en.Wedoany.com Reported - Americas Gold & Silver has completed the Phase 2 upgrade of Shaft #3 at the Galena Complex, increasing the average hoisting speed from 42 tons per hour to 85 tons per hour, eliminating a key bottleneck that constrained mine production growth. Meanwhile, the transition to mechanized longhole stoping has increased productivity by over 300%, with mining cycles approximately 12 times faster than conventional methods.
Alongside operational improvements, the company further consolidated resources in Idaho's Silver Valley by acquiring full ownership of the Galena Complex in December 2024 and purchasing the Crescent Mine, approximately 9 miles from Galena, for about $65 million in December 2025. The Crescent Mine acquisition aims to provide additional feed for existing processing facilities. The combined installed processing capacity of the Galena and Coeur mills is 1,558 tons per day, while current mining rates remain below this level. Oliver Turner, Executive Vice President of Corporate Development, stated that the Galena Complex holds over 200 million ounces of silver resources with an average grade of 500 grams per ton, making it the second-highest-grade silver mine globally.
Another key change resulting from the shaft upgrade is the ability to transition to mechanized longhole stoping. The company is constructing a paste backfill plant and plans to expand this method to approximately 70% of mining activities by the second half of 2027. Oliver Turner noted that transporting more tonnage with the same equipment will reduce per-ton operating costs, expanding margins through both increased production and lower costs.
Silver remains the primary economic driver of the Galena Complex, with approximately 75% to 80% of the company's exposure coming from silver. In terms of by-products, the Galena Complex produced approximately 561,000 pounds of antimony in 2025, with cumulative production exceeding 20 million pounds since 2001, making it the largest active antimony mine in the United States. Americas Gold & Silver has formed a joint venture with United States Antimony Corporation, in which Americas holds a 51% ownership stake, and plans to complete a domestic antimony processing facility by mid-2027 to increase revenue per ton of mined ore.
The company currently trades at approximately 0.60 times net asset value (NAV), compared to an average of approximately 1.06 times NAV for mid-tier and senior silver producers. The company holds approximately $122 million in cash and has drawn $50 million from a $100 million debt facility. Available liquidity will be used for shaft infrastructure, underground development, fleet modernization, paste backfill construction, mill upgrades, and an exploration program of approximately 64,000 meters.
Management aims to achieve approximately 50% production growth through higher daily mining rates. Oliver Turner emphasized that the company wants to ensure it can execute its growth strategy quarter after quarter, with project execution being the core focus.
