Americas Gold & Silver Delivers 52% Production Growth as Crescent Silver Acquisition Unlocks Major Expansion

• Americas Gold & Silver achieved 2.65 million ounces of silver production in 2025, marking the highest production in 20 years and the highest grade at Galena in two decades, with a 52% year-over-year increase
• The company recently acquired the Crescent Silver Mine (9 miles from Galena) for over $130 million, featuring a 20+ million ounce resource at over 600 g/t, with production planned for 2026
• Aggressive exploration planned for 2026 with 15-20 drills across assets, including the high-grade 34 vein discovery at Galena (983 g/t silver) with an expanded conceptual target of 6-7 million ounces
• Galena operates as the largest active antimony mine in the US, with new offtake contracts effective January 2026 providing payment for all byproducts including antimony, copper, lead, and gold
• Strong institutional backing with over 60% institutional ownership and robust capitalisation from $50 million equity, $100 million debt facility, and $130 million Crescent acquisition financing

Oliver Turner, Executive Vice President of Corporate Development at Americas Gold & Silver (TSX:USA), recently outlined the company's remarkable transformation since taking control of operations in October 2024. The discussion covered the company's operational achievements, strategic Crescent acquisition, aggressive exploration plans, and positioning as a critical domestic antimony producer. With silver prices near $90 per ounce and institutional ownership exceeding 60%, the company is capitalising on favorable market conditions while executing a disciplined growth strategy across its Idaho-based asset portfolio.

Record Production Performance

Americas Gold & Silver delivered exceptional operational results in 2025, producing 2.65 million ounces of silver across its operations - the highest production level in 20 years. More significantly, Galena achieved its highest grade in two decades, demonstrating the effectiveness of the operational improvements implemented by the new management team. Turner emphasised the importance of these results: 

"We are up 52% year-over-year in production from 2024. You're going to see continued growth in the years ahead, but just a great first year out of the gate here."

The production gains came from both operations. At Galena, the team implemented long-hole stoping mining methods, deployed new equipment, and reinterpreted geological models. The Cosala operation in Mexico, led by Gabriel Soto, achieved a record fourth quarter, breaking previous production records. This operational excellence reflects a combination of proper capitalisation, experienced personnel, and methodological improvements that had been delayed due to years of capital constraints.

Strategic Crescent Silver Acquisition

In December 2025, Americas Gold & Silver closed the acquisition of the Crescent Silver Mine for over $130 million, representing a transformative addition to the company's asset base. Located just nine miles from Galena, Crescent contains a resource exceeding 20 million ounces at over 600 grams per ton silver - double Galena's current mining grade.

The proximity and geological similarity enable significant operational synergies. Turner explained the integration strategy: 

"That ore will be heading 9 miles down the road and be directly dropped into Galena's mill. It is the same tetrahedrite material that we're currently mining at Galena. So that mix will go right into that mill together."

The company has already demonstrated its operational approach at Crescent by installing line power to all three adits, reducing power costs from 65 cents per kilowatt-hour to 5 cents - a dramatic improvement that will significantly impact operating economics. Equipment from Galena has been relocated to Crescent, and the team plans to invest $20-25 million in 2026, primarily focused on development work.

Crescent Development Timeline and Strategy

The development plan for Crescent prioritises installing secondary egress to enable full mining activities, while development ore will generate revenue in 2026. The company is implementing gravity-assisted ore handling through drop raises connecting all three levels, eliminating the need to truck ore down switchback roads. Turner outlined the capital deployment: 

"The vast majority of that's going to be in development. We're going to be putting in drop raises between all three levels... we're going to be using gravity as our friend here rather than trucking ore from the top adit all the way down the side of the hill."

The company views the 2015 preliminary assessment's 250 ton-per-day operation as a starting point, with confidence in exceeding that throughput. Production ramp-up is expected through 2027-2028, with Crescent fully integrated into the Galena complex rather than operating as a standalone satellite. Personnel, equipment, and general and administrative functions will be shared across both sites, maximising capital efficiency.

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

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Aggressive Exploration Campaign

Americas Gold & Silver plans an unprecedented exploration program in 2026, deploying 15-20 drills across its asset base - more aggressive than at any point in the company's history. The program targets high-potential areas at both Galena and Cosala, with significant drilling also planned at Crescent.

Recent results from the 34 vein at Galena demonstrate the exploration potential. Initial drilling in July 2025 intersected 3.4 meters of 983 grams per ton silver - double Galena's current mining grade of just under 500 g/t (already the third-highest grade operating silver mine globally). Subsequent drilling identified eight new splays with exceptional grades, including 4.5 kilograms per half meter, 4% antimony, and 5% copper. Turner noted the expanded resource potential: 

"That conceptual target, you do the math on it, you're going to be somewhere north of 6 to 7 million ounces in a single vein system... Galena has been capital starved for all the reasons we know. It is no longer capital starved."

At Cosala, the exploration opportunity remains largely untapped. Five outcrops have been drilled historically, resulting in five different mines, but seven other outcropping targets with promising grab samples have never been tested. The company declared commercial production at EC120 on January 1, 2026, providing cash flow to fund continued exploration while extending mine life.

