Metallurgical Testwork at Galena Complex Demonstrates over 90% Antimony Recovery Supporting Potential Near-Term Primary Antimony Production IN the United States
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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 CorporaƟon (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 Ɵng at its Galena Complex in Idaho, con firming
high recoveries of an Ɵmony 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 potenƟal to recover anƟmony – which is designated as a cri Ɵcal mineral in
the United States – from ore currently being mined at our Galena Complex through a specialized flotaƟon
circuit. This breakthrough could signi ficantly enhance value for Americas and its shareholders, as we
currently receive no revenue, and were previously penalized fo r, the an Ɵmony in concentrates already
produced. Furthermore, we‘re now well posiƟoned as an early mover with the potenƟal to become the only
anƟmony producer in the United States, in the near-term.
Our technical team is moving forward with detailed technical and trade-o ff studies to develop a plan to
rapidly capitalize on the opportunity to commercially recover and realize value for an Ɵmony already
present in our concentrates.”
Historical ProducƟon & Untapped Value
AnƟmony at the Galena Complex is hosted in the co mmon sulfosalt mineral, tetrahedrite, which is an
anƟmony sulfide of silver, copper, iron and zinc. Although the Galena Complex has produced signi ficant
anƟmony over its life, the Company historically has not realized value for this material due to its insufficient
concentraƟon and quality for smelter acceptance.
Following a review of historical metallurgical data, the Company commissioned SGS Canada Inc. (“SGS”)
to conduct flotaƟon tests on current mill feed. There were two objecƟves to the testwork:
1. Confirm that an an Ɵmony/silver flotaƟon product could be achieved from the current ore being
processed through the mill.
2. Generate a su fficient volume of flotaƟon concentrate for addi Ɵonal tes Ɵng to separate the
anƟmony from the concentrate.
Test Highlights:
AnƟmony Recovery: ~90 - 96% from ore grading ~1% AnƟmony
Silver Recovery: ~98 - 99% from ore grading ~50 opt Silver
Rougher Concentrate Grades: ~18 - 19% AnƟmony and ~600 opt Silver
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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 – AnƟmony FloataƟon Test Results
Test 1
Assays Distribution (%)
Sb
(%) Ag (g/t) Ag (opt) Cu (%) Pb (%) Fe (%) Sb 1 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 (%) Sb 1 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 (%) Sb 1 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 (%) Sb 1 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 anƟmony
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: AnƟmony as a Strategic CriƟcal Mineral
AnƟmony is recognized by the U.S. government as one of 35 elements on the Department of the Interior’s
CriƟcal Minerals List due to its use in na Ɵonal defense, energy storage, and semiconductor applica Ɵons.
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Cu rr e n t ly , mor e th an 90% of t he anƟmony consumed in the United States is imported, primarily from
China, Russia, and Tajikistan. At present, there are no operaƟng mines producing anƟmony in the United
States.
Over 18 million pounds of anƟmony have been produced from the Galena Complex since 2001. Americas
Gold and Silver is posi Ɵoned to become the only an Ɵmony producer in the U.S. if the poten Ɵal for
commercial recovery and product re finement can be achieved. This milestone would represent a
significant development in restoring domesƟc supply of a mineral deemed essen Ɵal to U.S. naƟonal and
economic security, parƟcularly since China stopped selling anƟmony to the U.S. in September 2024.
AnƟmony is on the U.S. Department of the Interior’s CriƟcal Minerals List due to its strategic applicaƟons
in:
Defense: alloys in ammuniƟon and armor
Energy: grid-scale baƩery storage
Semiconductors: flame retardants and high-tech applicaƟons
Current U.S. AnƟmony Supply Landscape:
Zero operaƟng primary anƟmony mines
>90% imported (mainly from China, Russia, and Tajikistan)
No meaningful domesƟc producƟon
Global AnƟmony Supply (EsƟmated % of World ProducƟon 2024):
Country Share of Global Production
China ~55–60%
Russia ~20%
Tajikistan ~10%
Others ~10–15%
Sources: USGS, Roskill, CRU Group
With no ac Ɵve domes Ɵc produc Ɵon, the U.S. is en Ɵrely dependent on foreign sources—a strategic
vulnerability that Americas Gold and Silver may be uniquely posiƟoned to help address.
