Americas GOLD and Silver Achieves Breakthrough with 99%+ Antimony Extraction from Its Copper Concentrate, Supporting Potential Primary Production IN the United States
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AMERICAS GOLD AND SILVER ACHIEVES BREAKTHROUGH WITH 99%+ ANTIMONY EXTRACTION FROM ITS
COPPER CONCENTRATE, SUPPORTING POTENTIAL PRIMARY PRODUCTION IN THE UNITED STATES
WALLACE, IDAHO – September 8, 2025 – Americas Gold and Silver CorporaƟon (NYSE American: USAS) (TSX: USA)
(“Americas” or the “Company”), a growing North American precious and cri Ɵcal metals producer, is pleased to
announce updated results from recent metallurgical tes Ɵng on an Ɵmony contained in its copper concentrates
generated during the first phase of the test program at its Galena Complex in Idaho. The tes Ɵng, conducted by
Allihies Engineering Inc. (“Allihies”) using its proprietary, selec Ɵve industrial Alkaline Selec Ɵve Leaching (ASL)
hydrometallurgical technology, confirms very high extracƟon rates of anƟmony are possible. The ASL technology
uƟlized by Allihies represents an improved and opƟmized version of the proven industrial process used for 60 years
by Sunshine Mining at its anƟmony plant that existed unƟl 2002 before it was demolished. This result demonstrates
the potenƟal to unlock significant untapped value from currently unpaid by-products and posiƟons the Company
as a poten Ɵal frontrunner in restoring domes Ɵc an Ɵmony product supply. For reference, an Ɵmony has been
idenƟfied as a criƟcal mineral essenƟal for U.S. naƟonal security and economic resilience in addiƟon to both silver
and copper.
Metallurgical Breakthrough Unlocks AnƟmony and Gold Value
Americas is celebraƟng a major milestone in metallurgical innovaƟon at the Galena Complex. Recent test work has
confirmed the potenƟal to extract over 99% of anƟmony from the site's copper flotaƟon concentrate, transforming
a historically overlooked by-product into a valuable reve nue source while bolstering the Company's role in the
domesƟc supply of cri Ɵcal minerals. An Ɵmony flotaƟon recovery rates from the copper/silver tetrahedrite ore
grading 1% anƟmony is between 90-96%.
AnƟmony at the Galena Complex is hosted in the commo n sulfosalt mineral, tetrahedrite, which is an an Ɵmony
sulfide of silver, copper, and iron. Although the Galena Complex has produced significant anƟmony over its life, the
Company historically has not realized value for this material due to its then insufficient concentraƟon and quality
for smelter acceptance.
As previously announced (see the Company’s press release dated May 15, 2025), the Company commissioned SGS
Canada Inc. (“SGS”) to conduct flotaƟon tests on current mill feed. There were two objecƟves to this first phase of
test work:
1. Confirm that a copper/anƟmony/silver flotaƟon product could be achieved from the tetrahedrite ore being
processed through the Galena mill.
2. Generate sufficient flotaƟon concentrate for addiƟonal tesƟng to extract anƟmony from the concentrate.
Phase One – FlotaƟon recovery from tetrahedrite ore highlights:
AnƟmony Recovery: ~90 - 96% from ore grading ~1% Sb
Silver Recovery: ~98 - 99% from ore grading ~50 oz/ton Ag
Copper Recovery: ~96 - 98% from ore grading ~1% Cu
Rougher Concentrate Grades: ~18 - 19% Sb, ~600 opt Ag & 24% Cu
Phase Two – ASL Hydrometallurgical recovery from copper concentrate highlights:
AnƟmony ExtracƟon: +99% from flotaƟon concentrate grading ~19% Sb
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Arsenic ExtracƟon: +72% from flotaƟon concentrate
Silver, copper and iron: completely retained in the leached flotaƟon concentrate at an enhanced grade
Gold ExtracƟon: between 25-60% from flotaƟon concentrate
Paul Andre Huet, Chairman and CEO, commented: “I am thrilled that results of our test work have successfully
demonstrated the potenƟal to extract over 99% of the anƟmony from the copper ore currently being mined at our
Galena Complex. At current RoƩerdam anƟmony prices, this breakthrough could significantly enhance the payable
metal value for Americas and our shareholders, as we currently receive liƩle to no revenue for the anƟmony in our
exisƟng produced concentrates. 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 the
anƟmony, gold and copper already present in our concentrates. Over the last nine months, we have been able to
unravel the anƟmony puzzle at the Galena mine. I am very excited to deliver this news to our shareholders and the
market generally – we are working to gather more informaƟon on our growing potenƟal to become the first mine
to-market anƟmony producƟon in the U.S. in the last 25 years. We believe that we are the only US-based mining
company that is producing extractable silver, copper, and anƟmony, metals that the United States government has
idenƟfied as criƟcal, strategic metals.”
