Silver Miner Uncovers High-Grade Idaho Veins

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Americas Gold and Silver Corp. (USA:TSX; USAS:NYSE American) has reported high-grade silver-copper-lead-antimony (Ag-Cu-Pb-Sb) drill results from its largest exploration and mineral resource conversion program to date at the Galena Complex, which includes the producing Galena Mine, the Coeur Mine (being prepared for restart), and the adjacent Crescent Mine, according to a September 18 release.

The latest assays come from infill and step-out drilling across several target zones at Galena, Coeur, and Crescent, the release said. The campaign has identified new veins at Galena and Crescent, while infill drilling continues to return silver grades that frequently exceed those built into the current Mineral Resource model. Since the results weren't included in the company's 2025 Mineral Resource and Reserve statement, Americas said they could offer meaningful upside to future mine planning.

"The new drilling results at the Galena Complex continue to reaffirm our belief that we control one of the highest-grade, primary silver deposits not only in the historic Silver Valley but worldwide," said Chairman and Chief Executive Officer Paul Andre Huet.

Huet said 2026 drilling has produced multiple new discoveries while extending established major veins across several mine levels, crediting the Galena team's work and safety performance as the company develops additional targets for future production. At the operating 49 level, hole 49-817 discovered a new vein grading 1,061 grams per tonne (g/t) Ag, 0.7% Cu, and 0.6% Sb over 1.2 meters — an intercept close to the company's minimum mining width as it transitions toward long-hole stoping. At the 9 Vein, hole 24-407 returned 7,123 g/t Ag, 3.24% Cu, and 1.81% Sb over 0.4 meters in an area with no previous vein projections, underscoring further discovery potential even in extensively mined upper portions of Galena.

At Coeur, drilling continues to expand the 520 Vein system, which has grown from its 2025 discovery to roughly 200 meters along strike and 200 meters vertically, remaining open in all directions. Americas said its 2026 Galena drilling has focused on in-mine exploration above the 6,000-foot level; with nearby mines along strike reaching depths beyond 10,000 feet, the company believes substantial exploration potential remains beneath its current workings.

At Crescent, drilling serves two goals: improving the definition of the existing Alhambra and South Veins for detailed mine planning ahead of 2027 mining and searching for additional high-grade shoots. Results from the first 12 of 45 holes drilled so far have identified two new veins near Alhambra. Hole SF-002 intersected 1,109.5 g/t Ag and 0.3% Cu over 1.1 meters, while SF-003 returned 939.3 g/t Ag and 0.1% Cu over 0.8 meters. Americas said the new discoveries, combined with ongoing high-grade infill results, support continued drilling at Crescent following the program's first six months.

"Just yesterday we announced outstanding new drill results at our Cosalá operations in Mexico," Huet said. "Combined, the tremendous exploration success being realized across our U.S. and Mexican operations in 2026 is a demonstration of the significant value that can be realized through systematic exploration and disciplined capital allocation. I am very excited about the future as we continue to execute on our multi-asset growth strategy at Americas Gold and Silver."

The 88 drill holes reported across the Galena and Coeur mines have infilled earlier discoveries — including the 43L-TJ, 117, and 9 Veins — while also identifying the new high-grade vein on Galena's 49 level. The nine Vein remains a notable discovery: the structure was first identified in the third quarter of 2026 after a utilities drift for mine services unexpectedly intersected it in an area lacking historical drilling or projected veins. The Galena team has since completed about 85 meters of drifting along the vein and established several drill bays to test its continuity and potential scale up- and down-dip.

At Coeur, the 520 Vein continues to show expansion potential: hole C034-188 extended the zone another 45 meters up-dip from C034-166, bringing the combined system to roughly 200 meters in strike length and 200 meters of vertical extent, still open for additional growth.

A Growing Role in US Antimony Supply

Americas Gold and Silver Corporation is a North American precious metals producer with a roughly 50-year operating history at its flagship Galena Complex in Idaho's Silver Valley, which has produced more than 240 million ounces of silver to date alongside significant lead, copper and antimony byproduct, according to the company's website. The complex spans nearly 9,000 hectares and includes three active shafts, more than 55 miles of underground workings, and two processing mills.

