Continuance as a going concern is dependent upon the Company's ability to achieve profitable operations, obtain adequate equity or debt financing, or, alternatively, dispose of its non-core properties on an advantageous basis, among other things. Since 2020 to 2024, the Company was successful in raising funds through equity offerings, debt arrangements, convertible debentures, and registered shelf prospectuses. On December 19, 2024, the Company completed an 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, and closed a bought deal private placement of subscription receipts for gross proceeds of $50 million CAD or $35.1 million USD (see Note 15). As part of the agreement, the Company also closed additional non-brokered private placements for total gross proceeds of $6.9 million CAD or $5.0 million USD through total issuance of 6,600,000 of the Company's common shares priced at approximately $1.05 CAD per share for bridge financing purposes. On June 24, 2025, the Company entered into a $100 million senior secured debt facility with SAF Group consisting of an initial $50 million term loan advance, and two additional tranches of $25 million each made available to the Company upon satisfactory of certain conditions (See Note 13). While it 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 raise additional financing, to access the additional tranches, to achieve cash flow positive production at the Cosalá Operations and Galena Complex, allowing the Company to generate sufficient operating cash flows, are significant judgments in these Interim Financial Statements.

As a result, several material uncertainties cast substantial doubt upon the going concern assumption, including cash flow positive production at the Cosalá Operations and Galena Complex, and ability to raise additional funds as necessary to fund these operations and meet obligations as they come due.

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

These Interim Financial Statements do not reflect any adjustments to carrying values of assets and liabilities and the reported expenses and condensed interim 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.

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.

**3. 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.

- 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, with early adoption permitted.

These standards are being assessed for their impact on the Company in the current or future reporting periods.

**4. Significant accounting judgments and estimates**

The preparation of the Interim Financial Statements in conformity with 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 significantly from those estimates.

In preparing these Interim Financial Statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Company's annual consolidated financial statements as at and for the year ended December 31, 2024, in addition to the significant judgments mentioned in Note 2.

**5. Trade and other receivables**

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Trade receivables | $6802 | $3572 |
| Value added taxes receivable | 535 |  |
| Other receivables | 3261 | 3560 |
|  | $10598 | $7132 |

---

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

**6. Inventories**

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Concentrates | $1159 | $2971 |
| Ore stockpiles | 2939 | 1767 |
| Spare parts and supplies | 6127 | 5966 |
|  | $10225 | $10704 |

---

The amount of inventories recognized in cost of sales was $20.1 million during the three-month period ended September 30, 2025 (2024: $20.3 million) and $64.8 million during the nine-month period ended September 30, 2025 (2024: $62.9 million), including concentrates, ore on leach pads, and ore stockpiles write-down to net realizable value of $1.5 million during the three-month period end September 30, 2025 (2024: $0.1 million) and $3.4 million during the nine-month period ended September 30, 2025 (2024: $0.9 million).

**7. 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 | 20701 |  | 8137 | 2084 | 190 | 31112 |
| Asset disposals |  |  |  | (31) |  | (31) |
| Change in decommissioning provision | 614 |  |  |  |  | 614 |
| **Balance at September 30, 2025** | $260940 | $12469 | $141159 | $14527 | $427 | $429522 |
| **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 period | (8347) |  | (5830) | (1522) | (11) | (15710) |
| **Balance at September 30, 2025** | $(154993) | $- | $(99885) | $(11023) | $(237) | $(266138) |
| **Carrying value** |  |  |  |  |  |  |
| **at December 31, 2024** | $92979 | $12469 | $38967 | $2973 | $11 | $147399 |
| **at September 30, 2025** | $105947 | $12469 | $41274 | $3504 | $190 | $163384 |

---

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. No impairment or impairment reversal were identified for the nine-month period ended September 30, 2025 for each of the Company's cash-generating unit, including non-producing properties and properties placed under care and maintenance.

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, $5.1 million, and $0.1 million, respectively, as at September 30, 2025 (December 31, 2024: $16.0 million, $7.0 million, and $0.7 million, respectively).

The Company completed the acquisition of the San Felipe property located in Sonora, Mexico on October 8, 2020. As at September 30, 2025, the carrying amount of this property was $12.5 million included in non-producing properties.

Page \| 7

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

**8. 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") 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.

The following table summarizes the continuity of the Company's net metals contract liability during the period:

---

| | | |
|:---|:---|:---|
|  | **Nine-month** | **Year** |
|  | **period ended** | **ended** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Net metals contract liability, beginning of period | $40868 | $36837 |
| Advance increase (net of financing expense) |  | 12512 |
| Delivery of metals purchased | (12691) | (18564) |
| Revaluation of metals contract liability | 16441 | 10083 |
| Net metals contract liability, end of period | $44618 | $40868 |
| Current portion | $20024 | $13707 |
| Non-current portion | 24594 | 27161 |
|  | $44618 | $40868 |

---

**9. 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 17) 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 $10.4 million loss to fair value on metals contract liability due to changes in forward commodity pricing curves was recorded during the nine-month period ended September 30, 2025 (2024: nil).

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | |
|:---|:---|
|  | **Nine-month** |
|  | **period ended** |
|  | **September 30,** |
|  | **2025** |
| Net silver contract liability, beginning of period | $18193 |
| Revaluation of metals contract liability | 10373 |
| Net silver contract liability, end of period | $28566 |
| Current portion | $6368 |
| Non-current portion | 22198 |
|  | $28566 |

---

**10. 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.

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 nine-month period ended September 30, 2025 (2024: loss of $0.6 million) as a result of the change in the estimated fair value of the Convertible Debenture's combined redemption option and retraction option.

**11. 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 with interest amended to U.S. SOFR rate plus 4.75% per annum.

**12. 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 amortized 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.

**13. 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.

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

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 22 for the Company's price risk impact from the price protection program.

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 $2.0 million for the nine-month period ended September 30, 2025.

**14. 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 $0.3 million for the nine-month period ended September 30, 2025 (2024: $0.7 million) as a result of the change in the estimated fair value of the Royalty Agreement.

**15. 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.

During the nine-month period ended September 30, 2025, the Company closed non-brokered private placements for total gross proceeds of $18.6 million through total issuance of 11,196,656 of the Company's common shares priced at approximately $2.31 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 nine-month period ended September 30, 2025, the Company settled $3.0 million of transaction-related payables through issuance of 2,329,870 of the Company's common shares.

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

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 9). 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.

*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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Nine-month** |  | **Year** |
|  |  | **period ended** |  | **ended** |
|  |  | **September 30,** |  | **December 31,** |
|  |  | **2025** |  | **2024** |
|  |  | Weighted |  | Weighted |
|  |  | average |  | average |
|  |  | exercise |  | exercise |
|  | Number | price | Number | price |
|  | (thousands) | CAD | (thousands) | CAD |
| Balance, beginning of period | 8044 | $1.67 | 6948 | $3.25 |
| Granted | 3940 | 1.41 | 3620 | 1.33 |
| Exercised | (1290) | 1.50 |  |  |
| Expired | (1591) | 2.61 | (2524) | 5.55 |
| Balance, end of period | 9103 | $1.42 | 8044 | $1.68 |

---

The following table summarizes information on stock options outstanding and exercisable as at September 30, 2025:

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Weighted |  |  |  |  |
|  | average |  | Weighted |  | Weighted |
|  | remaining |  | average |  | average |
| &nbsp;&nbsp;Exercise | contractual |  | exercise |  | exercise |
| &nbsp;&nbsp;price | life | Outstanding | price | Exercisable | price |
| &nbsp;&nbsp;CAD | (years) | (thousands) | CAD | (thousands) | CAD |
| &nbsp;&nbsp;$0.01 to $1.00 | 1.23 | 1123 | $0.78 | 626 | $0.78 |
| &nbsp;&nbsp;$1.01 to $2.00 | 3.28 | 6840 | 1.38 | 947 | 1.38 |
| &nbsp;&nbsp;$2.01 to $3.00 | 0.60 | 1100 | 2.25 | 1020 | 2.25 |
| &nbsp;&nbsp;$3.01 to $3.50 | 4.88 | 40 | 3.43 |  |  |
|  |  | 9103 | $1.42 | 2593 | $1.58 |

---

*c. Share-based payments*

The weighted average fair value at grant date of the Company's stock options granted during the nine-month period ended September 30, 2025 was $0.59 (2024: $0.30).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month** | **Three-month** | **Nine-month** | **Nine-month** |
|  | **period ended** | **period ended** | **period ended** | **period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Expected stock price volatility <sup>(1)</sup> | 68% |  | 70% | 67% |
| Risk free interest rate | 2.94% |  | 2.94% | 4.02% |
| Expected life | 5 years |  | 5 years | 3 years |
| Expected forfeiture rate | 4.80% |  | 3.25% | 3.08% |
| Expected dividend yield | 0% |  | 0% | 0% |
| Share-based payments included in cost of sales | $- | $- | $- | $- |
| Share-based payments included in general and administrative expenses | 616 | 198 | 1656 | 509 |
| Total share-based payments | $616 | $198 | $1656 | $509 |

---

(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 September 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Number of | Exercise | Issuance | Expiry |
| &nbsp;&nbsp;warrants | price (CAD) | date | date |
| &nbsp;&nbsp;7040 | 0.75 | Mar 2024 | Mar 27, 2026 |
| &nbsp;&nbsp;400000 | 1.38 | Jun 2023 | Jun 21, 2026 |
| &nbsp;&nbsp;5457400 | 1.00 | Mar 2024 | Mar 27, 2027 |
| &nbsp;&nbsp; 1200000 | 1.05 | Aug 2024 | Aug 14, 2027 |
| &nbsp;&nbsp; 1044000 | 2.50 | Mar 2025 | Mar 31, 2028 |
| &nbsp;&nbsp; 8108440 |  |  |  |

---

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

*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 September 30, 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 September 30, 2025, 9,541,183 (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.

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 | &nbsp;&nbsp;1140730 |
| Average fair value per unit | &nbsp;&nbsp;$2.64 |
| Share price | &nbsp;&nbsp;$2.22 |
| Risk free interest rate | &nbsp;&nbsp;3.42% |
| Expected life | &nbsp;&nbsp;3 years |
| Expected volatility | &nbsp;&nbsp;71% |
| Expected dividends | &nbsp;&nbsp;0% |
| Average index share price | &nbsp;&nbsp;$43.74 |
| Average correlation coefficient | &nbsp;&nbsp;0.54 |

---

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

*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 September 30, 2025, 3,151,033 (December 31, 2024: 1,425,166) deferred share units are issued and outstanding.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month** | **Three-month** | **Nine-month** | **Nine-month** |
|  | **period ended** | **period ended** | **period ended** | **period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Basic weighted average number of shares | 271451602 | 105053467 | 260988191 | 98314006 |
| Effect of dilutive stock options and warrants |  |  |  |  |
| Diluted weighted average number of shares | 271451602 | 105053467 | 260988191 | 98314006 |

---

Diluted weighted average number of common shares for the three-month and nine-month periods ended September 30, 2025 excludes nil anti-dilutive preferred shares (2024: nil), 9,103,338 anti-dilutive stock options (2024: 5,978,000) and 8,108,440 anti-dilutive warrants (2024: 15,104,008).

**17. 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.

**18. Revenue**

The following is a disaggregation of revenue categorized by commodities sold for the three-month and nine-month periods ended September 30, 2025 and 2024:

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month** | **Three-month** | **Nine-month** | **Nine-month** |
|  | **period ended** | **period ended** | **period ended** | **period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024 Revised <sup>(1)</sup>** | **2025** | **2024 Revised <sup>(1)</sup>** |
| **Silver** |  |  |  |  |
| Sales revenue | $17212 | $13630 | $45950 | $49011 |
| Derivative pricing adjustments | (351) | (1547) | 755 | (887) |
|  | 16861 | 12083 | 46705 | 48124 |
| **Zinc** |  |  |  |  |
| Sales revenue | $108 | $9509 | $11883 | $29431 |
| Derivative pricing adjustments | 73 | 235 | 155 | 890 |
|  | 181 | 9744 | 12038 | 30321 |
| **Lead** |  |  |  |  |
| Sales revenue | $2048 | $4482 | $7312 | $14274 |
| Derivative pricing adjustments | (41) | (105) | (175) | 53 |
|  | 2007 | 4377 | 7137 | 14327 |
| **Other by-products** |  |  |  |  |
| Sales revenue | $4 | $216 | $354 | $808 |
| Derivative pricing adjustments | 26 | 92 | 89 | 306 |
|  | 30 | 308 | 443 | 1114 |
| Total sales revenue | $19372 | $27837 | $65499 | $93524 |
| Total derivative pricing adjustments | (293) | (1325) | 824 | 362 |
| Gross revenue | $19079 | $26512 | $66323 | $93886 |
| Proceeds before intended use | 12934 | 990 | 23536 | 1695 |
| Treatment and selling costs | (1417) | (5176) | (8789) | (19190) |
|  | $30596 | $22326 | $81070 | $76391 |

---

(1) Certain fiscal 2024 amounts were reclassified from revenue to cost of sales (see Note 19).

