Americas Gold and Silver Ramps Up Critical Metals Production at Only U.S. Antimony Mine

• Americas Gold and Silver produced 447,466 pounds of antimony and 615,817 pounds of copper at its Galena Complex during the first three quarters of 2025, marking the first production disclosure under new management.
• The Galena Complex operates as the only currently producing antimony mine in the United States, extracting critical metals from tetrahedrite ore alongside traditional silver-lead production from galena ore.
• The company achieved a breakthrough 99%+ antimony extraction rate from flotation concentrate grading approximately 19% antimony, utilizing proven metallurgical processes to produce marketable antimony products.
• Management plans to scale silver production at Galena to historical levels while concurrently increasing antimony output by focusing on higher-silver-grade tetrahedrite ore, which naturally contains both antimony and copper.
• Americas strengthened its position in December 2024 by acquiring full ownership of the Galena Complex, increasing its stake from 60% to 100% in a transaction with major shareholder Eric Sprott.

Americas Gold and Silver Corporation (TSX: USA, NYSE American: USAS) represents the only current U.S. antimony producer and operates as a growing North American precious metals mining company. The company's asset portfolio includes the Galena Complex in Idaho and the Cosalá Operations in Sinaloa, Mexico. In December 2024, Americas increased its ownership in the Galena Complex from 60% to 100% in a transaction with Eric Sprott, who remains the company's largest shareholder with approximately 20% interest. Under the leadership of Chairman and CEO Paul Andre Huet, Americas maintains full funding to execute its growth plans and focuses on becoming a top North American silver and antimony mining company.

For investors evaluating Americas Gold and Silver, the company's unique position as America's sole antimony producer presents strategic value in an environment of increasing focus on critical minerals supply chains, while its dual-track strategy of scaling silver production alongside antimony output offers exposure to both precious and critical metals markets.

The October 2025 production results from the Galena Complex represent a significant milestone for Americas Gold and Silver, as the company disclosed detailed antimony and copper production figures for the first time under new management. The announcement underscores the strategic importance of the Idaho operation in U.S. critical metals production and highlights the potential for revenue diversification beyond traditional precious metals.

Year-to-Date Production Performance

The Galena Complex delivered substantial critical metals output during the first nine months of 2025. The facility produced 447,466 pounds of antimony alongside 615,817 pounds of copper, establishing a consistent antimony-to-copper ratio averaging approximately 0.73. This ratio slightly exceeds the historical 0.69-to-1 ratio previously identified through test work results announced in September 2025.

The production figures represent the first comprehensive antimony disclosure under the current management team, marking what leadership characterizes as a new operational era for the complex. The consistent metal ratios observed throughout the three-quarter period suggest stable ore characteristics and processing efficiency at the facility.

Paul Andre Huet, Chairman and CEO, stated:

"Highlighting Galena as the only producing antimony mine in the United States, I am thrilled to announce both antimony and copper production from our Galena Complex. Year-to-date we have produced 447,466 pounds of antimony and 615,817 pounds of copper. This is the first time under our new management that we are reporting antimony production, reflecting a new era where the antimony and copper from our tetrahedrite ore have the potential to drive significant future revenues."

Galena Complex Ore Characteristics

The Galena Complex extracts two distinct ore types from underground veins located in Idaho's Silver Valley mining district. Galena ore, named after the mineral galena (PbS with silver inclusions), serves as the source material for silver-lead concentrates. This ore type has historically dominated production at the complex, generating over 240 million ounces of silver and 1.7 billion pounds of lead throughout the mine's operational history.

Tetrahedrite ore contains the sulfosalt mineral tetrahedrite ((Cu,Fe)12Sb4S13), which hosts approximately 1% antimony along with copper and higher-grade silver compared to galena ore. This polymetallic ore enables the production of silver-copper-antimony concentrates, typically maintaining an antimony-to-copper ratio of approximately 0.69:1, as confirmed by test work completed and announced in September 2025.

The tetrahedrite ore body has become the focus of recent metallurgical breakthroughs at the complex. The company achieved 99%+ antimony extraction from flotation concentrate grading approximately 19% antimony, utilizing proven metallurgical processes that can produce marketable antimony products. This technical achievement positions the operation favorably for scaling critical metals production alongside its traditional silver output.

Strategic Production Plans

Americas Gold and Silver has articulated a dual-objective operational strategy for the Galena Complex that links increased silver production with enhanced antimony output. Management plans to scale silver production materially by several multiples, potentially restoring the mine to historical production levels. This silver-focused strategy naturally supports concurrent antimony production increases due to the geological characteristics of the target ore.

The strategy centers on mining higher-silver-grade tetrahedrite ore, which serves as the primary host for antimony and copper at Galena. By prioritizing this ore type, the company expects to simultaneously advance both its precious metals and critical metals production objectives. The approach leverages the natural co-occurrence of these metals in the tetrahedrite mineral structure rather than requiring separate mining operations.

Huet explained: 

"As we continue to execute on our strategy to scale silver production materially at the Galena mine by several multiples, potentially restoring historical production levels, we expect to concurrently increase antimony output. This is driven by our focus on mining higher-silver-grade tetrahedrite ore, which is the primary host for antimony and copper at Galena."

Critical Metals Market Position

The Galena Complex holds unique strategic value as the only currently producing antimony mine in the United States. Antimony has gained increasing attention as a critical mineral due to supply chain considerations and diverse industrial applications, including flame retardants, batteries, and defense applications. The concentration of global antimony production in limited jurisdictions has heightened interest in domestic U.S. production capabilities.

Americas Gold and Silver's position as the sole U.S. antimony producer provides the company with strategic optionality in the critical metals market. The recent metallurgical breakthrough achieving 99%+ antimony extraction rates from concentrate strengthens the company's technical capability to deliver marketable antimony products to potential customers.

Huet emphasized:

"With our recently announced breakthrough of 99%+ antimony extraction from flotation concentrate grading approximately 19% antimony, and the potential to realize on commercial recovery and marketable antimony products that can be produced using proven metallurgical processes, we are in a very strong position to be a major supplier of critical metals that the United States needs."

Corporate Structure & Ownership

In December 2024, Americas Gold and Silver executed a significant transaction that strengthened its ownership position in the Galena Complex. The company increased its stake from 60% to 100% through a deal with Eric Sprott, consolidating full operational and financial control over the Idaho operation. Sprott, a prominent precious metals investor, retained his position as the company's largest shareholder with approximately 20% interest in Americas Gold and Silver.

The transaction aligns ownership structure with operational control, potentially simplifying decision-making processes and enabling the company to capture the full economic benefit of production increases and metallurgical improvements at Galena. The continued involvement of Sprott as a major shareholder provides ongoing alignment between management and a significant investor with extensive mining sector experience.

Beyond the Galena Complex, Americas owns and operates the Cosalá Operations in Sinaloa, Mexico, providing geographic and operational diversification within its portfolio. The company maintains what management describes as full funding to execute its growth plans across both operations.

Management & Technical Expertise

Americas Gold and Silver operates under the leadership of Paul Andre Huet, who serves as Chairman and CEO. The company characterizes its management team as proven and experienced in the mining sector. Technical oversight for mineral properties falls under Rick Streiff, Executive Vice President – Geology, who serves as the qualified person for purposes of National Instrument 43-101 standards.

The company's technical disclosures comply with NI 43-101 requirements as mandated by Canadian securities regulatory authorities. These standards differ from SEC requirements applicable to domestic United States reporting companies, and mineral reserves and resources reported under NI 43-101 may not qualify as such under SEC standards. This regulatory framework affects the comparability of technical information between Americas Gold and Silver and U.S.-domiciled mining companies.

Investment Considerations

For investors evaluating Americas Gold and Silver, several factors merit consideration. The company's status as the only current U.S. antimony producer provides unique exposure to critical minerals supply chain dynamics and potential policy support for domestic production. The dual-metal strategy linking silver production growth with antimony output growth offers leverage to both precious metals pricing and critical minerals demand.

The metallurgical breakthrough achieving 99%+ antimony extraction from concentrate represents a technical de-risking element for the antimony production pathway. The consistent antimony-to-copper ratios observed in year-to-date production suggest stable ore characteristics that support production planning and forecasting.

The December 2024 transaction consolidating 100% ownership of the Galena Complex simplifies the corporate structure and ensures Americas captures full economic benefits from operational improvements. The continued involvement of Eric Sprott as the largest shareholder provides alignment between management and a sophisticated mining investor.

Investors should consider that the company's strategy of materially scaling silver production by several multiples to potentially historical levels represents an execution risk that will require capital deployment, operational optimization, and favorable metal prices. The timeline and capital requirements for achieving these production targets remain important factors for investment evaluation.

The regulatory disclosure framework under NI 43-101 differs from SEC standards, which may affect comparability of technical information with U.S.-domiciled competitors. Investors should review the company's technical reports available on SEDAR+ and EDGAR for detailed information regarding mineral reserves, resources, and associated risks.

For Investors

Americas Gold and Silver's disclosure of 447,466 pounds of antimony and 615,817 pounds of copper production during the first three quarters of 2025 establishes the company's operational credibility as America's sole antimony producer while demonstrating the productive capacity of the Galena Complex. The strategic approach linking silver production growth with concurrent antimony output increases leverages the natural co-occurrence of these metals in tetrahedrite ore, potentially providing operational efficiency advantages.

For investors, the company offers differentiated exposure to both precious metals and critical minerals markets through a concentrated asset base with unique characteristics in the U.S. mining sector. The execution of management's strategy to restore historical silver production levels while scaling antimony output will serve as key performance indicators for evaluating the investment thesis in coming quarters.