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.

All revenues from sales of concentrates for the years ended December 31, 2021 and 2020 were earned in Mexico and the United States. The following segmented information is presented as at and during the years ended December 31, 2021 and 2020. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States.

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Americas Gold and Silver Corporation

Notes to the consolidated financial statements

For the years ended December 31, 2021 and 2020

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

	As at December 31, 2021										As at December 31, 2020
	Cosalá Operations		Galena Complex		Relief Canyon		Corporate and Other		Total		Cosalá Operations		Galena Complex		Relief Canyon		Corporate and Other		Total

Cash and cash equivalents	$	531	$	569	$	1,472	$	328	$	2,900	$	133	$	1,257	$	52	$	3,263	$	4,705
Trade and other receivables		6,852		1,326		-		30		8,208		2,297		2,769		-		36		5,102
Inventories		6,113		2,724		9,072		-		17,909		6,346		3,062		-		-		9,408
Prepaid expenses		423		1,072		584		347		2,426		428		832		650		290		2,200
Restricted cash		133		53		3,892		-		4,078		137		53		3,892		-		4,082
Property, plant and equipment		55,950		63,423		58,292		248		177,913		58,029		53,701		147,183		406		259,319
Total assets	$	70,002	$	69,167	$	73,312	$	953	$	213,434	$	67,370	$	61,674	$	151,777	$	3,995	$	284,816

Trade and other payables	$	5,802	$	5,755	$	6,270	$	2,749	$	20,576	$	6,627	$	5,096	$	6,152	$	3,256	$	21,131
Derivative instruments		-		-		-		2,162		2,162		-		-		-		4,568		4,568
Loan payable		-		-		-		-		-		-		-		-		5,564		5,564
Glencore pre-payment facility		1,451		-		-		-		1,451		2,862		-		-		-		2,862
Other long-term liabilities		-		1,361		159		23		1,543		-		529		3,557		533		4,619
Deferred revenue		-		-		-		-		-		-		-		-		23,322		23,322
Metals contract liability		-		-		-		40,905		40,905		-		-		-		-		-
Sandstorm convertible debenture		-		-		-		-		-		-		-		-		9,953		9,953
RoyCap convertible debenture		-		-		-		8,665		8,665		-		-		-		-		-
Promissory note		-		-		-		5,000		5,000		-		-		-		5,000		5,000
Government loan		-		4,499		-		-		4,499		-		4,499		-		-		4,499
Post-employment benefit obligations		-		10,866		-		-		10,866		-		13,398		-		-		13,398
Decommissioning provision		2,008		6,929		4,507		-		13,444		2,130		2,365		3,784		-		8,279
Deferred tax liabilities		488		-		-		-		488		459		-		-		-		459
Total liabilities	$	9,749	$	29,410	$	10,936	$	59,504	$	109,599	$	12,078	$	25,887	$	13,493	$	52,196	$	103,654

	Year ended December 31, 2021															Year ended December 31, 2020
	Cosalá Operations			Galena Complex			Relief Canyon			Corporate and Other			Total			Cosalá Operations			Galena Complex			Relief Canyon			Corporate and Other			Total

Revenue	$	5,491		$	34,915		$	4,398		$	-		$	44,804		$	1,424		$	26,459		$	-		$	-		$	27,883
Cost of sales		(3,605	)		(31,367	)		(49,575	)		-			(84,547	)		(1,816	)		(29,423	)		-			-			(31,239	)
Depletion and amortization		(1,657	)		(6,623	)		(7,355	)		(160	)		(15,795	)		(2,224	)		(5,415	)		(194	)		(140	)		(7,973	)
Care and maintenance costs		(7,309	)		(997	)		(4,427	)		-			(12,733	)		(5,501	)		(446	)		-			-			(5,947	)
Corporate general and administrative		-			-			-			(10,267	)		(10,267	)		-			-			-			(9,134	)		(9,134	)
Transaction costs		-			-			-			-			-			-			-			-			(23	)		(23	)
Exploration costs		(58	)		(3,181	)		(636	)		-			(3,875	)		(379	)		(3,697	)		(563	)		-			(4,639	)
Accretion on decommissioning provision		(125	)		(28	)		(50	)		-			(203	)		(106	)		(21	)		(39	)		-			(166	)
Interest and financing income (expense)		(186	)		-			(1,766	)		(2,918	)		(4,870	)		(243	)		-			84			(94	)		(253	)
Foreign exchange gain		184			-			-			207			391			189			-			-			357			546
Gain on disposal of assets		-			-			-			-			-			-			37			-			-			37
Impairment to property, plant and equipment		(356	)		-			(55,623	)		-			(55,979	)		-			-			-			-			-
Loss on metals contract liability		-			-			-			(20,780	)		(20,780	)		-			-			-			-			-
Other gain (loss) on derivatives		-			-			-			1,668			1,668			-			-			-			(160	)		(160	)
Loss before income taxes		(7,621	)		(7,281	)		(115,034	)		(32,250	)		(162,186	)		(8,656	)		(12,506	)		(712	)		(9,194	)		(31,068	)
Income tax recovery (expense)		(98	)		518			-			1,190			1,610			470			741			-			(209	)		1,002
Net loss for the year	$	(7,719	)	$	(6,763	)	$	(115,034	)	$	(31,060	)	$	(160,576	)	$	(8,186	)	$	(11,765	)	$	(712	)	$	(9,403	)	$	(30,066	)

c.Major customers

For the year ended December 31, 2021, the Company sold concentrates and finished goods to two major customers (2020: one major customer) accounting for 90% and 9% (2020: 100%) of revenues.