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 22).

**19. 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 for the three-month and nine-month periods ended September 30, 2025 and 2024:

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month** | **Three-month** | **Nine-month** | **Nine-month** |
|  | **period ended** | **period ended** | **period ended** | **period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024 Revised <sup>(1)</sup>** | **2025** | **2024 Revised <sup>(1)</sup>** |
| Salaries and employee benefits | $7795 | $8226 | $22261 | $24047 |
| Raw materials and consumables | 3600 | 8603 | 16726 | 25793 |
| Utilities | 985 | 1090 | 3126 | 3367 |
| Transportation costs | 373 | 1308 | 1945 | 4258 |
| Other costs | 2682 | 1509 | 7224 | 4692 |
| Costs before intended use | 6759 | 454 | 12995 | 871 |
| Changes in inventories | (3511) | (978) | (2900) | (1034) |
| Inventory write-downs (Note 6) | 1455 | 53 | 3379 | 871 |
|  | $20138 | $20265 | $64756 | $62865 |

---

(1) Certain transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.

**20. 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 for the three-month and nine-month periods ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month** | **Three-month** | **Nine-month** | **Nine-month** |
|  | **period ended** | **period ended** | **period ended** | **period ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Salaries and employee benefits | $1075 | $498 | $3397 | $1611 |
| Directors' fees | 564 | 115 | 3337 | 341 |
| Share-based payments | 2344 | 198 | 5945 | 509 |
| Professional fees | 1155 | 391 | 3311 | 1067 |
| Office and general | 795 | 469 | 2531 | 1508 |
|  | $5933 | $1671 | $18521 | $5036 |

---

**21. Income taxes**

Income tax expense is recognized based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual rate used for the nine-month period ended September 30, 2025 was 26.5% and for the year ended December 31, 2024 was 26.5%.

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

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Property, plant and equipment | $130 | $130 |
| Other | 309 | 313 |
| Total deferred tax liabilities | 439 | 443 |
| Provisions and reserves | (406) | (395) |
| Net deferred tax liabilities | $33 | $48 |

---

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

The inventory write-downs and impairments described in Note 6 and 7 will result in certain non-capital losses and timing differences which have not been recorded given uncertainty of recoverability in future periods.

**22. 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 and trade and other receivables. 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.

As of September 30, 2025, the Company's exposure to credit risk with respect to trade receivables amounts to $6.8 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 September 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | Less than |  |  |
|  | Total | 1 year | 2-3 years | 4-5 years |
| Trade and other payables | $30718 | $30718 | $- | $- |
| Pre-payment facility | 2550 | 2550 |  |  |
| Credit facility | 9400 | 7200 | 2200 |  |
| Interest on credit facility | 578 | 553 | 25 |  |
| Term loan facility | 53191 | 1596 | 15691 | 35904 |
| Interest and fees on term loan facility | 20037 | 5527 | 9780 | 4730 |
| Royalty payable | 3062 | 3062 |  |  |
| Metals contract liability | 44618 | 20024 | 24594 |  |
| Silver contract liability | 28566 | 6368 | 19815 | 2383 |
| Price protection program premium | 3411 | 383 | 3028 |  |
| Projected pension contributions | 7530 | 1596 | 2652 | 2906 |
| Decommissioning provision | 19950 |  |  |  |
| Other long-term liabilities | 2180 |  | 1368 | 182 |
|  | $225791 | $79577 | $79153 | $46105 |

---

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

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  | Less than |  |  |
|  | Total | 1 year | 2-3 years | 4-5 years |
| Trade and other payables | $1493 | $1493 | $- | $- |
| Other long-term liabilities | 1550 |  | 1368 | 182 |
|  | $3043 | $1493 | $1368 | $182 |

---

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 period:

---

| | | |
|:---|:---|:---|
|  | **Nine-month** | **Year** |
|  | **period ended** | **ended** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Lease liabilities, beginning of period | $1655 | $1436 |
| Additions | 2081 | 823 |
| Lease principal payments | (668) | (608) |
| Lease interest payments | (143) | (71) |
| Accretion on lease liabilities | 118 | 75 |
| Lease liabilities, end of period | $3043 | $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 September 30 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 September 30, 2025** | **As at September 30, 2025** |
|  | CAD | MXN |
| Cash and cash equivalents | $1030 | $668 |
| Trade and other receivables | 517 | 3254 |
| Trade and other payables | 4078 | 11018 |

---

As at September 30, 2025, the CAD/USD and MXN/USD exchange rates were 1.39 and 18.38, respectively. The sensitivity of the Company's net loss and other comprehensive loss due to changes in the exchange rates for the nine-month period ended September 30, 2025 is included in the following table:

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | |
|:---|:---|:---|
|  | **CAD/USD** | **MXN/USD** |
|  | **Exchange rate** | **Exchange rate** |
|  | +/- 10% | +/- 10% |
| Approximate impact on: |  |  |
| Net loss | $2182 | $3378 |
| Other comprehensive loss | 196 | 3 |

---

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

As at September 30, 2025 and December 31, 2024, the Company does not have any non-hedge foreign exchange forward contracts outstanding. During the nine-month periods ended September 30, 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 September 30, 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 $0.7 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 $2.9 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 $0.3 million gain from settled non-hedge contracts and a $2.6 million gain from unsettled non-hedge contracts during the nine-month period ended September 30, 2025. At September 30, 2025, the unsettled non-hedged contracts resulted in a net asset of derivative instruments valued at $2.9 million.

Net amount of gain or loss on derivative instruments from non-hedge commodity contracts recognized through profit or loss during the nine-month period ended September 30, 2025 was $2.9 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 nine-month period ended September 30, 2025 was a gain of $3.6 million (2024: loss of $0.6 million).

Page \| 19

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

*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 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.

* 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).

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Level 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $39100 | $20002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4672 | 4527 |
| Level 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 10598 | 7132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments - assets | 2861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments - liabilities |  | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals contract liability | 44618 | 40868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver contract liability | 28566 | 18193 |
| Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty payable | 3062 | 2762 |
| Amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-payment facility | 2550 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | 9160 | 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan facility | 48019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture |  | 10849 |

---

**23. 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.

*b. Geographic information*

All revenues from sales of concentrates for the three-month and nine-month periods ended September 30, 2025 and 2024 were earned in Mexico and the United States. The following segmented information is presented as at September 30, 2025 and December 31, 2024, and for the three-month and nine-month periods ended September 30, 2025 and 2024. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States.

Page \| 21

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As at September 30, 2025** | **As at September 30, 2025** | **As at September 30, 2025** | **As at September 30, 2025** | **As at September 30, 2025** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** |
| Cash and cash equivalents | $5840 | $337 | $199 | $32724 | $39100 | $6576 | $1390 | $35 | $12001 | $20002 |
| Trade and other receivables | 5154 | 4927 |  | 517 | 10598 | 5485 | 1450 |  | 197 | 7132 |
| Inventories | 7364 | 2758 | 103 |  | 10225 | 7976 | 2625 | 103 |  | 10704 |
| Prepaid expenses | 1288 | 1382 | 394 | 798 | 3862 | 745 | 933 | 755 | 443 | 2876 |
| Derivative instruments |  |  |  | 2861 | 2861 |  |  |  |  |  |
| Restricted cash | 149 | 53 | 4470 |  | 4672 | 135 | 53 | 4339 |  | 4527 |
| Property, plant and equipment | 58370 | 83180 | 21169 | 665 | 163384 | 48123 | 74935 | 23686 | 655 | 147399 |
| Total assets | $78165 | $92637 | $26335 | $37565 | $234702 | $69040 | $81386 | $28918 | $13296 | $192640 |
| Trade and other payables | $12256 | $9425 | $3271 | $5766 | $30718 | $12650 | $8689 | $2896 | $13098 | $37333 |
| Derivative instruments |  |  |  |  |  |  |  |  | 709 | 709 |
| Pre-payment facility |  | 2550 |  |  | 2550 |  | 2000 |  |  | 2000 |
| Credit facility | 9160 |  |  |  | 9160 | 9490 |  |  |  | 9490 |
| Term loan facility |  |  |  | 48019 | 48019 |  |  |  |  |  |
| Other long-term liabilities | 870 | 916 |  | 394 | 2180 |  | 1170 |  | 488 | 1658 |
| Metals contract liability |  |  |  | 44618 | 44618 |  |  |  | 40868 | 40868 |
| Silver contract liability |  |  |  | 28566 | 28566 |  |  |  | 18193 | 18193 |
| Convertible debenture |  |  |  |  |  |  |  |  | 10849 | 10849 |
| Royalty payable |  |  |  | 3062 | 3062 |  |  |  | 2762 | 2762 |
| Post-employment benefit obligations |  | 3108 |  |  | 3108 |  | 3892 |  |  | 3892 |
| Decommissioning provision | 2693 | 5716 | 4064 |  | 12473 | 2129 | 5346 | 3914 |  | 11389 |
| Deferred tax liabilities | 33 |  |  |  | 33 | 48 |  |  |  | 48 |
| Total liabilities | $25012 | $21715 | $7335 | $130425 | $184487 | $24317 | $21097 | $6810 | $86967 | $139191 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month period ended September 30, 2025** | **Three-month period ended September 30, 2025** | **Three-month period ended September 30, 2025** | **Three-month period ended September 30, 2025** |  | **Three-month period ended September 30, 2024** | **Three-month period ended September 30, 2024** | **Three-month period ended September 30, 2024** | **Three-month period ended September 30, 2024** |  |
|  | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** |
| Revenue | $13099 | $17497 | $- | $- | $30596 | $12699 | $9627 | $- | $- | $22326 |
| Cost of sales | (8190) | (11948) |  |  | (20138) | (9426) | (10839) |  |  | (20265) |
| Depletion and amortization | (707) | (2142) | (797) | (58) | (3704) | (2243) | (2769) | (862) | (40) | (5914) |
| Care and maintenance costs |  | (216) | (740) |  | (956) |  | (175) | (559) |  | (734) |
| Corporate general and administrative |  |  |  | (5933) | (5933) |  |  |  | (1671) | (1671) |
| Exploration costs | (962) | (715) | (32) |  | (1709) | (112) | (788) | (32) |  | (932) |
| Accretion on decommissioning provision | (54) | (60) | (43) |  | (157) | (59) | (56) | (42) |  | (157) |
| Interest and financing income (expense) | (34) | (76) | 44 | (1644) | (1710) | (796) | (119) | 12 | (3516) | (4419) |
| Foreign exchange gain (loss) | (367) |  |  | (1510) | (1877) | 475 |  |  | 698 | 1173 |
| Gain on disposal of assets |  |  | 1 |  | 1 |  |  |  |  |  |
| Loss on metals contract liabilities |  |  |  | (12316) | (12316) |  |  |  | (5330) | (5330) |
| Other gain on derivatives |  |  |  | 2916 | 2916 |  |  |  | 178 | 178 |
| Fair value loss on royalty payable |  |  |  | (19) | (19) |  |  |  | (216) | (216) |
| Income (loss) before income taxes | 2785 | 2340 | (1567) | (18564) | (15006) | 538 | (5119) | (1483) | (9897) | (15961) |
| Income tax expense | (702) |  |  |  | (702) | (198) |  |  |  | (198) |
| Net income (loss) for the period | $2083 | $2340 | $(1567) | $(18564) | $(15708) | $340 | $(5119) | $(1483) | $(9897) | $(16159) |

