Americas Gold & Silver Provides Galena Complex OperaƟonal and ExploraƟon Update
Americas Gold & Silver Provides Galena Complex OperaƟonal and
ExploraƟon Update
February 24, 2025 – Toronto, ON – Am ericas Gold and Silver Corpora Ɵon (“the Company”) (TSX: USA,
NYSE American: USAS) is pleased to provide an update on its ongoing work programs at the Galena
Complex (“Galena”) following the closing of the Galena consolidaƟon and recapitalizaƟon transacƟon (the
“TransacƟon”) closed on December 19, 2024 (see associated press release dated December 19, 2024).
Significant progress has been made in iden Ɵfying opportuni Ɵes and ini ƟaƟng ac Ɵon as part of the
Company’s technical review and op ƟmizaƟon work to ensure that the Galena Complex reaches its full
producƟon potenƟal, underscoring the Company's ongoing commitment to operaƟonal efficiency, safety,
producƟon growth, and maximizing value from exis Ɵng assets. This progress includes ini Ɵal work on the
#3 shaŌ, a trade off study currently underway at the mine and the ordering of new mining equipment to
boost producƟvity underground. The Company is also pleased to release new drilling results that conƟnue
to demonstrate the geologic prospecƟvity of the deposit and idenƟfy new veins that could be brought into
producƟon with further drilling. Lastly, as a result of an ini Ɵal review of byproduct metallurgical
performance, the Company has also ini Ɵated further test work to evaluate the poten Ɵal to maximize
recoveries of copper and anƟmony.
Key Highlights:
#3 ShaŌ Hoist Upgrades Underway – The Company has idenƟfied hoisƟng capacity as the primary
boƩleneck at the Galena Complex. A mulƟ-step upgrade plan for the #3 Hoist includes increasing
motor size, modifying the motor base, brake and control system improvements, and installing a
down-rope shaŌ communicaƟon system. CompleƟon is expected in Q4 2025.
New Equipment Acquisi Ɵon – To improve safety, e fficiency, and producƟvity, the Company has
ordered five new pieces of underground equipment, including one 4yd LHD, two 2yd LHDs, and
two 20-ton haul trucks. IniƟal deliveries are expected in Q1 2025, with commissioning in Q2 2025.
Metallurgical Sampling in Progress – A metallurgical test program has been iniƟated to opƟmize
concentrate sales by assessing by-product recovery and payability. 1,000 drill hole pulps from past
Ag-Cu vein intersec Ɵons have been shipped for mul Ɵ-element analysis, and flotaƟon tesƟng is
underway at SGS Laboratories in Lake field, Canada to maximize recoveries of silver, copper,
anƟmony, and gold.
Discovery of the 049 Vein – A new high-grade silver-copper vein was intercepted while targeƟng
the 072 vein. Notable results include up to 1,731 opt Ag (53,839 g/t) and 16.3% Cu over 0.15m
true width. Three addiƟonal drill holes are in progress to further define the resource and integrate
it into near-term producƟon plans.
368 Vein In fill Drilling Program – Recent in fill drilling in the 360 Complex has con firmed the
conƟnuity of economic mineraliza Ɵon and iden Ɵfied the shi Ōing of higher grades shi Ō into a
parallel shear structure. The results support conƟnued mining in this zone, with new development
and resource conversion ongoing.
Paul Huet, CEO of Americas Gold and Silver, commented: “The first two months of review and opƟmizaƟon
work undertaken at the Galena Complex have been remarkably producƟve. I have been very impressed by
the energized workforce and the tremendous potenƟal of our primary silver asset. In my 35 years of mining,
I have been fortunate to lead several operaƟonal improvement projects, and I am encouraged by both the
opportuniƟes and the commitments I have seen from the team at Galena during our first 60 days as part
of the new Americas team.
Our review of the primary #3 hois Ɵng shaŌ has yielded some strong near-term and longer-term upgrade
projects. We have also ordered five new pieces of equipment, with ini Ɵal deliveries this quarter. On the
exploraƟon front, the Galena Complex con Ɵnues to demonstrate its excep Ɵonal explora Ɵon poten Ɵal
under the new leadership team. The discovery of the 049 Vein, along with the discovery of the new 181 &
182 Veins and the 368 Vein, rea ffirms our confidence in the long-term sustainability of this asset. Finally,
our review of metallurgical opportuni Ɵes idenƟfied during our due diligence has led to immediate ac Ɵon
with new sampling programs underway to op Ɵmize our concentrate by product poten Ɵal by capturing
previously untapped metal value.
As we move forward with these exciƟng programs, we remain commiƩed to improving the producƟvity of
the operaƟon through a safety-focused approach. We look forward to sharing further progress on all of
our iniƟaƟves in the coming months.”
