When it comes to the precious metals industry, many businesses are struggling with intense pressure due to the uneven production and a fragile supply chain. Meanwhile, the U.S. is becoming increasingly vocal about its dependence on critical minerals such as silver and antimony. Many long-established mines are aging faster than they’re being modernized, and market cycles seem to be less predictable with each passing year. For companies operating in this environment, the challenge is no longer simply producing minerals—it’s rebuilding resilience. This is where Americas Gold and Silver Corporation is creating a difference. For years, the company had a mix of fractured ownership structures and operational limitations at the Galena Complex in Idaho—one of the oldest and most historically significant underground mines in the United States. Galena had the resources, but not the operational flexibility. In addition, the infrastructure had several bottlenecks and access to high-grade zones was restricted. Mining methods hadn’t evolved. Even valuable by-products like antimony weren’t being fully captured.

Everything changed when Paul Andre Huet took over as the Chairman and CEO of Americas Gold and Silver in December 2024. His mandate was clear, to stabilize the business, modernize the assets, and restore Galena to its rightful place as a leading North American silver producer. One of his first actions—achieving full ownership consolidation—may seem administrative, but it unlocked value throughout the entire operation. Without multiple parties dividing control, the company could finally invest, develop, and plan with purpose. What followed was a complete strategic reset. The team moved quickly to overhaul infrastructure, introduce new mining methods, and prioritize areas that could deliver early gains. Americas Gold and Silver also secured a US$100 million debt facility with an associated five-year multi-metal offtake agreement, guaranteeing that up to 100 percent of Galena’s concentrate would be processed at Teck Resources’ Trail smelter. Stability like this is important for mid-tier miners, especially during volatile commodity cycles.

One of the company’s most impressive achievements has been its progress on antimony—a mineral the U.S. considers essential for national security. The industry has spent decades trying to extract antimony efficiently from concentrate, often with limited success. Under the company’s new metallurgical direction, test work has now delivered extraction rates above 99 percent. For a country that imports more than 90 percent of its antimony, this is more than technical progress; it’s a step toward future mineral independence. At the same time, the company began modernizing its approach to Galena’s famously narrow high-grade veins. For years, the mine relied almost exclusively on cut-and-fill mining—a precise but slow method that limits productivity. Introducing long-hole stopping into veins as narrow as three feet (approximately one meter) was once considered unrealistic. Yet the engineering team not only made it possible, but they also proved it could be done precisely and efficiently. This reduces dilution, increases recovery, and opens up areas previously considered uneconomic. Also, the Phase 1 improvement to the No. 3 Shaft doubled hoisting capacity to 80 tons per hour, giving the mine the backbone it needs for a multi-year production ramp-up. Recent exploration success has only added momentum: drill results continue to reveal exceptionally high-grade silver-copper zones, including intercepts with over 24,000 g/t silver. These discoveries directly improve development planning and strengthen the company’s long-term outlook.

The acquisition of the nearby Crescent Mine in late 2025 has expanded Galena’s future further. With both assets now under one roof, the company will be able to maximize mill capacity utilization and feed high-grade ore into the system for years to come. Beyond Idaho, Americas is strengthening its position in Mexico as well. At the Company’s Cosalá operations, the EC120 zone is ramping up production with support from a credit line and offtake agreement with Trafigura. Exploration in the region continues to reveal promising silver-lead-zinc targets, supported by modern equipment and a renewed drilling program. In fact, the results are clear and visible. In Q3 2025, the company’s attributable silver production nearly doubled year-over-year, rising 98 percent to 765,000 ounces. For a business coming out of years of structural limitations, this level of improvement speaks volumes about disciplined execution and a clear strategic path forward.

Looking ahead, Americas Gold and Silver is not aiming merely to restore Galena to its past performance—it plans to exceed it. The team is targeting a return to the mine’s historical production levels of more than five million ounces of silver per year. Crescent and Cosalá add additional growth layers, while the company continues discussions with the U.S. government on establishing a domestic antimony processing facility. Such a facility could play a meaningful role in reshaping national antimony supply chains.

Underpinning all of this is a carefully designed financial strategy by the Company’s senior management team. Since 2024, the Company has raised over US$300 million on favorable terms—capital that is now being used to strengthen infrastructure, advance exploration, and build long-term value. The approach avoids unnecessary risk and allows the Company to pursue growth without compromising stability. Moreover, by blending modernization, stronger mining techniques, critical mineral innovation, and strategic partnerships, the Company is rewriting the future for some of North America’s oldest mining assets.