---

Page \| 22

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**Americas Gold and Silver Corporation**<br> Notes to the condensed interim consolidated financial statements<br>For the three-month and nine-month periods ended September 30, 2025 and 2024<br>(In thousands of U.S. dollars, unless otherwise stated, unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine-month period ended September 30, 2025** | **Nine-month period ended September 30, 2025** | **Nine-month period ended September 30, 2025** | **Nine-month period ended September 30, 2025** |  | **Nine-month period ended September 30, 2024** | **Nine-month period ended September 30, 2024** | **Nine-month period ended September 30, 2024** | **Nine-month period ended September 30, 2024** |  |
|  | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** | **Cosalá<br>Operations** | **Galena<br>Complex** | **Relief<br>Canyon** | **Corporate<br>and Other** | **Total** |
| Revenue | $36435 | $44635 | $- | $- | $81070 | $41094 | $35297 | $- | $- | $76391 |
| Cost of sales | (30781) | (33975) |  |  | (64756) | (32905) | (29960) |  |  | (62865) |
| Depletion and amortization | (3607) | (9424) | (2506) | (173) | (15710) | (6892) | (9018) | (2589) | (119) | (18618) |
| Care and maintenance costs |  | (445) | (1139) |  | (1584) |  | (445) | (2752) |  | (3197) |
| Corporate general and administrative |  |  |  | (18521) | (18521) |  |  |  | (5036) | (5036) |
| Exploration costs | (2203) | (1617) | (87) |  | (3907) | (486) | (2286) | (76) |  | (2848) |
| Accretion on decommissioning provision | (162) | (178) | (131) |  | (471) | (182) | (165) | (122) |  | (469) |
| Interest and financing income (expense) | (128) | (268) | 131 | (3300) | (3565) | (965) | (317) | 41 | (6789) | (8030) |
| Foreign exchange gain (loss) | (844) |  |  | 1951 | 1107 | 1042 |  |  | (881) | 161 |
| Gain on disposal of assets |  |  | 967 |  | 967 |  |  |  |  |  |
| Loss on metals contract liability |  |  |  | (26889) | (26889) |  |  |  | (10044) | (10044) |
| Other gain (loss) on derivatives |  |  |  | 3625 | 3625 |  |  |  | (566) | (566) |
| Fair value loss on royalty payable |  |  |  | (300) | (300) |  |  |  | (729) | (729) |
| Income (loss) before income taxes | (1290) | (1272) | (2765) | (43607) | (48934) | 706 | (6894) | (5498) | (24164) | (35850) |
| Income tax expense | (795) |  |  |  | (795) | (469) |  |  |  | (469) |
| Net loss for the period | $(2085) | $(1272) | $(2765) | $(43607) | $(49729) | $237 | $(6894) | $(5498) | $(24164) | $(36319) |

---

*c. Major customers*

For the three-month period ended September 30, 2025, the Company sold concentrates and finished goods to three major customers accounting for 43% of revenues from Cosalá Operations and 57% of revenues from Galena Complex (2024: two major customers accounting for 51% of revenues from Cosalá Operations and 45% of revenues from Galena Complex). For the nine-month period ended September 30, 2025, the Company sold concentrates and finished goods to three major customers accounting for 45% of revenues from Cosalá Operations and 55% of revenues from Galena Complex (2024: two major customers accounting for 50% of revenues from Cosalá Operations and 48% of revenues from Galena Complex).

**24. 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 $10.7 million (MXN 196.8 million), of which $4.6 million (MXN 84.4 million) would be applied against available tax losses. The Company appealed this reassessment and the Mexican tax authorities subsequently reversed $5.1 million (MXN 94.6 million) of their original reassessment. The remaining $5.6 million (MXN 102.2 million) consists of $4.6 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 $4.6 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 September 30, 2025, the accrued liability of the probable obligation from the ongoing appeal was $1.0 million (December 31, 2024: $1.0 million).

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## Exhibit 99.2

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| |
|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** |
| **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** |
| **DATED NOVEMBER 10, 2025** |

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**Americas Gold and Silver Corporation**

**Management's Discussion and Analysis**

**Table of Contents**

---

| | |
|:---|:---|
| [Forward-Looking Statements](#page_3) | [1](#page_3) |
| [Management's Discussion and Analysis](#page_5) | [3](#page_5) |
| [Overview](#page_6) | [4](#page_6) |
| [Recent Developments and Operational Discussion](#page_7) | [5](#page_7) |
| [Results of Operations](#page_15) | [13](#page_15) |
| [Summary of Quarterly Results](#page_17) | [15](#page_17) |
| [Liquidity](#page_18) | [16](#page_18) |
| [Capital Resources](#page_20) | [18](#page_20) |
| [Off-Balance Sheet Arrangements](#page_21) | [19](#page_21) |
| [Transactions with Related Parties](#page_21) | [19](#page_21) |
| [Risk Factors](#page_21) | [19](#page_21) |
| [Accounting Standards and Pronouncements](#page_22) | [20](#page_22) |
| [Financial Instruments](#page_22) | [20](#page_22) |
| [Capital Structure](#page_23) | [21](#page_23) |
| [Controls and Procedures](#page_23) | [21](#page_23) |
| [Technical Information](#page_23) | [21](#page_23) |
| [Non-GAAP and Other Financial Measures](#page_23) | [21](#page_23) |

---

*Unless otherwise indicated, in this Management's Discussion and Analysis all references to "dollar" or the use of the symbol "$" are to the United States of America dollar and all references to "C$" are to the Canadian dollar. Additionally, percentage changes in this Management's Discussion and Analysis are based on dollar amounts before rounding.*

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Forward-Looking Statements**

Statements contained in this Management's Discussion and Analysis ("MD&A") 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 MD&A 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 and the Acquisition Agreement (as defined herein), 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 99% 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 2025; 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 MD&A 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; 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 recent 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 this MD&A and the Company's most recently filed Annual Information Form ("AIF") 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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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

Forward-looking statements contained in this MD&A 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 MD&A 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 MD&A. 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.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Management's Discussion and Analysis**

This MD&A of the results of operations, liquidity and capital resources of Americas Gold and Silver Corporation (the "Company" or "Americas Gold and Silver") constitutes management's review of the Company's financial and operating performance for the three and nine months ended September 30, 2025, including the Company's financial condition and future prospects. Except as otherwise noted, this discussion is dated November 10, 2025 and should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and the notes thereto for the three and nine months ended September 30, 2025 and 2024. The unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 are prepared in accordance with International Accounting Standards ("IAS") 34 under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. The Company prepared its latest financial statements in U.S. dollars and all amounts in this MD&A are expressed in U.S. dollars, unless otherwise stated. These documents along with additional information relating to the Company including the Company's most recent Annual Information Form are available on SEDAR+ at <u>www.sedarplus.ca</u>, on EDGAR at <u>www.sec.gov</u>, and on the Company's website at <u>www.americas-gold.com</u>. The content of the Company's website and information accessible through the website do not form part of this MD&A.

In this report, the management of the Company presents operating highlights for the three months ended September 30, 2025 ("Q3-2025") compared to the three months ended September 30, 2024 ("Q3-2024") and for the nine months ended September 30, 2025 ("YTD-2025") compared to the nine months ended September 30, 2024 ("YTD-2024") as well as comments on plans for the future. Throughout this MD&A, consolidated production results and consolidated operating metrics are based on the attributable ownership percentage of each operating segment: 100% Cosalá Operations and 60% Galena Complex up to December 18, 2024, prior to acquisition of Galena Complex's 40% non-controlling interests, and 100% from both operations thereafter including fiscal 2025. In addition, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024 and are classified similarly in fiscal 2025.

The Company has included certain non-GAAP and other financial measures, which the Company believes, that together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP and other financial performance employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Reconciliations and descriptions can be found under "Non-GAAP and Other Financial Measures".

The Company filed articles of amendment, effective August 21, 2025, to complete an approved share consolidation of the Company's issued and outstanding common shares on the basis of two and a half (2.5) pre-consolidated common shares for one (1) post-consolidated common share. The share consolidation affects all issued and outstanding common shares, options, warrants, restricted share units, performance share units, and deferred share units. All information relating to issued and outstanding common shares, options, warrants, restricted share units, performance share units, deferred share units, and related per share amounts in this MD&A have been adjusted retrospectively to reflect the share consolidation.

This MD&A contains statements about the Company's future or expected financial condition, results of operations and business. See "Forward-Looking Statements" above for more information on forward-looking statements.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Overview**

The Company is a silver-focused producer with two operations in the world's leading silver mining regions: the Galena Complex in Idaho, USA and the Cosalá Operations in Sinaloa, Mexico. The Company also owns the Relief Canyon mine ("Relief Canyon") which is currently on care and maintenance in Nevada, USA.

In Idaho, USA, the Company operates the 100%-owned producing Galena Complex whose primary assets are the operating Galena mine, the Coeur mine, and the contiguous Caladay development project in the Coeur d'Alene Mining District of the northern Idaho Silver Valley. The Galena Complex has recorded production of over 230 million ounces of silver along with associated by-product metals of copper and lead over a production history of more than sixty years. The Company is currently underway with a new strategy at Galena aimed at increasing production and lowering operating costs following the consolidation transaction, and subsequent capital raises discussed herein.

In Sinaloa, Mexico, the Company operates the 100%-owned Cosalá Operations, which includes the San Rafael silver-zinc-lead mine ("San Rafael"), after declaring commercial production in December 2017. Prior to that time, it operated the Nuestra Señora silver-zinc-copper-lead mine after commissioning the Los Braceros processing facility and declaring commercial production in January 2009. The Cosalá area land holdings also host several other known precious metals and polymetallic deposits, past-producing mines, and development projects, including the 100%-owned Zone 120 and the El Cajón silver-copper deposits ("EC120 Project"). The Company is currently in the process of developing the EC120 mine which is expected to reach full production by year end 2025. These properties are located in close proximity to the Los Braceros processing plant. The Company also owns a 100% interest in the San Felipe development project in Sonora, Mexico.

In Nevada, USA, the Company has the 100%-owned, Relief Canyon located in Pershing County, which is currently on care and maintenance. Operations were suspended in August 2021 in order to resolve technical challenges related to the metallurgical characteristics of the deposit; leaching and heap rinsing operations were discontinued in Q4-2023. The landholdings at Relief Canyon and the surrounding area cover over 11,700 hectares.

The Company's management and Board of Directors (the "Board") are comprised of senior mining executives who have extensive experience identifying, acquiring, developing, financing, and operating precious metals deposits globally. The Company's registered office is located at 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The Company is a reporting issuer in each of the provinces of Canada and is listed on the TSX trading under the symbol "USA" and on the NYSE American trading under the symbol "USAS".

Information contained on the Company's website is not incorporated by reference herein and should not be considered part of this MD&A.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Recent Developments and Operational Discussion**

***Q3-2025 Highlights***

* **Consolidated silver production increased 98% year-over-year and 11% quarter-over-quarter** as the impact of operational improvements and efficiencies continued at the Galena Complex in Idaho while the Cosalá Operations progressed into the high-grade EC120 Project with pre-production of higher-grade development ore.
 
Strong production results were achieved despite a planned 10-day shut down to complete Phase 1 upgrades to the Galena No. 3 Shaft.
Consolidated silver production of 765,000 ounces was realized during the quarter, or approximately 877,000 silver equivalent[<sup>1</sup>](#_ftn1) ounces, including 2.3 million pounds of lead (23% increase quarter-over-quarter).
The Galena Complex produced approximately 440,000 ounces of silver (a 36% increase in silver production compared to Q3-2024) due to more consistent access to the higher silver grade tetrahedrite ore.
Silver production at the Cosalá Operations increased by 70% to approximately 325,000 ounces of silver in Q3-2025.

* **Increase in consolidated revenue**[<sup>2</sup>](#_ftn2) **due to higher silver production and higher realized prices.** Consolidated revenue, including by-product revenue, increased to $30.6 million for Q3-2025 or 37% compared to $22.3 million for Q3-2024, despite lower zinc and lead production.
 
During the quarter the Company continued its transition into EC120 at Cosalá which has predominantly higher-grade silver and copper compared to the zinc-lead-silver San Rafael mine.
Pre-production sales of EC120 silver-copper concentrate contributed a strong $12.9 million to revenue during Q3-2025.

* **Confirmed the viability of supplying significant antimony production to satisfy United States domestic supply requirements** and cto create a potential additional future revenue stream. Reported by-product year-to-date antimony production of 447,466 pounds.
 
Announced breakthrough metallurgical test work results yielding over 99% antimony extraction from copper concentrate and reconfirming the ~0.7:1 Sb:Cu ratio of historical production at Galena.
Year-to-date output of 615,817 pounds of copper alongside antimony, underscoring the predictability of antimony production from Galena's high-grade silver-copper-antimony tetrahedrite ore.

* **Strong exploration results from the Galena Complex**, highlighted by an intersection of 24,913 g/t Ag and 16.9% Cu over 0.21 metres in the high-grade extension of the previously identified 149 Vein.

* **First phase of the Galena No. 3 Shaft upgrade completed ahead of schedule.** The Phase 1 upgrade was completed during a 10-day shutdown period, four days shorter than planned, delivering 100% productivity improvement.

