Americas GOLD and Silver Accelerates Silver Growth in Idaho via the Proposed Strategic Acquisition of the Neighbouring Crescent Silver MINE and Announces Concurrent US$65 Million Bought Deal Financing
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AMERICAS GOLD AND SILVER ACCELERATES SILVER GROWTH IN IDAHO VIA THE PROPOSED STRATEGIC
ACQUISITION OF THE NEIGHBOURING CRESCENT SILVER MINE AND ANNOUNCES CONCURRENT US$65
MILLION BOUGHT DEAL FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, ONTARIO — November 13, 2025 — Americas Gold and Silver Corporation (TSX: USA) (NYSE
American: USAS) (“Americas” or the “Company”) is pleased to announce that it has entered into a binding
purchase agreement (the “Agreement”) to acquire 100% of Crescent Silver, LLC (“Crescent”) which owns
the Crescent Mine in Idaho, USA for total consideration of approximately US$65 million (the “Acquisition”).
The consideration under the Acquisition consists of US$20 million in cash (the “Cash Consideration”) and
approximately 11.1 million common shares of Americas (the “Equity Consideration”), both of which are
payable upon closing of the Acquisition. The value of the Equity Consideration will be approximately US$45
million based on a deemed price of US$4.00 per common share of Americas.
To fund the cash portion of purchase price for the Acquisition and provide additional capital to advance
Crescent, Americas has entered into an agreement with Canaccord Genuity Corp. and BMO Capital Markets
Corp., on behalf of a syndicate of underwriters, to complete a concurrent equity financing for gross
proceeds of US $65 million by way of a “bought deal” private placement of common shares (the
“Concurrent Financing”). Details of the Concurrent Financing are provided below.
Key Transaction Highlights:
● Strategic acquisition of a key asset in the Idaho Silver Valley : The Crescent Mine is located
approximately 9 miles from the Galena Complex, within the prolific Idaho Silver Valley. Crescent is
located between two large and historic mines, Sunshine and Bunker Hill.
● Eric Sprott, Americas’ largest shareholder, is in strong support of the deal: Mr. Eric Sprott has
committed to participate in the Concurrent Financing, along with several other key large institutional
investors.
● High-grade historical mineral resource 1 of similar mineralization to Galena: The Crescent Mine
contains a Mineral Resource estimate of 3.8 Moz (201k tons @ 19.1 opt (655 g/t)) in the Measured
and Indicated category and 19.1 Moz (985k tons @ 19.4 opt (665 g/t)) in the Inferred category. The
mineralized material at Crescent is the same silver -copper-antimony tetrahedrite material
currently processed at Galena.
● Potential to add 1.4-1.6 Moz of silver production annually: Based on the Tetra Tech PEA completed
in 2015, the Crescent Mine has the potential to add 1.4 -1.6 Moz Ag oz per year. Similar to its
successful approach to optimizing and scaling operations at Galena, Americas intends to complete
1 See Table 1 below regarding historical resource estimates.
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several positive adjustments to develop a mine plan to maximize production. The 2015 PEA would
not be considered current for the purposes of NI 43-101 given it is based on 2015 figures.
● Additional antimony exposure: Containing tetrahedrite material, the Crescent Mine is also expected
to contribute to Galena’s growing antimony resource as part of its strategy to meet the increased
demand for domestic antimony supply in the United States.
● Immediate opportunity for material synergies given Crescent’s proximity to the Galena Complex:
Americas expects it will be able to use its existing Galena and Coeur mills to process high-grade
mineralized material from the Crescent Mine. The Company further anticipates it will be able to
leverage its strong underground and exploration capabilities to establish best-in-class operations
at the Crescent Mine. Additional integration benefits are expected through procurement savings,
equipment sharing and G&A efficiencies.
● Fully permitted mine with existing infrastructure: The Crescent Mine is fully permitted and located
on 100% privately owned land. Existing infrastructure includes the mine, the New Jersey Mill (rated
capacity of 440 tons per day2), corporate offices, shops, warehouses, access road, a core shed and
permanent power installations.
