Metallurgical Testwork at Galena Complex Demonstrates over 90% Antimony Recovery Supporting Potential Near-Term Primary Antimony Production in the United States
TORONTO, ONTARIO – May 15, 2025 – Americas Gold and Silver Corpora�on (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer is pleased to announce promising results from recent metallurgical tes�ng at its Galena Complex in Idaho, confirming high recoveries of an�mony alongside strong silver and copper recoveries from ore currently being processed.
Paul Andre Huet, Chairman and CEO, commented: “I am very excited that results of our test work have successfully demonstrated the poten�al to recover an�mony – which is designated as a cri�cal mineral in the United States – from ore currently being mined at our Galena Complex through a specialized flota�on circuit. This breakthrough could significantly enhance value for Americas and its shareholders, as we currently receive no revenue, and were previously penalized for, the an�mony in concentrates already produced. Furthermore, we‘re now well posi�oned as an early mover with the poten�al to become the only an�mony producer in the United States, in the near-term.
Our technical team is moving forward with detailed technical and trade-off studies to develop a plan to rapidly capitalize on the opportunity to commercially recover and realize value for an�mony already present in our concentrates.”
Historical Produc�on & Untapped Value
An�mony at the Galena Complex is hosted in the common sulfosalt mineral, tetrahedrite, which is an an�mony sulfide of silver, copper, iron and zinc. Although the Galena Complex has produced significant an�mony over its life, the Company historically has not realized value for this material due to its insufficient concentra�on and quality for smelter acceptance.
Following a review of historical metallurgical data, the Company commissioned SGS Canada Inc. (“SGS”) to conduct flota�on tests on current mill feed. There were two objec�ves to the testwork:
1. Confirm that an an�mony/silver flota�on product could be achieved from the current ore being processed through the mill.
2. Generate a sufficient volume of flota�on concentrate for addi�onal tes�ng to separate the an�mony from the concentrate.
Test Highlights:
- An�mony Recovery: ~90 - 96% from ore grading ~1% An�mony
- Silver Recovery: ~98 - 99% from ore grading ~50 opt Silver
- Rougher Concentrate Grades: ~18 - 19% An�mony and ~600 opt Silver
These test results on the tetrahedrite material indicate that a marketable concentrate may now be possible using modern metallurgical processes. The results from the test work are shown in Table 1 below.
Table 1: Galena Ore – An�mony Floata�on Test Results
| Test 1 | Assays | Distribution (%) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sb (%) | Ag (g/t) | Ag (opt) | Cu (%) | Pb (%) | Fe (%) | Sb1 | Ag | Cu | Pb | Fe | |
| Rougher Concentrate | 19.3 | 20,355 | 593.4 | 24.47 | 0.53 | 17.5 | 92.3 | 98.7 | 98.3 | 83.2 | 4.5 |
| Rougher Tail | 25 | 0.7 | 0.04 | 0.01 | 34.9 | 1.3 | 1.7 | 16.8 | 95.5 | ||
| Calculated Head Grade | 1,759 | 51.3 | 2.12 | 0.05 | 33.4 | 100 | 100 | 100 | 100 | ||
| Assay Head Grade | 1.2 | 1,790 | 52.2 | 2.1 | 0.05 | 34.2 | |||||
| Test 2 | Assays | Distribution (%) | |||||||||
| Sb (%) | Ag (g/t) | Ag (opt) | Cu (%) | Pb (%) | Fe (%) | Sb1 | Ag | Cu | Pb | Fe | |
| Rougher Concentrate | 19 | 20,283 | 591.3 | 23.4 | 0.53 | 17 | 90.5 | 98.9 | 98.2 | 83.4 | 4.3 |
| Rougher Tail | 22 | 0.6 | 0.04 | 0.01 | 35.6 | 1.1 | 1.8 | 16.6 | 95.7 | ||
