Galena Complex

The Galena Complex, now 100% owned by Americas Gold and Silver Corporation, is located in Idaho’s prolific Silver Valley, a historic mining district renowned for its production of silver, antimony, lead, zinc, and copper from iconic operations like the Bunker Hill, Sunshine, and Lucky Friday mines. The company completed the acquisition of the remaining 40% interest from an affiliate of Eric Sprott in December 2024, consolidating full ownership of this high-grade underground silver mine.

Americas is executing a comprehensive Recapitalization Plan to revitalize the Galena Complex. Key initiatives include upgrading the No. 3 shaft hoist system, with Phase 1 completed ahead of schedule in September 2025 to double skipping capacity from 40 to 80 tons per hour (tph) for a 100% productivity gain, and Phase 2 targeted for completion by Q4 2025. The company has commissioned over 10 new underground vehicles, including trucks, muckers, and long hole drills, most now operational, and reintroduced Long Hole Stoping (LHS) with the first successful narrow-vein blast in Q2 2025, delivering 40% lower costs per ton versus Underhand Cut and Fill at similar dilution. Recent exploration has uncovered high-grade silver-copper veins, such as the 034 Vein with 3.4m at 983 g/t silver (announced April 22, 2025) and the 149 Vein extension with intercepts up to 24,913 g/t silver and 16.9% copper over 0.21m (announced August 22, 2025), enhancing the potential for future production.

The Galena Complex boasts over 50 years of operating history, having produced more than 240 million ounces of silver alongside significant by-product lead, copper, and over 20 million pounds of antimony. Spanning nearly 9,000 hectares, the property includes three active shafts, over 55 miles of workings, and two processing facilities: the Galena mill, with a capacity of 750 tpd, currently producing silver-antimony-copper and silver-lead concentrates, and the Coeur mill, with a capacity of 500 tpd, which in currently on care-and-maintenance. Americas is rapidly ramping up milling operations to support increased ore production.

With a significant resource base of ~200 million ounces of silver in Proven & Probable, Measured & Indicated, and Inferred categories, plus over 50 million pounds of copper and 1.7 billion pounds of lead, and high-confidence exploration targets, the Complex offers substantial growth potential, particularly through extensions, deeper high-grade zones, and a planned 2025 Mineral Resource Estimate update. As the only current U.S. antimony producer, Americas achieved a >99% antimony extraction breakthrough in September 2025 from Galena's silver-antimony-copper concentrate, with antimony shifting from a penalty to payable by-product starting January 2026 under a re-negotiated offtake.

Americas aims to leverage these assets to position itself as a leading North American silver producer, with over 80% of company revenue now coming from silver.