Americas Gold & Silver’s Record Exploration Program Signals Growth in the Silver Valley

• Americas Gold & Silver has launched its largest exploration program to date, totaling 64,000 meters of drilling in 2026 across the Galena Complex, Crescent Mine, and Cosalá Operations.
• Near-mine drilling in late 2025 returned ten new high-grade veins at the Galena Complex, seven silver-copper-antimony and three silver-lead, all adjacent to active workings.
• Recent drill results returned up to 4,896 grams per tonne silver and 3.95% copper, significantly above Galena’s 490 grams per tonne silver head grade in 2025.
• Strategic consolidation in Idaho, including full ownership of Galena and the acquisition of the Crescent Mine, strengthens district-scale operational synergies and growth potential.
• Low-cost production at Cosalá and critical mineral exposure to antimony, add financial resilience and strategic supply chain relevance.

Americas Gold & Silver Launches Its Largest Exploration Program to Date

Americas Gold & Silver has launched its largest exploration program to date, totaling approximately 64,000 meters of drilling in 2026 across the Galena Complex in Idaho’s Silver Valley, the nearby Crescent Mine, and the Cosalá Operations in Mexico’s Sinaloa state. The campaign will use both surface and underground drill rigs to test multiple geological targets and follow up on mineralization located near existing mine infrastructure.

For investors, the scale of the program signals management confidence in the district’s geological potential and the operational capacity to execute a large drilling campaign. Near-mine exploration, which forms the majority of the program, typically allows faster resource conversion and lower development capital intensity as discoveries can often be integrated into existing processing facilities and mine plans.

New High-Grade Vein Discoveries Reinforce Near-Mine Expansion Potential

Near-mine drilling in late 2025 at the Galena Complex uncovered ten new high-grade veins, including seven silver-copper-antimony and three silver-lead veins. All are located adjacent to active workings and existing underground infrastructure, which could accelerate development timelines and lower capital intensity for production integration.

Chairman and Chief Executive Officer of Americas Gold & Silver, Paul Andre Huet, describes the geological significance of the 034 Vein Complex:

"The 034 vein we intercepted is 3.4 meters wide, three times wider than our average width, but double the grade. We're already mining right around 500 grams per tonne, the third highest grade in the world. So just shy of 500 grams last year, 490 grams. When you start looking at some of our drill results, you're seeing areas that are three times wider but double, and some of them are 24,000 grams."

Key intercepts highlight the high-grade potential of discoveries. Recent drilling returned up to 4,896 grams per tonne of silver and 3.95% copper over 1.3 meters, while another intercept delivered 2,563 grams per tonne of silver and 1.35% antimony over 0.7 meters. These grades are well above the Galena average head grade of 490 grams per tonne of silver in 2025, suggesting significant upside for resource expansion. The 034 Vein Complex has emerged as a rapidly growing target, with widths approximately three times the mine average and grades double current production levels.

Asset Consolidation in Idaho Creates a Strategic Silver Growth Hub

Americas Gold & Silver has strengthened its Silver Valley position through strategic acquisitions. In December 2024, the company consolidated 100% ownership of the Galena Complex, the largest active antimony producer in the United States, followed by the December 2025 acquisition of the Crescent Silver Mine, one of the highest-grade past-producing silver mines in the Silver Valley, hosting the world's third-highest-grade silver resource.

Huet addresses the rationale behind these strategic acquisitions:

"Why did we buy it? This thing is 6 to 7 miles away from our mill. It's the same type of ore as we have, this is additional feed. We want to push the limit in this district consolidation.”

Crescent hosts a measured and indicated resource of 3.8 million ounces of silver at 655 grams per tonne and is located approximately 9 miles from the Galena mill. Its proximity allows for shared infrastructure, efficient ore processing, and operational integration. The absence of systematic drilling for decades indicates significant exploration upside, while historical production of 28 to 29 million ounces at approximately 900 grams per tonne of silver underscores the asset's high-grade credentials.

Operational Improvements & Low-Cost Production Support Growth Strategy

The Cosalá Operations in Mexico provide a low-cost silver production base, with the EC120 Mine targeting an all-in sustaining Cost (AISC) of US$10 to US$12 per ounce and cash costs of approximately US$9.60 per ounce, generating operating margins that help fund Idaho exploration and infrastructure upgrades. 

At the Galena Complex, the reintroduction of long-hole mechanized stoping has reduced mining costs by approximately 60% per ton versus traditional underhand cut-and-fill methods, while enabling larger stope volumes per blast cycle, improving throughput and efficiency.

Critical Mineral Exposure Adds Strategic Relevance to the Asset Base

The Galena Complex is the largest active antimony producer in the United States, producing approximately 561,000 pounds in 2025 as a co-product of silver mining. Antimony is a critical mineral for industrial, flame-retardant, and defense applications, with a limited domestic supply. Americas Gold & Silver holds a 51/49 joint venture with US Antimony to develop a processing hub in Idaho’s Silver Valley, creating a domestic mine-to-finished-product supply chain while containing incremental costs.

The Investment Thesis for Americas Gold & Silver

• The Galena Complex and Crescent Mine provide exposure to a high-grade silver resource base, with Galena averaging 490 grams per tonne silver head grade in 2025, placing it among the highest-grade primary silver operations globally and supporting stronger unit economics.
• The 64,000 meter exploration program and the discovery of ten new high-grade veins near existing workings highlight strong potential for resource expansion with lower development capital intensity, as new mineralization can be integrated into established underground infrastructure.
• Asset consolidation in Idaho’s Silver Valley, including full ownership of the Galena Complex and the acquisition of the Crescent Mine, which hosts the world's third-highest-grade silver resource, creates operational synergies through shared infrastructure and potential additional mill feed.
• Operational improvements and low-cost production support the growth strategy, with the Cosalá Operations targeting an all-in sustaining cost of US$10 to US$12 per ounce and cash costs of US$9.60 per ounce, while long-hole mechanized stoping at Galena has reduced mining costs by approximately 60% per ton.
• The company also provides exposure to antimony, a United States-designated critical mineral, with the Galena Complex producing approximately 561,000 pounds in 2025 and a 51/49 joint venture with US Antimony advancing a domestic processing hub in Idaho’s Silver Valley.

Americas Gold & Silver is entering a new operational phase defined by aggressive exploration, district consolidation, and improving cost efficiency. With high-grade assets, expanding near-mine discovery potential, and growing relevance within the United States critical minerals supply chain, the company’s strategy positions it to strengthen its production and resource profile in the Silver Valley.

TL;DR

Americas Gold & Silver is accelerating growth with a 64,000 meter exploration program across the Galena Complex, Crescent Mine, and Cosalá Operations, supported by the discovery of ten new high-grade veins near existing infrastructure at Galena with drill results far above the mine’s 490 grams per tonne silver head grade. Strategic consolidation in Idaho, including full ownership of Galena and the acquisition of the nearby Crescent Mine, strengthens district-scale synergies and exploration upside, while low-cost production at Cosalá, improved mining efficiency, and exposure to the critical mineral antimony provide financial resilience and strategic supply chain relevance. Together, these developments position the company to expand resources, improve production potential, and reinforce its role in the Silver Valley mining district.

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