Americas Gold & Silver Accelerates Growth Strategy with Crescent Mine Acquisition & Upsized $115 Million Capital Raise

• Americas Gold & Silver acquired the Crescent Mine for US$65 million ($20M cash, $45M stock) and upsized its capital raise from US$65M to US$115M due to strong institutional demand exceeding US$200 million
• Crescent is a past-producing mine located 9 miles from the Galena complex that historically produced over 25 million ounces at 900 g/t silver and can restart within 6 months
• The company aims to restore Galena to 5+ million ounces annually potentially within 36 months, up from current levels, while filling spare mill capacity with high-grade ore from Crescent (655 g/t silver)
• Americas Gold & Silver is now the largest active antimony producer in the US, producing 450,000 pounds year-to-date, and is pursuing development of a domestic antimony processing circuit with potential government support
• Institutional ownership increased from 7% to over 63%, with major global mining institutions participating in the recent raise, while the company trades at 0.7-0.8x NAV versus peer average near 2x NAV

Americas Gold & Silver is executing an aggressive consolidation and growth strategy in Idaho's historic Silver Valley, combining operational improvements at its flagship Galena complex with strategic acquisitions designed to maximise existing infrastructure. The company's recent acquisition of the Crescent Mine and successful upsized capital raise signal strong institutional confidence in management's ability to transform the operation into a major silver producer while capturing significant value from antimony byproducts amid favourable market conditions.

Strategic Acquisition Fills Mill Capacity at Attractive Valuation

The acquisition of the Crescent Mine represents a carefully timed move to utilise spare milling capacity while Galena ramps up production. Oliver Turner, Executive Vice President of Corporate Development, explained the rationale: 

"We've ramped up throughput from about 300 tons per day when we first came in, to just over 410 tons per day. But we've still got 500 tons per day and Galena is 750 tons per day with another 300 ton per day mill sitting on the side."

The US$65 million acquisition ($20 million cash and $45 million stock) was structured at approximately 0.2 times net asset value, compared to Americas Gold & Silver's trading multiple of around 0.9 times NAV. Located just 9 miles from the Galena complex, Crescent historically produced over 25 million ounces of silver at grades averaging 900 grams per ton. The mine features three existing adits accessing two primary veins, enabling rapid restart within approximately six months with minimal development required.

Metallurgically, Crescent ore is identical to Galena's tetrahedrite ore, allowing seamless integration into existing processing facilities. Turner noted that Crescent's average grade of 655 grams per ton silver exceeds Galena's blended average of 466 grams per ton, which combines higher-grade tetrahedrite at 600 g/t with lower-grade silver-lead ore at 200 g/t. The acquisition also brings additional copper and antimony credits, with copper grades reaching 16-17% in the 149 vein.

Oversubscribed Capital Raise Brings Major Institutional Investors

The company's plan to raise US$65 million for the Crescent acquisition attracted overwhelming demand, ultimately closing at US$115 million with over US$200 million in expressions of interest. Turner emphasised the quality of new shareholders: 

"We brought in a lot of really strong new large institutional shareholders at this new level, which will be great for the stock moving forward."

Institutional ownership has increased dramatically from just 7% to over 63% before this latest raise, with participation from some of the world's largest mining-focused institutions. This transformation in the shareholder base reflects growing confidence in management's track record and the company's growth trajectory. The excess capital provides additional flexibility for operational improvements and potential future consolidation opportunities in the Silver Valley.

Galena Revitalisation on Track for 5+ Million Ounce Target

Americas Gold & Silver's core strategy centers on restoring the Galena complex to historical production levels and beyond. Turner outlined the ambitious goal: 

"In 2002, that mine did over 5 million ounces and we've been out there publicly stating that our goal is to bring Galena back to 5 million ounces and we're not going to stop there. We think Galena can do more than that."

Since taking operational control approximately one year ago, management has implemented fundamental improvements including reintroducing longhole stoping, completing phase one of shaft upgrades, and applying disciplined mining practices. The operation currently utilises only one of four available shafts, suggesting significant expansion potential. Turner indicated the company expects to reach the 5 million ounce annual production rate potentially within 36 months, though he noted this timeline could potentially be accelerated depending on the ramp-up of longhole stoping operations.

A key catalyst for 2026 will be the construction and restart of the paste backfill plant, expected online in the third quarter. This facility will enable more frequent cycling of longhole stopes at higher rates, driving tonnage increases necessary to match hoisting and milling capacity. The company plans to issue formal production guidance for 2026 in February or March.

Interview with Oliver Turner, VP of Corporate Development, Americas Gold & Silver

Antimony Opportunity Represents Significant Value Upside

Americas Gold & Silver has emerged as the largest active antimony producer in the United States, with production of approximately 450,000 pounds year-to-date through the third quarter. The strategic importance of domestic antimony production has attracted attention at the highest levels of government, with CEO Paul Huet meeting with multiple U.S. senators to discuss the company's antimony project and potential support for domestic processing infrastructure.