● Major exploration potential: Less than 5% of Crescent’s landholding has been explored and only
two veins (South and Alhambra) have been targeted for production to date. Other known splay
veins, such as the Grey Copper and Jackson veins, are known to contain mineralized material but
remain largely untested. The Alhambra vein, a major producer at Crescent, is untested for 2,100
feet on the west side of the property. The Cate and Sullivan faults, which host large mineral
deposits in the adjoining Bunker Hill mine, are mapped crossing the property but are also untested.
In tandem with the commencement of initial operations in 2026, the Company plans to initiate an
aggressive 5-year drill program to test multiple targets from both surface and underground, setting
up the mine for long term success.
Paul Andre Huet, Chairman and CEO, commented: “The addition of the high-grade silver Crescent Mine to
Americas portfolio, located just 9 miles by road from our producing Galena Complex, is a very compelling
and synergistic acquisition opportunity that immediately capitalizes on the spare milling capacity at our
Galena and Coeur mills. Crescent has the potential to be fast tracked into our growing production profile
alongside Galena, allowing us to leverage our strong operations team located in the Silver Valley . Adding
near-term silver ounces that maximiz es the use of existing assets is the type of accretive growth we
prioritize as a management team – the potential for the addition of near -term cash flow while realizing
material operational synergies. We are also thrilled with the continued support of our cornerstone and
largest investor, Mr. Eric Sprott.
The past-producing Crescent Mine is fully -permitted, located entirely on privately-owned land with grid
power installed and substantial infrastructure in place. With the completion of the US$65 million bought
deal financing, we will be fully -funded for the up -front cash requirements to close the acquisition and
deploy our anticipated initial capital investments . The Company believes that the Acquisition provides a
pathway to rapidly supplement the grade and volume of our feed to the Galena Mill as early as mid-2026,
which is expected to generate additional substantial near term cash flow for our stakeholders while we
continue to scale operations aggressively at Galena.
In addition to containing high-grade silver, the Crescent Mine is host to copper and antimony, contained in
tetrahedrite ore – the same material we are currently processing at Galena. Consequently, as we scale
2 Crescent Silver owns 34.8% of the New Jersey Mill and has rights to 70% of its 440 ton per day capacity.
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silver output at Crescent over the coming years, we will also be boosting antimony output alongside
existing antimony production at Galena in support of our strategy to meet domestic demand for this critical
metal.
I am also extremely encouraged by the strong exploration upside at Crescent. Significant parts of the mine
have yet to be drilled and we expect to target these with a US$3.5 million drill program commencing in
2026. While the near-term development at Crescent is potentially accretive to our silver and antimony
resources, we are excited to test these areas to evaluate the strong potential for mine-life extension.
The addition of Crescent to Americas’ existing asset base is a great example of mines working synergistically
through optimizing the deployment of personnel and in-house expertise, leveraging our purchasing power
with vendor s, optimiz ing our equipment fleet across assets all while maximizing the use of our spare
material processing capacity. As always, our shareholders can expect us to continue to aggressively focus
on our growth and on reducing costs.”
Mr. Eric Sprott commented: “I am very impressed and pleased to be the largest shareholder in Americas
Gold and Silver, noting the significant progress Paul and his team have made in just 11 months at Galena.
The addition of the Crescent Mine, while potentially improving the project profile of the Company, provides
additional synergies only available through rational consolidation and is a transaction that leverages the
strength of Paul’s strong operating team in the Silver Valley. I look forward to continued growth as
Americas Gold and Silver unlocks the significant value at both of these impressive neighboring mines.”
