USAS · Americas Gold and Silver Corporation

Americas Gold and Silver Corporation delivered a strong turnaround in Q1 2026, posting net income of $9.982 million compared to a $19.679 million loss in Q1 2025, primarily fueled by revenue surging to $67.799 million from $23.547 million. This improvement reflects higher production and sales volumes at the Galena Complex, including the recently acquired Crescent Mine, and the Cosalá Operations, where San Rafael achieved commercial production. Key drivers included cost of sales at $24.335 million and depletion at $6.407 million, offset by significant losses on metals contract liabilities of $12.516 million tied to metal price fluctuations. Operating cash flow turned positive at $21.924 million, supporting $22.809 million in property, plant, and equipment expenditures amid expansion efforts. Balance sheet strengthened with total assets at $438.557 million, cash at $122.429 million, and equity rising to $238.629 million, bolstered by $1.897 million from non-brokered private placements and exercises. However, current liabilities stood at $97.522 million, and management flags material going concern uncertainties, citing needs for profitable operations, covenant compliance on debt facilities (with waivers through June 2026), and potential future financing. Past successes include a December 2025 bought deal raising $132.3 million and Crescent acquisition. The filing notes retrospective adjustment for an August 2025 2.5:1 share consolidation. CEO Joseph Huet and CFO Warren Varga certified the filings, noting disclosure of material weaknesses in ICFR design per MD&A.