| Calculated Head Grade | 1,762 | 51.4 | 2.05 | 0.05 | 34 | 100 | 100 | 100 | 100 | ||
| Assay Head Grade | 1.2 | 1,790 | 52.2 | 2.1 | 0.05 | 34.2 | |||||
| Test 3 | Assays | Distribution (%) | |||||||||
| Sb (%) | Ag (g/t) | Ag (opt) | Cu (%) | Pb (%) | Fe (%) | Sb1 | Ag | Cu | Pb | Fe | |
| Rougher Concentrate | 17.9 | 21,132 | 616.1 | 24.4 | 0.57 | 17.9 | 93.4 | 98.7 | 97.8 | 84.2 | 4.5 |
| Rougher Tail | 25 | 0.7 | 0.05 | 0.01 | 35.1 | 1.3 | 2.2 | 15.8 | 95.5 | ||
| Calculated Head Grade | 1,762 | 51.4 | 2.05 | 0.05 | 34 | 100 | 100 | 100 | 100 | ||
| Assay Head Grade | 1.2 | 1,790 | 52.2 | 2.1 | 0.05 | 34.2 | |||||
| Test 4 | Assays | Distribution (%) | |||||||||
| Sb (%) | Ag (g/t) | Ag (opt) | Cu (%) | Pb (%) | Fe (%) | Sb1 | Ag | Cu | Pb | Fe | |
| Rougher Concentrate | 18.1 | 19,836 | 578.3 | 22.5 | 0.5 | 18.5 | 96.2 | 98.3 | 98.3 | 83.5 | 5.1 |
| Rougher Tail | 34 | 1 | 0.04 | 0.01 | 34.6 | 1.7 | 1.7 | 16.5 | 94.9 | ||
| Calculated Head Grade | 1,844 | 53.7 | 2.09 | 0.06 | 33.1 | 100 | 100 | 100 | 100 | ||
| Assay Head Grade | 1.2 | 1,790 | 52.2 | 2.1 | 0.05 | 34.2 | |||||
| Note: 1) The antimony (Sb) distribution calculation uses the assay head grade to determine distribution. |
The test results mark a key step toward establishing Americas Gold and Silver as the only current an�mony producer in the United States, unlocking a new revenue stream from a strategic by-product, previously counted as a penalty element, of the Galena ore body.
Background: An�mony as a Strategic Cri�cal Mineral
An�mony is recognized by the U.S. government as one of 35 elements on the Department of the Interior’s Cri�cal Minerals List due to its use in na�onal defense, energy storage, and semiconductor applica�ons.
Currently, more than 90% of the an�mony consumed in the United States is imported, primarily from China, Russia, and Tajikistan. At present, there are no opera�ng mines producing an�mony in the United States.
Over 18 million pounds of an�mony have been produced from the Galena Complex since 2001. Americas Gold and Silver is posi�oned to become the only an�mony producer in the U.S. if the poten�al for commercial recovery and product refinement can be achieved. This milestone would represent a significant development in restoring domes�c supply of a mineral deemed essen�al to U.S. na�onal and economic security, par�cularly since China stopped selling an�mony to the U.S. in September 2024.
An�mony is on the U.S. Department of the Interior’s Cri�cal Minerals List due to its strategic applica�ons in:
- Defense: alloys in ammuni�on and armor
- Energy: grid-scale ba�ery storage
- Semiconductors: flame retardants and high-tech applica�ons
Current U.S. An�mony Supply Landscape:
- Zero opera�ng primary an�mony mines
- >90% imported (mainly from China, Russia, and Tajikistan)
- No meaningful domes�c produc�on
Global An�mony Supply (Es�mated % of World Produc�on 2024):
| Country | Share of Global Production |
|---|---|
| China | ~55–60% |
| Russia | ~20% |
| Tajikistan | ~10% |
| Others | ~10–15% |
Sources: USGS, Roskill, CRU Group
With no ac�ve domes�c produc�on, the U.S. is en�rely dependent on foreign sources—a strategic vulnerability that Americas Gold and Silver may be uniquely posi�oned to help address.
Galena’s Legacy and Opportunity
Since 2001, the Galena Complex has produced over 18 million pounds of an�mony, making it the largest an�mony-producing site in the U.S. over the past two decades. However, un�l now, no revenue was recognized from this output due to limita�ons in concentrate quality.
