0001286973false--12-312023-12-31FY2023false21541200012469000120577000120930002360003607870001145480007773300070380001690001994880003.351.001.480.801.48100012869732023-01-012023-12-310001286973usas:EventsAfterReportingPeriodMember2024-03-012024-03-210001286973usas:EventsAfterReportingPeriodMember2024-03-270001286973ifrs-full:TaxContingentLiabilityMember2010-11-012010-11-3000012869732010-11-012010-11-3000012869732018-12-310001286973ifrs-full:TaxContingentLiabilityMember2018-12-310001286973ifrs-full:TaxContingentLiabilityMember2010-11-3000012869732010-11-300001286973usas:GalenaComplexMember2021-01-012021-12-310001286973usas:CosalOperationsMember2021-01-012021-12-310001286973usas:CosalOperationsMember2023-01-012023-12-310001286973usas:CosalaOperationsMember2022-01-012022-12-310001286973usas:CosalaOperationsMember2023-01-012023-12-310001286973usas:CosalaOperationsMember2022-12-310001286973usas:CosalaOperationsMember2023-12-310001286973usas:CorporateAndOthersMember2022-01-012022-12-310001286973usas:CorporateAndOthersMember2023-01-012023-12-310001286973usas:CorporateAndOthersMember2022-12-310001286973usas:CorporateAndOthersMember2023-12-310001286973usas:GalenaComplexMember2022-01-012022-12-310001286973usas:GalenaComplexMember2023-01-012023-12-310001286973usas:GalenaComplexMember2022-12-310001286973usas:GalenaComplexMember2023-12-310001286973usas:ReliefCanyonSegmentMember2022-01-012022-12-310001286973usas:ReliefCanyonSegmentMember2023-01-012023-12-310001286973usas:ReliefCanyonSegmentMember2022-12-310001286973usas:ReliefCanyonSegmentMember2023-12-310001286973usas:MXNUSDExchangeRateMember2023-01-012023-12-310001286973usas:CADUSDExchangeRateMember2023-01-012023-12-310001286973usas:USSOFRMember2023-01-012023-12-310001286973usas:USLIBORMember2023-01-012023-12-310001286973ifrs-full:TopOfRangeMember2022-12-310001286973ifrs-full:BottomOfRangeMember2022-12-310001286973ifrs-full:TradeReceivablesMemberifrs-full:CreditRiskMember2023-12-310001286973ifrs-full:TradeReceivablesMemberifrs-full:CreditRiskMember2022-12-310001286973usas:LevelThreeOfFairValueHierarchyMember2022-01-012022-12-310001286973usas:LevelThreeOfFairValueHierarchyMember2023-01-012023-12-310001286973ifrs-full:AtCostMember2022-12-310001286973ifrs-full:AtCostMember2023-12-310001286973ifrs-full:Level2OfFairValueHierarchyMember2022-01-012022-12-310001286973ifrs-full:Level2OfFairValueHierarchyMember2023-01-012023-12-310001286973ifrs-full:Level2OfFairValueHierarchyMember2023-12-310001286973ifrs-full:Level2OfFairValueHierarchyMember2022-12-310001286973ifrs-full:Level1OfFairValueHierarchyMember2023-12-310001286973ifrs-full:Level1OfFairValueHierarchyMember2022-12-310001286973usas:MXNUSDExchangeRateTenMember2023-01-012023-12-310001286973usas:CADUSDExchangeRateTenMember2023-01-012023-12-310001286973usas:CADMember2023-12-310001286973usas:MXNMember2023-12-310001286973ifrs-full:LaterThanFiveYearsMember2023-12-310001286973ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2023-12-310001286973ifrs-full:NotLaterThanOneYearMember2023-12-310001286973ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2023-12-310001286973usas:OtherLongTermLiabilitiesMemberifrs-full:LaterThanFiveYearsMember2023-12-310001286973usas:OtherLongTermLiabilitiesMemberifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2023-12-310001286973usas:OtherLongTermLiabilitiesMemberifrs-full:NotLaterThanOneYearMember2023-12-310001286973usas:OtherLongTermLiabilitiesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2023-12-3100012869732023-07-012023-07-310001286973usas:USTaxLossesexpiringIn20252037Member2023-12-310001286973usas:USTaxLossesexpiringIn20252037Member2022-12-310001286973usas:CanadianTaxLossesexpiringIn20342042Member2023-12-310001286973usas:CanadianTaxLossesexpiringIn20342042Member2022-12-310001286973usas:MexicanTaxLossesexpiringIn20252031Member2023-12-310001286973usas:MexicanTaxLossesexpiringIn20252031Member2022-12-310001286973usas:InventoryMember2023-12-310001286973usas:DeferredMexicanMiningRoyaltyMember2023-12-310001286973usas:DeferredMexicanMiningRoyaltyMember2022-12-310001286973usas:ProvisionsAndOtherMember2023-12-310001286973usas:ProvisionsAndOtherMember2022-12-310001286973usas:USTaxLossesnoExpiryMember2023-12-310001286973usas:USTaxLossesnoExpiryMember2022-12-310001286973ifrs-full:PropertyPlantAndEquipmentProceedsBeforeIntendedUseMember2023-12-310001286973ifrs-full:PropertyPlantAndEquipmentProceedsBeforeIntendedUseMember2022-12-310001286973usas:InventoryMember2022-12-310001286973usas:OtherByproductsMember2023-01-012023-12-310001286973usas:OtherByproductsMember2022-01-012022-12-310001286973usas:LeadMember2023-01-012023-12-310001286973usas:LeadMember2022-01-012022-12-310001286973usas:ZincMember2023-01-012023-12-310001286973usas:ZincMember2022-01-012022-12-310001286973usas:SilverMember2023-01-012023-12-310001286973usas:SilverMember2022-01-012022-12-3100012869732019-10-012019-10-030001286973usas:DeferredShareUnitsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001286973usas:DeferredShareUnitsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001286973usas:DeferredShareUnitsMember2023-12-310001286973usas:DeferredShareUnitsMember2022-12-310001286973usas:StockIssuedPrivatePlacementsMember2022-12-310001286973usas:MayTwoZeroTwoOneATMAgreementMember2022-12-310001286973usas:MayTwoZeroTwoOneATMAgreementMember2023-01-012023-12-310001286973usas:MayTwoZeroTwoOneATMAgreementMember2021-05-012021-05-170001286973usas:StockIssuedPrivatePlacementsMember2022-01-012022-12-310001286973usas:RangeTwoMember2023-12-310001286973usas:RangeOneMember2023-12-310001286973ifrs-full:TopOfRangeMember2023-01-012023-12-310001286973ifrs-full:BottomOfRangeMember2023-01-012023-12-310001286973ifrs-full:TopOfRangeMemberusas:RangeThreeMember2023-01-012023-12-310001286973ifrs-full:BottomOfRangeMemberusas:RangeThreeMember2023-01-012023-12-310001286973ifrs-full:TopOfRangeMemberusas:RangeTwoMember2023-01-012023-12-310001286973ifrs-full:BottomOfRangeMemberusas:RangeTwoMember2023-01-012023-12-310001286973ifrs-full:TopOfRangeMemberusas:RangeOneMember2023-01-012023-12-310001286973ifrs-full:BottomOfRangeMemberusas:RangeOneMember2023-01-012023-12-310001286973usas:RangeThreeMember2023-01-012023-12-310001286973usas:RangeTwoMember2023-01-012023-12-310001286973usas:RangeOneMember2023-01-012023-12-310001286973usas:PreferredSharesMember2023-12-310001286973usas:PreferredSharesMember2022-12-310001286973usas:CommonSharesMember2023-12-310001286973usas:CommonSharesMember2022-12-310001286973ifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMemberusas:MaxiimumsMember2022-01-012022-12-310001286973ifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMemberusas:MaxiimumsMember2023-01-012023-12-310001286973ifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMemberusas:MiniimumsMember2022-01-012022-12-310001286973ifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMemberusas:MiniimumsMember2023-01-012023-12-3100012869732024-01-012024-12-310001286973usas:NonAdjustingEventMember2024-01-012024-12-310001286973ifrs-full:PlanAssetsMember2023-12-310001286973ifrs-full:PlanAssetsMember2023-01-012023-12-310001286973ifrs-full:PlanAssetsMember2022-01-012022-12-310001286973ifrs-full:PlanAssetsMember2021-12-310001286973ifrs-full:PlanAssetsMember2022-12-310001286973usas:GalenaComplexAndCosalaOperationsMember2023-04-012023-04-120001286973usas:PaycheckProtectionProgramFromUsCaresActMember2020-05-012020-05-110001286973usas:PaycheckProtectionProgramFromUsCaresActMember2020-05-1100012869732023-12-012023-12-2700012869732023-03-012023-03-3100012869732020-12-1500012869732023-12-2700012869732022-01-012022-12-1200012869732022-12-120001286973ifrs-full:BottomOfRangeMember2022-10-012022-10-220001286973ifrs-full:TopOfRangeMember2022-10-012022-10-220001286973ifrs-full:BottomOfRangeMember2023-06-012023-06-210001286973ifrs-full:BottomOfRangeMember2021-11-012021-11-120001286973ifrs-full:TopOfRangeMember2023-06-012023-06-210001286973ifrs-full:TopOfRangeMember2021-11-012021-11-1200012869732022-10-2000012869732023-10-3000012869732021-11-1200012869732023-06-2100012869732021-11-012021-11-1200012869732023-06-012023-06-2100012869732022-10-012022-10-220001286973usas:RoyCapConvertibleDebentureMember2021-04-012021-04-280001286973usas:RoyCapConvertibleDebentureMember2021-04-280001286973usas:SandstormGoldLtdMemberusas:ForwardCommodityPricingCurvesMember2023-01-012023-12-310001286973usas:SandstormGoldLtdMemberusas:ForwardCommodityPricingCurvesMember2022-01-012022-12-310001286973usas:SandstormGoldLtdMemberusas:ForwardCommodityPricingCurvesMember2021-01-012021-12-310001286973usas:SandstormGoldLtdMemberusas:MiniimumsMember2023-01-012023-12-310001286973usas:SandstormGoldLtdMemberusas:MaxiimumsMember2023-01-012023-12-3100012869732019-04-030001286973usas:MaxiimumsMember2022-01-012022-12-310