Antimony Breakthrough: Americas Gold & Silver's Recovery Testing and Q1 2025 Results

• Americas Gold & Silver reported Q1 2025 revenue of $23.5 million, a 12% increase from $20.9 million in Q1 2024, driven by higher realized silver prices of $32.10 per ounce.
• The company produced approximately 446,000 ounces of attributable silver and 837,800 ounces of silver equivalent in Q1 2025, including 6.7 million pounds of zinc and 3.8 million pounds of lead.
• Cash costs and all-in sustaining costs averaged $25.04 and $35.67 per silver ounce respectively, as the company invests in scaling production and reducing unit costs across both operating centers.
• Metallurgical testing at the Galena Complex demonstrated 90-96% antimony recovery rates, positioning Americas to potentially become the only antimony producer in the United States.
• The company was included in the Solactive Global Silver Miners Index on May 1, 2025, validating its position as a growing silver-focused miner and increasing exposure to institutional investors.

Americas Gold & Silver Corporation is a growing North American precious metals producer operating multiple assets across the continent. The company owns and operates the Cosalá Operations in Sinaloa, Mexico, and 100% ownership of the Galena Complex in Idaho, USA. Eric Sprott holds approximately 20% of the company as its largest shareholder. With these strategically positioned assets, Americas is focused on becoming one of the top North American silver-focused producers, targeting over 80% of revenue from silver by the end of 2025.

For investors, Americas Gold & Silver presents a compelling opportunity in the precious metals sector, combining operational scale with strategic positioning in critical minerals. The company's recent antimony breakthrough could establish it as the sole U.S. producer of this critical mineral, while its inclusion in major silver indices validates its growing market presence.

Q1 2025 Financial and Operational Performance

Revenue Growth Driven by Higher Silver Prices

Americas reported consolidated revenue of $23.5 million for Q1 2025, representing a 12% increase compared to $20.9 million in Q1 2024. This growth was primarily attributed to higher realized silver prices, which averaged $32.10 per ounce during the quarter.

The company's consolidated silver production totaled approximately 446,000 ounces in Q1 2025, down from 484,000 ounces in Q1 2024. This decrease resulted from lower consolidated tonnage processed and reduced grades at Cosalá's San Rafael Mine as operations transition to the higher-grade EC120 mining area.

Cost Structure and Investment Strategy

Cash costs per silver ounce increased to $25.04 in Q1 2025 from $20.57 in Q1 2024, primarily due to lower silver production and reduced by-product credits. All-in sustaining costs reached $35.67 per silver ounce, compared to $30.04 in the prior year period.

In a news release, Chairman and CEO Paul Andre Huet commented on the company's strategic direction:

"We are in the early stages of the execution on our strategy to scale production and lower costs. During the first 100 days of our efforts involving the new combined team, we have been extremely impressed by the tremendous response of our operations teams to unlock the significant potential across both operating mines."

Financial Position and Capital Structure

The company reported a net loss of $18.9 million for Q1 2025, compared to a net loss of $16.2 million in Q1 2024. This increase was primarily due to rising precious metal prices affecting metals-based liabilities and higher corporate general and administrative expenses, partially offset by higher net revenue and other factors.

Americas maintained cash and cash equivalents of $8.8 million and a working capital deficit of $27.8 million as of March 31, 2025. Management indicated it is in the late stages of securing a non-dilutive, right-sized debt facility to support its growth strategy.

Operational Updates by Asset

Galena Complex Performance

The Galena Complex produced approximately 314,000 ounces of silver in Q1 2025, a 1% increase from 311,000 ounces in Q1 2024, despite a planned 14-day maintenance shutdown in February. The complex also achieved a 17% increase in lead production, reaching 2.2 million pounds compared to 1.9 million pounds in the prior year.

The company made significant progress on infrastructure projects, including advancing the 55-179 decline and associated infrastructure. Development costs per foot are running below expected levels, representing an early operational achievement.

Cosalá Operations Transition

Silver production at Cosalá decreased 55% to approximately 132,000 ounces in Q1 2025, compared to 297,000 ounces in Q1 2024. This decline was primarily due to the ongoing transition from the zinc-lead-silver San Rafael mine to the higher-grade silver-copper EC120 Project.

The EC120 Project contributed approximately $2.3 million to net revenue during Q1 2025, despite being in early development phases. The company expects processed silver grades to increase quarter over quarter as EC120 production continues ramping up.

Antimony Recovery Breakthrough

Strategic Critical Mineral Opportunity

Americas announced promising results from metallurgical testing at the Galena Complex, confirming high antimony recovery rates alongside strong silver and copper recoveries. The testing, conducted by SGS Canada Inc., demonstrated antimony recovery rates of 90-96% from ore grading approximately 1% antimony.

Huet emphasized the strategic significance:

"Our test work has successfully demonstrated the potential to recover antimony – which is designated as a critical mineral in the United States – from ore currently being mined at our Galena Complex through a specialized flotation circuit. This breakthrough could significantly enhance value for Americas and its shareholders, as we currently receive no revenue, and were previously penalized for, the antimony in concentrates already produced."

Market Context and Supply Chain Positioning

Antimony is recognized by the U.S. government as one of 35 elements on the Department of the Interior's Critical Minerals List due to its applications in national defense, energy storage, and semiconductor technologies. Currently, more than 90% of antimony consumed in the United States is imported, primarily from China, Russia, and Tajikistan, with no operating primary antimony mines in the country.

Technical Testing Results

The Galena Complex has produced over 18 million pounds of antimony since 2001, making it the largest antimony-producing site in the U.S. over the past two decades. However, no revenue was previously recognized from this output due to concentrate quality limitations.

The metallurgical testing achieved impressive results across multiple parameters:

• Antimony recovery: 90-96% from ore grading ~1% antimony
• Silver recovery: 98-99% from ore grading ~50 opt silver
• Rougher concentrate grades: 18-19% antimony and ~600 opt silver

These results indicate that modern metallurgical processes can now upgrade antimony concentrate to create marketable products, potentially generating new value from existing operations.

Strategic Outlook and Market Position

Growth Strategy Implementation

The company is executing several major infrastructure projects to support higher mining rates. These include advancing Galena's 51-179 decline with two new 300-ton transfer passes to support new 20-ton haul trucks, increasing ventilation capacity, and improving secondary access.

Huet outlined the exploration potential:

"Galena is focused on drilling under-explored targets. The recent discovery of the 034 vein, which remains open both up-dip and at depth is a great example of a high-grade silver-copper system located near existing infrastructure that fits well with our strategic focus to increase production and mine higher grade zones."

The company's inclusion in the Solactive Global Silver Miners Index on May 1, 2025, represents an important milestone that validates Americas' position as a growing silver-focused miner and increases exposure to large institutional investors.

Investment Considerations

Americas Gold & Silver presents investors with exposure to precious metals production combined with potential strategic value through critical mineral production. The company's dual-asset platform provides geographic diversification across North America, while the antimony opportunity could establish a unique competitive position in the U.S. critical minerals supply chain.

The ongoing operational transitions at both facilities represent near-term challenges but also indicate potential for improved production profiles as higher-grade mining areas come online. Management's focus on infrastructure investment and cost reduction suggests a systematic approach to scaling operations and improving unit economics over time.