Americas Gold Records 52% Silver Production Surge

• Americas Gold & Silver delivered 2.65 million ounces of consolidated silver production in 2025, representing a 52% increase from 2024's 1.74 million ounces, with Cosalá Operations achieving a record 1.19 million ounces and Galena reaching its highest production levels in 20 years.
• The company produced 561,000 pounds of antimony in 2025 from the Galena Complex, positioning it as the largest active US antimony producer of a critical metal essential for national security, with byproduct revenue beginning January 1, 2026, under a new offtake agreement.
• Americas maintains approximately $130 million in cash as of December 31, 2025, following a $132.25 million bought deal financing, providing full funding for aggressive growth initiatives without near-term financing requirements.
• The company acquired 100% ownership of the Galena Complex in December 2024 and the Crescent Silver Mine in December 2025, creating operational synergies through shared infrastructure located just nine miles apart in Idaho.
• Production expansion occurred during silver's historic rally to an all-time high of $121.67 per ounce on January 29, 2026, with analysts forecasting prices between $100-$375 per ounce through 2026-2028, significantly amplifying revenue potential on the company's 2.65 million ounce annual production.

Americas Gold & Silver Corporation (TSX: USA | NYSE American: USAS) delivered consolidated silver production of 2.65 million ounces in 2025, a 52% increase from 1.74 million ounces in 2024. The Cosalá Operations in Mexico set a record at 1.19 million ounces, while the Galena Complex in Idaho posted its highest production levels in 20 years. Alongside silver, the company produced 561,000 pounds of antimony from Galena, positioning it as the largest active US antimony producer of a metal classified as critical to national security

The production expansion coincides with silver's strongest price environment on record. Silver reached an all-time high of $121.67 per ounce on January 29, 2026, having gained approximately 150-185% through 2025 on a combination of industrial demand from AI infrastructure and solar manufacturing, safe-haven flows driven by geopolitical tensions, and tightening physical supply. For a company producing 2.65 million ounces annually, each $10 move in the silver price carries direct margin implications.

Americas enters 2026 with approximately $130 million in cash following a $132.25 million bought deal financing, full ownership of both the Galena Complex and the newly acquired Crescent Silver Mine - located nine miles apart in Idaho - and funded operations with no near-term financing requirements. The company plans its most aggressive exploration programme to date, targeting 15 to 20 drill rigs across its asset base.

Company Overview

Americas Gold & Silver's core assets are the Galena Complex in Idaho - the nation's largest active antimony mine - and the Cosalá Operations in Sinaloa, Mexico. Oliver Turner, Executive Vice President of Corporate Development, describes Galena as:

"This is an asset that has a tremendous amount of not even just potential but installed infrastructure and value that's been captured in the story for a long period of time."

In December 2024, Americas acquired 100% ownership of the Galena Complex in a transaction with Eric Sprott, who became the company's largest shareholder. This ownership consolidation eliminated the joint venture structure. In December 2025, Americas acquired the Crescent Silver Mine located nine miles from Galena. Turner notes the integration strategy:

"Crescent is only nine miles away from Galena...the ore will be heading nine miles down the road and be directly dropped into Galena's mill."

Record Production Performance

Americas Gold & Silver reported consolidated attributable silver production of 2.65 million ounces for 2025, compared to 1.74 million ounces in 2024. Oliver Turner, stated:

"We just announced our 2025 numbers...2.65 million ounces across the company which is the highest production level in 20 years at the highest grade at Galena in 20 years."

The Cosalá Operations in Mexico produced 1.19 million ounces for the year. The operation's fourth quarter output reached 463,000 ounces, driven by higher grades from the Upper Zone at San Rafael and performance at the EC 120 mine, which achieved commercial production on January 1, 2026.Planned shutdowns at Galena were completed ahead of schedule. Turner stated:

"Delivering operationally...we just got to execute on what we say we're going to do and deliver, deliver, deliver."