001286973usas:MaxiimumsMember2023-01-012023-12-310001286973usas:MiniimumsMember2022-01-012022-12-310001286973usas:MiniimumsMember2023-01-012023-12-310001286973usas:MiniimumsMember2023-12-310001286973usas:MiniimumsMember2022-12-310001286973usas:MaxiimumsMember2023-12-310001286973usas:MaxiimumsMember2022-12-310001286973ifrs-full:RightofuseAssetsMember2023-12-310001286973usas:PlantAndEquipmentMember2022-12-310001286973usas:NonproducingPropertiesMember2022-12-310001286973usas:PlantAndEquipmentMember2023-12-310001286973usas:NonproducingPropertiesMember2023-12-310001286973usas:MineralInterestsMember2022-12-310001286973usas:MineralInterestsMember2023-12-310001286973usas:CarryingValueMember2022-12-310001286973usas:CarryingValueMember2023-12-310001286973usas:CarryingValueMemberusas:CorporateOfficeEquipmentMember2022-12-310001286973usas:CarryingValueMemberusas:CorporateOfficeEquipmentMember2023-12-310001286973usas:CarryingValueMemberusas:RightofuseLeaseAssetsMember2022-12-310001286973usas:CarryingValueMemberusas:RightofuseLeaseAssetsMember2023-12-310001286973usas:CarryingValueMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-12-310001286973usas:CarryingValueMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-12-310001286973usas:CarryingValueMemberusas:NonproducingPropertiesMember2022-12-310001286973usas:CarryingValueMemberusas:NonproducingPropertiesMember2023-12-310001286973usas:CarryingValueMemberusas:MiningInterestMember2022-12-310001286973usas:CarryingValueMemberusas:MiningInterestMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:NonproducingPropertiesMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:NonproducingPropertiesMember2022-01-012022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:NonproducingPropertiesMember2023-01-012023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:NonproducingPropertiesMember2022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:NonproducingPropertiesMember2021-12-310001286973usas:AccumulatedDepreciationAndDepletionMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMember2022-01-012022-12-310001286973usas:AccumulatedDepreciationAndDepletionMember2023-01-012023-12-310001286973usas:AccumulatedDepreciationAndDepletionMember2021-12-310001286973usas:AccumulatedDepreciationAndDepletionMember2022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:CorporateOfficeEquipmentMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:CorporateOfficeEquipmentMember2022-01-012022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:CorporateOfficeEquipmentMember2023-01-012023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:CorporateOfficeEquipmentMember2022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:CorporateOfficeEquipmentMember2021-12-310001286973ifrs-full:AccumulatedDepreciationAndAmortisationMemberusas:RightofuseLeaseAssetsMember2023-12-310001286973ifrs-full:AccumulatedDepreciationAndAmortisationMemberusas:RightofuseLeaseAssetsMember2022-01-012022-12-310001286973ifrs-full:AccumulatedDepreciationAndAmortisationMemberusas:RightofuseLeaseAssetsMember2023-01-012023-12-310001286973ifrs-full:AccumulatedDepreciationAndAmortisationMemberusas:RightofuseLeaseAssetsMember2022-12-310001286973ifrs-full:AccumulatedDepreciationAndAmortisationMemberusas:RightofuseLeaseAssetsMember2021-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-01-012022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-01-012023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberifrs-full:OtherPropertyPlantAndEquipmentMember2021-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:MiningInterestMember2023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:MiningInterestMember2022-01-012022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:MiningInterestMember2023-01-012023-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:MiningInterestMember2022-12-310001286973usas:AccumulatedDepreciationAndDepletionMemberusas:MiningInterestMember2021-12-310001286973usas:CostMember2023-12-310001286973usas:CostMember2022-01-012022-12-310001286973usas:CostMember2023-01-012023-12-310001286973usas:CostMember2021-12-310001286973usas:CostMember2022-12-310001286973usas:CostMemberusas:CorporateOfficeEquipmentMember2023-12-310001286973usas:CostMemberusas:CorporateOfficeEquipmentMember2023-01-012023-12-310001286973usas:CostMemberusas:CorporateOfficeEquipmentMember2022-01-012022-12-310001286973