The results from the first phase of test work conducted on the tetrahedrite material indicate that a marketable
copper concentrate is possible using modern metallurgical processes. This was a very posiƟve first step.
Building on the results of the first phase of metallurgical test work, the second phase conducted at Allihies
Engineering, Inc., focused on treaƟng the copper concentrate from the first phase to produce a saleable anƟmony
product. Such a product would open the door to mone Ɵze a long-overlooked by-product and reinforce the
Company's strategic value within the U.S. criƟcal minerals supply chain by generaƟng mulƟple anƟmony products,
all produced in the Silver Valley of Idaho.
This second phase involved conduc Ɵng tests on the copper concentrate to determine the extrac Ɵon rate of
anƟmony and gold. The result was over 99% extracƟon of the anƟmony was achieved, with the copper and silver
metal remaining in the concentrate. Results are shown in the tables below.
Table 1: ASL Hydrometallurgical Leaching Test Results
Sample # Component Mass (g) As (%) Sb (%) Au (g/t) Ag (g/t)
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Feed 25 1.86 18.7 3.22 26,100
Tails 24.1 0.396 0.032 2.4 30,091
Recovery to Solution - 79.5 99.8 28.1 -
2
Feed 25 1.94 19 2.12 25,700
Tails 24.05 0.564 0.067 0.857 27,847
Recovery to Solution - 72.0 99.7 61.1 -
Allihies Engineering Inc. commented: “We have successfully opƟmized and applied our proprietary ASL technology
to two rougher copper concentrates from the Galena Mine. At equilibrium, nearly 100% of the contained anƟmony
was successfully leached from both copper concentrates. This leached anƟmony can be processed into high purity
anƟmony metal, sodium anƟmonate, anƟmony oxide and anƟmony sulfides. Gold successfully leached can also be
recovered. Very importantly, the arsenic concentraƟon of the flotaƟon concentrate was dramaƟcally reduced with
the leached arsenic potenƟally being selecƟvely fixed as an iron compound for subsequent disposal. Finally, silver,
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copper and iron were all retained completely in the leached concentrate at an enhanced grade. Overall, this is a
tremendous result for maximizing the moneƟzaƟon of anƟmony in ore already being mined at Galena”.
Background: Historical AnƟmony ProducƟon at Galena Complex
As shown in the table below, over 20 million pounds of anƟmony have been produced historically from the Galena
Complex since 2001, based on final smelter seƩlement sheets. For many years during the period since 2001, the
focus was on producing from non-tetrahedrite ore sources. Recent drilling since 2019 shows a large increase in the
tetrahedrite ore which will become a focus for drilling and produc Ɵon going forward. If the poten Ɵal for
commercial recovery and product refinement can be realized, Americas Gold and Silver is posi Ɵoned to become
the only an Ɵmony end product supplier in the United St ates. This milestone would represent a signi ficant
development in restoring domesƟc supply of a mineral deemed essen Ɵal to U.S. naƟonal and economic security
since China halted anƟmony exports, announcing it was no longer selling to the U.S. on December 3, 2024.