* **Cash and cash equivalents balance of $39.1 million** ($7.2 million Q3-2024) and working capital<sup>1</sup> deficit of $6.5 million as at September 30, 2025 (working capital deficit of $28.7 million as at December 31, 2024).

* **Cost of sales**<sup>**1,2**</sup> **per silver equivalent ounce produced, cash costs**<sup>**1**</sup> **and all-in sustaining costs**<sup>**1**</sup> **per silver ounce produced** averaged $22.95, $24.11 and $30.06, respectively, in Q3-2025.

* **Net loss** of $15.7 million for Q3-2025 (Q3-2024 net loss of $16.1 million), as the Company continues to execute on its strategic investment strategy into operations at the Galena Complex, was primarily a result of higher precious metal prices impacting metals-based liabilities offset against gains recognized from a new price protection program completed during the period.

______________________________

[<sup>1</sup>](#_ftnref1) This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

[<sup>2</sup>](#_ftnref2) Throughout this MD&A, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

* **Adjusted loss**<sup>**1**</sup> for Q3-2025 was $4.3 million (adjusted loss of $11.8 million for Q3-2024) and **Adjusted EBITDA**<sup>**1**</sup> for Q3-2025 was income of $1.9 million (adjusted EBITDA loss of $1.3 million for Q3-2024) primarily due to higher net revenue from increased silver production and realized prices during the period offset by higher capital spending as part of the strategic investment strategy at Galena and non-cash share-based payments.

On December 19, 2024, the Company completed the acquisition of the remaining 40% non-controlling interests of the Company's Galena Complex pursuant to an agreement dated October 9, 2024 with Mr. Eric Sprott. Mr. Paul Andre Huet was appointed Chief Executive Officer of the Company effective November 11, 2024 and Chairman of the Board following the close of the transaction. Mr. Huet immediately began building a strong, experienced technical team to unlock the dormant value of the Galena Complex in pursuit of increased shareholder returns.

*Metal Prices*

Precious metals prices continued to increase during the Q3-2025 as investors adjusted capital flows and allocations in response to the monetary and fiscal policy plans of the new U.S. administration, international trade tariff discussions, and recession and inflation expectations, among other macroeconomic events. The market price of silver increased by 34% year-over-year to average price of $39.38/oz in Q3-2025 compared to an average price of $29.43/oz in Q3-2024. The Copper market price increased by 6% year-over-year to average price of $4.44/lb, in Q3-2025 compared to an average price of $4.17lb in Q3-2024. Lead decreased by 4% year-over-year to average price of $0.89/lb in Q3-2025 compared to an average price of $0.93lb in Q3-2024. The Company is dependant on both precious and base metal prices for profitability and liquidity.

The Company believes it is well positioned to significantly increase revenue for 2025 and beyond, supported by its planned growth in silver production at both of its producing operations and the assumption that market prices for silver, zinc, and copper remain at or above current levels.

*Galena Complex*

During the third quarter of 2025, the Company continued to make significant progress at the Galena Complex, on track with its operational growth plan. Development activities advanced steadily, with improved efficiencies in muck handling and notable gains in development rates. A key contributor to this quarter's improvements was the successful extraction of a second long-hole stope at Galena. Remote mucking operations demonstrated a significant increase in tonnage moved compared to traditional underhand and overhand mining methods. The second long-hole panel from the first long-hole stope was mined successfully, achieving planned widths. Additional long-hole stopes, including 49-130, are scheduled for Q4-2025, with three more in development for mining in Q1-2026. Construction of a second Alimak ventilation raise, which began in Q2-2025, is now expected to be completed in Q4-2025.

The 55-179 decline is now progressing toward the 55-198 and 55-165 stopes for continued production in Q4-2025. The strategic location of this ramp provides access to multiple stopes-namely 55-206, 55-198, 55-165, and 55-163-thereby reducing development costs by enabling multiple accesses from a single ramp. Of these, three stopes (55-206, 55-163, and 55-165) are planned to be mined using long-hole methods - a notable achievement considering there were no long-hole stopes at the end of fiscal 2024.

The replacement of a portion of the mine's legacy underground fleet also progressed during the quarter. Five new underground loaders and three mine trucks were ordered earlier in the year. Initial units have already been deployed underground, with operational efficiencies materializing in the second half of 2025. Two remote-capable Komatsu WX-04 loaders were commissioned during the quarter while the remaining three units have been lowered underground. A 16-ton haul truck is scheduled for commissioning in Q4-2025 while four new underground tractors and one mini excavator were received to improve personnel transport and manage oversize material. Two 300-ton bins have been upsized to accommodate the new haul trucks alongside new chutes that have been installed on the 5500 level with commissioning is expected in Q4-2025.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

Certain areas of the mine continue to demonstrate favorable economics with the increase in silver prices and are being reintegrated into the current and 2026 mine plans. An internal study is underway to evaluate the potential for remnant mining in the 55-072 and 46-136 front ramp areas. Additional drilling is required to refine geological models, with two new muckers have been deployed to support these efforts.

Finally, the components for the #3 shaft replacement hoist motor arrived on site in early Q3-2025. The motor was successfully installed during the quarter resulting in increased skip volumes from the 5600 loading pockets. This improvement is attributed to the new motor's higher torque and horsepower. Importantly, the operation has been de-risked with the availability of a spare motor for #3 shaft - a first for the Galena mine. This upgrade is a critical component of the Galena Complex's plan to significantly increase hoisting capacity, with further installation benefits expected in early 2026. Plans are also in place to replace the Coeur hoist motor in Q4-2025, which will both enhance operational redundancy and support the second means of egress.

*Galena Exploration Update*

Recent early-stage exploration drilling on the 4300 Level from the 43-191 DDS has identified a high-grade copper-silver-antimony vein. The vein has the potential to be the upper extension of the previously identified 149 Vein. Three holes drilled to date demonstrate nearly 120 meters of vertical continuity above current mining level with more drilling in progress to infill and extend this vein. The 149 Vein is currently being mined below these intercepts, producing a consistent high-grade mill feed of 600-700 tons per cut averaging 700-950 g/t silver and 0.6-0.7% copper. The 149 Vein is a strong candidate currently under review for long hole open stoping.

The geologic setting and host rock interpretation indicates that recent intercepts are near the upper crown of the 149 Vein. This area is located within the transition zone of the Upper Revett and the St. Regis Formations, the two dominant Belt Supergroup formations seen at the Galena Mine. To date, 4,878 meters have been drilled from this station out of a planned 18,100 meters, testing several different targets in addition to the 149 Vein.

Drill results on the 149 vein to-date are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DDH 43-317: 24,913 g/t Ag and 16.9% Cu over 0.21 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DDH 43-304: 2,816 g/t Ag and 2.0% Cu and 1.05% Sb over 1.05 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DDH 43-316: 2,354 g/t Ag and 1.7% Cu over 1.58 m

These intercepts underscore the high-grade nature of the 149 Vein extension, with potential to contribute further to near-term mining plans and potential resource additions as additional drilling progresses. The vein remains open for expansion. Ongoing efforts are focused on infilling and testing adjacent targets to maximize its contribution to the Galena Complex's production profile.

A full table of the Company's latest published drill results can be found at: <u>https://americas-gold.com/site/assets/files/4297/dr20250822.pdf</u>.

The Company's current consolidated mineral reserve and mineral resource statement can be found at: <u>https://americas-gold.com/site/assets/files/5151/reserves20241231.pdf</u>.

Information contained on the Company's website is not incorporated by reference herein and should not be considered part of this MD&A.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

*Metallurgical Testing - Antimony*

Recent metallurgical testing at the Galena Complex confirmed high recoveries of antimony alongside strong silver and copper recoveries from ore currently being processed. Antimony at the Galena Complex is hosted in the common sulfosalt mineral, tetrahedrite, which is an antimony sulfide of silver, copper and iron. Although the Galena Complex has produced significant antimony over its life, the Company historically has not realized value for this material due to its insufficient concentration and quality for smelter acceptance.

Following a review of historical metallurgical data, the Company commissioned SGS Canada Inc. to conduct flotation tests on current mill feed. The first phase of test results on the tetrahedrite material indicated a marketable concentrate may now be possible using modern metallurgical processes. The test results mark a key step toward establishing the Company as the largest antimony producer in the United States, unlocking a new revenue stream from a strategic by-product, previously counted as a penalty element.

Historically, individual lots of ore from both the Galena and Coeur mines were processed at the Sunshine Mine, located just four miles west, where antimony was effectively separated and recovered. Building on this precedent, the second phase of metallurgical testing, under the direction of Allihies Engineering, Inc., focused on treating the current concentrate to produce multiple saleable antimony products, opening the door to monetizing a long-overlooked byproduct and reinforcing the Company's strategic value within the U.S. critical minerals framework.

The Company celebrated a major milestone in metallurgical innovation as the second phase test work confirmed the potential to extract over 99% of antimony from the site's test copper flotation concentrate, transforming a historically overlooked by-product into a valuable revenue source while bolstering the Company's role in the U.S. domestic supply of critical minerals.

To strengthen its engagement with the federal government, the Company has signed an agreement with Lot Sixteen LLC, a consultancy with extensive experience advancing domestic critical minerals projects, advising on natural resource issues, and securing federal funding for its clients. Lot Sixteen will support the Company's work to advance antimony processing in Idaho's Silver Valley.

Galena is the only producing antimony mine in the United States. The Company aims to deliver a secure and reliable source of antimony, a federally recognized critical mineral with key applications in the defense, energy, and manufacturing sectors to the United States Government. Given its significant advantage of current production, Americas is evaluating the potential for construction of a new antimony processing facility to process Galena's current antimony production and, if capacity permits, could accept feed from other sources with the objective of creating a domestic hub for antimony production in the Idaho's Silver Valley.

*Cosalá Operations*

The Cosalá Operations had a strong quarter as it continues to transition from the zinc-lead-silver San Rafael mine to the higher-grade silver-copper EC120 Project in fiscal 2025. Silver production increased in Q3-2025 by 70% to approximately 325,000 ounces of silver compared to approximately 192,000 ounces of silver in Q3-2024, primarily due to higher grades and silver recoveries offset by lower tonnages during the period. Ore tonnages were impacted by approximately 17 days due to a longer than usual, rainy weather season, in addition to regional security concerns, with the expectation of limited weather downtime in Q4-2025. The majority of production during the quarter was sourced from EC120 which contributed approximately 314,000 ounces of silver production (689,000 ounces of silver production project-to-date). Production from EC120 was supplemented with limited tonnage from the Upper Zone of San Rafael with significant grades ranging up to 1,675 g/t. Silver processed from mining of this higher-grade Upper Zone increased month to month in the quarter and are expected to continue into Q4-2025 and early 2026.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

The Company expects to continue to operate the Upper Zone throughout the remainder of the year as more working faces in the EC120 Project are developed. New mining equipment ordered earlier in the quarter is expected to be delivered to site late in Q4-2025 and is expected to positively impact operating efficiencies in early 2026. Overall, the EC120 Project remains on-track for commercial production by end of 2025.

The Sinaloa region, where the Company operates, has recently experienced heightened conflict between organized crime groups. While no damage has been reported to the Company's property or personnel, intermittent regional security disruptions resulting from violence in nearby areas have caused delays in contractor mobilization and impacted the Company's supply chain and concentrate transportation routes during the first half of 2025. Specifically, the EC120 Project's Zone 120 development was delayed due to the late arrival of a raise-bore machine critical for completing a ventilation raise, which was broke through to surface in late April 2025. Additionally, these disruptions intermittently affected mill operations, leading to a minor reduction in milled tonnage though the Company largely maintained normal steady-state throughput throughout Q3-2025.

While the Company cannot predict when, or if, these conflicts may subside or worsen in the interim, it remains committed to responding proactively to prioritize the safety and well-being of its employees and stakeholders.

Please refer to the section entitled "Risk Factors" in the Company's Annual Information Form dated March 31, 2025 for a further discussion of the risks relating the Company's business and operations, including risks associated with its operations in Mexico and exposure to risks and uncertainties regarding operations in areas located where organized crime groups and Mexican cartels may operate.

*Senior Secured Term Loan Facility*

On June 24, 2025, the Company entered into a senior secured debt facility with SAF for funds of up to $100 million, primarily to fund growth and development capital spending at the Galena Complex. The facility consists of three tranches with an initial $50 million term loan advanced upon closing, and two additional tranches of $25 million each made available to the Company upon satisfaction of certain conditions. SAF holds senior security over all the Company's assets and secondary security on the Cosalá Operations and the Relief Canyon Mine. As part of the close, the term loan facility is subject to certain quarterly and annual financial covenants, along with a price protection program completed in July on future precious and base metals production and commitments.