usas:CostMemberusas:CorporateOfficeEquipmentMember2021-12-310001286973usas:CostMemberusas:CorporateOfficeEquipmentMember2022-12-310001286973usas:CostMemberusas:RightofuseLeaseAssetsMember2023-12-310001286973usas:CostMemberusas:RightofuseLeaseAssetsMember2022-01-012022-12-310001286973usas:CostMemberusas:RightofuseLeaseAssetsMember2023-01-012023-12-310001286973usas:CostMemberusas:RightofuseLeaseAssetsMember2021-12-310001286973usas:CostMemberusas:RightofuseLeaseAssetsMember2022-12-310001286973usas:CostMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-12-310001286973usas:CostMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-01-012022-12-310001286973usas:CostMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-01-012023-12-310001286973usas:CostMemberifrs-full:OtherPropertyPlantAndEquipmentMember2021-12-310001286973usas:CostMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-12-310001286973usas:CostMemberusas:NonproducingPropertiesMember2023-12-310001286973usas:CostMemberusas:NonproducingPropertiesMember2022-01-012022-12-310001286973usas:CostMemberusas:NonproducingPropertiesMember2023-01-012023-12-310001286973usas:CostMemberusas:NonproducingPropertiesMember2021-12-310001286973usas:CostMemberusas:NonproducingPropertiesMember2022-12-310001286973usas:CostMemberusas:MiningInterestMember2023-12-310001286973usas:CostMemberusas:MiningInterestMember2022-01-012022-12-310001286973usas:CostMemberusas:MiningInterestMember2023-01-012023-12-310001286973usas:CostMemberusas:MiningInterestMember2022-12-310001286973usas:CostMemberusas:MiningInterestMember2021-12-310001286973ifrs-full:OfficeEquipmentMember2023-01-012023-12-310001286973ifrs-full:OtherPropertyPlantAndEquipmentMember2023-01-012023-12-310001286973usas:NonControllingInterestsMember2023-12-310001286973usas:AttributableToShareholdersOfTheCompanyMember2023-12-310001286973usas:DeficitMember2023-12-310001286973usas:ForeignCurrencyTranslationReserveMember2023-12-310001286973usas:EquityReserveMember2023-12-310001286973usas:SharecapitalCommonMember2023-12-310001286973usas:NonControllingInterestsMember2023-01-012023-12-310001286973usas:AttributableToShareholdersOfTheCompanyMember2023-01-012023-12-310001286973usas:DeficitMember2023-01-012023-12-310001286973usas:ForeignCurrencyTranslationReserveMember2023-01-012023-12-310001286973usas:EquityReserveMember2023-01-012023-12-310001286973usas:SharecapitalCommonMember2023-01-012023-12-310001286973usas:NonControllingInterestsMember2022-12-310001286973usas:AttributableToShareholdersOfTheCompanyMember2022-12-310001286973usas:DeficitMember2022-12-310001286973usas:ForeignCurrencyTranslationReserveMember2022-12-310001286973usas:EquityReserveMember2022-12-310001286973usas:SharecapitalCommonMember2022-12-310001286973usas:NonControllingInterestsMember2022-01-012022-12-310001286973usas:AttributableToShareholdersOfTheCompanyMember2022-01-012022-12-310001286973usas:DeficitMember2022-01-012022-12-310001286973usas:ForeignCurrencyTranslationReserveMember2022-01-012022-12-310001286973usas:EquityReserveMember2022-01-012022-12-310001286973usas:SharecapitalCommonMember2022-01-012022-12-3100012869732021-12-310001286973usas:NonControllingInterestsMember2021-12-310001286973usas:AttributableToShareholdersOfTheCompanyMember2021-12-310001286973usas:DeficitMember2021-12-310001286973usas:ForeignCurrencyTranslationReserveMember2021-12-310001286973usas:EquityReserveMember2021-12-310001286973usas:SharecapitalCommonMember2021-12-3100012869732022-01-012022-12-3100012869732023-12-3100012869732022-12-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureiso4217:CADiso4217:CADxbrli:sharesiso4217:MXN
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2024
Commission File Number 001-37982
AMERICAS GOLD AND SILVER CORPORATION |
(Translation of registrant’s name into English) |
145 King Street West, Suite 2870 Toronto, Ontario, Canada M5H 1J8 |
(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
Form 20-F ☐ 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): ☐
| Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. |
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): ☐
| Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. |
SIGNATURE
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 | |
| | |
Date: March 28, 2024 | /s/ Peter McRae | |
| Peter McRae Chief Legal Officer and Senior Vice President Corporate Affairs | |
INDEX TO EXHIBITS