High Recoveries Confirmed For The Galena Concentrate

TORONTO – Americas Gold and Silver Corporation Chairman and CEO, Paul Andre Huet, said, “During the first half of 2025, we’ve made significant progress and investments into our strategy to deliver materially increased silver production and lower costs over the coming years. Our teams have been strengthened and aligned in executing our operational growth plan at Galena and the transition from the San Rafael Mine to the higher grade silver-copper EC120 Project at Cosalá. Our critical work in reviewing the current operations has progressed well, including studying multiple scenarios for operational adjustments, productivity improvements, cost reductions and material movement increases.
Securing the US$100 million debt facility in June represents a major milestone for the Company, providing us with the financial flexibility to implement and execute our growth strategy. The result is that we expect to realize incremental production increases and lower costs as we progress through a transformative investment year in 2025 setting us up with a much stronger operational platform to support continued sustained production growth at Galena.
At Galena, numerous initiatives are underway that are designed to safely improve mining productivity. Key developments during the quarter include the expansion of the 55-179 decline to access multiple stopes, the successful development and mining of the first long-hole stope as well as the commissioning of new underground loaders and trucks to enhance productivity. Significant ventilation improvements were achieved with the completion of the first Alimak vent raise, while the development of a second Alimak raise is underway. Very significantly, components for the #3 shaft replacement hoist motor have arrived at site, with installation planned for Q4-2025 to materially boost hoisting capacity and debottleneck operations – a critical step in unlocking value at the mine.
We’re also very excited about the metallurgical testing completed on Galena concentrate that confirmed high recoveries of both antimony and copper, with modern processes enabling the potential extraction of antimony from the tetrahedrite. The test work is a key step in establishing Americas as the only current antimony producer in the U.S., unlocking a potential new revenue stream. Further testing is aimed at confirming the ability to produce saleable antimony products, leveraging historical precedents and enhancing Galena’s economic potential. Rounding out the metallurgical successes, we also secured a multi-metal offtake agreement with Ocean Partners at Teck’s Trail Operations in British Columbia. This guaranteed capacity not only secures the growth plan at Galena, it also turns several metals previously penalized (including copper and antimony) into potential revenue streams – a double benefit for our shareholders.
The Cosalá Operations are advancing well towards mining the higher-grade silver-copper EC120 orebody, where we are aiming to be in commercial production by the end of 2025. The team is mining concurrently at San Rafael during the development of EC120, with a focus on mining higher-grade silver areas in late Q3 and early Q4 2025. During the quarter we saw an early example of the positive impact EC120 will have on silver grades and we are looking forward to continuing this progress. In support of the ramp up efforts, we have also placed additional mobile fleet orders to improve operational efficiency as we enter the heart of the orebody in the years ahead – an exciting time for everyone at Americas.
I am also pleased to welcome Shirley In’t Veld to Americas Board of Directors. The addition of Shirley’s extensive experience as a senior executive and director in the mining, renewables and energy sectors to our team further strengthens our Board and is a strong endorsement of Americas position as growing silver producer. We look forward to benefiting from Shirley’s insights and guidance as we continue to grow and create value for our shareholders.
Overall, I am very pleased with our progress as we leverage the strength of our expanded and strengthened team as well as our bolstered balance sheet to build a strong foundation for our strategy to deliver sustained multi-year production growth, unlocking the massive potential across our asset base for all our stakeholders.”