The facility consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A term loan with proceeds of the initial $50 million advanced at closing. The initial tranche advanced on the closing date is subject to an interest rate of SOFR (4% floor) plus 6% per annum and matures 60 months following the closing date. Principal will amortize over the term of the loan, with principal repayments commencing one year after the closing date and payable quarterly thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two additional $25 million tranches that will be available to the Company upon the achievement of certain conditions precedent. The first additional tranche will be subject to an interest rate of SOFR (4% floor) plus 6% per annum after funding. The second additional tranche will be subject to an interest rate of SOFR (4% floor) plus 4% per annum after funding. Principal will amortize over the term of the loan with principal repayments commencing one year after the closing date and payable quarterly thereafter.

The Company also entered into an offtake agreement with Ocean Partners USA Inc. for treatment of up to 100% of concentrates from the Galena Complex at Teck Resources Limited's Trail Operations in Trail, British Columbia, one of the world's largest fully-integrated zinc, lead and critical metals complexes. As a condition to closing the facility and in conjunction with the entering the offtake agreement, Ocean Partners subscribed for 16.8 million common shares in the Company at C$0.95 per common share, representing a premium of approximately 14% to the Company's 20-day VWAP for gross proceeds of $11.5 million.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

*Share Consolidation*

The Company filed articles of amendment, effective August 21, 2025, implementing a consolidation of its outstanding common shares on the basis as finally determined by the Board of one (1) post-consolidation common share for every two and a half (2.5) pre-consolidation common shares (the "Consolidation"). The exercise price or conversion price, as applicable, and the number of common shares issuable, as applicable, under any of the Company's outstanding convertible or share-based securities such as warrants, stock options and restricted share units, performance share units and deferred share units, as applicable, were proportionately adjusted upon completion of the Consolidation in accordance with their respective terms. The CUSIP and ISIN numbers of the post-consolidation common shares also changed upon the completion of the Consolidation.

***Consolidated Results and Developments***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3-2025<sup>3</sup>** | **Q3-2024<sup>3</sup>** | **YTD-2025<sup>3</sup>** | **YTD-2024<sup>3</sup>** |
| Revenue ($ M)<sup>4</sup> | $30.6 | $22.3 | $81.1 | $76.4 |
| Silver Produced (oz) | 764757 | 385564 | 1899627 | 1375416 |
| Zinc Produced (lb) | 79938 | 8362501 | 8284795 | 25215650 |
| Lead Produced (lb) | 2345180 | 4118739 | 8075456 | 12464012 |
| Copper Produced (lb)<sup>5</sup> | 565707 |  | 1038404 |  |
| Total Silver Equivalent Produced (oz)<sup>1</sup> | 877454 | 883049 | 2553992 | 2962099 |
| Cost of Sales/Ag Eq Oz Produced ($/oz)<sup>2</sup> | $22.95 | $18.04 | $25.35 | $17.18 |
| Cash Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $24.11 | $16.88 | $25.25 | $16.54 |
| All-In Sustaining Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $30.06 | $25.38 | $32.40 | $24.89 |
| Net Loss ($ M) | $(15.7) | $(16.1) | $(49.7) | $(36.3) |
| Comprehensive Income (Loss) ($ M) | $(14.2) | $(17.8) | $(51.5) | $(33.4) |

---

<sup>1</sup> Throughout this MD&A, silver equivalent production was calculated based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period.

<sup>2</sup> This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

<sup>3</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

<sup>4</sup> Throughout this MD&A, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.

<sup>5</sup> Throughout this MD&A, copper production, grade, recovery, and sold disclosed for fiscal 2025 are from EC120 Project pre-production from the Cosalá Operations.

Consolidated silver production of approximately 765,000 ounces during Q3-2025 was higher than Q3-2024 production of approximately attributable 386,000 ounces due to higher grades at both operations, offset by lower tonnage. Throughout this MD&A as previously noted, consolidated production results and consolidated operating metrics are based on the attributable ownership percentage of each operating segment: 100% Cosalá Operations and 60% Galena Complex up to December 18, 2024, prior to acquisition of Galena Complex's 40% non-controlling interests, and 100% from both operations thereafter including fiscal 2025. Pre-production of EC120 silver-copper concentrate contributed silver production of 314,000 ounces during Q3-2025. Production of both zinc and lead during the quarter were lower than Q3-2024 due to lower tonnage of San Rafael ore processed during the quarter as the Company develops and transitions into the silver-copper EC120 orebody.

Revenue of $30.6 million for the three months ended September 30, 2025 was higher than revenue of $22.3 million for the three months ended September 30, 2024, resulting from increased silver production during the period and the increase in realized silver prices, partially offset by lower zinc and lead production. Revenue included pre-production revenue from the EC120 Project of $12.9 million during the period. The average realized silver price[<sup>3</sup>](#_ftn3) increased by 36% from Q3-2024 to Q3-2025, while the average realized lead and zinc prices<sup>3</sup> decreased by 3% and 2%, respectively, during the same period. The average realized silver price of $40.36/oz for Q3-2025 (Q3-2024 - $29.71/oz) is comparable to the average London silver spot price of $39.38/oz for Q3-2025 (Q3-2024 - $29.43/oz).

_____________________________

[<sup>3</sup>](#_ftnref3) These are supplementary or non-GAAP financial measures or ratios. See "Non-GAAP and Other Financial Measures" section for further information.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

The Company recorded a net loss of $15.7 million for the three months ended September 30, 2025 compared to a net loss of $16.2 million for the three months ended September 30, 2024. The decrease in net loss was primarily attributable to higher net revenue, lower depletion and amortization, lower interest and financing expense, and higher other gain on derivatives, offset in part by increase in gold prices on the Company's metals contract liabilities, higher non-cash corporate expenses, and higher foreign exchange loss. These variances are further discussed in the following sections.

***Galena Complex***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Tonnes Milled | 28534 | 31848 | 74771 | 88686 |
| Silver Grade (g/t) | 486 | 322 | 496 | 426 |
| Lead Grade (%) | 3.96 | 3.97 | 4.05 | 4.11 |
| Silver Recovery (%) | 98.5 | 98.1 | 98.5 | 98.3 |
| Lead Recovery (%) | 94.2 | 93.1 | 94.1 | 93.8 |
| Silver Produced (oz) | 439580 | 323043 | 1173304 | 1194479 |
| Lead Produced (lb) | 2345180 | 2594042 | 6272775 | 7536648 |
| Total Silver Equivalent Produced (oz)<sup>1</sup> | 492402 | 405465 | 1334706 | 1457531 |
| Silver Sold (oz) | 425445 | 323852 | 1172169 | 1195215 |
| Lead Sold (lb) | 2271462 | 2594089 | 6309375 | 7543940 |
| Cost of Sales/Ag Eq Oz Produced ($/oz)<sup>2</sup> | $24.26 | $26.73 | $25.46 | $20.56 |
| Cash Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $24.30 | $26.54 | $25.27 | $21.18 |
| All-In Sustaining Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $31.31 | $39.50 | $34.00 | $31.64 |

---

<sup>1</sup> Throughout this MD&A, silver equivalent production was calculated based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period.

<sup>2</sup> This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

The Galena Complex produced approximately 440,000 ounces of silver in Q3-2025 compared to approximately 323,000 ounces of silver in Q3-2024 (a 36% increase in silver production) due to more consistent access to higher silver grade tetrahedrite ore. The mine also produced 2.3 million pounds of lead in Q3-2025, compared to 2.6 million pounds of lead in Q3-2024 (a 10% decrease in lead production). During the period of operational adjustments currently underway as part of the transition plan at Galena, as previously discussed, the Company anticipates potential short-term movements in by-product production levels while the focus on increasing mining rates in silver-copper ore and setting up key infrastructure in support of future growth is advanced. Cash costs per ounce of silver decreased to $24.30 in Q3-2025 from $26.54 in Q3-2024, primarily due to increase in silver production during the period, offset by modest increases in salaries and employee benefits at the operations.

During Q3-2025, the Company has continued to make significant advances at the Galena Complex and is on-track with its operational growth plan. Development plans are well advanced with efficiencies in muck handling and improved development rates being realized. Further developments of the Galena Complex are discussed in the Recent Developments and Operation Discussion section of this MD&A above.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

***Cosalá Operations***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3-2025<sup>3</sup>** | **Q3-2024<sup>3</sup>** | **YTD-2025<sup>3</sup>** | **YTD-2024<sup>3</sup>** |
| Tonnes Milled | 106029 | 146379 | 359087 | 457915 |
| Silver Grade (g/t) | 116 | 70 | 86 | 73 |
| Zinc Grade (%) | 1.21 | 3.31 | 3.10 | 3.15 |
| Lead Grade (%) |  | 1.24 | 0.83 | 1.17 |
| Copper Grade (%)<sup>4</sup> | 0.30 |  | 0.28 |  |
| Silver Recovery (%) | 82.0 | 58.4 | 73.0 | 61.4 |
| Zinc Recovery (%) | 70.2 | 81.1 | 80.3 | 81.1 |
| Lead Recovery (%) |  | 66.5 | 67.0 | 68.8 |
| Copper Recovery (%)<sup>4</sup> | 83.8 |  | 80.8 |  |
| Silver Produced (oz) | 325177 | 191739 | 726323 | 658729 |
| Zinc Produced (lb) | 79938 | 8362501 | 8284795 | 25215650 |
| Lead Produced (lb) |  | 2562314 | 1802681 | 7942023 |
| Copper Produced (lb)<sup>4</sup> | 565707 |  | 1038404 |  |
| Total Silver Equivalent Produced (oz)<sup>1</sup> | 385052 | 639770 | 1219286 | 2087580 |
| Silver Sold (oz) | 313159 | 162527 | 718460 | 642682 |
| Zinc Sold (lb) | 86512 | 7501439 | 9474630 | 23955316 |
| Lead Sold (lb) |  | 2203522 | 1826547 | 7402481 |
| Copper Sold (lb)<sup>4</sup> | 544121 |  | 1057113 |  |
| Cost of Sales/Ag Eq Oz Produced ($/oz)<sup>2</sup> | $21.27 | $14.73 | $25.25 | $15.76 |
| Cash Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $23.87 | $7.12 | $25.22 | $11.49 |
| All-In Sustaining Costs/Ag Oz Produced ($/oz)<sup>2</sup> | $28.36 | $11.12 | $29.82 | $17.54 |

---

<sup>1</sup> Throughout this MD&A, silver equivalent production was calculated based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period.

<sup>2</sup> This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

<sup>3</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

<sup>4</sup> Throughout this MD&A, copper production, grade, recovery, and sold disclosed for fiscal 2025 are from EC120 Project pre-production from the Cosalá Operations.

Silver production increased in Q3-2025 by 70% to approximately 325,000 ounces of silver compared to approximately 192,000 ounces of silver in Q3-2024, primarily due to higher grades and silver recoveries offset by lower tonnages during the period. A higher portion of the mill feed came from pre-production of the EC120 Project which has higher silver grades and silver recoveries based on its minerology. Lower milled tonnage from the San Rafael Main Central orebody caused base metals production of zinc and lead to drop in Q3-2025. Silver production is expected to increase steadily as the development into EC120 Project progresses and the mine continues to batch higher development grade ore through the mill.

The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025). The EC120 Project contributed approximately 314,000 ounces of silver production in Q3-2025 (689,000 ounces of silver production project-to-date) as the Cosalá Operations milled and sold silver-copper concentrate during the EC120 Project's development phase contributed $12.9 million to net revenue during Q3-2025. Cash costs per silver ounce increased during Q3-2025 to $23.87 per ounce from $7.12 per ounce in Q3-2024, due primarily to decreased zinc and lead production resulting in lower by-product credits during the period.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Results of Operations**

*Analysis of the three months ended September 30, 2025 vs. the three months ended September 30, 2024*

The Company recorded a net loss of $15.7 million for the three months ended September 30, 2025 compared to a net loss of $16.2 million for the three months ended September 30, 2024. The decrease in net loss was primarily attributable to higher net revenue ($8.3 million), lower depletion and amortization ($2.2 million), lower interest and financing expense ($2.7 million), and higher other gain on derivatives ($2.7 million), offset in part by increase in gold prices on the Company's metals contract liabilities ($7.0 million), higher non-cash corporate expenses ($4.3 million), and higher foreign exchange loss ($3.1 million), each of which are described in more detail below.