Table 2: Galena Mill Historical ProducƟon Based on Final Smelter SeƩlements (before payable deducƟons)
Year Concentrate Cu (%) Sb (%) Cu (lbs) Sb (lbs) Type Tons
2024 Lead 11,085 1.76% 1.51% 389,084 333,880
2023 Lead 15,680 1.75% 1.51% 550,319 472,282
2022 Lead 15,290 1.29% 1.30% 393,740 398,152
2021 Lead 19,423 0.86% 0.97% 335,960 377,972
2020 Lead 19,660 0.55% 0.80% 215,186 312,594
2019 Lead 13,741 0.70% 0.85% 191,248 232,223
2018 Lead 17,625 0.61% 0.80% 214,281 282,000
2017 Lead 20,123 0.73% 0.83% 292,627 332,030
2016 Lead 22,484 0.67% 0.79% 300,713 355,697
2015 Copper 612 24.87% 13.41% 304,449 164,138
2015 Lead 14,579 0.64% 0.75% 186,779 217,810
2014 Copper 1,333 21.98% 12.53% 586,115 334,050
2014 Lead 8,162 0.77% 1.35% 125,929 220,700
2013 Copper 2,001 25.02% 14.40% 1,001,230 576,288
2013 Lead 5,641 0.63% 1.41% 70,710 158,851
2012 Copper 2,338 22.13% 12.48% 1,034,787 583,565
2012 Lead 4,887 0.83% 1.06% 80,729 103,306
2011 Copper 2,313 23.85% 13.23% 1,103,311 612,025
2011 Lead 5,607 0.54% 0.76% 60,888 85,221
2010 Copper 2,199 22.75% 12.15% 1,000,591 534,381
2010 Lead 4,831 0.68% 0.87% 65,314 83,671
2009 Copper 2,416 22.26% 12.89% 1,075,447 622,755
2009 Lead 5,741 0.80% 0.90% 91,859 103,341
2008 Copper 1,822 24.43% 13.89% 890,273 506,177
2008 Lead 3,419 0.70% 0.90% 47,864 61,539
2007 Copper 1,529 25.41% 14.55% 776,829 444,820
2007 Lead 445 1.00% 1.16% 8,906 10,331
2006 Copper 1,985 22.06% 19.61% 875,958 778,674
2005 Copper 3,381 23.93% 18.81% 1,617,941 1,271,770
2004 Copper 5,652 24.41% 19.94% 2,759,209 2,253,938
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2003 Copper 5,258 23.06% 13.31% 2,424,782 1,399,560
2002 Copper 9,357 20.50% 12.49% 3,836,190 2,337,269
2001 Copper 6,910 23.44% 13.50% 3,239,333 1,865,657
2000 Copper 5,356 26.10% 15.69% 2,795,884 1,680,744
TOTAL / AVERAGE 262,883 5.51% 3.82% 28,944,465 20,107,409
As shown in the table above, the amount of recovered an Ɵmon y as compar ed to the recover ed copper in the
Galena flotaƟon concentrate historically has been approximately 0.69-to-1. A Ōer recognizing this rela Ɵonship
earlier in the year, the Company sent out approximately 1,000 drill sample rejects from the tetrahedrite veins for
analysis. Each sample was analyzed for copper and an Ɵmony. Table 3 is a summary of the results from this test
work (detailed results are in the appendix to this report).
Table 3: Summary of Assay Results
Job Analysis Number Cu Sb Sb:Cu
Number Date Samples (%) (%) Ratio
B25-0080 4/12/2025 231 2.15 1.61 0.75
B25-0081 4/18/2025 226 3.33 2.11 0.63
B25-0082 4/18/2025 210 1.84 1.00 0.55
B25-0090 4/19/2025 332 1.11 0.68 0.61
Total 999 2.01 1.29 0.64
These assay results indicate an an Ɵmony-to-copper raƟo in the tetrahedrite ore that is approximately 0.64-to-1
(versus 0.69-to-1 reflected in the above historical results). An Ɵmony and copper is predominantly hosted in the
tetrahedrite ore at Galena, however, a small por Ɵon of the non-tetrahedrite material also hosts an Ɵmony and
copper, boosƟng overall anƟmony producƟon potenƟal.
About Americas Gold and Silver CorporaƟon
Americas Gold & Silver is a growing precious metals mining company with mul Ɵple assets in North America. In
December 2024, Americas increased its ownership in th e Galena Complex (Idaho, USA) from 60% to 100% in a
transacƟon with Eric SproƩ, solidifying its posiƟon as a silver-focused producer. Americas also owns and operates
the Cosalá OperaƟons in Sinaloa, Mexico. Eric SproƩ is the Company’s largest shareholder, holding an approximate
20% interest. Americas has a proven and experienced management team led by Paul Huet, is fully funded to
execute its growth plans, and focused on becoming one of the top North American silver plays, with an objec Ɵve
of over 80% of its revenue to be generated from silver by the end of 2025.
