Americas Gold & Silver Reports 150% Increase in Galena Hoisting Capacity Following Shaft Upgrade

• Americas Gold & Silver completed Phase 2 of the No. 3 Shaft modernisation program at the Galena Complex, installing a new braking system to support higher hoisting speeds.
• The upgraded shaft achieved average hoisting rates above 85 short tons per hour during a 15-day commissioning period and reached up to 105 short tons per hour, compared with approximately 42 short tons per hour historically.
• Combined, Phase 1 and Phase 2 upgrades increased hoisting capacity from approximately 42 to 105 short tons per hour, increased skip payload capacity by 40%, and increased hoisting power by approximately 29%.
• The upgraded shaft is targeted to provide approximately 1,350 tonnes per day of hoisting capacity, supporting planned ore production rates averaging 650 tonnes per day by the end of 2026.
• An electrical fire on the 4900 Level and a nearby wildfire were both contained without injuries or significant damage, and the company maintains its full-year 2026 production guidance.

Company Overview

Americas Gold & Silver Corporation (TSX: USA | NYSE American: USAS) is a North American precious metals and antimony producer with operations in the United States and Mexico. The Company owns 100% of the Galena Complex in Idaho, the largest antimony mine in the United States, and the fully permitted, past-producing Crescent Silver Mine, located 9 miles from Galena. Americas Gold & Silver also owns and operates the Cosala Operations in Sinaloa, Mexico. The Company formed a 51/49 joint venture with US Antimony in February 2026 to build a new antimony processing hub at Galena.

No. 3 Shaft Phase 2 Upgrade Completion

Americas Gold & Silver Corporation has completed Phase 2 of the No. 3 Shaft modernisation program at the Galena Complex in Idaho, a key infrastructure project supporting the company's planned production growth at both the Galena and Crescent mines. The No. 3 Shaft serves as the primary production shaft for personnel, materials and ore at the Galena Complex. Phase 2 focused on installing a new braking system capable of safely supporting the higher hoisting speeds made possible by the motor upgrade during Phase 1. The work extended for 2 weeks beyond the planned 14-day shutdown period and included all required mechanical, electrical, and control-system modifications to operate at higher throughput rates.

Following commissioning, the upgraded shaft achieved average hoisting rates exceeding 85 stph over a 15-day operating period, compared to approximately 42 stph historically, representing an increase of more than 100%. The shaft has achieved up to 105 stph during recent operating periods, representing a 150% increase over historical capacity. Phase 2 capital expenditures totalled approximately US$1.1 million.

Chairman and Chief Executive Officer of Americas Gold & Silver Corporation, Paul Andre Huet,  commented on the No. 3 Shaft upgrades and their significance for the Galena Complex growth plan: 

"The No. 3 Shaft is the backbone of the Galena Complex, and these upgrades represent one of the most important infrastructure investments we have made to-date to support the next phase of growth. Through increasing total hoisting capacity by approximately 150%, expanding skip payloads by 40%, and significantly improving shaft reliability, we have materially de-risked our growth plans and created the infrastructure necessary to support higher mining rates at the Galena mine. Our crews worked around the clock for 28 days to complete the Phase 2 upgrade project, which included additional maintenance opportunities that were identified and addressed to set the mine up for success in the second half of the year."

Phase 1 & Phase 2 Combined Impact

Phase 1 of the No. 3 Shaft modernisation was completed in the first quarter of 2026, increasing skip payload capacity from 5 tons to 7 tons per trip, a 40% increase in payload, while installing a new 2,250-horsepower hoist motor that increased available hoisting power by approximately 29%. The company has secured and installed an additional hoist motor as a critical spare. The combined Phase 1 and Phase 2 upgrades have increased hoisting capacity from approximately 42 short tonnes per hour to up to 105 short tonnes per hour.

Remaining optimisation work, none of which requires additional shaft downtime, will be performed during planned weekly downtime periods and includes adjustments to guide alignment, installation of new and lighter cages and skips to increase ore payload capacity, optimisation of shaft schedules and load measuring, and an upgrade to the in-shaft communication network for future automation. The upgraded No. 3 Shaft is targeted to provide a total hoisting capacity of approximately 1,350 tonnes per day, supporting planned ore production rates averaging 650 tonnes per day by the end of 2026.

Electrical Fire & Wildfire Incidents

An isolated electrical fire caused by a short circuit in a ventilation fan on the 4900 Level of the Galena Mine was identified and rapidly contained earlier in June 2026. The incident resulted in no injuries to staff or significant damage to mine infrastructure. The Galena Mine resumed normal operations immediately following containment, with the exception of the 4900 Level, which remains paused pending a full assessment and any necessary repairs to the ventilation infrastructure.

A regional wildfire also occurred near the Crescent Mine and has since been fully extinguished with no damage to the mine site. The fire prevented mine personnel from accessing the site for approximately 2 days due to regional and company safety mandates, after which normal development activities resumed.

Huet commented on the safety response and the Company's full-year production outlook: 

"First and foremost, I am thrilled that all our personnel are safe and that our safety protocols and systems were followed after an isolated electrical fire caused by a short circuit in a ventilation fan. I am proud that our crews performed in such a professional manner and utilised their extensive mine rescue training to quickly and safely deal with a situation of this nature. The professionalism of the response by our Galena team is no surprise to me: just last month, the Galena Mine Rescue Team ranked first overall at the nationally recognised Central Mine Rescue Competition, held in Juneau, Alaska. The safety of our people will always be our highest priority, and I was very pleased to see that our mine rescue team was quickly deployed and confirmed that the situation was isolated and fully contained. This necessary assessment will delay mining activities in some of our higher-grade stopes on the 4900 Level into early the third quarter of 2026. We do not anticipate any impact on our full-year 2026 production guidance as a result of this incident."

Next Steps

The 4900 Level at Galena remains paused for safety assessment and any necessary ventilation repairs. The delay in mining higher-grade stopes on this level is targeted to be resolved by the early third quarter of 2026, with no anticipated impact on full-year 2026 production guidance. Remaining No. 3 Shaft optimisation work is targeted to maintain hoisting rates at the designed 105 short tonnes per hour and will be completed during planned weekly downtime periods. The company states that it maintains its full-year 2026 production guidance, with production remaining second-half-weighted.

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