About the Crescent Mine
Crescent Mine is a past-producing underground mine which has produced over 25 million ounces of silver
at an average grade of 26 opt (891 g/t) between 1917 and 1981. The mine is located approximately 4 miles
southeast of Kellogg, Idaho, and consists of 10 acres of surface rights and 15 acres of patented claims and
mineral rights over 64 patented claims. The mineralized material at Crescent is tetrahedrite, which is
identical to the Galena Ag-Cu-Sb material and ideally suited for Galena and Coeur Mills. The property hosts
3.8 million ounces of historical Measured and Indicated resource, as well as an historical Inferred Resource
of 19.1 million ounces. The Company intends to mine Crescent using a combination of cut and fill and long
hole stoping mining, similar to the successful optimization of neighbouring Galena currently underway.3
3 See Table 1 below regarding historical resource estimates.
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Figure 1: Location of the Crescent Mine in relation to the Galena Complex and other selected properties
in Idaho’s Silver Valley
Table 1: Historical Mineral Resource Estimate (effective August 2015)
Tons
(kst)
Grade Contained
Silver
(opt)
Copper
(%)
Silver
(Moz)
Copper
(Mlbs)
Measured & Indicated 201 19.1 0.41% 3.8 1.6
Inferred 985 19.4 0.43% 19.1 8.6
The information is extracted from the report entitled 'NI 43 -101 Technical Report | Preliminary Economic
Assessment | Crescent Silver Project | Shoshone County, Idaho USA’ dated August 21, 2015 (the "2015
Technical Report"). Americas confirms that the form and context in which the Qualified Persons’ findings
are presented have not been materially modified from the original report. The effective date of the historical
estimate is August, 2015. The Company believes that the historical estimate is reliable and relevant to
continuing exploration and development on the Crescent Mine. No more recent estimates of the mineral
resource or other data are available to the Company. A qualified person has not done sufficient work on
behalf of Americas to classify the historical estimate noted here and in Table 1 as current mineral resources
or mineral reserves and Americas is not treating the hi storical estimates as current mineral resources or
mineral reserves. There is no certainty they will prove to be accurate or that a range of outcomes will be
achieved.
The historical mineral resources were reported above a silver cut -off of 10 opt Ag. The following
assumptions were used to define the portion of the mineral resource that meets the test of reasonable
prospect for economic extraction and can be declared a mineral resource: Silver price of US$20.00 per troy
ounce, underground mining costs of US$145 per ton, metallurgical recovery of 92% average, mining rate of
250 tons per day and minimum mining width of 4 feet. Additional key assumptions, parameters, and
methods used to prepare the historical estimate are disclosed in the 2015 Technical Report.
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Key Highlights From the 2015 Tetra Tech Inc. PEA
In August 2015, Crescent issued an updated NI 43-101 PEA for the Crescent Mine, prepared by Tetra Tech
Inc. The Crescent Mine, like other narrow -vein, high-grade underground silver operations in the Coeur
d’Alene district, was designed to leverage an overh and cut -and-fill underground mining method with
processing at the nearby New Jersey Mill. The 2015 PEA envisaged a 250 ton per day operation with total
production of approximately 15 Moz Ag and 5.8 Mlbs Cu (average annual production of 1.4 Moz Ag and 0.5
Mlbs Cu) over an 11-year life of mine.
Transaction Details
Under the terms of the Agreement, Americas will acquire 100% of the membership interests in the capital
of Crescent Silver from Hale Capital Partners, L.P.
Total consideration for the Acquisition is approximately US $65 million (the “Total Consideration”) which
includes US$20 million of Cash Consideration and US $45 million of Equity Consideration. The Equity
Consideration will be paid through the issuance of approximately 11.1 million common shares of Americas,
representing consideration of US$45 million, based on based on a deemed price of US$4.00 per common
share of Americas.
Americas expects the closing of the Acquisition will occur on or about December 3, 2025. The Acquisition
will be subject to applicable regulatory approvals, including approval s from the Toronto Stock Exchange
(“TSX”) and NYSE American Exchange (“NYSE American”).
Concurrent Financing
Americas has entered into an agreement with Canaccord Genuity Corp. and BMO Capital Markets Corp. ,
as co-lead underwriters on behalf of a syndicate of underwriters (collectively, the “Underwriters”), in
connection with a “bought deal” private placement of 16,250,000 common shares the “Offered Shares”)
at a price of US$4.00 per Offered Share (the “Issue Price”) for gross proceeds to the Company of US$65
million. Americas has also granted the Underwriters an option to purchase up to an additional 2,437,500
common shares at the Issue Price for additional gross proceeds of up to US$9.75 million (the “Option”)
which will be exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the
Concurrent Financing. If the Option is exercised in full, the total gross proceeds of the Concurrent Financing
will be US$75 million.