***Revenue*** increased by $8.3 million to $30.6 million for the three months ended September 30, 2025 from $22.3 million for the three months ended September 30, 2024. The increase was due to comparatively $7.9 million higher revenue at the Galena Complex from higher silver production and realized prices during the period. Revenue at the Cosalá Operations increased by $0.4 million during the period mainly due to higher silver production and realized prices during the period offset by lower revenue from lower zinc and lead production during the period as higher portion of the mill feed came from pre-production of the EC120 Project.

***Cost of sales*** decreased by $0.2 million to $20.1 million for the three months ended September 30, 2025 from $20.3 million for the three months ended September 30, 2024. The decrease was primarily due to $1.2 million decrease in cost of sales from lower production tonnes at the Cosalá Operations during the period offset by a $1.1 million increase at the Galena Complex due to increases in employee-related costs during the period.

***Depletion and amortization*** decreased $2.2 million to $3.7 million for the three months ended September 30, 2025 from $5.9 million for the three months ended September 30, 2024. The decrease primarily reflects revised depletion rates based on an updated estimate of higher mineral reserves.

***Corporate general and administrative expenses*** increased by $4.3 million due to the addition of required technical expertise to the management team and reconstitution of the Board, plus non-cash compensation recognized during the period due to the implementation of an employee incentive structure that aligns compensation with shareholder interests.

***Interest and financing expense*** decreased by $2.7 million mainly due to higher financing expense recognized during the prior period from accretion of the Company's previously existing convertible debenture.

***Foreign exchange loss*** increased by $3.1 million to a $1.9 million loss for the three months ended September 30, 2025 from a $1.2 gain for the three months ended September 30, 2024, mainly due to material changes in foreign exchange rates during the period impacting valuation of non-functional currency instruments from the Company's Mexican and Canadian subsidiaries.

***Loss on fair value of metals contract liabilities*** increased by $7.0 million to a $12.3 million loss for the three months ended September 30, 2025 from a $5.3 million loss for the three months ended September 30, 2024, mainly due to the impact of the increased gold and silver prices on metals contract liabilities during the period.

***Other gain on derivatives*** increased $2.7 million to $2.9 million gain for the three months ended September 30, 2025 from a $0.2 million gain for the three months ended September 30, 2024 due to price protection derivative instruments entered during the period.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

*Analysis of the nine months ended September 30, 2025 vs. the nine months ended September 30, 2024*

The Company recorded a net loss of $49.7 million for the nine months ended September 30, 2025 compared to a net loss of $36.3 million for the nine months ended September 30, 2024. The increase in net loss was primarily attributable to increase in gold prices on the Company's metals contract liabilities ($16.8 million), higher non-cash corporate expenses ($13.5 million), and higher cost of sales ($1.6 million), offset in part by higher revenue ($4.7 million), lower depletion and amortization ($2.9 million), lower care and maintenance costs ($1.6 million), lower interest and financing expense ($4.5 million), and higher other gain on derivatives ($4.2 million), each of which are described in more detail below.

***Revenue*** increased by $4.7 million to $81.1 million for the nine months ended September 30, 2025 from $76.4 million for the nine months ended September 30, 2024. The increase was due to $9.3 million higher revenue at the Galena Complex from higher silver production and realized prices during the period. Revenue at the Cosalá Operations decreased by $4.7 million during the period mainly due to lower revenue from lower zinc and lead production during the period as higher portion of the mill feed came from pre-production of the silver-copper EC120 Project.

***Cost of sales*** increased by $1.9 million to $64.8 million for the nine months ended September 30, 2025 from $62.9 million for the nine months ended September 30, 2024. The increase was primarily due to $4.0 million increase in cost of sales from the Galena Complex due to increases in employee-related costs during the period, offset in part by $2.1 million decrease in cost of sales from lower production tonnes at the Cosalá Operations during the period.

***Depletion and amortization*** decreased $2.9 million to $15.7 million for the nine months ended September 30, 2025 from $18.6 million for the nine months ended September 30, 2024. The decrease primarily reflects revised depletion rates based on an updated estimate of higher mineral reserves.

***Care and maintenance costs*** decreased by $1.6 million mainly due to $0.5 million of 2024 Relief Canyon surety premium refund and $0.6 million of 2024 Relief Canyon refundable tax credits recognized during the period.

***Corporate general and administrative expenses*** increased by $13.5 million due to the addition of required technical expertise to the management team and reconstitution of the Board, plus non-cash compensation recognized during the period due to the implementation of an employee incentive structure that aligns compensation with shareholder interests.

***Interest and financing expense*** decreased by $4.5 million mainly due to higher financing expense recognized during Q3-2024 from accretion of the Company's previously existing convertible debenture.

***Loss on fair value of metals contract liabilities*** increased by $16.8 million to a $26.9 million loss for the nine months ended September 30, 2025 from a $10.0 million loss for the nine months ended September 30, 2024, mainly due to the impact of the increased gold and silver prices on metals contract liabilities during the period.

***Other gain on derivatives*** increased $4.2 million to $3.6 million gain for the nine months ended September 30, 2025 from a $0.6 million loss for the nine months ended September 30, 2024 due to price protection derivative instruments entered during the period.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Summary of Quarterly Results**

The following table presents a summary of the consolidated operating results for each of the most recent eight quarters ending with September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** |
| | **2025<sup>2</sup>** | **2025<sup>2</sup>** | **2025<sup>2</sup>** | **2024<sup>2</sup>** | **2024<sup>2</sup>** | **2024<sup>2</sup>** | **2024<sup>2</sup>** | **2023** |
| Revenue ($ M)<sup>3</sup> | $30.6 | $27.0 | $23.5 | $23.8 | $22.3 | $33.2 | $20.9 | $26.4 |
| Net Loss ($ M) | (15.7) | (15.1) | (18.9) | (12.6) | (16.1) | (4.0) | (16.2) | (10.1) |
| Comprehensive Income (Loss) ($ M) | (14.2) | (16.2) | (21.1) | (7.7) | (17.8) | (2.7) | (12.9) | (12.9) |
| Silver Produced (oz) | 764757 | 688663 | 446207 | 363856 | 385564 | 505932 | 483920 | 583379 |
| Zinc Produced (lb) | 79938 | 1472805 | 6732052 | 6292634 | 8362501 | 8868263 | 7984886 | 8299319 |
| Lead Produced (lb) | 2345180 | 1905450 | 3824826 | 3370212 | 4118739 | 4393575 | 3951698 | 4457094 |
| Copper Produced (lb)<sup>4</sup> | 565707 | 356735 | 115962 |  |  |  |  |  |
| Cost of Sales/Ag Eq Oz Produced ($/oz)<sup>1</sup> | $22.95 | $27.99 | $25.23 | $21.85 | $18.04 | $16.45 | $17.19 | $13.75 |
| Cash Costs/Ag Oz Produced ($/oz)<sup>1</sup> | $24.11 | $26.64 | $25.04 | $20.68 | $16.88 | $12.42 | $20.57 | $14.24 |
| All-In Sustaining Costs/Ag Oz Produced ($/oz)<sup>1</sup> | $30.06 | $32.89 | $35.67 | $40.38 | $25.38 | $19.58 | $30.04 | $21.05 |
| Current Assets (qtr. end) ($ M) | $65.3 | $83.8 | $29.8 | $40.7 | $26.8 | $26.4 | $22.9 | $23.0 |
| Current Liabilities (qtr. end) ($ M) | 71.8 | 73.4 | 57.6 | 69.4 | 63.3 | 65.2 | 51.9 | 61.2 |
| Working Capital (qtr. end) ($ M) | (6.5) | 10.4 | (27.8) | (28.7) | (36.5) | (38.8) | (29.0) | (38.2) |
| Total Assets (qtr. end) ($ M) | $234.7 | $244.3 | $184.3 | $192.6 | $179.4 | $180.3 | $179.8 | $180.5 |
| Total Liabilities (qtr. end) ($ M) | 184.5 | 188.0 | 128.9 | 139.2 | 126.3 | 113.0 | 113.7 | 108.3 |
| Total Equity (qtr. end) ($ M) | 50.2 | 56.3 | 55.4 | 53.4 | 53.1 | 67.3 | 66.1 | 72.2 |

---

<sup>1</sup> This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

<sup>2</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

<sup>3</sup> Throughout this MD&A, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024 and 2023.

<sup>4</sup> Throughout this MD&A, copper production, grade, recovery, and sold disclosed for fiscal 2025 are from EC120 Project pre-production from the Cosalá Operations.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Liquidity**

The change in cash since December 31, 2024 can be summarized as follows (in millions of U.S. dollars):

---

| | |
|:---|:---|
| **Opening cash balance as at December 31, 2024** | $20 |
| &nbsp;&nbsp;&nbsp;Cash generated from operations | 2.3 |
| &nbsp;&nbsp;&nbsp;Expenditures on property, plant and equipment | (28.8) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets | 1 |
| &nbsp;&nbsp;&nbsp;Lease payments | (0.8) |
| &nbsp;&nbsp;&nbsp;Credit facility | (0.5) |
| &nbsp;&nbsp;&nbsp;Term loan facility | 49.8 |
| &nbsp;&nbsp;&nbsp;Non-brokered private placements | 18.5 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options and warrants | 6.7 |
| &nbsp;&nbsp;&nbsp;Pre-payment facility | 0.6 |
| &nbsp;&nbsp;&nbsp;Metals contract liabilities | (12.7) |
| &nbsp;&nbsp;&nbsp;Increase in trade and other receivables | (3.5) |
| &nbsp;&nbsp;&nbsp;Change in inventories | (2.9) |
| &nbsp;&nbsp;&nbsp;Change in prepaid expenses | (1.0) |
| &nbsp;&nbsp;&nbsp;Change in trade and other payables | (7.5) |
| &nbsp;&nbsp;&nbsp;Change in foreign exchange rates | (2.1) |
| **Closing cash balance as at September 30, 2025** | $39.1 |

---

The Company's cash and cash equivalents balance increased from $20.0 million to $39.1 million since December 31, 2024 with a lower working capital deficit of $6.5 million (December 31, 2024 working capital deficit of $28.7 million). This increase in cash was mainly due to proceeds from the term loan facility, non-brokered private placements, and exercise of options and warrants. These inflows were offset by expenditures on property, plant and equipment, and metals contract liabilities. Current liabilities as at September 30, 2025 were $71.8 million which is $2.4 million higher than at December 31, 2024, principally due to increased balance in metals contract liabilities offset by decreased balance in trade and other payables.

The Company operates in a cyclical industry where cash flow has historically been correlated to market prices for commodities. Several material uncertainties cast substantial doubt upon the going concern assumption, including cash flow positive production at the Cosalá Operations and Galena Complex, and ability to raise additional funds as necessary to fund these operations and meet obligations as they come due. The Company's cash flow is dependent upon its ability to achieve profitable operations, obtain adequate equity or debt financing, or, alternatively, dispose of its non-core properties on an advantageous basis to fund its near-term operations, development and exploration plans, while meeting production targets at current commodity price levels.

Management evaluates viable financing alternatives to ensure sufficient liquidity including debt instruments, concentrate offtake agreements, sale of non-core assets, private equity financing, sale of royalties on its properties, metal prepayment and streaming arrangements, and the issuance of equity. Several material uncertainties may impact the Company's liquidity in the short term, such as: the price of commodities, general inflationary pressures, cash flow positive production at both the Company's operating mines, the timing of the Galena shaft repair, and the expected increase in the Galena hoisting capacity. On September 30, 2025, the Company may not have sufficient liquidity on hand to fund its expected operations at the prevailing commodity prices for the next twelve months and may require further financing to meet its financial obligations and execute on its planned operations.

In past years, the Company was successful in raising funds through equity offerings (including bought deals and at-the-market offerings), debt arrangements, convertible debentures, prepayment arrangements, royalty sales, and non-core asset sales.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

During 2024, the Company amended its existing precious metals delivery and purchase agreement for the right to increase its advance payment up to $10.5 million during 2024 and fully drew the advance under the agreement during the period and closed an equity offering for gross proceeds of C$7.8 million in March 2024. In August 2024, the Company signed the $15 million Credit Agreement with Trafigura for the capital requirements of the EC120 Project with an initial draw of $10 million under the facility. In December 2024, the Company acquired the remaining 40% interest of the Galena Complex and closed non-brokered private placements for total gross proceeds of $6.9 million CAD for bridge financing purposes, and a concurrent financing through bought deal private placement for gross proceeds of C$50 million. A portion of these funds were used to reduce the Company's liabilities following the placement.