Antimony: Strategic Byproduct Advantage

Galena operates as the largest active antimony mine in the United States, having produced antimony continuously since 1942. This positions Americas Gold & Silver uniquely in the context of critical mineral supply chains and US government priorities for domestic antimony production.

The antimony comes as a byproduct of mining tetrahedrite ore for silver, along with copper, lead, and gold. Turner emphasised this advantage: 

"We are spending no additional cost to bring more copper and more antimony up out of this mine. We are crushing, grinding, floating, concentrating, and shipping all of that material."

Effective January 1, 2026, new offtake contracts provide payment for all byproducts, including antimony and copper, improving payability compared to previous arrangements. The company is exploring options to maximise antimony revenues, including discussions about potential processing facilities and engagement with the US government through lobbying firm Lot Sixteen. With antimony identified as a top priority by the current administration, Americas Gold & Silver is positioning itself as part of the domestic supply solution.

Capital Structure and Institutional Support

The company has significantly strengthened its balance sheet over the past year through multiple capital raises. Initial equity financing of $50 million was followed by a $100 million debt facility (with $50 million drawn), and the recent $130 million raise for the Crescent acquisition has provided substantial financial flexibility.

Institutional ownership now exceeds 60%, with some of the world's largest institutional investors participating in the shareholder base. This institutional support is complemented by strong US retail investor interest, providing both credibility and trading liquidity. The robust capital position enables the aggressive exploration program while funding development at Crescent and ongoing operational improvements at Galena and Cosala.

Market Position and Future Outlook

At approximately 87% of revenues from silver in 2025, Americas Gold & Silver provides one of the highest exposures to silver among investable mining companies. With silver prices around $90 per ounce and strong fundamentals across other metals in the portfolio (copper, antimony, lead, gold), the company benefits from favorable pricing tailwinds while executing its operational strategy.

The combination of record production, high-grade expansion potential through exploration, the Crescent acquisition integration, and strategic antimony positioning creates multiple value drivers. All operations are located in accessible jurisdictions (Idaho and Mexico) with established infrastructure, reducing development risk compared to greenfield projects in remote locations. Turner summarised the investment opportunity: 

"You buy a share of Americas Gold & Silver, you have some of the highest leverage to the third highest grade silver mine in the world. For free, you're getting copper. You're getting the largest active antimony mine in the world. And now you've got a company that's going to drill non-stop over the course of the year."

The Investment Thesis for Americas Gold & Silver

• Production Growth Trajectory: 52% year-over-year production increase demonstrates operational capability, with clear pathway to continued growth through Crescent ramp-up and Galena expansion toward historical 5 million ounce capacity
• High-Grade Silver Leverage: Galena ranks as third-highest grade operating silver mine globally at ~500 g/t, with 34 vein discovery at 983 g/t offering potential to double average grades across 6-7 million ounce conceptual target
• Strategic Crescent Integration: $130 million acquisition adds 20+ million ounce resource at 600+ g/t just 9 miles from existing infrastructure, enabling low-capital integration with shared personnel and mill capacity
• Exploration Upside: Unprecedented 15-20 drill program across Idaho and Mexico assets targets high-probability extensions and untested outcropping zones, with strong track record of discovery converting to production
• Critical Mineral Exposure: Largest active US antimony producer provides strategic value and government engagement opportunities, with byproduct revenues (antimony, copper, lead, gold) requiring zero incremental mining cost
• Operational Execution: Management team demonstrated ability to identify and fix bottlenecks, implement modern mining methods, and deliver on commitments through rapid Galena turnaround and Cosala record performance
• Jurisdiction Quality: US-based flagship asset in established Idaho mining district plus producing Mexican operation offer infrastructure access and lower permitting risk versus frontier jurisdictions
• Multiple Revenue Streams: 87% silver revenue provides direct precious metals exposure while antimony, copper, and gold byproducts from same ore reduce all-in costs and add diversification
• Favorable Entry Point: Recent operational transformation and exploration success not yet fully reflected in valuation relative to production growth, grade quality, and strategic antimony positioning in critical minerals landscape

The convergence of robust precious metals demand with critical mineral supply constraints creates compelling dynamics for Americas Gold & Silver. Silver prices approaching $90 per ounce reflect both monetary demand and industrial applications in solar, electronics, and emerging technologies. Simultaneously, antimony has emerged as a critical mineral priority for the US government, with domestic production severely limited despite defense, battery, and flame-retardant applications. 

Americas Gold & Silver uniquely captures both themes through its tetrahedrite ore at Galena, where mining high-grade silver automatically produces antimony and copper as byproducts. This dual exposure becomes increasingly valuable as supply chain concerns drive reshoring initiatives and diversification away from concentrated foreign sources.

TL;DR

Americas Gold & Silver delivered 2.65 million ounces in 2025 (up 52% year-over-year) at the highest Galena grades in 20 years, demonstrating successful operational turnaround. The $130 million Crescent acquisition adds 20+ million ounces at 600+ g/t within 9 miles of existing infrastructure, while aggressive 15-20 drill exploration program targets high-grade extensions including the 983 g/t 34 vein discovery. As the largest active US antimony producer with 87% silver revenue exposure, the company offers leveraged precious metals and critical mineral positioning backed by strong institutional support and proven management execution.

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