Americas Gold and Silver Achieves 99% Antimony Extraction Breakthrough, Positioning for U.S. Supply Leadership

• Americas Gold and Silver Corporation achieved over 99% antimony extraction from copper concentrates at its Galena Complex using advanced hydrometallurgical technology
• The breakthrough positions the company as a potential frontrunner in restoring domestic antimony supply, a critical mineral for U.S. national security
• Two-phase testing confirmed 90-96% antimony recovery from ore and subsequent 99%+ extraction from concentrates using Alkaline Selective Leaching technology
• Historical data shows over 20 million pounds of antimony produced from Galena Complex since 2001, with significant untapped value potential
• Company aims to become the first mine-to-market antimony producer in the United States in 25 years, leveraging strategic positioning in Idaho's Silver Valley

Americas Gold and Silver Corporation (TSX: USA, NYSE American: USAS) represents a growing North American precious metals producer with multiple operational assets across the continent. The company operates the Galena Complex in Idaho and the Cosalá Operations in Sinaloa, Mexico, with Eric Sprott maintaining an approximate 20% ownership stake as the largest shareholder. In December 2024, Americas increased its ownership in the Galena Complex from 60% to 100% through a transaction with Eric Sprott, solidifying its strategic position as a silver-focused producer.

The September 8, 2025 announcement regarding antimony extraction capabilities represents a significant milestone for the company's diversification strategy and potential revenue enhancement. The breakthrough comes at a particularly strategic time, as antimony has been identified as a critical mineral essential for U.S. national security and economic resilience, alongside silver and copper in the company's existing portfolio.

Metallurgical Breakthrough & Technical Innovation

The recent metallurgical testing conducted by Allihies Engineering Inc. utilizing proprietary Alkaline Selective Leaching (ASL) hydrometallurgical technology has demonstrated remarkable extraction capabilities. The ASL technology represents an improved and optimized version of proven industrial processes, building upon 60 years of operational experience from Sunshine Mining's antimony plant that operated until 2002.

Paul Andre Huet, Chairman and CEO, commented:

"I am thrilled that results of our test work have successfully demonstrated the potential to extract over 99% of the antimony from the copper ore currently being mined at our Galena Complex. At current Rotterdam antimony prices, this breakthrough could significantly enhance the payable metal value for Americas and our shareholders, as we currently receive little to no revenue for the antimony in our existing produced concentrates."

The testing process involved two distinct phases, each designed to optimize different aspects of the extraction process. The first phase focused on flotation recovery from tetrahedrite ore, while the second phase concentrated on hydrometallurgical treatment of the resulting copper concentrates.

Critical Mineral Supply Chain Positioning

The strategic importance of antimony cannot be understated in the current geopolitical environment. China's decision to halt antimony exports to the United States, announced on December 3, 2024, has created a significant supply gap in the domestic market. This development has elevated antimony's status as a critical mineral for national security purposes.

Huet further emphasized the strategic positioning:

"We believe that we are the only US-based mining company that is producing extractable silver, copper, and antimony, metals that the United States government has identified as critical, strategic metals."

The company's potential to fill this supply gap positions it uniquely within the North American mining sector. The ability to produce multiple critical minerals from a single operation provides both operational efficiency and strategic value that extends beyond traditional mining economics.

Detailed Technical Results & Process Optimization: Phase One Flotation Recovery Results

The initial phase of testing, conducted by SGS Canada Inc., focused on confirming the feasibility of producing a marketable copper/antimony/silver flotation product from tetrahedrite ore. The results demonstrated strong recovery rates across all target metals:

• Antimony Recovery: 90-96% from ore grading approximately 1% Sb
• Silver Recovery: 98-99% from ore grading approximately 50 oz/ton Ag
• Copper Recovery: 96-98% from ore grading approximately 1% Cu
• Rougher Concentrate Grades: 18-19% Sb, approximately 600 opt Ag & 24% Cu

These results confirmed that modern metallurgical processes could successfully concentrate the valuable minerals from the tetrahedrite material, establishing the foundation for subsequent processing steps.

Phase Two: Advanced Hydrometallurgical Processing

The second phase, conducted at Allihies Engineering, focused on extracting antimony from the copper concentrates produced in phase one. The results exceeded expectations:

• Antimony Extraction: Over 99% from flotation concentrate grading approximately 19% Sb
• Arsenic Extraction: Over 72% from flotation concentrate
• Silver, copper and iron: Completely retained in the leached flotation concentrate at enhanced grades
• Gold Extraction: Between 25-60% from flotation concentrate

Allihies Engineering Inc. provided technical commentary:

"We have successfully optimized and applied our proprietary ASL technology to two rougher copper concentrates from the Galena Mine. At equilibrium, nearly 100% of the contained antimony was successfully leached from both copper concentrates. This leached antimony can be processed into high purity antimony metal, sodium antimonate, antimony oxide and antimony sulfides."

