Americas Gold & Silver (NYSE: USAS) sees Eric Sprott lift stake to 16.32%

Rhea-AI Filing Summary

Americas Gold & Silver Corp reported an updated ownership disclosure showing that investor Eric Sprott and his affiliated entities now beneficially own 50,053,940 common shares, or about 16.32% of the company’s 306,692,103 common shares outstanding as of December 2, 2025. The change reflects a private purchase by 2176423 Ontario Ltd. on December 4, 2025 of 900,000 common shares at a price of $4.00 per share, for total consideration of approximately $3,600,000 funded from its working capital. Most of the position is held through Sprott Mining Inc. and 2176423 Ontario Ltd., which Sprott controls, giving him shared voting and dispositive power over the bulk of the shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Americas Gold & Silver Corp

(Name of Issuer)

Common Shares

(Title of Class of Securities)

03062D100

(CUSIP Number)

Mark Mandel
Baker & McKenzie LLP, 452 Fifth Avenue
New York, NY, 10018
(212) 626-4100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/04/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 03062D100

1

Name of reporting person

Sprott Eric

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 193,104.00
8	Shared Voting Power 49,860,836.00
9	Sole Dispositive Power 193,104.00
10	Shared Dispositive Power 49,860,836.00

11

Aggregate amount beneficially owned by each reporting person

50,053,940.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.32 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

1 Includes (i) 46,908,000 Common Shares of Americas Gold & Silver Corp (the "Issuer") held of record by Sprott Mining Inc. ("Sprott Mining"), a wholly-owned subsidiary of 2176423 Ontario Ltd. ("2176423 Ontario"), (ii) 2,952,836 Common Shares of the Issuer held of record by 2176423 Ontario. Eric Sprott controls 2176423 Ontario and has the power to direct the voting and disposition of Common Shares held by the entity through his ownership interests in 2176423 Ontario. Eric Sprott controls Sprott Mining and has the power to direct the voting and disposition of Common Shares held by the entity through his ownership interests in 2176423 Ontario. 2 The percentage set forth in Row 13 of this Cover Page is calculated based on 306,692,103 Common Shares outstanding (the "Common Shares Outstanding"), as reported by the Issuer to the Reporting Persons on December 2, 2025.

SCHEDULE 13D

CUSIP No. 03062D100

1

Name of reporting person

2176423 Ontario Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 49,860,836.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 49,860,836.00

11

Aggregate amount beneficially owned by each reporting person

49,860,836.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.26 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

3 Includes 46,908,000 Common Shares of the Issuer held of record by Sprott Mining, a wholly-owned subsidiary of 2176423 Ontario. 4 The percentage set forth in Row 13 of this Cover Page is calculated based on the Common Shares Outstanding, as reported by the Issuer to the Reporting Persons on December 2, 2025.

SCHEDULE 13D

CUSIP No. 03062D100

1

Name of reporting person

Sprott Mining Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,908,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,908,000.00

11

Aggregate amount beneficially owned by each reporting person

46,908,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.29 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

5 The percentage set forth in Row 13 of this Cover Page is calculated based on the Common Shares Outstanding, as reported by the Issuer to the Reporting Persons on December 2, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: Americas Gold & Silver Corp
(c)	Address of Issuer's Principal Executive Offices: 145 KING ST. W, SUITE 2870, Toronto, ONTARIO, CANADA , M5H 1J8.
Item 1 Comment: This Amendment No. 2 (this "Amendment") is being filed to update the percentage of shares beneficially owned by the Reporting Persons and hereby amends and supplements the original Statement filed with the SEC on December 23, 2024 and further amended on November 24, 2025. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Statement. Except as amended or supplemented hereby, the information set forth in the Statement remains unchanged.
Item 3.	Source and Amount of Funds or Other Consideration
	On December 4, 2025, 2176423 Ontario completed a private purchase of 900,000 shares of Common Stock of the Issuer at a purchase price per share of $4.00 for combined gross proceeds of approximately $3,600,000. The source of funds for acquiring the Common Stock described herein was the working capital of 2176423 Ontario.
Item 4.	Purpose of Transaction
	The information provided in Item 3 above is hereby incorporated by reference.
Item 5.	Interest in Securities of the Issuer
(a)	The information provided on the cover pages to this Amendment is hereby incorporated by reference. As of the close of business on December 3, 2025, the Reporting Persons acquired or have been granted, and for the purposes of Rule 13d-3 of the Exchange Act, beneficially own, an aggregate of 50,053,940 Common Shares, which represents approximately 16.32% of the Common Shares Outstanding, as reported by the Issuer to the Reporting Persons on December 2, 2025.
(b)	The responses in rows 7, 8, 9 and 10 of the cover pages to this Amendment are hereby incorporated by reference.
(c)	Except for the transaction described in Item 3 of this Amendment and the transactions described in Item 3 of Amendment 1, the Reporting Persons have not engaged in any transaction during the past 60 days involving the Common Shares of the Issuer.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sprott Eric

Signature:	/s/ Eric Sprott
Name/Title:	Eric Sprott
Date:	12/08/2025

2176423 Ontario Ltd.

Signature:	/s/ Eric Sprott
Name/Title:	Eric Sprott/President
Date:	12/08/2025

Sprott Mining Inc.

Signature:	/s/ Eric Sprott
Name/Title:	Eric Sprott/President
Date:	12/08/2025

FAQ

What ownership level does Eric Sprott report in Americas Gold & Silver (USAS)?

Eric Sprott and his affiliated entities report beneficial ownership of 50,053,940 common shares of Americas Gold & Silver Corp, representing 16.32% of the company’s 306,692,103 common shares outstanding as of December 2, 2025.

How many Americas Gold & Silver (USAS) shares were recently acquired and at what price?

On December 4, 2025, 2176423 Ontario Ltd. completed a private purchase of 900,000 common shares of Americas Gold & Silver Corp at a purchase price of $4.00 per share, for total consideration of approximately $3,600,000.

Which entities hold the Americas Gold & Silver (USAS) shares controlled by Eric Sprott?

The reported holdings include 46,908,000 common shares held by Sprott Mining Inc., a wholly owned subsidiary of 2176423 Ontario Ltd., and 2,952,836 common shares held directly by 2176423 Ontario Ltd., all of which are controlled by Eric Sprott.

What percentage of Americas Gold & Silver (USAS) does 2176423 Ontario Ltd. itself beneficially own?

2176423 Ontario Ltd. reports beneficial ownership of 49,860,836 common shares of Americas Gold & Silver Corp, representing approximately 16.26% of the 306,692,103 common shares outstanding as of December 2, 2025.

How is Sprott Mining Inc.’s stake in Americas Gold & Silver (USAS) described?

Sprott Mining Inc. reports beneficial ownership of 46,908,000 common shares of Americas Gold & Silver Corp, which corresponds to about 15.29% of the company’s 306,692,103 common shares outstanding as of December 2, 2025.

What was the purpose of this ownership amendment for Americas Gold & Silver (USAS)?

The amendment was filed to update the percentage of shares beneficially owned by Eric Sprott and his affiliated entities, reflecting the recent private share purchase and recalculation based on the issuer’s reported outstanding share count.