For More InformaƟon:
Maxim Kouxenko - Manager, Investor RelaƟons
M: +1 (647) 888-6458
W: Americas-gold.com
Technical InformaƟon and Qualified Persons
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The scienƟfic and technical informaƟon relaƟng to the Company’s material mining properƟes contained herein has
been reviewed and appr oved by Rick Strei ff, ExecuƟve Vice President – Geology of the Company. Mr. Strei ff is a
“qualified person” for the purposes of NI 43-101. The Company’s current Annual InformaƟon Form and the NI 43-
101 Technical Reports for its mineral proper Ɵes, all of which are available on SEDAR+ at www.sedarplus.ca, and
EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource es Ɵmates,
classificaƟon and reporƟng parameters, key assumpƟons and associated risks for each of the Company’s material
mineral properƟes, including a breakdown by category.
All mining terms used herein have the meanings set forth in NaƟonal Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”), as required by Canadian securi Ɵes regulatory authori Ɵes. These standards
differ from the requirements of the SEC that are applicable to domes Ɵc United States reporƟng companies. Any
mineral reserves and mineral resources reported by th e Company in accordance wi th NI 43-101 may not qualify
as such under-SEC standards. Accordingly, informaƟon contained in this news release may not be comparable to
similar informaƟon made public by companies subject to the SEC’s reporƟng and disclosure requirements.
CauƟonary Statement on Forward-Looking InformaƟon:
This news release contains “forward-looking informa Ɵon” within the meaning of applicable securi Ɵes laws.
Forward-looking informa Ɵon includes, but is not limited to, Americas’ expecta Ɵons, inten Ɵons, plans,
assumpƟons, and beliefs with respect to, among other th ings, the recent results of metallurgical tes Ɵng at its
Galena Complex and the poten Ɵal that a marketable an Ɵmony concentrate may now be possible using modern
metallurgical processes, the Company's ability to become a primary an Ɵmony producer in the United States, and
the potenƟal for commercial recovery and mone ƟzaƟon of an Ɵmony and gold, and are su bject to the risks and
uncertainƟes outlined below. O Ōen, but not always, forward-looking informa Ɵon can be iden Ɵfied by forward-
looking words such as “an Ɵcipate,” “believe,” “expect,” “goal,” “plan,” “intend,” “potenƟal,” “esƟmate,” “may,”
“assume,” and “will” or similar words suggesƟng future outcomes, or other expectaƟons, beliefs, plans, objecƟves,
assumpƟons, intenƟons, or statements about future events or performance. Forward-looking informaƟon is based
on the opinions and esƟmates of Americas as of the date such informaƟon is provided and is subject to known and
unknown risks, uncertainƟes, and other factors that may cause the actual results, level of ac Ɵvity, performance,
or achievements of Americas to be materially di fferent from those expressed or implied by such forward-looking
informaƟon. These risks and uncertain Ɵes include, but are not limited to: interpreta Ɵons or reinterpretaƟons of
geologic informaƟon; unfavorable exploraƟon results; inability to obtain permits required for future explora Ɵon,
development, or produc Ɵon; general economic condi Ɵons and condi Ɵons a ffecƟng the mining industry; the
uncertainty of regulatory requirements and approvals; poten Ɵal li ƟgaƟon; fluctuaƟng 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 fluctuaƟons, and
energy prices), ground condiƟons, failure of plant, equipment, processes, and transporta Ɵon services to operate
as anƟcipated, environmental risks, government regulaƟon, actual results of current explora Ɵon and producƟon
acƟviƟes, possible varia Ɵons in grade or recovery rates, permi ƫng Ɵmelines, capital expenditures, reclama Ɵon
acƟviƟes, labor relaƟons; and risks related to changing global economic condiƟons and market volaƟlity. Although
the Company has aƩempted to idenƟfy important factors that could cause actual results to differ materially from
those contained in forward-looking informa Ɵon, there may be other factors that cause results not to be as
anƟcipated, es Ɵmated, or intended. Readers are cau Ɵoned not to place undue reliance on such informa Ɵon.
AddiƟonal informaƟon regarding the factors that may cause actual results to di ffer materially from this forward-
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looking informaƟon is available in Americas’ filings with the Canadian Securi Ɵes Administrators on SEDAR+ and
with the SEC. Americas does not undertake any obliga Ɵon to update publicly or otherwise revise any forward-
looking informaƟon whether as a result of new informaƟon, future events, or other such factors which affect this
informaƟon, except as required by law. Americas does not give any assurance (1) that Americas will achieve its
expectaƟons, or (2) concerning the result or Ɵming thereof. All subsequent wri Ʃen and oral forward-looking
informaƟon concerning Americas are expressly qualified in their enƟrety by the cauƟonary statements above.