Americas Gold & Silver: Strategic Silver Play for Record Markets

• Americas Gold & Silver achieved remarkable 98% year-over-year silver production growth in Q3 2025, producing 765,000 ounces while operating the only active U.S. antimony production facility
• Generated 447,466 pounds of antimony and 615,817 pounds of copper as valuable by-products during first nine months of 2025 (Americas Gold & Silver Q3 2025 results)
• Strategic Crescent Mine acquisition for $65 million adds substantial 1.4-1.6 million ounces annual production potential with immediate operational synergies
• Robust financial position: $39.1 million cash plus $50 million undrawn credit facility providing $89 million total liquidity
• Silver represents 80%+ of company revenue, positioned to benefit from record prices above $90 per ounce in January 2026

As silver prices surge above $90 per ounce in January 2026, marking 140%+ gains in 2025, Americas Gold & Silver Corporation emerges as a compelling North American mining investment. The company has transformed over 18 months, consolidating Idaho's historic Silver Valley while becoming the United States' only active antimony producer.

Operating from the Coeur d'Alene region, Americas controls high-grade silver assets from a district that produced over 1.3 billion ounces historically. With silver experiencing its strongest performance since 1979, the company capitalizes on precious metals appreciation and critical minerals supply constraints.

Company Overview

Americas Gold & Silver operates strategically positioned assets across the United States and Mexico. The Idaho-based Galena Complex serves as the flagship operation, complemented by the recently acquired Crescent Mine located nine miles away. Q3 2025 results showed Galena produced 440,000 ounces of silver (36% YoY increase), benefiting from high-grade tetrahedrite ore containing 1% antimony content with consistent 0.73 antimony-to-copper ratio.

Cosalá Operations in Mexico provide cash flow diversification, producing 0.73 million ounces year-to-date 2025. The EC120 project contributed $12.9 million to Q3 revenue despite pre-production status.

Management brings proven experience. Chairman and CEO Paul Huet previously delivered 804% returns at Karora Resources and 490% at Klondex Mines versus benchmarks, demonstrating operational expertise.

Paul Andre Huet, Chairman & CEO stated that:

"I am extremely pleased with our progress during the third quarter in which production notched an 11% improvement on the prior quarter... 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."

Key Developments : Galena Complex Operational Excellence

Phase 1 upgrades to the No. 3 hoisting shaft were completed ahead of schedule in just 10 days, four days earlier than planned, achieving a remarkable 100% productivity improvement. The upgrades increased hoisting capacity from 40 to 80 tons per hour, with peak capacity reaching up to 100 tons per hour. This infrastructure enhancement directly supports increased production throughput and operational efficiency.

Long hole stoping introduction marked a pivotal operational advancement, with the first 3-4 foot wide stope successfully blasted in Q2 2025. This modern mining method offers approximately 60% cost savings compared to traditional underhand cut and fill methods, while enabling rapid production scale-up leveraging existing underground infrastructure. The transition represents fundamental operational optimization.

Recent exploration success includes discovery of high-grade veins 034 and 149, with exceptional intercepts of 983 g/t silver over 3.4 meters and an outstanding 24,913 g/t silver with 16.9% copper over 0.21 meters respectively. These discoveries demonstrate continued resource expansion potential and justify ongoing exploration investments in the Silver Valley district.

Crescent Mine Strategic Acquisition

‍The December 2025 acquisition of the Crescent Mine for $65 million represents a transformative strategic move that significantly expands Americas' Silver Valley footprint. Located strategically just nine miles from the Galena Complex, Crescent provides immediate access to high-grade silver resources with production potential of 1.4-1.6 million ounces annually. The mine contains substantial historical mineral resources of 3.8 million ounces in the Measured and Indicated category and 19.1 million ounces in the Inferred category.

Immediate operational synergies are achievable through ore processing at either the Galena mill (750 tons per day capacity) or the Coeur mill (500 tons per day capacity). Early integration activities are already underway, with grid electrical power successfully installed to all underground workings, dramatically reducing operating power costs from approximately $0.55 per kilowatt-hour to ~$0.07 per kilowatt-hour, creating immediate cost savings.

