LIBERTY ALL STAR EQUITY FUND (USA) Company Report

Americas Gold and Silver Corporation has entered into an agreement to acquire 100% of Crescent Silver, LLC for approximately US$65 million. The consideration includes US$20 million in cash and approximately 11.1 million common shares of Americas, valued at US$45 million based on a deemed price of US$4.00 per share.
To fund the cash portion of the acquisition, Americas has arranged a concurrent equity financing for US$65 million through a private placement of 16,250,000 common shares at US$4.00 per share.
The acquisition of the Crescent Mine, located near Americas' Galena Complex, is expected to add 1.4-1.6 Moz of silver production annually and offers immediate operational synergies by leveraging existing milling capacity and infrastructure.
The closing of the acquisition and concurrent financing is expected to occur on or about December 3, 2025, subject to regulatory approvals.

Nov 13, 2025, 11:42 AM

Liberty All-Star Equity Fund releases September 2025 Monthly Update

USA

New Projects/Investments

The Liberty All-Star® Equity Fund (USA) reported its September 2025 monthly update, with the fund's NAV performance for the month at -0.57% and market price performance at -3.94%.
As of September 30, 2025, the fund's year-to-date NAV performance was 7.89%, while its market price performance was -1.86%, and it traded at a -9.0% discount.
The fund, which employs a Large-Cap Core investment approach, had NVIDIA Corp. (5.2%) and Microsoft Corp. (4.9%) as its top two holdings, with Information Technology representing 25.3% of its equity portfolio.
Total net assets for the fund at month-end were $2,076.9 million, and Arista Networks, Inc. was identified as a new holding.