Americas Gold & Silver Reports 98% Year-Over-Year Silver Production Increase in Q3 2025

• Americas Gold and Silver Corporation produced 765,000 ounces of silver in Q3 2025, representing a 98% increase compared to 386,000 attributable ounces in Q3 2024 and an 11% sequential increase from Q2 2025's 689,000 ounces.
• Lead production reached 2.3 million pounds in Q3 2025, marking a 23% increase compared to 1.9 million pounds in the previous quarter, despite a planned 10-day shutdown for Phase 1 upgrades to the Galena No. 3 Shaft.
• The Galena Complex demonstrated improved operational efficiency through enhanced underground development rates, reintroduction of long hole stoping, fleet upgrades, and improved skipping capacity on the No. 3 Shaft.
• Year-to-date antimony and copper production from Galena totaled 447,466 pounds and 615,817 pounds respectively, with a consistent Sb:Cu ratio averaging 0.73, highlighting the predictability of the high-grade tetrahedrite ore body.
• The company's unaudited consolidated cash balance stood at $39 million as of September 30, 2025, with $50 million remaining undrawn on its existing credit facility, positioning the company to continue executing its growth strategy.

Americas Gold and Silver Corporation (TSX: USA, NYSE American: USAS) is a growing North American precious metals and antimony producer with operations in the United States and Mexico. The company increased its ownership in the Galena Complex in Idaho from 60% to 100% in December 2024 through a transaction with Eric Sprott, who remains the company's largest shareholder with approximately 20% ownership. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. The company released its Q3 2025 operating results on October 20, 2025, demonstrating significant production growth across its asset base.

For investors evaluating Americas Gold and Silver, the Q3 2025 results represent a meaningful inflection point in operational performance, with the company demonstrating its ability to deliver sequential production improvements while maintaining financial flexibility through its existing credit facility and executing capital deployment aligned with growth objectives.

Q3 2025 Production Performance

Americas Gold and Silver achieved consolidated silver production of 765,000 ounces for the third quarter of 2025. This performance represents substantial growth on both an annual and sequential basis, with production increasing 98% compared to the 386,000 attributable ounces produced in Q3 2024. The quarter-over-quarter comparison shows an 11% increase from the 689,000 ounces produced in Q2 2025.

The production gains were particularly notable given operational constraints during the quarter. The company completed a planned 10-day shutdown to finish Phase 1 upgrades to the Galena No. 3 Shaft, meaning the production increases were achieved with reduced operating time compared to a standard quarter.

Lead production complemented the silver output, reaching 2.3 million pounds in Q3 2025. This represented a 23% increase compared to the 1.9 million pounds produced in Q2 2025, further demonstrating improved operational efficiency across the company's processing operations.

Galena Complex Operational Improvements

The Galena Complex in Idaho served as a primary driver of the production increases during Q3 2025. The operation benefited from a series of efficiency improvements implemented throughout 2025, focusing on underground mining productivity and infrastructure upgrades.

Specific efficiency gains at Galena included improved underground development rates, which enhanced access to ore zones and supported higher mining rates. The company reintroduced long hole stoping as a mining method, providing greater flexibility in extracting ore from the deposit. Ongoing replacement and upgrades of the underground mining fleet improved equipment reliability and productivity. Additionally, improved skipping capacity on the No. 3 Shaft increased the rate at which ore could be brought to surface for processing.

Chairman and CEO Paul Andre Huet emphasized the operational progress at the Idaho asset: 

"Our operation in Idaho is now starting to deliver results after spending significant effort underground at Galena conducting numerous time studies, engineering work, productivity-focused projects, implementing new equipment and adjusting the mining method."

The Q3 results demonstrated the impact of these initiatives, with Huet noting the significance of maintaining production momentum despite the planned maintenance period: "It is important to note that Galena achieved a quarter-over-quarter production improvement despite a 10-day shutdown conducted to complete Phase 1 of the upgrades to the No. 3 Shaft, a tremendous achievement."

Strategic Antimony & Copper Production

Beyond precious metals, the Galena Complex continued to produce strategically important critical metals during 2025. Year-to-date antimony and copper production totaled 447,466 pounds and 615,817 pounds, respectively, as disclosed in the company's October 16, 2025 news release.

The antimony production holds particular strategic significance given current supply chain concerns for critical metals. Galena represents the only current producer of antimony in the United States, providing domestic supply of a metal classified as critical for defense and technology applications.

The relationship between antimony and copper production demonstrated consistency throughout the year, with a year-to-date Sb:Cu ratio averaging 0.73. This correlation provides predictability for forecasting by-product metal revenues and underscores the value proposition of Galena's high-grade silver-copper-antimony tetrahedrite ore.

