🧾 What This Document Is

This is the company's Annual Information Form (AIF) for 2025, filed with both Canadian and U.S. regulators (SEC Form 40-F). Think of it as a comprehensive annual report card that public mining companies must publish. It details everything an investor needs to know: what they own, what they've done, what could go wrong, and who runs the show.

👉 Why it matters: This isn't just a compliance document. It's the single best source to understand the true health, strategy, and risks of Americas Gold & Silver's mining business in one place.

🏢 What The Company Does

In simple terms, Americas Gold & Silver is a precious metals miner. They dig up and sell silver, gold, copper, lead, and zinc.

They operate two main hubs:

1. The Galena Complex (Idaho, USA): A historic, high-grade silver-lead-copper mine with processing plants. This is their flagship U.S. asset.
2. Cosalá Operations (Sinaloa, Mexico): This includes the San Rafael mine and the new, high-grade EC120 silver-copper project. It's their primary source of silver growth.

They also own the Relief Canyon mine (Nevada), currently paused, and just made a major move by acquiring the neighboring Crescent Mine (Idaho) to expand near Galena.

💰 Financial & Operational Snapshot

This AIF focuses more on assets than detailed financials (those are in separate reports), but here are key operational highlights from 2025:

• Record Silver Production at Cosalá: Silver output jumped 44% to ~1.2 million ounces, driven by the transition to the high-grade EC120 project.
• EC120 Hits Commercial Production: This high-grade silver-copper project in Mexico was declared in commercial production at the start of 2026.
• Crescent Mine Acquired: A major $87 million deal closed in December 2025, adding a historic silver mine right next to their Galena Complex.

🚀 Key Moves & Strategic Developments

• 🤝 The Big Acquisition: Purchased the Crescent Mine for $87 million ($20M cash + 11.1M shares). This immediately adds historical resources (3.8M oz silver M&I) and positions them to expand their Idaho operations.
• 🔄 Operational Pivot: Successfully shifted Mexico's Cosalá Operations from the San Rafael (zinc-lead) mine to the higher-grade EC120 (silver-copper) project. This is the engine for their silver production growth.
• 🔍 Active Exploration: They are drilling extensively at the Galena Complex (including the new 034 vein discovery) and Cosalá to find more high-grade ore and extend mine life. Updated reserve/resource estimates are planned for Q2 2026.
• ⏸️ Relief Canyon on Care & Maintenance: The Nevada gold mine is paused while the company evaluates all strategic options for it.

📦 Mineral Reserves & Resources: The Inventory

This is the core of a miner's value. The numbers below are from December 31, 2024 (before depletion from 2025 mining and the Crescent acquisition).

• Proven & Probable Reserves: These are the economically mineable ores.
  • Silver: 41.3 million ounces
  • Gold: 22,000 ounces
  • Copper: 57 million pounds
  • Lead: 249 million pounds
  • Zinc: 454 million pounds
• Measured & Indicated Resources: These are potentially mineable ores needing more study.
  • Silver: 104.3 million ounces
  • Gold: 139,000 ounces
  • Copper: 126 million pounds
• Inferred Resources: These are speculative, less-certain resources.
  • Silver: 224.9 million ounces
  • Copper: 174 million pounds

👉 What this means: They have a multi-year inventory of metals to mine, with significant upside potential from the massive Inferred silver and copper resources, especially at the newly acquired Crescent Mine (which added an historical resource of 19.1M oz inferred silver).

⚙️ Operational Deep Dive: The Mines

Galena Complex (Idaho):

• The Workhorse: A 130+ year-old mine still producing high-grade silver-lead ore. Uses conventional underground mining.
• Future Potential: Exploration is hitting high-grade silver-copper veins (like the 034 vein), which could be processed at the existing Coeur mill (currently idle) as they expand.

Cosalá Operations (Mexico):

• EC120 is the Star: This new project is producing high-grade silver-copper ore. It successfully transitioned from the San Rafael mine in 2025.
• Processing Smart: The existing Los Braceros plant was reconfigured to handle the new ore type, a cost-effective move.

Crescent Mine (Idaho):

• Strategic Fit: Its tetrahedrite ore is identical to Galena's silver-copper material, meaning it can be processed at Galena's mills. This is a classic "bolt-on" acquisition.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

• High-Grade Assets: Focus on high-grade silver projects (Galena, EC120, Crescent) which can be more profitable.
• Strategic Location: Owning multiple mines in Idaho's "Silver Valley" allows for shared infrastructure and processing, reducing costs.
• Proven Management: The team has successfully executed the EC120 transition and is now integrating a major acquisition.

⚠️ Risks (A Sample from a Long List):

• Metal Price Volatility: Their revenue depends entirely on fluctuating prices for silver, gold, copper, etc.
• Execution & Operational Risk: Mining is complex. Things like lower-than-expected ore grades, technical problems, or cost inflation can hurt profitability.
• Resource/Reserve Reliance: If their estimates are wrong or if they can't convert resources into reserves, mine life shortens.
• Geographic & Political Risk: Operations in Mexico and the U.S. are subject to changing tax laws, environmental regulations, and community relations.

🔮 What's Next: The Roadmap

1. Integrate Crescent Mine: Start planning and developing this key acquisition to feed the Galena mills.
2. Update the Resource Blueprint: Deliver updated mineral reserve and resource estimates in Q2 2026, incorporating new drilling from Galena and Cosalá.
3. Optimize EC120: Ramp up and optimize production from the new high-grade Mexican project.
4. Explore Relentlessly: Continue aggressive drilling to find more high-grade ore near existing mines to extend mine life.
5. Decide on Relief Canyon: Make a strategic decision on the paused Nevada gold mine.

🧠 The Analogy

Think of Americas Gold & Silver like a specialized chef taking over a historic kitchen. They've stopped making the old, complex dish (San Rafael ore) and are now focusing on a new, high-margin specialty (EC120 silver-copper). At the same time, they've just bought the building next door (Crescent Mine) because it grows the exact rare ingredient they need. Their success now hinges on expertly cooking these premium dishes (high-grade mines) while constantly scouting for new ingredients (exploration), all while navigating a volatile food market (metal prices).

📇 Key Contacts & People

(Note: This AIF lists the Board of Directors and Senior Officers as of March 27, 2026. Key executive contacts are typically found in the MD&A or on the company website.)

• Directors: Paul H. Blythe, J. Brett Roberts, Darin G. McManus, Timothy C. Snider, Kenneth R. Tallo
• Senior Officers:
  • Paul H. Blythe - President, Chief Executive Officer
  • Darin G. McManus - Chief Operating Officer
  • J. Brett Roberts - Executive Vice President, Chief Financial Officer
  • Russell D. Ball - Executive Chairman
  • Amber C. Sveinson - Vice President, Legal & Corporate Secretary

🧩 Final Takeaway

Americas Gold & Silver is aggressively repositioning itself as a high-grade silver producer through operational pivots (EC120) and strategic M&A (Crescent Mine). Its near-term success depends on seamlessly integrating its new asset and proving the potential of its large, but speculative, silver resources. It's a classic high-risk, high-reward play on rising silver prices.