- Paste backfill plant at Galena Mine designed to deliver 93 short tonnes per hour (stph) output and accelerate backfill cycle time by approximately 250%, with commissioning targeted for Fourth Quarter 2026 at US$11.9 million capital cost.
- No. 3 Shaft Phase 2 upgrades targeting total hoisting capacity increase to 1,350 short tonnes per day (stpd), including a planned average of 650 stpd ore for the balance of 2026, representing approximately 150% throughput increase to approximately 105 stph at US$1.1 million capital.
- Galena Mill upgrades targeting capacity increase from 750 stpd to 1,200 stpd by year end 2026 at US$4.8 million, with crusher upgrades complete and new Metso flotation cells ordered for Fourth Quarter 2026 delivery.
- Galena Shaft repurposing to establish an infrastructure corridor for paste, power, air, water, and electrical services at US$7.3 million, with bulkhead installation targeting Second Quarter 2026 completion and full liner installation targeting Fourth Quarter 2026.
- Crescent Mine rehabilitation completed 650 feet of development in the First Quarter 2026, with drilling operations commenced and an additional 2,000 feet planned in the Second Quarter 2026 within US$30 to US$40 million 2026 capital budget.
Company Overview
Americas Gold & Silver (TSX: USA | NYSE American: USAS) is a North American mining company producing silver, copper, lead, and antimony from high-grade operations in the United States and Mexico. The Company operates the Galena Complex in Idaho, the United States’ largest antimony mine, and the Cosalá Operations in Sinaloa, Mexico. In December 2025, Americas acquired the Crescent Silver Mine located 9 miles from Galena. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build an antimony processing hub at Galena, establishing a United States mine to the finished product antimony supply chain.
Paste Backfill Mechanises Long Hole Stope Mining Safety & Cycle Time
The paste backfill plant under construction at Galena Mine mechanises underground void filling using dewatered whole mill tailings blended with cementitious binder, then hydraulically placed in mined out stopes. Laboratory testing confirmed Galena tailings’ suitability for underhand backfill applications, enabling plant design aligned with the planned 1,200 short tons per day (stpd) concentrator throughput. Major equipment, including a thickener from GKD, a filter press from Ishigaki, and a mixing plant from Custom Concrete, is in fabrication with deliveries beginning in June 2026.
Site preparation commenced in February 2026 and is targeting April completion, followed by civil construction start-up in May, beginning with the filter press foundation. Commissioning of the full plant is targeted for the Fourth Quarter 2026. Once operational, the facility will deliver approximately 93 stph paste backfill capacity to production areas and accelerate backfill cycle time by approximately 250%. Total capital for the paste fill plant project is US$11.9 million.
No. 3 Shaft Hoisting Throughput Targets 150% Increase to 105 Short Tonnes Per Hour
No. 3 Shaft serves as Galena’s primary production shaft for personnel and materials and is undergoing phased upgrades to enhance hoisting capacity and speed. Phase 1, completed in the third quarter of 2025, replaced the 1,750-horsepower motor with a 2,250-horsepower unit, enabling skip capacity to increase from 5 tonnes to 7 tonnes from the 5500 level at the mine’s lower levels. An additional motor is secured on site as a critical spare, materially reducing operational risk.
Phase 2 upgrades began early April 2026, with completion targeted by mid-May following an estimated two-week shutdown for final tie-ins. The Phase 2 scope implements a new braking system supporting the higher hoisting speeds enabled by the Phase 1 motor upgrade. Improved braking increases braking efficiency in end zones and targets a throughput increase from 42 stph to approximately 105 stph, representing an approximately 150% increase. Once completed, the total hoisting capacity is targeting 1,350 stpd, including a planned average of 650 stpd ore for the balance of 2026. Capital for Phase 2 is US$1.1 million.
Mill Expansion Targets 1,200 Short Tonnes Per Day Capacity by Year End 2026
Primary cone crusher upgrades at Galena Mill were completed in late 2025 to improve reliability and throughput. Engineering work commenced in the First Quarter 2026 to assess overall mill capacity and support the restart of the previously decommissioned third ball mill. Together, these initiatives target a total milling capacity increase from 750 stpd to 1,200 stpd by year end 2026.
Galena Mill circuit upgrades are underway with new flotation cells ordered from Metso to replace existing units. Delivery of the new cells is anticipated in the Fourth Quarter 2026. Total capital budget for Galena Mill upgrades is US$4.8 million.
