Published: April 28, 2026 |

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Americas Gold and Silver Corporation released a progress update on the status of the company’s growth-related capital projects at the Galena Mine and recently acquired Crescent Mine (together known as the Galena Complex). The capital projects outlined are included in the company’s growth capital budget of between $60 - $80 million.

Chairman and CEO Paul Andre Huet released the following statement:

“I am extremely pleased with the pace of our growth and continuous improvement initiatives at Galena. 2025 was a year in which we reviewed, analyzed, and developed the strategic plan and projects required to unlock the tremendous value of the large Galena Complex. We were able to commence several of these projects last year, most notably the Phase 1 upgrades to the No. 3 hoist and the commencement of long hole stoping. Our project roadmap in 2026 builds upon the initial successes achieved in 2025 and adds several new ambitious and impactful projects to our strategy. This year will see further major upgrades at the Galena Complex, revitalization of the Crescent Mine, and continuous improvement efforts across all our operations.

“Regarding the projects underway, Phase 2 of the No. 3 hoist upgrade is in progress, which we expect to increase total (ore+waste) hoisting capacity to 1,350 stpd, truly debottlenecking our skipping capabilities at the heart of our operation. In order to provide the support needed to a much larger future operation, we are also repurposing the Galena Shaft which has been idle since 2015 — this repurposing will allow us to extend critical services and ventilation to all areas of the mine as we expand our operation in the years ahead.

“Our transition to long hole stoping is progressing very well, with nine panels mined to date. In support of increased mining rates, which are now chasing both expanded hoisting and milling capacity, we are well underway with the addition of a surface paste fill plant. Once commissioned in Q4 2026, this plant will provide a 250 percent reduction in stope cycle time, improved safety performance, and productivity — a major step forward. On surface we are also completing upgrades and improvements to our Galena mill which are expected to improve both reliability and capacity from 750 stpd to 1,200stpd by the end of the year.

“Modernizing Galena with the addition of mine-wide fiber optics, leaker feeders, and wifi will bring real-time monitoring and equipment automation benefits that are expected to drive further productivity improvements and efficiencies.

“All of this is tied together with a culture of continuous improvement and optimization. I am very proud of our Galena team for the numerous improvements achieved in the last year, and I am encouraged by the improvements to hoist scheduling, equipment availability, and mill performance already realized in this year’s program.

“Overall, our revitalization and transformation of the Galena Complex is tracking very well, and we look forward to providing additional updates on our major projects as we progress this year. The future is certainly bright in the Silver Valley of Idaho.“

HIGHLIGHTS

• Paste Backfill Plant (Galena Mine)
Major equipment is in fabrication with deliveries beginning June 2026, site preparation nearing completion, and commissioning targeted for Q4 2026. The plant is designed to accelerate backfill cycle time by ~250 percent and support higher‑rate long hole stope mining with a planned paste output of 93 short tons per hour (stph).

• No. 3 Shaft Hoisting Upgrades
Phase 1 upgrades are complete and Phase 2 is underway, positioning the shaft to increase hoisting throughput by ~150 percent to ~105 stph and total hoisting capacity to 1,350 short tons per day (stpd), materially de‑risking growth and supporting higher ore production in 2026 and beyond.

• Fiber Optic and Communications
Installation of fiber optics and leaky feeder communications is progressing down No. 3 Shaft, enabling real‑time equipment tracking, automation of pumps and fans, and mine‑wide connectivity, with full mine coverage targeted by Q4 2026.

• Galena Shaft Repurposing
Engineering and liner fabrication are underway to repurpose the idle Galena Shaft into a critical long‑term infrastructure corridor for paste, power, air, water, and electrical services, supporting large‑scale future production growth across the Galena Complex.

• Galena Mill Upgrades and Expansion
Crusher upgrades are complete, and new flotation cells have been ordered, with initiatives underway to restart the third mill and increase total milling capacity from 750 stpd to 1,200 stpd by the end of 2026.

• Crescent Mine Rehabilitation and Development
All critical safety, power, ventilation, communications, and water systems have been restored, more than 650 feet of development completed in Q1 2026, drilling commenced, and a further ~2,000 feet of development is planned for Q2 2026 to support resource drilling and future mining.