Strategic Significance

Americas Gold & Silver has established significant silver exposure, generating over 80% of total revenues from silver production as of 2025. This focused exposure positions investors directly in silver price movements while benefiting from substantial operational leverage through production growth initiatives. The timing appears particularly advantageous given silver's record-breaking performance trajectory.

Silver prices experienced unprecedented gains, with the precious metal jumping 144% in 2025 according to BullionVault data, marking its sharpest annual increase since 1979. The current price environment above $90 per ounce represents the highest nominal levels in silver's recorded history, though still below inflation-adjusted highs from 1980 that would exceed $190 in current dollars.

Supply constraints continue supporting higher price levels, with the Silver Institute reporting global mine production increased only 0.9% in 2024 to 819.7 million ounces, while industrial demand remains robust across solar panel manufacturing, electronics production, and electric vehicle applications. This supply-demand imbalance supports sustained higher pricing.

Critical Antimony Production

‍The Galena Complex operates as the only active antimony producer in the United States, generating 447,466 pounds of antimony in the first three quarters of 2025, alongside 615,817 pounds of copper. This production represents a critical strategic asset given that the United States imports virtually 100% of its antimony requirements, consuming approximately 15,000-20,000 metric tons annually across industrial applications.

Recent metallurgical testwork achieved exceptional 99% antimony recovery from copper concentrate flotation, representing significant advancement from earlier 90% recovery levels achieved in May 2025. This breakthrough positions the operation to maximize value extraction from its unique position as America's only current critical antimony supply producer, with Rotterdam antimony prices reaching approximately $50,000 per tonne.

Americas has engaged Washington D.C.-based government relations firm Lot Sixteen to initiate discussions with the U.S. Government regarding support for the company's antimony production capabilities and potential construction of a dedicated antimony processing plant in Idaho's Silver Valley, recognizing the strategic national security implications of domestic critical minerals production.

Market Environment & Financial Performance

The precious metals sector experienced exceptional 2025-2026 performance, with silver leading advances. Current spot silver prices above $90 per ounce represent all-time nominal highs, with analysts predicting the metal could surpass $100 during 2026. Industrial demand remains strong from solar panel installations, which continue breaking annual records globally.

Converging factors drive the rally: safe-haven demand amid geopolitical tensions, Federal Reserve policy changes including rate cuts and treasury purchasing, concerns about central bank independence, and supply constraints from major producers. China's comprehensive export restrictions on silver and strategic metals effective January 2026 have particularly heightened global supply security concerns.

Q3 2025 results demonstrated significant improvements: consolidated silver production of 765,000 ounces (98% year-over-year increase, 11% sequential growth). Consolidated revenue reached $30.6 million (37% year-over-year increase) driven by higher volumes and improved prices.

Cost metrics showed competitive cash costs of $24.11 per silver ounce and all-in sustaining costs of $30.06 per silver ounce in Q3 2025. These levels provide substantial operating margins at current silver prices exceeding $90 per ounce.

Balance sheet includes $39.1 million cash and equivalents plus $50 million undrawn credit facility, providing $89 million total liquidity supporting growth initiatives without additional external financing.

Investment Thesis

• Target ambitious 200-300% silver production growth through Crescent integration and Galena optimization by 2027
• Allocate 20-30% precious metals position when silver maintains levels above $80 per ounce
• Monitor quarterly antimony revenue contribution with potential of $15-25 million annually at current pricing
• Increase position allocation on successful long hole stoping implementation delivering 60% cost reduction
• Evaluate consolidation opportunities in Silver Valley region given asset scarcity
• Maintain core holding through price volatility given high-grade resource base and operational leverage characteristics

Americas Gold & Silver represents unique investment opportunity combining high-grade silver production, critical antimony supply positioning, and proven management during exceptional market conditions. The company successfully consolidated Idaho Silver Valley assets while maintaining cost-effective operations.

Key catalysts include production growth from operational improvements, antimony monetization beginning January 2026, Crescent integration, and potential additional consolidation opportunities. With record silver prices and strategic antimony positioning, the company is positioned for significant value creation.

TL;DR

‍Americas achieved 98% silver production growth (765,000 oz Q3 2025), operates America's only antimony mine (447,466 lbs YTD), acquired Crescent Mine ($65M) for 1.4-1.6 Moz production potential, maintains $89M liquidity. Silver above $90/oz creates exceptional operating leverage; antimony becomes payable January 2026.

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