During 2025, the Company closed a term loan facility for funds of up to $100 million to provide additional debt funding to fund its mine optimizing capital, development, and infill drilling expenses at the Galena Complex and further restructure its existing debt. The Company has also successfully closed non-brokered private placements of approximately $19 million during YTD 2025 and believes it will be able to continue to raise additional financing as needed considering the current state of the precious metals capital market.

In the medium term, as the optimization of the No. 3 shaft is completed in Q1-2026 allowing for greater hoisting capacity of ore and waste, the EC120 Project reaches commercial production, and the new Galena Complex strategy is executed in 2026 in line with new plans currently being developed and executed, along with positive metal prices, the Company believes that cash flow will be sufficient to fund ongoing operations.

The Company's financial instruments consist of cash, trade receivables, restricted cash, trade and other payables, and other long-term liabilities. The fair value of these financial instruments approximates their carrying values, unless otherwise noted. The Company is not exposed to significant interest or credit risk with exception to the 3 months U.S. SOFR rate applicable to the interest rate on certain financial instruments. The majority of the funds of the Company are held in accounts at major banks in the United States, Canada, and Mexico.

*Disclosure of Recent Offering and Proceeds*

The following table sets out the disclosure the Company previously made about how it would use available funds or proceeds from any financing in the past 12 months, an explanation of any variances, and the impact of the variances, if any, on the Company's ability to achieve its business objectives and milestones.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering and Proceeds** | &nbsp;&nbsp;**Disclosed Use of Proceeds** |
| &nbsp;&nbsp;US$1.9 million September 2025 non-brokered private placements of common shares | &nbsp;&nbsp;For precious metals delivery commitments per agreement amendment and general working capital purposes |
| &nbsp;&nbsp;US$1.6 million June 2025 non-brokered private placements of common shares | &nbsp;&nbsp;For precious metals delivery commitments per agreement amendment and general working capital purposes |
| &nbsp;&nbsp;US$11.5 million May 2025 non-brokered private placements of common shares | &nbsp;&nbsp;For working capital requirements at the Galena Complex and for general working capital and administrative purposes |
| &nbsp;&nbsp;US$3.6 million March 2025 non-brokered private placements of common shares | &nbsp;&nbsp;For precious metals delivery commitments per agreement amendment and general working capital purposes |
| &nbsp;&nbsp;US$4.0 million December 2024 non-brokered private placements of common shares | &nbsp;&nbsp;For precious metals delivery commitments per agreement amendment and general working capital purposes |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Bought deal private placement (December 2024)<br> – gross proceeds of C$50 million | &nbsp;&nbsp;C$13.9 million for payment of cash consideration, C$6.0 million for repayment of indebtedness, C$2.0 million for royalty payable, C$9.3 million for transaction expenses, C$18.9 million for working capital requirements at the Galena Complex and for general working capital and administrative purposes |
| &nbsp;&nbsp; Concurrent private placements (October and November 2024)<br> – gross proceeds of C$6.9 million | &nbsp;&nbsp;For general working capital and administrative purposes |

---

*Post-Employment Benefit Obligations*

The Company's liquidity has been, and will continue to be, impacted by pension funding commitments as required by the terms of the defined benefit pension plans offered to both its hourly and salaried workers at the Galena Complex (see Note 17 in the audited consolidated financial statements of the Company and the notes thereto for the year ended December 31, 2024). Both pension plans are under-funded due to actuarial losses incurred from market conditions and changes in discount rates; the Company intends to fund to the minimum levels required by applicable law. The Company's actuary currently estimates total annual funding requirements for both Galena Complex pension plans to be approximately $1.3 million per year for each of the next 5 years. Effects from market volatility and interest rates may impact long term annual funding commitments.

The Company evaluates the pension funding status on an annual basis in order to update all material information in its assessment, including updated mortality rates, investment performance, discount rates, contribution status among other information. The pension valuation was remeasured at the end of YTD-2025 and adjusted by approximately $0.3 million as a result of decrease in discount rate and unrealized gains on returns. The Company expects to continue to review the pension valuation quarterly.

**Capital Resources**

The Company's cash flow is dependent on delivery of its metal concentrates to market. The Company's contracts with the concentrate purchasers provide for provisional payments based on timing of concentrate deliveries. The Company has not had any problems collecting payments from concentrate purchasers in a reliable and timely manner and expects no such difficulties in the foreseeable future. However, cash flow is dependent on continued mine production which can be subject to interruption for various reasons including fluctuations in metal prices and concentrate shipment difficulties, and, in the case of Relief Canyon, the suspension of mining operations. Additionally, unforeseen cessation in the counterparty's capabilities could severely impact the Company's capital resources.

The Company made capital expenditures of $28.8 million during the nine months ended September 30, 2025 (2024: $13.6 million). Money was mostly spent on development work associated with the Galena Complex.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

The following table sets out the Company's contractual obligations as of September 30, 2025 (in thousands of U.S. dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Less than** |  |  |
|  | **Total** | **1 year** | **2-3 years** | **4-5 years** |
| Trade and other payables | $30718 | $30718 | $- | $- |
| Pre-payment facility | 2550 | 2550 |  |  |
| Credit facility | 9400 | 7200 | 2200 |  |
| Interest on credit facility | 578 | 553 | 25 |  |
| Term loan facility | 53191 | 1596 | 15691 | 35904 |
| Interest and fees on term loan facility | 20037 | 5527 | 9780 | 4730 |
| Royalty payable | 3062 | 3062 |  |  |
| Metals contract liability | 44618 | 20024 | 24594 |  |
| Silver contract liability | 28566 | 6368 | 19815 | 2383 |
| Price protection program premium | 3411 | 383 | 3028 |  |
| Projected pension contributions | 7530 | 1596 | 2652 | 2906 |
| Decommissioning provision | 19950 |  |  |  |
| Other long-term liabilities | 2180 |  | 1368 | 182 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;225791 | $79577 | $79153 | $46105 |

---

1 - Minimum lease payments in respect to lease liabilities are included in trade and other payables and other long-term liabilities. Further details are available in Note 22 of the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2025.

2 - Certain of these estimates are dependent on market conditions and assumed rates of return on assets. Therefore, the estimated obligation of the Company may vary over time.

**Off-Balance Sheet Arrangements**

As of the date of this filing, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company including, without limitation, such considerations as liquidity and capital resources that have not previously been discussed.

**Transactions with Related Parties**

The Company incurred corporate general and administrative expenses of $0.2 million for the nine months ended September 30, 2025 from PJH Consulting LLC ("PJH") where Paul Andre Huet is an owner. The corporate general and administrative expenses included in the consolidated statements of loss and comprehensive loss paid to PJH were recorded at the exchange amount representing the amount agreed to by the parties.

**Risk Factors**

The business of the Company is subject to a substantial number of risks and uncertainties. In addition to considering the information disclosed in the forward-looking statements, financial statements and the other publicly filed documentation regarding the Company available on SEDAR+ at <u>www.sedarplus.ca</u>, on EDGAR at <u>www.sec.gov</u>, and on the Company's website at <u>www.americas-gold.com</u>, the reader should carefully consider each of, and the cumulative effect of, the risk factors relating to the Company found under the heading "Risk Factors" in the Company's Annual Information Form dated March 31, 2025 or the Company's MD&A for the year ended December 31, 2024 dated March 27, 2025. Any of these risk elements could have material adverse effects on the business of the Company. See Note 27 - Financial risk management of the Company's audited consolidated financial statements for the year ended December 31, 2024, and Note 22 - Financial risk management of the Company's unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2025 and 2024.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

***The Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, and 2024 contain going concern disclosure***

The Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, and 2024 contain disclosure related to several material uncertainties casting substantial doubt upon the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to raise additional capital, achieve sustainable revenues and profitable operations, and obtain the necessary financing to meet obligations and repay liabilities when they become due. No assurances can be given that the Company will be successful in achieving these goals. If the Company is unable to achieve these goals, its ability to carry out and implement planned business objectives and strategies will be significantly delayed, limited or may not occur. The Company's financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. There are no guarantees that access to equity and debt capital from public and private markets in Canada or the U.S. will be available to the Company.

**Accounting Standards and Pronouncements**

**Accounting standards issued but not yet applied**

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.

- 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, with early adoption permitted.

These standards are being assessed for their impact on the Company in the current or future reporting periods.

**Financial Instruments** 

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

A price protection program on future precious and base metals production and commitments was completed in relation to the Term Loan Facility. The Company recognized a $0.3 million gain from settled non-hedge contracts and a $2.6 million gain from unsettled non-hedge contracts during the nine-month period ended September 30, 2025. At September 30, 2025, the unsettled non-hedged contracts resulted in a net asset related to derivative instruments valued at $2.9 million.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

**Capital Structure**

The Company is authorized to issue an unlimited number of common and preferred shares, where each common share provides the holder with one vote while preferred shares are non-voting. As of September 30, 2025, there were 273,501,066 common shares and nil preferred shares issued and outstanding.

As of November 10, 2025, there were 273,629,603 common shares and nil preferred shares issued and outstanding, and 9,040,005 options outstanding which are exchangeable in common shares of the Company. The number of common shares issuable on the exercise of warrants is 8,060,440. The increase in the common shares between September 30 and November 10 is primarily related to the exercise of the Company's outstanding options and warrants.

**Controls and Procedures**

Management is responsible for establishing and maintaining disclosure controls and procedures ("DC&P") and internal controls over financial reporting ("ICFR"), as defined under the U.S. Sarbanes-Oxley Act of 2002 adopted by the U.S. Securities and Exchange Commission, and those of the Canadian Securities Administrators.

The Company's DC&P are designed to ensure that all important information about the Company, including operating and financial activities, is communicated fully, accurately and in a timely way and that they provide the Company with assurance that the financial reporting is accurate.

ICFR means a process by or under the supervision of the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

As at September 30, 2025, the Company's CEO and CFO have certified that DC&P and ICFR are effective and that during the period ended September 30, 2025, the Company did not make any material changes in the ICFR that materially affected or are reasonably likely to materially affect the Company's ICFR.

The internal controls are not expected to prevent and detect all misstatements due to error or fraud.

**Technical Information**

The scientific and technical information relating to the operation of the Company's material operating mining properties contained herein has been reviewed and approved by Rick Streiff, Executive Vice President - Geology of the Company. Mr. Streiff is a "qualified person" for the purposes of NI 43-101.

The Company's current Annual Information Form and the NI 43-101 Technical Reports for its other material mineral properties, all of which are available on SEDAR+ at <u>www.sedarplus.ca</u>, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company's material mineral properties, including a breakdown by category.

**Non-GAAP and Other Financial Measures** 

The Company has included certain non-GAAP financial and other measures to supplement the Company's consolidated financial statements, which are presented in accordance with IFRS, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• average realized silver, zinc and lead prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of sales/Ag Eq oz produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash costs/Ag oz produced;

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all-in sustaining costs/Ag oz produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA, adjusted EBITDA, and adjusted earnings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• silver equivalent production (Ag Eq).

Management uses these measures, together with measures determined in accordance with IFRS, internally to better assess performance trends and understands that a number of investors, and others who follow the Company's performance, also assess performance in this manner. These non-GAAP and other financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may differ from methods used by other companies with similar descriptions. Management's determination of the components of non-GAAP financial measures and other financial measures are evaluated on a periodic basis influenced by new items and transactions; a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

*Average Realized Silver, Zinc and Lead Prices*

The Company uses the financial measures "average realized silver price", "average realized zinc price" and "average realized lead price" because it understands that in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.

Average realized metal prices represent the sale price of the underlying metal excluding unrealized mark-to-market gains and losses on provisional pricing and concentrate treatment and refining charges. Average realized silver, zinc and lead prices are calculated as the revenue related to each of the metals sold, e.g. revenue from sales of silver divided by the quantity of ounces sold.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Average Realized Silver, Zinc and Lead Prices*<sup>**1**</sup> |  |  |  |  |
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Gross silver sales revenue ('000) | $17212 | $13630 | $45950 | $49011 |
| Payable metals and fixed pricing adjustments ('000) | 22 | (32) | (4) | (5) |
| Payable silver sales revenue ('000) | $17234 | $13598 | $45946 | $49006 |
| Divided by silver sold (oz) | 427054 | 457749 | 1290355 | 1789721 |
| Average realized silver price ($/oz) | $40.36 | $29.71 | $35.61 | $27.38 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Gross zinc sales revenue ('000) | $108 | $9509 | $11883 | $29431 |
| Payable metals and fixed pricing adjustments ('000) |  |  | (26) | 31 |
| Payable zinc sales revenue ('000) | $108 | $9509 | $11857 | $29462 |
| Divided by zinc sold (lb) | 86512 | 7501439 | 9474630 | 23955316 |
| Average realized zinc price ($/lb) | $1.25 | $1.27 | $1.25 | $1.23 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Gross lead sales revenue ('000) | $2048 | $4482 | $7312 | $14274 |
| Payable metals and fixed pricing adjustments ('000) | 1 |  |  | (11) |
| Payable lead sales revenue ('000) | $2049 | $4482 | $7312 | $14263 |
| Divided by lead sold (lb) | 2271462 | 4797611 | 8135922 | 14946421 |
| Average realized lead price ($/lb) | $0.90 | $0.93 | $0.90 | $0.95 |

---

<sup>1</sup> Excludes EC120 Project pre-production silver ounces sold from the Cosalá Operations.

