Galena's Antimony Output Follows Silver Mill Upgrades, Not a Separate Antimony Mine

• Galena Complex in Idaho produced about 561,000 pounds of antimony in 2025 and is the largest active antimony mine in the US.
• Antimony has moved from a penalty metal to a payable by-product credit as of January 2026, after Americas renegotiated its offtake in 2025.
• Antimony is co-produced with copper at an average ratio of about 0.7 to 1, so antimony pounds follow the silver-copper ore tons that the mill processes, and the mill is targeting 1,200 short tons per day by the end of 2026.
• September 18, 2026 drilling reported antimony grades of 0.7% to 2.6% in selected Galena Complex and Crescent intercepts that are 0.4 to 1.9 meters wide.
• Management estimates US demand at 50 million pounds of antimony a year, plus 40 million pounds for allies, and a 51/49 joint venture with US Antimony is the processing route.

What Has Happened

Americas Gold and Silver Corporation (TSX: USA | NYSE American: USAS) reported results on September 18, 2026 from the largest exploration and Mineral Resource conversion program at the Galena Complex in Idaho. The complex combines the operating Galena Mine, the restart-stage Coeur Mine and the neighboring Crescent Mine. The results cover 88 holes at Galena and Coeur and the first 12 of 45 holes at Crescent, and none of the intercepts are in the 2025 Mineral Resource and Reserve statement.

The assay report lists antimony alongside silver, copper, and lead. Galena's antimony comes from the same veins that hold the silver and copper, so the shaft, mill, and mining-method spending aimed at silver ounces also determines how much antimony reaches the plant.

From Penalty Metal to Paid Product

Americas renegotiated its offtake in 2025 to begin recognizing by-product revenue, and antimony was a payable by-product credit as of January 2026. Chairman and Chief Executive Officer Paul Andre Huet described the earlier position:

"This was a penalty metal for us. Not only we're not getting penalized for it, we're getting paid for it."

Galena produced about 561,000 pounds in 2025 and more than 20 million pounds since 2001, which makes it the largest active antimony mine in the US. Americas has also produced the metal in pure form with its partner, US Antimony, sourced entirely from its own mining.

How Galena Produces Antimony

Galena's average antimony-to-copper ratio is about 0.7 to 1, consistent with metallurgical test work. Company test averages show antimony recoveries of 90% to 96% from ore grading about 1% antimony. The company separately reported 99% or more antimony extraction from copper concentrate on September 8, 2025.

Antimony is produced alongside copper at that ratio, so antimony volume depends on how many tons of silver-copper ore Galena hoists and mills.

Silver Upgrades Set the Antimony Volume

Hoisting upgrades at the No. 3 Shaft were completed in 2 phases. Huet said the shaft was limited to about 650 tons per day when the current team arrived roughly 18 months ago and can now hoist safely at more than 1,400 tons per day, after about $7 million of capital. The company's hoisting target is 1,350 short tons per day (stpd). The Galena mill processes about 750 stpd, and the company is targeting 1,200 stpd by the end of 2026 by tying in an existing ball mill and new flotation cells budgeted at about $4.8 million for fourth quarter 2026 delivery.

Long hole stoping is reported at up to about 200 tons per shift in 2026, against about 50 tons per shift for underhand cut and fill in 2024, with 13 long hole panels mined to design widths. Galena is targeting a 70% long hole and 30% underhand cut-and-fill split, and a paste fill plant, planned for construction and commissioning, is targeting faster fill cycle times. At the average ratio, antimony pounds scale with the copper-bearing ore tons milled, so the mill target is the capacity limit on that scaling.

Antimony in the New Drill Intercepts

Several intercepts in the September 18 results carry antimony above the roughly 1% ore grade cited for the recovery tests. One Galena intercept returned 2.6% antimony over 0.7 meters (m) with 2,783.8 grams per tonne (g/t) silver. The 9 Vein, found when a utilities drift crosscut an area with no historical drilling, returned 1.81% antimony over 0.4 m with 7,123 g/t silver. In the 43L-TJ vein complex, an intercept returned 1.5% antimony over 1.9 m.

Another intercept, in a silver-lead vein, returned 0.3% antimony alongside 18.0% lead. The Coeur Mine's 520 Vein, now 200 m long, 200 m high, and open in all directions, returned 0.7% antimony over 1.1 m. These are intercept grades and not resource grades.

Galena's long hole stopes are about 1 m (3.3 feet) wide, and the company ties dilution control to that width. Intercepts narrower than a stope, such as the 0.4 m 9 Vein, need follow-up drilling to show whether the grade holds over a mineable width. The Galena team has driven roughly 85 m along the 9 Vein's strike and set up multiple drill bays to test it up- and down-dip.

Crescent Adds Antimony-Bearing Feed

Crescent is fully permitted and 9 miles from Galena, and it can process its silver-copper-antimony veins through the Galena mill. Drilling identified 2 new veins near the Alhambra vein. An intercept in one of them cut 1.5% antimony over 0.9 m, and an intercept in the other returned 2.0% antimony over 0.2 m.

The company says Crescent could add about 1.5 million ounces of silver per year through high-grade silver-copper-antimony mill feed. Mining is planned for 2027, once a second egress is in place through the BC4 adit, and 33 of the 45 holes are awaiting assays.

US Demand & Where the Joint Venture Fits

Huet calls antimony a critical metal that the US military requires and puts US demand at 50 million pounds a year, plus 40 million pounds for US allies.

Americas holds 51% of the joint venture with US Antimony, and US Antimony holds 49%. Americas contributes the Galena site and feedstock, and the structure is described as a fully integrated US supply chain from mine to finished product, with downstream profits and third-party processing revenue as the stated targets. Americas has not released a construction date or detailed commercial terms for the joint venture.

Huet described the opportunity the venture addresses:

"There's still a tremendous opportunity for us to do something with our partners at US Antimony and build something domestically that will change the future of the antimony production in the US for a very long time."

Broader Context & What to Watch Next

Oliver Turner, Executive Vice President, Corporate Development, said silver will likely fall below 90% of revenue as copper and antimony production grow. Silver contributed about 90% of first-half 2026 revenue. Copper and antimony come from the same ore as the silver, so the revenue mix can change as milled tons rise.

The 4 data points below will show whether antimony volume is following the silver plan:

• Mill throughput against the 1,200 short tons per day target, and delivery of the new flotation cells in the fourth quarter of 2026.
• Commissioning of the paste fill plant and the share of ore mined by long hole stoping against the 70% target.
• The 33 pending Crescent assays and follow-up drilling on the new veins ahead of mining in 2027.
• Reported antimony pounds against silver output, and drilling from the 9 Vein drill bays.

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