Strategic Antimony Position

Americas Gold & Silver produced approximately 561,000 pounds of antimony in 2025 from the Galena Complex, along with 797,000 pounds of copper. The antimony-to-copper ratio averaged approximately 0.7 to 1 for the full year. Oliver Turner explained the byproduct economics:

"As we're mining for the silver, the copper comes for free. Next to it comes antimony. We are spending no additional cost to bring more copper and more antimony up out of this mine."

Beginning January 1, 2026, the company started receiving revenue from these byproducts under a new offtake agreement with Ocean Partners and Teck. Turner noted Galena's position:

"Galena is the largest active antimony mine in the US today...it has been producing antimony every single day since 1942."

The United States has identified antimony as a critical metal for national security, particularly for defense applications and advanced manufacturing. Americas operates as the largest active US antimony producer.

The company is conducting test work initiatives and evaluating pathways to extract additional byproduct antimony value at the Galena Complex. Turner stated:

"You buy a share of Americas Gold & Silver and you have some of the highest leverage to the third highest-grade silver mine in the world."

The combination of silver, copper, and antimony revenues provides diversified commodity exposure.

Growth Infrastructure & Capital Projects

The company has made investments in infrastructure to support higher production rates. Oliver Turner explained:

"These assets have been capital starved for many years...early on when we became involved, we raised that first $50 million, then $100 million in debt...and then we just raised north of $130 million for the Crescent acquisition."

Initiatives included long hole stopping reintroduction, expanded underground mining fleet deployment, and shaft upgrades to support mining rates.

The Crescent acquisition has been integrated into operations. Turner stated:

"We've dropped power costs there from 65 cents a kilowatt hour down to 5 cents a kilowatt hour...that has a tremendous impact. Crescent will absolutely be part of that Galena complex...certainly not a standalone asset. We're generating revenue from Crescent in the very first year of owning it."

Americas reported approximately $130 million cash as of December 31, 2025. Turner noted:

"We're now well north of 60% institutionally owned and have some of the largest investors in the world as shareholders."

The company has funding for 2026 operations without near-term financing requirements.

Market Timing & Silver Price Outlook

Americas Gold & Silver's production expansion has coincided with silver's strongest price environment on record. Silver reached an all-time high of $121.67 per ounce on January 29, 2026, capping a 150-185% gain through 2025. Oliver Turner stated:

"We have one of the highest exposures to silver in the investable world...if you want silver exposure, this is a name you have to own."

The company plans to deploy capital aggressively into exploration. Turner stated:

"We are going to be more aggressive with the drill bit this year than I think this company has ever been...targeting somewhere in the range of 15 to 20 drills across our asset base. $90-$100 silver allows you to do a lot of different things...we're going to be putting a lot of dollars into drilling and adding value that way."

Despite silver's substantial gains, a number of analysts and major financial institutions maintain that prices have further to run, with forecasts from several banks and independent commentators pointing to materially higher levels through 2026-2028. The underlying drivers coming from industrial demand with AI infrastructure and solar manufacturing, to the tightening physical supply, and safe-haven flows amid geopolitical tensions, all remain intact. Gold is already trading around the $5,000 mark, and silver has historically correlated with gold's performance during sustained precious metals rallies.

The Investment Thesis for Americas Gold & Silver

• Each $10 increase in silver price affects margin on 2.65 million annual ounces produced.
• Consider mid-cap miners if silver prices increase 20% above current levels to access operational leverage.
• Americas provides exposure to critical metal production as US reshoring initiatives affect demand.
• $130 million cash position provides funding for operations without near-term financing pressure.
• Monitor Crescent Mine integration as shared infrastructure could affect costs over 24 months.
• Consider positions during silver price corrections to establish entry points before potential price appreciation.

TL;DR

Americas Gold & Silver reported a 52% increase in silver production to 2.65 million ounces in 2025, with production records at Cosalá Operations during a period when silver prices reached an all-time high of $121.67 per ounce on January 29, 2026. The company maintains $130 million cash, operates the largest US antimony mine, and has funding for operations as analysts forecast silver reaching $100 to $375 per ounce by 2026-2028.