*Cost of Sales/Ag Eq Oz Produced*

The Company uses the financial measure "Cost of Sales/Ag Eq Oz Produced" because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's underlying cost of operations. Silver equivalent production is based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period, except as otherwise noted.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Consolidated Cost of Sales/Ag Eq Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1,2</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1,2</sup>** |
| Cost of sales ('000) | $20138 | $20265 | $64756 | $62865 |
| Less non-controlling interests portion ('000) |  | (4336) |  | (11984) |
| Attributable cost of sales ('000) | 20138 | 15929 | 64756 | 50881 |
| Divided by silver equivalent produced (oz) | 877454 | 883049 | 2553992 | 2962099 |
| Cost of sales/Ag Eq oz produced ($/oz) | $22.95 | $18.04 | $25.35 | $17.18 |

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1,2</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1,2</sup>** |
| Cost of sales ('000) | $8190 | $9426 | $30781 | $32905 |
| Divided by silver equivalent produced (oz) | 385052 | 639770 | 1219286 | 2087580 |
| Cost of sales/Ag Eq oz produced ($/oz) | $21.27 | $14.73 | $25.25 | $15.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Produced* |  |  |  |  |
|  | **Q3-2025** | **Q3-2024<sup>2</sup>** | **YTD-2025** | **YTD-2024<sup>2</sup>** |
| Cost of sales ('000) | $11948 | $10839 | $33975 | $29960 |
| Divided by silver equivalent produced (oz) | 492402 | 405465 | 1334706 | 1457531 |
| Cost of sales/Ag Eq oz produced ($/oz) | $24.26 | $26.73 | $25.46 | $20.56 |

---

<sup>1</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

<sup>2</sup> Throughout this MD&A, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.

*Cash Costs and Cash Costs/Ag Oz Produced*

The Company uses the financial measures "Cash Costs" and "Cash Costs/Ag Oz Produced" in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's underlying cash costs of operations.

Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as: mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Changes in inventory and other indirect mining costs consist of: non-cash related charges to cost of sales including inventory movements, write-downs to net realizable value of concentrates, ore stockpiles, and spare parts and supplies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Consolidated Cash Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1</sup>** |
| Cost of sales ('000) | $20138 | $20265 | $64756 | $62865 |
| Less non-controlling interests portion ('000) |  | (4336) |  | (11984) |
| Attributable cost of sales ('000) | 20138 | 15929 | 64756 | 50881 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (373) | (1210) | (1945) | (3978) |
| Changes in inventory and other indirect mining costs ('000) | 1610 | 1077 | (787) | 742 |
| Direct mining costs ('000) | $21375 | $15796 | $62024 | $47645 |
| Smelting, refining and royalty expenses ('000) | 1484 | 3141 | 5878 | 11900 |
| Less by-product credits ('000) | (4417) | (12428) | (19941) | (36796) |
| Cash costs ('000) | $18442 | $6509 | $47961 | $22749 |
| Divided by silver produced (oz) | 764757 | 385564 | 1899627 | 1375416 |
| Cash costs/Ag oz produced ($/oz) | $24.11 | $16.88 | $25.25 | $16.54 |

---

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1</sup>** |
| Cost of sales ('000) | $8190 | $9426 | $30781 | $32905 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (155) | (1062) | (1324) | (3557) |
| Changes in inventory and other indirect mining costs ('000) | 1199 | 1203 | (723) | 698 |
| Direct mining costs ('000) | $9234 | $9567 | $28734 | $30046 |
| Smelting, refining and royalty expenses ('000) | 998 | 2911 | 4372 | 10333 |
| Less by-product credits ('000) | (2470) | (11113) | (14790) | (32811) |
| Cash costs ('000) | $7762 | $1365 | $18316 | $7568 |
| Divided by silver produced (oz) | 325177 | 191739 | 726323 | 658729 |
| Cash costs/Ag oz produced ($/oz) | $23.87 | $7.12 | $25.22 | $11.49 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Galena Complex Cash Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Cost of sales ('000) | $11948 | $10839 | $33975 | $29960 |
| Smelting, refining and royalty expenses in cost of sales ('000) | (218) | (246) | (621) | (701) |
| Changes in inventory and other indirect mining costs ('000) | 411 | (212) | (64) | 72 |
| Direct mining costs ('000) | $12141 | $10381 | $33290 | $29331 |
| Smelting, refining and royalty expenses ('000) | 486 | 383 | 1506 | 2611 |
| Less by-product credits ('000) | (1947) | (2192) | (5151) | (6642) |
| Cash costs ('000) | $10680 | $8572 | $29645 | $25300 |
| Divided by silver produced (oz) | 439580 | 323043 | 1173304 | 1194479 |
| Cash costs/Ag oz produced ($/oz) | $24.30 | $26.54 | $25.27 | $21.18 |

---

<sup>1</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

*All-In Sustaining Costs and All-In Sustaining Costs/Ag Oz Produced*

The Company uses the financial measures "All-In Sustaining Costs" and "All-In Sustaining Costs/Ag Oz Produced" in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's total costs of producing silver from operations.

All-in sustaining costs is cash costs plus all sustaining development, capital expenditures, and exploration spending, excluding costs not related to current operations.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1</sup>** |
| Cash costs ('000) | $18442 | $6508 | $47961 | $22748 |
| Capital expenditures ('000)<sup>**2**</sup> | 2867 | 2693 | 9769 | 9625 |
| Exploration costs ('000) | 1676 | 586 | 3819 | 1858 |
| All-in sustaining costs ('000) | $22985 | $9787 | $61549 | $34231 |
| Divided by silver produced (oz) | 764757 | 385564 | 1899627 | 1375416 |
| All-in sustaining costs/Ag oz produced ($/oz) | $30.06 | $25.38 | $32.40 | $24.89 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025<sup>1</sup>** | **Q3-2024<sup>1</sup>** | **YTD-2025<sup>1</sup>** | **YTD-2024<sup>1</sup>** |
| Cash costs ('000) | $7762 | $1365 | $18316 | $7568 |
| Capital expenditures ('000)<sup>**2**</sup> | 499 | 654 | 1143 | 3503 |
| Exploration costs ('000) | 962 | 113 | 2203 | 486 |
| All-in sustaining costs ('000) | $9223 | $2132 | $21662 | $11557 |
| Divided by silver produced (oz) | 325177 | 191739 | 726323 | 658729 |
| All-in sustaining costs/Ag oz produced ($/oz) | $28.36 | $11.12 | $29.82 | $17.54 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Produced* |  |  |  |  |
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Cash costs ('000) | $10680 | $8572 | $29645 | $25300 |
| Capital expenditures ('000)<sup>**2**</sup> | 2368 | 3399 | 8626 | 10204 |
| Exploration costs ('000) | 714 | 788 | 1616 | 2286 |
| All-in sustaining costs ('000) | $13762 | $12759 | $39887 | $37790 |
| Divided by silver produced (oz) | 439580 | 323043 | 1173304 | 1194479 |
| All-in sustaining costs/Ag oz produced ($/oz) | $31.31 | $39.50 | $34.00 | $31.64 |

---

<sup>1</sup> Throughout this MD&A, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

<sup>2</sup> For fiscal 2025, capital expenditures exclude growth capital from the Galena Complex and Cosalá Operations, including capital spend on the EC120 Project.

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

*Working Capital*

The Company uses the financial measure "working capital" because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's liquidity, operational efficiency, and short-term financial health.

Working capital is the excess of current assets over current liabilities.

---

| | | |
|:---|:---|:---|
| *Reconciliation of Working Capital* |  |  |
|  | **Q3-2025** | **Q3-2024** |
| Current Assets ('000) | $65326 | $26789 |
| Less current liabilities ('000) | (71826) | (63258) |
| Working capital ('000) | $(6500) | $(36469) |

---

*EBITDA, Adjusted EBITDA, and Adjusted Earnings*

The Company uses the financial measures "EBITDA", "adjusted EBITDA" and "adjusted earnings" as indicators of the Company's ability to generate operating cash flows to fund working capital needs, service debt obligations, and fund exploration and evaluation, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indicative of operating profit or cash flows from operating activities as determined under IFRS. Other companies may calculate these financial measures differently.

EBITDA is net income (loss) under IFRS before depletion and amortization, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

27 \| Page

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**Americas Gold and Silver Corporation<br>Management's Discussion & Analysis<br>For the three and nine months ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of EBITDA and Adjusted EBITDA* |  |  |  |  |
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Net loss ('000) | $(15708) | $(16159) | $(49729) | $(36319) |
| Depletion and amortization ('000) | 3704 | 5914 | 15710 | 18618 |
| Interest and financing expense ('000) | 1710 | 4419 | 3565 | 8030 |
| Income tax recovery ('000) | 702 | 198 | 795 | 469 |
| EBITDA ('000) | $(9592) | $(5628) | $(29659) | $(9202) |
| Accretion on decommissioning provision ('000) | 157 | 157 | 471 | 469 |
| Foreign exchange loss (gain) ('000) | 1877 | (1173) | (1107) | (161) |
| Gain on disposal of assets ('000) | (1) |  | (967) |  |
| Loss on metals contract liabilities ('000) | 12316 | 5330 | 26889 | 10044 |
| Other loss (gain) on derivatives ('000) | (2916) | (178) | (3625) | 566 |
| Fair value loss on royalty payable ('000) | 19 | 216 | 300 | 729 |
| Adjusted EBITDA ('000) | $1860 | $(1276) | $(7698) | $2445 |

---

Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reconciliation of Adjusted Earnings* |  |  |  |  |
|  | **Q3-2025** | **Q3-2024** | **YTD-2025** | **YTD-2024** |
| Net loss ('000) | $(15708) | $(16159) | $(49729) | $(36319) |
| Accretion on decommissioning provision ('000) | 157 | 157 | 471 | 469 |
| Foreign exchange loss (gain) ('000) | 1877 | (1173) | (1107) | (161) |
| Gain on disposal of assets ('000) | (1) |  | (967) |  |
| Loss on metals contract liabilities ('000) | 12316 | 5330 | 26889 | 10044 |
| Other loss (gain) on derivatives ('000) | (2916) | (178) | (3625) | 566 |
| Fair value loss on royalty payable ('000) | 19 | 216 | 300 | 729 |
| Adjusted earnings ('000) | $(4256) | $(11807) | $(27768) | $(24672) |

---

***Supplementary Financial Measures***

The Company references certain supplementary financial measures that are not defined terms under IFRS to assess performance because it believes they provide useful supplemental information to investors.

*Silver Equivalent Production*

References to silver equivalent production are based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period, except as otherwise noted.

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## Exhibit 99.3

------

**FORM 52-109F2**

***CERTIFICATION OF INTERIM FILINGS<br>FULL CERTIFICATE***

I, Joseph Andre Paul Huet, Chief Executive Officer of Americas Gold and Silver Corporation, certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Americas Gold and Silver Corporation (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Committee of Sponsoring Organizations framework.

------

5.2 ***ICFR - material weakness relating to design:*** N/A

5.3 ***Limitation on scope of design:*** The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/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;(ii) N/A; 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;(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: <u>November 10, 2025</u>

<u>*ss/ Joseph Andre Paul Huet*</u>

Joseph Andre Paul Huet

President & Chief Executive Officer

------

## Exhibit 99.4

------

**FORM 52-109F2**

***CERTIFICATION OF INTERIM FILINGS<br>FULL CERTIFICATE***

I, Warren Varga, Chief Financial Officer of Americas Gold and Silver Corporation, certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Americas Gold and Silver Corporation (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Committee of Sponsoring Organizations framework.

------

5.2 ***ICFR - material weakness relating to design:*** N/A

5.3 ***Limitation on scope of design:*** The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/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;(ii) N/A; 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;(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: <u>November 10, 2025</u>

<u>*ss/Warren Varga_*</u>

Warren Varga

Chief Financial Officer

------