Galena’s Legacy and Opportunity
Since 2001, the Galena Complex has produced over 18 million pounds of an Ɵmony, making it the largest
anƟmony-producing site in the U.S. over the past two decades. However, un Ɵl now, no revenue was
recognized from this output due to limitaƟons in concentrate quality.
Recent tesƟng suggests that modern processes can now:
Upgrade the anƟmony concentrate
Create a marketable product
Generate new value from exisƟng operaƟons
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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 Ɵmony was effecƟvely separated and recovered. Building
on this precedent, the next phase of metallurgical tesƟng, under the direcƟon of Allihies Engineering, Inc.,
will focus on trea Ɵng the current concentrate to produce mul Ɵple saleable an Ɵmony products, opening
the door to moneƟzing a long-overlooked byproduct and reinforcing the Company's strategic value within
the U.S. criƟcal minerals framework.
About Americas Gold & 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. In December 2024,
the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transac Ɵon
with SproƩ and a Paul Huet-led management team, further strengthening its posi Ɵon as a leading silver
producer. SproƩ is now the largest shareholder in the comp any, holding a ~20% interest. With these
strategically posiƟoned assets, Americas Gold and Silver is focused on becoming one of the top North
American silver-focused producers with an objecƟve 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
CauƟonary Statement on Forward-Looking InformaƟon:
This news release contains “forward-looking informaƟon” within the meaning of applicable securiƟes laws.
Forward-looking informaƟon includes, but is not limited to, Americas’ expecta Ɵons, inten Ɵons, plans,
assumpƟons, and beliefs with respect to, among other things, the results recent metallurgical tes Ɵng at
its Galena Complex and the poten Ɵal that the Company marketable an Ɵmony concentrate may now be
possible using modern metallurgical processes, and are subject to the risks and uncertain Ɵes outlined
below. OŌen, but not always, forward-looking informaƟon can be idenƟfied by forward-looking words such
as “anƟcipate,” “believe,” “expect,” “goal,” “plan,” “intend,” “potenƟal,” “esƟmate,” “may,” “assume,” and
“will” or similar words sugges Ɵng future outcomes, or other expecta Ɵons, beliefs, plans, objec Ɵves,
assumpƟons, intenƟons, or statements about future events or performance. Forward-looking informaƟon
is based on the opinions and es Ɵmates of Americas as of the date such informa Ɵon is provided and is
subject to known and unknown risks, uncertain Ɵes, and other factors that may cause the actual results,
level of acƟvity, performance, or achievements of Americas to be materially different from those expressed
or implied by such forward-looking informaƟon. These risks and uncertainƟes include, but are not limited
to: interpretaƟons or reinterpretaƟons of geologic informa Ɵon; unfavorable exploraƟon results; inability
to obtain permits required for future explora Ɵon, development, or produc Ɵon; general economic
condiƟons and condi Ɵons affecƟng the mining industry; the uncertainty of regulatory requirements and
approvals; potenƟal liƟgaƟon; 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
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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 an Ɵcipated,
environmental risks, government regula Ɵon, actual results of current explora Ɵon and produc Ɵon
acƟviƟes, possible varia Ɵons in grade or recovery rates, permi ƫng Ɵmelines, capital expenditures,
reclamaƟon acƟviƟes, labor relaƟons; and risks related to changing global economic condiƟons and market
volaƟlity. Although the Company has a Ʃempted to iden Ɵfy important factors that could cause actual
results to di ffer materially from those contained in forward-looking informa Ɵon, there may be other
factors that cause results not to be as an Ɵcipated, esƟmated, 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 differ materially from this forward-looking informaƟon is available in Americas’ filings with
the Canadian Securi Ɵes Administrators on SEDAR+ and with the SEC. Americas does not undertake any
obligaƟon to update publicly or otherwise revise any forward-looking informa Ɵon 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 informa Ɵon concerning
Americas are expressly qualified in their enƟrety by the cauƟonary statements above.