In August 2022, I wrote a bearish article on SA about silver mining company Americas Gold and Silver (NYSE:USAS) in which I said that unit costs were high. Well, silver equivalent production in Q3 was pretty much the same as the previous quarter but lower zinc prices led to a deterioration of the working capital deficit to $16.7 million as of the end of September. Considering the estimated capital cost for the Galena Hoist project was increased by $2.2 million to $8.9 million, the company appears to be in trouble. Let’s review.