Turner outlined the current situation and opportunity: 

"Right now we are mining, hoisting, crushing, grinding, floating, concentrating, and sending that concentrate with antimony up to Teck. We could be processing that antimony in the Silver Valley or in the United States, helping solve one of these the shortfalls that they have in terms of the critical minerals crisis and getting paid far more for it."

The company renegotiated its offtake agreement with Teck in June 2025, converting antimony from a penalty into a payable component. However, the real value lies in potentially developing a domestic antimony processing circuit in the Silver Valley. Such a facility would consist of leach tanks, electrowinning cells, and final product manufacturing - proven technology previously used when Galena ore was processed at the Sunshine antimony circuit until 2001.

Management is exploring various structures including potential joint ventures or partnerships with the U.S. government to accelerate development of this processing capacity. 

Pure-Play Silver Exposure in Consolidating Sector

Americas Gold & Silver has positioned itself as one of the purest silver plays in the mining sector, with over 85% of revenue derived from silver in the second and third quarters - the second-highest silver exposure among producers globally. Turner acknowledged this positioning: 

"We obviously have antimony in our mine as well as copper, lead and gold. The antimony side of the story is certainly very interesting...But we're always going to remain silver focused."

This pure-play positioning comes at a time of significant consolidation in the silver mining sector, with several major acquisitions completed in recent years at substantial premiums. Turner addressed the company's potential role: 

"Look, we've seen some tremendous acquisitions happen in the silver space in the last several years here...we definitely want to keep doing what we're doing, but the silver space is small and are we a potential target for people? We're always going to be."

The company's valuation relative to peers presents a significant gap. Trading at approximately 0.7-0.8 times NAV, Americas Gold & Silver offers substantial discount compared to comparable producers trading in the upper ones to nearly 2 times NAV. For both institutional and retail investors, Turner suggested this represents "a real opportunity...to get involved" in a rapidly growing silver producer with exceptional byproduct credit potential.

Regional Consolidation Strategy Mirrors Previous Success

Management's approach to building Americas Gold & Silver follows a proven playbook executed successfully at previous companies. Turner drew direct parallels: 

"The same thing that we did when we were at Karora, the same thing that we did when we were at Klondex - is there regional consolidation that makes synergistic sense."

Turner indicated the Crescent acquisition represents "step one" in potential Silver Valley consolidation, noting multiple properties at various stages of ownership and development in the region. However, he emphasised that near-term focus will remain on operational execution: 

"Right now with the Crescent acquisition, we're going to be very focused for this next year on absorbing that and making sure that Galena hits its stride, and gets to the targets of what we're talking about here."

The disciplined approach balances external growth with organic opportunities within the extensive Galena complex. Turner noted that Galena offers "so many opportunities inside of the Galena complex" that can be brought into production within months, sometimes competing favourably with external M&A opportunities.

The Investment Thesis for Americas Gold & Silver

• Undervalued growth story: Trading at 0.7-0.8x NAV versus peer average near 2x NAV, with clear path to 5+ million ounces annually potentially within 36 months from current production levels
• Pure silver exposure: Second-highest silver revenue concentration globally at 85%+ in Q2-Q3 2025, positioning for silver price leverage in favourable market environment
• Accretive acquisition: Crescent Mine purchased at ~0.2x NAV provides immediate high-grade feed (655 g/t silver) to fill existing mill capacity with rapid 6-month restart timeline
• Antimony optionality: Largest active U.S. antimony producer (450,000 lbs YTD) with potential for domestic processing circuit adding significant margin expansion at minimal incremental cost
• Institutional validation: Ownership increased from 7% to 63%+ with oversubscribed US$115M raise attracting top-tier global mining institutions
• Infrastructure advantage: Underutilised asset base with one of four shafts operating, 750-1,050 tpd mill capacity versus current ~410 tpd throughput providing low-capex expansion runway
• Strategic positioning: Located in prolific Silver Valley with multiple consolidation opportunities, established as potential acquisition target in consolidating silver sector
• Near-term catalysts: 2026 guidance release (Feb-March), paste plant commissioning (Q3 2026), Crescent integration, and antimony circuit development discussions

Americas Gold & Silver sits at the convergence of two powerful macro themes: the resurgent silver bull market and the U.S. government's critical minerals security imperative. As the largest active antimony producer in the United States, the company addresses a strategic vulnerability - China controls approximately 60% of global antimony supply, a metal essential for military applications, batteries, and flame retardants. Management's meetings with U.S. senators and exploration of government partnership for domestic antimony processing infrastructure underscore the national security dimension of this opportunity. Simultaneously, silver's industrial demand from solar, electric vehicles, and electronics continues growing while mine supply remains constrained. 

TL;DR

Americas Gold & Silver is rapidly transforming into a major silver producer through the strategic acquisition of Crescent Mine for US$65M and an oversubscribed US$115M capital raise that attracted top-tier global institutions. With a clear path to restore Galena to 5+ million ounces annually potentially within 36 months while trading at 0.7-0.8x NAV (versus peers near 2x), the company offers compelling value. As the largest active U.S. antimony producer pursuing domestic processing infrastructure with potential government support, significant byproduct margin expansion could materialise alongside pure-play silver exposure exceeding 85% of revenues.

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