Galena Shaft Repurposing Establishes Infrastructure Corridor for Future Production Scale
The Galena Shaft has remained idle since 2015. A trade-off study completed in 2025 evaluated options to maximise the underutilised infrastructure. Results directed a significant upgrade to support the increased utility and ventilation demands of a larger-scale future operation. Work has begun to repurpose the shaft for long-term use by installing a new liner through which key mine services will be routed, including paste lines, compressed air, water, and electrical feeder cables.
Advanced engineering began in the First Quarter 2026, with liner fabrication commencing in April 2026. Installation of a bulkhead at the 2400 level is targeting completion in the Second Quarter 2026, with full liner installation targeted for Fourth Quarter 2026 completion, after which key mine services are planned for installation. The result will provide critical support to scale operations across the Galena Complex. Capital for the Galena Shaft repurposing project is US$7.3 million.
Fibre Optic & Communications Infrastructure Enables Real-Time Equipment Tracking & Automation
A new communications infrastructure is being installed down No. 3 Shaft to replace the outdated single cable system. The new system includes a leaky feeder network and fibre optics extending from the surface control room to all mine levels. The objective is to enhance mine-wide communication, enable real-time equipment tracking and monitoring, and support automation of pumps and fans. By the end of April 2026, fibre optics will be installed from the surface down to the 3700 level and across the 5500 level, with installation targeting all mine areas by Fourth Quarter 2026 at US$1.3 million total capital budget. The upgraded communications system will be commissioned progressively as it reaches each level.
Crescent Mine Rehabilitation Restores Critical Infrastructure & Commences Drilling
At Crescent Mine, rehabilitation since the late 2025 acquisition restored critical safety, power, ventilation, communications, and water systems across Hooper Adit, BC4, and Countess adit areas. Power cable installation from BC4 to Hooper Adit eliminated diesel generation and restored grid power across all three portals. Fibre optic cable provides high-speed communication. These systems enable drilling and underground pneumatic operations.
Capital development during First Quarter 2026 totalled approximately 650 feet across multiple headings, with an additional 2,000 feet planned for Second Quarter 2026. Drilling operations commenced on surface and underground, generating data for resource definition and mine planning. Total capital budgeted for Crescent in 2026 is US$30 to US$40 million, included in the previously announced US$60 to US$80 million growth capital guidance disclosed March 30, 2026.
Continuous Improvement Programme Delivers Measurable Productivity Gains Across Operations
Following improvements achieved in 2025, the Company launched the 2026 Galena Full Potential Programme targeting a step change in mine throughput and productivity. Since the programme launch in First Quarter 2026, Americas defined new hoist schedules, unlocking 90% more productive hours with 15% uplift realised, reached new maximums in mobile equipment availability with 8% to 14% uplift, and demonstrated new maximum mill throughput capabilities with 35% uplift on previous daily maximum performance.
Paul Andre Huet, Chairman and Chief Executive Officer, stated:
“I am extremely pleased with the pace of our growth and continuous improvement initiatives at Galena. 2025 was a year in which we reviewed, analysed, and developed the strategic plan and projects required to unlock the tremendous value of the large Galena Complex.”
He noted:
“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.”
He confirmed the transition to Long Hole Stoping is progressing well, with nine panels mined to date. Supporting increased mining rates, the surface paste fill plant is underway, and once commissioned, Fourth Quarter 2026 will provide a 250% reduction in stope cycle time alongside improved safety performance and productivity. On the surface, upgrades to the Galena mill are targeting capacity improvement from 750 stpd to 1,200 stpd by year end. He concluded that the revitalisation and transformation of the Galena Complex is tracking well, with additional updates on major projects anticipated as the year progresses.
Next Steps
Immediate milestones include completion of paste backfill plant site preparation in April 2026, followed by civil construction start-up in May 2026, beginning with the filter press foundation. Major equipment deliveries for the paste plant are scheduled to begin in June 2026. No. 3 Shaft Phase 2 upgrades are targeting mid-May 2026 completion following an estimated two-week shutdown for final tie-ins. Galena Shaft bulkhead installation at the 2400 level is targeting Second Quarter 2026 completion.
Fourth Quarter 2026 catalysts include paste backfill plant commissioning, delivery of new Metso flotation cells for the Galena Mill, full liner installation completion at the repurposed Galena Shaft, and fibre optics installation reaching all mine areas. Crescent Mine capital development is targeting an additional 2,000 feet of development in the Second Quarter of 2026. Galena Mill capacity expansion to 1,200 stpd and total hoisting capacity reaching 1,350 stpd, including a planned average of 650 stpd ore, are both targeted by year end 2026.