• Galena Full Potential Program
The continuous improvement program has already delivered strong early gains, including a 15 percent hoisting productivity uplift, 8 - 14 percent improvements in mobile equipment availability, and demonstration of 35 percent higher maximum mill throughput, laying the foundation for sustained step‑change performance as the Galena Complex scales up production.

PASTE BACKFILL PLANT - BASIS FOR INCREASE LONG HOLE STOPING

Development of a paste backfill plant at the Galena Mine is a key infrastructure initiative aimed at improving underground safety, enabling higher production rates, and supporting the ongoing adoption of long hole stope mining.

The plant will incorporate major equipment, including a thickener (GKD), filter press (Ishigaki), and mixing plant (Custom Concrete), all of which are currently in fabrication with deliveries scheduled to begin in June 2026. Site preparation commenced in February and is expected to be completed in April, followed by civil construction start-up in May, beginning with laying the filter press foundation.

Commissioning of the full plant is targeted for the fourth quarter of 2026. Total capital for the paste fill plant project is forecasted at $11.9 million.

FIBER OPTICS - MODERNIZING COMMUNICATION

New communications infrastructure is being installed down No. 3 shaft to replace the outdated single cable system at the mine. The new system includes a leaky feeder network and fiber optics extending from the surface control room to all levels of the mine. The objective is to enhance mine-wide communication, enable real-time tracking and monitoring of equipment, and support the automation of pumps and fans.

By the end of April 2026, fiber optics will be installed from the surface down to the 3,700 level and across the 5,500 level, with installation expected to reach all parts of the mine by Q4 2026 for a total capital budget of $1.3 million. The upgraded communications system will be commissioned progressively as it reaches each level.

GALENA SHAFT - REPURPOSING AN UNDERUTILIZED ARTERY

The Galena shaft has remained idle since 2015. A trade-off study was completed in 2025 on how best to maximize the potential of the underutilized infrastructure. The results of the study involve completing a significant upgrade to support the increased demands on utilities and ventilation of a much larger-scale future operation. 

Work has begun to repurpose the Galena shaft for long-term future use by installing a new liner through which key mine services will be routed, including new paste lines, compressed air, water, and electrical feeder cables. Advanced engineering began in Q1 2026, with liner fabrication commenced in April. Installation of a bulkhead at the 2,400 level is expected to be completed in Q2 2026, with full liner installation targeted for completion by Q4 2026, after which key mine services are planned to be installed. The result will provide the critical support needed to scale operations well into the future across the Galena Complex. The Galena Shaft repurposing project is expected to total $7.3 million.

GALENA MILL UPGRADES

In late 2025, the primary cone crusher at the Galena Mill was upgraded to improve mill reliability and throughput. Following the upgrade, engineering work commenced in Q1 2026 to assess overall mill capacity and support the restart of the previously decommissioned third ball mill.

Together, these initiatives are expected to increase total milling capacity at the Galena Mill from 750 stpd to 1,200 stpd by the end of 2026. Upgrades to the Galena Mill circuit are also underway, with new flotation cells ordered from Metso to replace the existing units. Delivery of the new cells is anticipated in Q4 2026. The total capital budget for Galena Mill upgrades is $4.8 million.

CRESCENT MINE - DEVELOPMENT AND UPGRADES PROGRESSING ON SCHEDULE

At Crescent, rehabilitation initiatives have been well underway since its acquisition in late 2025, with critical utility infrastructure installed and restored across Hooper Adit, BC4, and the Countess adit areas.

With critical infrastructure established, capital development activities progressed across multiple headings during Q1 2026, totaling approximately 650 feet of development. An additional 2,000 feet of development is planned for Q2 2026.

Drilling operations have commenced both on surface and underground, marking a major operational milestone. The drill program is now actively generating data to support resource definition and mine planning.

Building on the substantial revitalization progress achieved at Crescent, focus will continue on capital development, structural development testing, and critical infrastructure upgrades that will unlock expanded drilling and future mining capacity, including the planned introduction of long hole stoping into the mine plan.

Total capital budgeted for Crescent in 2026 is $30 - $40 million.

Americas Gold and 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 and 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 and operates the Cosalá Operations in Sinaloa, Mexico. With Eric Sprott now its largest shareholder, Americas is fully funded to grow Galena.

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