Americas Gold & Silver Corporation

Americas Gold & Silver's asset base provides exposure to both high-grade silver and critical minerals. Galena ranks among the top five highest-grade active silver mines globally, with historical production peaking at 5.2 million ounces in 2002 at grades of 729 grams per tonne silver. Recent exploration has delivered high-grade discoveries adjacent to existing infrastructure, including the 034 Vein discovery (3.4 meters at 983 g/t silver & total estimates of 6Moz+ Ag) and the 149 Vein discovery (0.21 meters at 24,913 g/t silver and 16.9% copper), supporting further resource growth potential.

Antimony represents an increasingly important by-product opportunity. Metallurgical testwork has demonstrated high recoveries, and beginning January 1, 2026, the company expects to realize revenue from antimony and copper under revised offtake arrangements. Given antimony’s designation as a critical mineral and limited domestic supply, Galena’s position as the largest active U.S. producer carries strategic significance alongside potential longer-term monetization opportunities.

Despite operational progress, asset consolidation, and improved financial strength, Americas Gold & Silver trades at approximately 0.53x price-to-net-asset-value versus a peer average of 1.10x for intermediate to senior silver producers (as of January 12, 2026). Ongoing operational improvements at Galena, production growth at Cosalá following EC120’s commercial production milestone in January 2026, future restart optionality at Crescent, and increasing contribution from by-products underpin the company’s near- to medium-term investment thesis.

Paul Andre Huet serves as Chairman and CEO with over 35 years of senior leadership and mining experience. He previously served as Chairman and CEO of Karora Resources, which merged with Westgold Resources (ASX: WGX) in a C$2.1 billion transaction delivering an 804% gain versus the GDXJ index, and as President and CEO of Klondex Mines, which was acquired by Hecla Mining for C$740 million, achieving a 490% return versus the GDXJ index.

Mike Doolin serves as Chief Operating Officer with over 35 years in mining operations and management, significantly increasing Karora’s throughput from 340 thousand tonnes per annum to 1.6 million tonnes per annum while serving as Senior Vice President of Technical Services, and as COO of Klondex, increasing gold production from 8,000 ounces per year to 200,000 ounces per year.

Warren Varga brings over 25 years of progressive financial leadership and senior management expertise to the Chief Financial Officer role, previously serving as CFO of US Silver & Gold and Senior Director of Corporate Development at Barrick Gold Corporation.

Rob Buchanan serves as Vice President of Sustainability and Communications with 30+ years in investor relations and public affairs, previously holding IR Director roles at Karora (2011-2024), Uranium One (2007-2011), and various positions at Inco and Vale Inco. His experience includes completion of the Competent Boards Global Certificate and Designation in ESG and Certified Professional in IR credentials.

Scott Hand serves as Lead Director, having chaired Karora from 2008 until its 2024 merger and previously serving as Chairman and CEO of Inco from 2002-2008 before selling the company to Vale for US$19 billion. Peter Goudie brings Karora director experience from 2008 through its 2024 merger and served as Executive Vice President of Marketing at Inco from 1997-2008. Tara Hassan is a mining engineer with 20 years of expertise, previously serving as SVP of Corporate Development at SilverCrest Metals during its US$1.5 billion sale to Coeur Mining. Additional directors include Gordon Pridham (Principal of Edgewater Capital with 25+ years in investment and corporate banking), Bradley R. Kipp (20+ years in mining operations and finance), Meri Verli (expert in finance, M&A, and risk management), and Shirley In’t Veld (30+ years in energy, mining, and renewables), providing depth across operational, technical, financial, and governance domains.

At the Galena Complex, the strategy focuses on increasing mining rates through implementation of long hole stoping methods, infrastructure upgrades, and workforce expansion. Phase 1 upgrades to the No. 3 Shaft have been completed, doubling skipping capacity to 80 tonnes per hour through hoist motor upgrades from 1,750 to 2,250 horsepower and installation of advanced skip weight measuring systems. Phase 2 upgrades are advancing, targeting skipping speeds of 1,200–1,400 feet per minute (up from ~690 feet per minute) through brake and hoist pad upgrades, a new hoisting control console with advanced technology, and new radio communication and semi-automated cages, with improvements targeting skipping increases to over 100 tonnes per hour and total planned expenditure of approximately US$8 million for all upgrades. The successful implementation of long hole stoping provides an estimated ~60% cost advantage compared to underhand cut and fill methods at similar dilution levels, with the entire 120x60 foot stope mined in under one month versus approximately one year with traditional methods. 

Exploration activities target resource expansion at Galena where the complex ranks among the shallowest mines in the Silver Valley with significant down-dip potential remaining. Recent drilling from the 5200 Level defined the new high-grade silver-copper 034 Vein discovery with an exploration target of 100,000-120,000 tonnes grading 311-467 grams per tonne silver representing 1.2-1.5 million ounces of silver potential, while subsequent work expanded the “034 Vein Complex” with multiple new high-grade silver-copper-antimony splay veins and a preliminary exploration target of 550-650k tonnes at 290-310 g/t silver (conceptual). The 149 Vein discovery from drilling at the 4300 Level intersected 0.21 meters at 24,913 grams per tonne silver and 16.9% copper.