Huet highlighted this strategic positioning: 

"Additionally, last week's disclosure of year-to-date antimony and copper production further highlights the critical metal value of our tetrahedrite ore, as well as Galena's unique strategic position as the only current producer of antimony in the United States."

Cosalá Operations Performance

The Cosalá Operations in Sinaloa, Mexico, contributed to the consolidated production improvements through its ongoing transition into higher-grade mining areas. The operation continued advancing into the EC120 zone, which features improved metal grades compared to previously mined areas.

The operating team at Cosalá delivered sequential improvements in Q3 2025 compared to the previous quarter, demonstrating execution capability as the mine plan progressed into the targeted higher-grade zones. This transition supports the company's production growth trajectory and positions Cosalá for continued contribution to consolidated output.

Huet acknowledged the performance at the Mexican operation:

"At Cosalá, outstanding progress by our operating team delivered improvements compared to the prior quarter as the operation continued its transition into mining the higher grade EC120 area."

Financial Position & Capital Deployment

Americas Gold and Silver reported an unaudited consolidated cash balance of $39 million as of September 30, 2025. This represented a decrease of $23 million compared to the June 30, 2025 balance of $62 million, reflecting the company's active capital deployment during the quarter.

The decreased cash balance aligned with the company's planned capital investments to support growth initiatives. These investments included the completion of Phase 1 upgrades to the Galena No. 3 Shaft and other infrastructure improvements designed to support increased production levels going forward.

The company maintains additional financial flexibility through its existing credit facility, with $50 million remaining undrawn as of the end of Q3 2025. This available credit provides Americas with resources to continue executing its operational strategy without requiring immediate equity raises or additional debt arrangements.

Huet emphasized the company's financial positioning to support ongoing execution:

"The strong third quarter production results and our robust balance sheet, with US$50 million remaining undrawn on our existing credit facility, have us well positioned to continue to execute on our operational strategy to increase production, lower costs and unlock the massive potential of our asset base for our shareholders."

Growth Strategy & Operational Focus

The company's stated operational strategy centers on three key objectives: increasing production, lowering costs, and unlocking value from its asset base. The Q3 2025 results provide evidence of progress on the production growth component, with the 11% sequential increase and 98% year-over-year increase demonstrating momentum in output.

The efficiency improvements at Galena represent foundational work that should support sustained production increases as the infrastructure upgrades translate into higher throughput rates. The completion of Phase 1 upgrades to the No. 3 Shaft positions the operation for improved ore handling capacity in future quarters.

At Cosalá, the transition into the higher-grade EC120 zone should support improved metal production and potentially lower per-ounce costs as higher grades reduce the ore tonnage required to produce equivalent metal output. This grade transition represents a natural progression in the mine plan that should benefit operations over the coming quarters.

The company's December 2024 acquisition of the remaining 40% interest in Galena from Eric Sprott consolidated ownership of the strategic antimony-producing asset. This transaction simplified the ownership structure and provided Americas with full exposure to Galena's production profile and potential expansion opportunities.

For Investors

Americas Gold and Silver's Q3 2025 results demonstrate operational momentum across its asset base, with sequential and year-over-year production growth providing evidence that efficiency initiatives and mine plan transitions are delivering tangible results. The company achieved these improvements while investing capital in infrastructure upgrades, suggesting that future quarters could benefit from both the completed Phase 1 work at Galena and the ongoing transition into higher grades at Cosalá.

The financial position, with $39 million in cash and $50 million in available credit, provides the company with flexibility to continue executing its growth plans without immediate financing pressure. The capital deployment during Q3 2025 was planned and aligned with stated growth objectives, distinguishing it from cash consumption driven by operational underperformance.

The strategic value of antimony production at Galena adds a dimension beyond precious metals exposure. As the only current U.S. producer of antimony, Americas benefits from the critical metal designation and potential supply chain advantages as governments and industries prioritize domestic sourcing of strategic materials. The consistent Sb:Cu ratio provides production predictability that should support financial modeling and revenue forecasting.

For investors evaluating Americas Gold and Silver, the company presents exposure to silver production growth through operational improvements at existing assets, supplemented by lead, antimony, and copper by-product revenues. The management team led by Paul Huet brings mining industry experience, and the company benefits from Eric Sprott's continued involvement as the largest shareholder. The Q3 2025 results provide a foundation for assessing whether the company can sustain production growth momentum and translate higher output into improved financial performance in subsequent reporting periods.