The Concurrent Financing has attracted interest from several key large institutional investors, including
Americas’ largest shareholder Eric Sprott who has committed to participate in the financing.
The Concurrent Financing is currently expected to close on or about December 3, 2025 and is subject to
the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the
approval of the TSX and the NYSE American. The securities to be issued under the Concurrent Financing
will be subject to a statutory hold period of four months and one day from the closing date in accordance
with applicable securities laws. The net proceeds from the Concurrent Financing will be us ed to fund the
cash portion of the purchase price in connection with the Acquisition, and to fund capital expenditures and
support working capital at the Crescent Mine following completion of the Acquisition, as well as for working
capital and general corporate purposes.
The Offered Shares will be offered by way of private placement pursuant to applicable exemptions from
prospectus requirements in each of the provinces of Canada and in such jurisdictions as may be mutually
agreed between the Company and the Underwriters.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States, Canada or in any other jurisdiction where such offer, solicitation or sale is unlawful.
The securities have not been and will not be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or under any securities laws of any state of the United States, and may
not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account
or benefit of, a U.S. person or person in the United States, except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and any applicable securities laws of any state of the
United States. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities
Act.
Advisors
Cormark Securities Inc. is acting as financial advisor to Americas, and Bennett Jones LLP is acting as legal
counsel to Americas in connection with the Acquisition.
Conference Call and Webcast Details
Date: November 13, 2025
Time: 10:00 am ET / 7:00 am PT
North American callers please dial: 1-800-715-9871; Conference ID 4755531
Local and international callers please dial: 647-932-3411; Conference ID 4755531
Webcast Link: https://www.gowebcasting.com/14539
A recording of the conference call will be available for replay through the webcast link, or for a one -week
period beginning at approximately 1:00 p.m. (Eastern Time) on November 13, 2025 through the following
dial in numbers:
North American callers please dial: 1-800-770-2030; Conference ID 4755531#
International callers please dial: 1-647-362-9199; Conference ID 4755531#
About Americas Gold and Silver Corporation
Americas Gold & Silver is a rapidly growing North American mining company producing silver, copper, and
antimony from high-grade operations in the United States and Mexico. In December 2024, Americas took
full ownership of the Galena Complex (Idaho) in a transaction with Eric Sprott & Paul Huet-led management
team, solidifying Galena as a cornerstone U.S. silver asset and the nation’s leading active antimony -
producing mine. Americas also owns & operates the Cosalá Operations in Sinaloa, Mexico. With Eric Sprott
now its largest shareholder (~20%), Americas is fully funded to grow Galena following a C$50M deal (Oct
2024) & US$100M term loan (June 2025). The Company has a new non -restrictive 5 -year multi -metal
offtake agreement with Ocean Partners for treatment of any amount of Galena’s concentrates at Teck
Resources’ BC smelter. Americas aims to be a leading North American silver producer and a key source of
U.S.-produced antimony.
For more information:
Maxim Kouxenko
Manager, Investor Relations
Americas Gold and Silver Corporation
+1 (647) 888-6458
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Technical Information and Qualified Persons
The scientific and technical information relating to the Company’s material mining properties contained
herein has been reviewed and approved by Rick Streiff, EVP Geology of the Company. The Company’s
current Annual Information Form and the NI 43 -101 Technical Reports for its mineral properties, all of
which are available on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov, contain further details
regarding mineral re serve and mineral resource estimates, classification and reporting parameters, key
assumptions and associated risks for each of the Company’s material mineral properties, including a
breakdown by category. The scientific and technical information contained herein with respect to the
Crescent Mine was extracted from the report entitled 'NI 43-101 Technical Report | Preliminary Economic
Assessment | Crescent Silver Project | Shoshone County, Idaho USA’ dated August 21, 2015. A qualified
person has not done sufficient work on behalf of Americas to classify the historical estimate noted herein
as current mineral resources or mineral reserves and Americas is not treating the historical estimates as
current mineral resources or mineral reserves. The Company believes that the historical estimate is reliable
and relevant to continuing exploration and development on the Crescent Mine. No more recent estimates
of the mineral resource or other data are available to the Company.