Historical Production Context & Resource Base

The Galena Complex has a substantial track record of antimony production, with over 20 million pounds produced since 2001 based on final smelter settlement sheets. This historical production provides important context for understanding the scale of potential future operations and the resource base available for development.

Historical data reveals an antimony-to-copper ratio in recovered concentrates of approximately 0.69-to-1, while recent analysis of 1,000 drill sample rejects from tetrahedrite veins indicates a ratio of approximately 0.64-to-1 in the ore itself. This relationship provides predictive capability for resource planning and production forecasting.

The company's recent drilling programs since 2019 have identified a significant increase in tetrahedrite ore, which will become a primary focus for future drilling and production activities. This shift toward tetrahedrite-rich zones aligns with the company's strategy to maximize antimony recovery potential.

Product Diversification & Market Opportunities

The successful extraction process opens multiple revenue streams through various antimony products. The technology enables production of high purity antimony metal, sodium antimonate, antimony oxide, and antimony sulfides, providing flexibility to serve different market segments and customer requirements.

Allihies Engineering noted the comprehensive value extraction potential:

‍"Gold successfully leached can also be recovered. Very importantly, the arsenic concentration of the flotation concentrate was dramatically reduced with the leached arsenic potentially being selectively fixed as an iron compound for subsequent disposal. Finally, silver, copper and iron were all retained completely in the leached concentrate at an enhanced grade."

This multi-product approach maximizes the monetization potential of ore already being mined at Galena, transforming previously overlooked by-products into valuable revenue sources.

Competitive Positioning & Market Entry Strategy

The potential to become the first mine-to-market antimony producer in the United States in 25 years represents a significant competitive advantage. This positioning provides first-mover benefits in a market experiencing supply constraints and growing demand driven by national security considerations.

CEO Huet outlined the strategic vision:

"Our technical team is moving forward with detailed technical and trade-off studies to develop a plan to rapidly capitalize on the opportunity to commercially recover and realize value for the antimony, gold and copper already present in our concentrates. Over the last nine months, we have been able to unravel the antimony puzzle at the Galena mine."

The company's location in Idaho's Silver Valley provides logistical advantages and access to established mining infrastructure, supporting efficient development and operation of antimony production capabilities.

Financial Implications & Value Creation

The breakthrough represents significant untapped value creation potential for shareholders. Currently, the company receives minimal revenue for antimony content in its concentrates due to insufficient concentration and quality for smelter acceptance. The new processing capability transforms this situation entirely.

At current Rotterdam antimony prices, the enhanced payable metal value could provide substantial revenue enhancement. The ability to extract over 99% of antimony content, combined with improved copper and silver grades in the remaining concentrate, creates multiple value streams from the same ore input.

The company's fully funded status and proven management team provide the operational capability to execute development plans efficiently. With Eric Sprott's continued strategic investment and the recent 100% ownership acquisition of the Galena Complex, Americas has positioned itself for rapid deployment of the new technology.

Regulatory & Environmental Considerations

The ASL technology offers environmental benefits through improved waste management capabilities. The process dramatically reduces arsenic concentration in flotation concentrates, with leached arsenic potentially being selectively fixed as an iron compound for safe disposal. This environmental advantage supports regulatory compliance and community acceptance.

The domestic production of critical minerals aligns with U.S. government policy objectives for supply chain security and strategic independence. This alignment may provide additional support for development activities and market access.

Investment Conclusion

Americas Gold and Silver Corporation's antimony extraction breakthrough represents a transformational development that extends far beyond typical mining operational improvements. The company has successfully demonstrated the technical capability to extract over 99% of antimony from existing copper concentrates, potentially positioning itself as the sole domestic antimony producer in the United States.

The convergence of technical innovation, strategic mineral classification, and geopolitical supply constraints creates a unique investment opportunity. The company's ability to produce multiple critical minerals—silver, copper, and antimony—from a single operation provides diversified revenue streams and strategic value that transcends traditional precious metals mining.

For investors, the key considerations include the company's proven technical capability, strategic positioning in critical mineral supply chains, substantial historical resource base, and management's demonstrated ability to execute complex metallurgical solutions. The potential for significant revenue enhancement through monetization of previously unpaid by-products, combined with first-mover advantages in domestic antimony production, suggests compelling value creation opportunities.

The investment thesis is strengthened by the company's solid financial foundation, strategic shareholder support from Eric Sprott, and clear operational pathway to commercial implementation. As Americas moves forward with detailed technical and trade-off studies, investors should monitor progress toward commercial recovery operations and the broader development of U.S. critical mineral production capabilities.