OperaƟonal RevitalizaƟon through Technical Review and OpƟmizaƟon Projects
The Company is inves Ɵng signi ficantly both in terms of capital projects and equipment as well as
management focus and opera Ɵonal team excellence with the aim to poten Ɵally return the Galena
Complex back to historical producƟon levels through growth and operaƟonal efficiency improvements.
Major projects already underway include:
Upgrades to #3 Hoist and ShaŌ
AcquisiƟon of five new pieces of underground mobile equipment
Comprehensive mine-wide trade off studies
Metallurgical sampling program to idenƟfy by-product revenue opƟmizaƟon opportuniƟes
Upgrades to #3 Hoist
HoisƟng capacity has been iden Ɵfied as the primary bo Ʃleneck to increasing future produc Ɵon at the
Galena Complex. Following technical review, the Company has developed a mul Ɵ-step plan to begin
improving producƟvity at the #3 Hoist, which is the primary produc Ɵon hoist. The project aims to boost
total hoisƟng capacity significantly beyond the current 700tpd of total material hoisƟng. The four primary
components to this capital improvement are:
Increasing motor size: The Company owns two 2,250HP motors that are currently being
refurbished by a supplier in nearby Spokane, WA which will upgrade the current 1,750HP motor.
Upgrade the exisƟng motor base for the new motors: A modest amount of construcƟon work is
required to modify the pedestal which holds the current motor.
Complete brake and Lilly upgrades: to allow for faster ascent and decent and improved
operaƟonal control to opƟmize skip loading and hoisƟng cycle Ɵmes.
Installing a down rope shaŌ communicaƟon system with load link: Modernizing the #3 Hoist by
providing real Ɵme skip loading weights and improved hoisƟng controls with short interval control
data collecƟon for conƟnual improvements to hoist safety and producƟvity.
The #3 hoist upgrades are expected to be complete during Q4 2025.
Equipment AcquisiƟon & Trade Off Studies
The Company moved quickly in Q4 2024 to buy equipment and improve the exis Ɵng mobile equipment
fleet to provide immediate improvements to safety, e fficiency, and produc Ɵvity. This included securing
five new pieces of equipment, further modernizing underground operaƟons. Delivery of the equipment is
expected during Q1 2025, with the equipment being rebuilt and commissioned underground in Q2 2025.
The iniƟal equipment purchase includes:
One 4yd LHD
Two 2yd LHDs
Two 20t Trucks
Figures 1, 2, 3 & 4: New Equipment Ordered
Comprehensive Mine Wide Trade Off Studies
The Company has begun a series of technical planning exercises and mine-wide trade o ff studies to
comprehensively align the needs of mine produc Ɵon to the infrastructure and equipment required to
unlock the improvements. These studies will uƟlize internal experƟse as well as external consultants over
the next several months and are expected to guide the Company on priority produc Ɵon areas, new
infrastructure and upgrades to exisƟng infrastructure. Further updates on the findings will be provided in
the coming months.
Metallurgical OpƟmizaƟon
The Galena Complex conƟnuously achieves excellent silver and lead recoveries; however, one of the early
opportuniƟes iden Ɵfied through a comprehensive audit of historical concentrate produc Ɵon is the
opportunity to op Ɵmize concentrate sales by enhancing by-product recovery and payability. A historical
analysis of shipped flotaƟon concentrates from Galena since the year 2000 indicates signi ficant payable
by-products were present in past producƟon. Since 2015, only a Pb/Ag concentrate has been sold, with no
revenue realized for copper, anƟmony, or gold content. In order to beƩer understand this opportunity, a
metallurgical test program has been iniƟated to assess the potenƟal of opƟmizing recoveries of all payable
metals. The program involves:
1,000 drill hole pulps from past Ag-Cu vein intersec Ɵons have been shipped for mul Ɵ-element
analysis.
FlotaƟon tesƟng is underway at the industry leading SGS Laboratory in Lakefield, Canada, focused
on:
o Maximizing recoveries of silver, copper, anƟmony, and gold.
o EvaluaƟng the viability of di fferenƟal flotaƟon to generate separate Pb/Ag and Cu/Ag
concentrates.
Results from the metallurgical study will be used to guide future mill process improvements providing
potenƟal revenue enhancements.
OperaƟonal Excellence
The management team and the board strongly believe in the full potenƟal of the Galena Complex and are
dedicated to unlocking its exis Ɵng potenƟal. This commitment has been evident since the closing of the
TransacƟon with the conƟnuous presence of the execuƟve team on site and the addi Ɵon of a number of
new hires to both the corporate and management team on site providing real- Ɵme training support to
mine leadership and operaƟons. These early acƟons are necessary to create a step change in performance
at the opera Ɵon. The team has successfully improved data collec Ɵon and repor Ɵng which has led to a
number of modificaƟons to exisƟng procedures to improve task execuƟon and efficiency. The new focused
approach has generated several quick wins and has begun to build a culture of operaƟonal team excellence
on site where all employees par Ɵcipate in idea genera Ɵon and execuƟon of new processes. The results
and responses to date have been posiƟve.