All mining terms used herein have the meanings set forth in National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects (“NI 43 -101”), as required by Canadian securities regulatory authorities.
These standards differ from the requirements of the SEC that are applicable to domestic United States
reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance
with NI 43 -101 may not qualify as such under SEC standards. Accordingly, information contained in this
news release may not be comparable to similar information made public by companies subject to the SEC’s
reporting and disclosure requirements.
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws.
Often, but not always, forward -looking information can be identified by forward -looking words such as
“anticipate”, “believe”, “expect”, “goal”, “pla n”, “intend”, “potential’, “estimate”, “may”, “assume” and
“will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or performance. Forward-looking information
includes, but is not limited to Americas’ expectations, intentions, plans, assumptions and beliefs with
respect to, among other things, the timing and completion of the Acquisition including the expected
mineral resource, potential synergies, timing of restart and expected production the ability to satisfy all
conditions to the completion of the Acquisition; the timing and completion of the Concurrent Financing;
the expected use of proceeds from the Concurrent Financing; the receipt of all necessary third party and
regulatory approvals in connection with the Acquisition and the Concurrent Financing (including the
approval of the TSX and the NYSE; the expected prices of gold, silver and other metals, as well as the related
costs, expenses and capital expenditures; production from the Galena Complex, Cosalá Operations and
Crescent Mine; the expected timing and completion of required development and the expected
operational and production results therefrom, including the anticipated improvements to production rates
and cash costs per silver ounce and all-in sustaining costs per silver ounce; the Company’s technical review
and optimization work at the Galena Complex and related operational improvements and production
efficiencies at the Galena Complex and Crescent Mine, including the expected production levels and
anticipated improvements through production growth and operational efficiency, and expectations
regarding its ability to rely in existing infrastructure, facilities, and equipment and the terms and expected
timing of any financing. Forward-looking information is based on the opinions and estimates of Americas
as of the date such information is provided and is subject to known and unknown risks, uncertainties, and
other factors that may cause the actual results, level of activity, performance, or achievements of Americas
to be materially different from those expressed or implied by such forward -looking information. With
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respect to the business of Americas, these risks and uncertainties include risks relating to interpretations
or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits
required for future exploration, development or production; general economic conditions and conditions
affecting the industries in which the Company operates; the uncertainty of regulatory requirements and
approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary
future financing on acceptable terms or at all; the ability to operate the Company’s projects; and risks
associated with the mining industry such as economic factors (including future commodity prices, currency
fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access
or regular operations without interruption, failure of plant, equipment, processes and transportation
services to operate as anticipated, environmental risks, government regul ation, actual results of current
exploration and production activities, possible variations in mineral grade or recovery rates, permitting
timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions,
social and political developments, risks associated with generally elevated inflation and inflationary
pressures, risks related to changing global economic conditions, and market volatility, risks relating to
geopolitical instability, political unrest, war, and other global conflicts may result in adverse effects on
macroeconomic conditions including volatility in financial markets, adverse changes in trade policies,
inflation, supply chain disruptions and other risks of the mining industry. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from those
contained in forward -looking information, there may be other factors that cause results not to be as
anticipated, estimated, or intended.
Readers are cautioned not to place undue reliance on such information. Additional information regarding
the factors that may cause actual results to differ materially from this forward‐looking information is
available in Americas’ filings with the Canadian Securities Administrators on SEDAR+ and with the SEC.
Americas does not undertake any obligation to update publicly or otherwise revise any forward -looking
information whether as a result of new information, future events or other such factors which affec t this
information, except as required by law. Americas does not give any assurance (1) that Americas will achieve
its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward‐
looking information concerning Amer icas are expressly qualified in their entirety by the cautionary
statements above.