Recent tes�ng suggests that modern processes can now:
- Upgrade the an�mony concentrate
- Create a marketable product
- Generate new value from exis�ng opera�ons
Next Steps
Historically, individual lots of ore from both the Galena and Coeur mines were processed at the Sunshine Mine—located just four miles west—where an�mony was effec�vely separated and recovered. Building on this precedent, the next phase of metallurgical tes�ng, under the direc�on of Allihies Engineering, Inc., will focus on trea�ng the current concentrate to produce mul�ple saleable an�mony products, opening the door to mone�zing a long-overlooked byproduct and reinforcing the Company's strategic value within the U.S. cri�cal minerals framework.
About Americas Gold & Silver Corpora�on
Americas Gold and Silver is a growing precious metals mining company with mul�ple assets in North America. The Company owns and operates the Cosalá Opera�ons in Sinaloa, Mexico. In December 2024, the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transac�on with Spro� and a Paul Huet-led management team, further strengthening its posi�on as a leading silver producer. Spro� is now the largest shareholder in the company, holding a ~20% interest. With these strategically posi�oned assets, Americas Gold and Silver is focused on becoming one of the top North American silver-focused producers with an objec�ve of over 80% of its revenue generated from silver by the end of 2025.
For further informa�on, please contact:
Maxim Kouxenko - Manager, Investor Rela�ons M: +1(647) 888-6458 E: [email protected] W: americas-gold.com
Cau�onary Statement on Forward-Looking Informa�on:
This news release contains “forward-looking informa�on” within the meaning of applicable securi�es laws. Forward-looking informa�on includes, but is not limited to, Americas’ expecta�ons, inten�ons, plans, assump�ons, and beliefs with respect to, among other things, the results recent metallurgical tes�ng at its Galena Complex and the poten�al that the Company marketable an�mony concentrate may now be possible using modern metallurgical processes, and are subject to the risks and uncertain�es outlined below. O�en, but not always, forward-looking informa�on can be iden�fied by forward-looking words such as “an�cipate,” “believe,” “expect,” “goal,” “plan,” “intend,” “poten�al,” “es�mate,” “may,” “assume,” and “will” or similar words sugges�ng future outcomes, or other expecta�ons, beliefs, plans, objec�ves, assump�ons, inten�ons, or statements about future events or performance. Forward-looking informa�on is based on the opinions and es�mates of Americas as of the date such informa�on is provided and is subject to known and unknown risks, uncertain�es, and other factors that may cause the actual results, level of ac�vity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking informa�on. These risks and uncertain�es include, but are not limited to: interpreta�ons or reinterpreta�ons of geologic informa�on; unfavorable explora�on results; inability to obtain permits required for future explora�on, development, or produc�on; general economic condi�ons and condi�ons affec�ng the mining industry; the uncertainty of regulatory requirements and approvals; poten�al li�ga�on; fluctua�ng mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; risks associated with the mining industry generally, such as economic factors (including future commodity prices, currency fluctua�ons, and energy prices), ground condi�ons, failure of plant, equipment, processes, and transporta�on services to operate as an�cipated, environmental risks, government regula�on, actual results of current explora�on and produc�on ac�vi�es, possible varia�ons in grade or recovery rates, permi�ng �melines, capital expenditures, reclama�on ac�vi�es, labor rela�ons; and risks related to changing global economic condi�ons and market vola�lity. Although the Company has a�empted to iden�fy important factors that could cause actual results to differ materially from those contained in forward-looking informa�on, there may be other factors that cause results not to be as an�cipated, es�mated, or intended. Readers are cau�oned not to place undue reliance on such informa�on. Addi�onal informa�on regarding the factors that may cause actual results to differ materially from this forward-looking informa�on is available in Americas’ filings with the Canadian Securi�es Administrators on SEDAR+ and with the SEC. Americas does not undertake any obliga�on to update publicly or otherwise revise any forward-looking informa�on whether as a result of new informa�on, future events, or other such factors which affect this informa�on, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expecta�ons, or (2) concerning the result or �ming thereof. All subsequent wri�en and oral forward-looking informa�on concerning Americas are expressly qualified in their en�rety by the cau�onary statements above.