ExploraƟon Update
Recent drilling campaigns have iden Ɵfied three new poten Ɵally economic veins as well as comple Ɵng a
successful infill program to de-risk near term produc Ɵon. The strong exploraƟon results are reflecƟve of
the high exploraƟon potenƟal and geologic endowment at the Galena Complex, leading to the discovery
of the 049, 181 and182 veins. The 368 vein has also been successfully in fill drilled ahead of produc Ɵon.
Figure 5: Long secƟon of Galena Complex
Discovery of 049 Vein at 5500 Galena Diamond Drill StaƟon
A previously undiscovered vein was intercepted while targe Ɵng the 072 vein. The new 049 vein has
returned excepƟonal silver and copper grades. Geologic modeling iden Ɵfied eight addi Ɵonal intercepts
along the vein structure as outlined in the results below. Three addi Ɵonal drill holes are in progress to
further define the potenƟal resource and to create mining plans to add this high-grade area into near term
producƟon. New high-grade silver veins con Ɵnue to be discovered at Galena, reinforcing the long-term
potenƟal of the operaƟon. The most significant intercepts through the 049 vein are:
o Hole 52-514: 6,246 g/t (200.8 opt) silver, 1.7% copper over 0.49 m true width1
o Hole 52-550: 7,853 g/t(252.5 opt) silver, 2.3% copper over 0.27 m true width1
o Hole 52-553: 53,839 g/t (1,731.0 opt) silver, 16.3% copper over 0.15 m true width1
The 049 vein was initially encountere d in a previously reported inter val on January 23, 2024 in hole 52-
507 containing:
o Hole 52-507: 6442.1 g/t (207.2 opt) silver and 1.8% copper over 0.37 m true width1
Figure 6: 049 Vein Cross SecƟon
181 & 182 Vein Discovery
Drilling from the 49-132 Loop 5 diamond drill staƟon idenƟfied two new parallel silver-lead (Ag/Pb) veins
situated near the 4900 Ramp system, approximately 15 meters (50 feet) northeast of the drill sta Ɵon.
Development access has since crosscut these veins, and iniƟal mining has commenced. Mining plans have
been adjusted to incorporate this discovery as a new producƟon stope and development is in progress.
The 181/182 veins were discovered in 2024 and the geology was immediately iden Ɵfied as having a
posiƟve significant impact on mining and produc Ɵon. The veins are open at depth and above with both
extensional and in fill drilling scheduled for later this year. From the next drill sta Ɵon on 4600L, which is
located in an acƟvely producing mining area. The Company is confident in the potenƟal to extend the size
of these two prospecƟve vein areas.
Figure 7: 181 & 182 Veins SecƟon View
.
368 Vein Infill Drilling Program
The 360 Complex is an acƟve mining area in the eastern porƟon of the mine currently accessed from the
4900L. The 360 Complex has contributed profitable tons over the past several years as the ramp system
has developed up towards the 4600L. An infill program confirmed the conƟnuaƟon of economic
mineralizaƟon following the structure up dip of the 360 Vein, with higher grades appearing to jump to a
parallel vein structure within a broader shear zone which is currently an acƟve significant producƟon
area. Highlighted drill results include:
o Hole 49-768: 353 g/t (10.3 opt) silver, 9.8% lead over 2.65 m true width1
o Hole 49-764: 302 g/t (8.8 opt) silver, 9.2% lead over 2.04 m true width1
Ongoing infill drilling to convert resources also demonstrate grade increases to the west of the current
mining area. Current forecasted grade and tons represents a significant source of feed material to
support the planned increase in mined and milled tons as part of the planned revitalizaƟon of Galena.
Figure 8: 368 Vein Cross SecƟon
A full table of drill results can be found at:
hƩps://americas-gold.com/site/assets/files/4297/dr20250224.pdf
About Americas Gold and Silver CorporaƟon
Americas Gold and Silver is a growing precious metals mining company with mul Ɵple assets in North
America. The Company owns and operates the Cosalá Opera Ɵons in Sinaloa, Mexico, and in December
2024, the Company acquired 100% ownership in the Ga lena Complex (located in Idaho, USA) in a
transacƟon with Eric Spro Ʃ and a Paul Huet-led management team, further strengthening its posi Ɵon as
a leading silver producer. Eric Spro Ʃ is now the largest shareholder in the company, holding a ~20%
interest. AddiƟonally, the Company owns the San Felipe development project in Sonora, Mexico. With
these strategically posiƟoned assets, Americas Gold and Silver is striving to become one of the top North
American silver-focused producers with an objec Ɵve of over 80% of its revenue generated from silver by
the end of 2025.
For further informaƟon, please contact:
Maxim Kouxenko - Manager, Investor RelaƟons
M: +1(647) 888-6458
W: americas-gold.com