The Crescent Mine integration provides near-term production growth potential with initial mine and mill plans targeting a minimum rate of 250 tonnes per day and processing through available capacity at both the Galena and Coeur mills, with the company targeting a mid-2026 restart of silver, copper and antimony production at Crescent. A US$3.5 million exploration drilling program is planned for 2026 focusing on over 2,100 feet of potential strike extent to the west that remains open at depth.

At Cosalá, EC120 reached commercial production on January 1, 2026, following ramp-up through 2025. The antimony by-product optimization represents a distinct value driver with metallurgical testwork validating 90-96% flotation recovery to concentrate and 99%+ extraction from concentrate grading approximately 19% antimony.

Near-term objectives include realizing by-product revenue under the offtake arrangements negotiated with Ocean Partners and Teck beginning January 1, 2026, with longer-term opportunities including additional commercial recovery testwork and assessment of potential domestic refining options. The capital structure has been strengthened through recent financings totaling over US$300 million raised in equity and debt during 2024 and 2025, including the June 2025 secured debt package of US$100 million and US$11.5 million equity investment from Teck providing longer-term capital with a 5-year offtake agreement, and the December 2025 bought deal financing raising US$132.25 million that funded the Crescent acquisition while providing working capital for ongoing development activities.

The company secured US$300 million-plus through equity and debt financings in 2024 and 2025, substantially strengthening the balance sheet while funding operational improvements, acquisitions, and development activities. The June 2025 financing provided US$100 million in long-term secured debt alongside a US$11.5 million equity investment from Teck Resources with a 5-year term, while the bought deal private placement financing raised US$132.25 million and closed in December 2025, with US$20 million used to fund the cash portion of the Crescent Silver Mine acquisition. The capital structure as of December 17, 2025 comprises 319 million common shares outstanding with 349 million fully diluted including 9 million options, 7 million warrants, and 14 million DSUs/RSUs, with the shareholder base including Eric Sprott at approximately 14%.

Production metrics demonstrate operational momentum, with Americas reporting consolidated annual attributable silver production of 2.65 million ounces for 2025, including a Cosalá annual production record of 1.19 million ounces (with 463,000 ounces produced in Q4 2025). Full-year antimony and copper by-product production from the Galena Complex totaled approximately 561,000 pounds and 797,000 pounds, respectively. The proven and probable mineral reserves at Cosalá total 21 million ounces of silver across 4.03 million tonnes, while at Galena proven and probable mineral reserves total 5.4 million tonnes containing 38.5 million ounces of silver at 221 grams per tonne, with measured and indicated resources totaling 40.4 million ounces at 81 grams per tonne in 14.9 million tonnes and inferred resources of 14.5 million tonnes containing 121.3 million ounces at 260 grams per tonne.

Five analysts provide coverage with price targets ranging from C$6.85 to C$11.00, averaging approximately C$9.17. The operating cost structure at Galena is targeted for improvement through implementation of long hole stoping (approximately 60% cost advantage versus underhand cut and fill), increased mining rates providing operational leverage, and by-product credit optimization as by-product revenue begins to be realized under the updated offtake arrangements.

Americas Gold & Silver Corp presents an investment opportunity centered on operational leverage to silver prices through high-grade assets, exposure to antimony as a critical mineral by-product, and execution of operational improvements under experienced management in established mining districts. The company controls high-quality silver assets with Galena ranking among the top five highest-grade active silver mines globally (496 g/t YTD 2025) and providing 80%+ revenue exposure to silver, while the recent Crescent Mine acquisition adds high-grade mill feed potential and exploration upside across landholdings where less than 5% has been explored. The operational catalysts provide near-term visibility to production growth, with Phase 1 hoist upgrades at Galena doubling skipping capacity and long hole stoping reintroduced to support higher mining rates, while recent high-grade discoveries including the 034 Vein (3.4m at 983 g/t silver) and 149 Vein (0.21m at 24,913 g/t silver and 16.9% copper) demonstrate exploration upside adjacent to existing infrastructure, with the 034 discovery now expanded into a broader “034 Vein Complex” of multiple high-grade veins.

The antimony by-product optionality represents value with monetization beginning January 1, 2026 under the updated offtake arrangements, alongside longer-term processing and recovery optimization opportunities. The management team brings demonstrated experience in operational turnarounds and value creation, with Paul Huet’s track record including the C$2.1 billion Karora-Westgold merger (804% gain versus GDXJ) and the C$740 million Klondex sale to Hecla (490% gain versus GDXJ), while Mike Doolin’s operational experience includes scaling throughput at Karora from 340,000 to 1.6 million tonnes per annum. The financial position has been strengthened through over US$300 million in equity and debt financings during 2024 and 2025, with the shareholder base including Eric Sprott at ~14% and meaningful institutional ownership, while the stock trades at 0.66x price-to-net-asset-value compared to the 1.14x peer average, representing a 42% discount to intermediate and senior silver producers.

Key catalysts through 2026 include continued production growth at Galena through Phase 2 hoist upgrades and long hole stoping expansion, Crescent Mine restart targeted for mid-2026, ongoing exploration results from planned drilling programs at Crescent and Galena (including the 034 Vein Complex), and continued operating performance at Cosalá following EC120’s commercial production milestone on January 1, 2026. The investment case derives from the combination of high-grade silver assets, near-term production catalysts, antimony by-product exposure with monetization underway, demonstrated operational improvements, experienced management with track records of value creation, and valuation discount to peers.