Antimony has become an increasingly central part of that story. Much of Galena's ore is tetrahedrite, a silver-copper-antimony sulfosalt mineral, and in September 2025, the company achieved a breakthrough extraction rate above 99% from its silver-antimony-copper concentrate — a result that helped antimony shift from a penalty byproduct to a payable one under a renegotiated offtake agreement starting January 2026.

"I believe there is a lot of upside left and am glad to maintain my overweight position as the silver bull progresses. Attractive to add on weakness," Newsletter Writer Peter Krauth said.

In February 2026, Americas signed a definitive joint venture with United States Antimony Corporation (51% Americas, 49% US Antimony) to build and operate a dedicated antimony processing facility at Galena, aiming to create a fully domestic, "mine-to-finished product" antimony supply chain and bolster U.S. critical-mineral security.

The company describes itself as the only current U.S. antimony producer.

That focus sits within a broader exploration push: Americas launched a roughly 64,000-meter drill campaign across Galena, the recently acquired Crescent Mine, and its Cosalá operations in Mexico in 2026 — the largest in company history — after discovering multiple new high-grade silver-copper-antimony veins near existing infrastructure, including intercepts as strong as 4,896 g/t silver and 3.95% copper.

According to the Crux Investor's James Byrne on April 17, Galena's tetrahedrite mineralization carries antimony at roughly a 0.7-to-1 ratio relative to copper, meaning antimony output should scale alongside silver production as these newly identified zones are incorporated into the mine plan.

Americas Gold and Silver Cracks TSX30 List

Americas has been included in the 2026 TSX30™, the Toronto Stock Exchange's annual list of its 30 strongest-performing companies based on dividend-adjusted share price performance over three years, the company said in a September 9 release.

"We are incredibly proud to be recognized as a top performer in the 2026 TSX30," Huet said, adding that the three-year performance reflects the company's transformation, including higher silver production, a stronger balance sheet, and continued investment in its high-grade North American asset portfolio.

"Just as nation-building is a priority for Canada, company-building must also be a national priority," said Toronto Stock Exchange CEO Loui Anastasopoulos at the time. He added that the 2026 TSX30 highlights Canadian companies' ability to expand, scale, and compete internationally, noting that half of this year's recognized companies previously graduated from the TSX Venture Exchange.

The TSX30 ranks the Toronto Stock Exchange's 30 top-performing companies by dividend-adjusted share price performance over a three-year period.

Silver Stock Investor Stays Bullish on Producer

In the September 16 edition of Peter Krauth's Silver Stock Investor newsletter, he called the ranking "impressive."

"The company delivered a remarkable 477% share-price increase for the period ended June 30, 2026, while adding approximately CA$2.2 billion in market capitalization on the TSX," Krauth noted. "What's more, its growing production of silver and other critical minerals positions the company to benefit from strong demand tied to AI, electrification, national security, and advanced manufacturing."

The company is a "rapidly growing producer," he said.

"I believe there is a lot of upside left and am glad to maintain my overweight position as the silver bull progresses. Attractive to add on weakness," Krauth said.

In terms of other coverage, according to MarketBeat, H.C. Wainwright analyst Heiko Ihle gave the company a Buy rating on August 19, 2026. However, Ihle lowered his price target from US$9.75 to US$9.25.

MarketBeat also noted that Zacks Research shared its thoughts on August 14, 2026, downgrading the company from a Hold to a Sell. 

The Catalyst: Silver Holds Firm as Antimony Stays a Security Flashpoint

Silver traded around US$66.35 early Monday in Asia as investors weighed developments affecting Middle East oil supplies alongside the outlook for U.S. interest rates, reported Sagar Dua for FX Street on September 21. The metal held steady as oil prices extended their decline amid rising expectations for possible U.S.-Iran diplomatic engagement, after President Donald Trump said he would likely be open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York.

Cheaper oil could ease concerns about persistent inflation, potentially tempering expectations for elevated interest rates and supporting non-yielding assets such as silver. Investors are also watching for clues on how long the Federal Reserve will maintain its inflation-focused policy. Minneapolis Fed President Neel Kashkari said over the weekend that "inflation is too high across all sectors of the U.S. economy," adding that price pressures extend beyond higher oil costs and are also being sustained by resilient economic growth.

Technically, silver remained modestly bullish near US$66.35, trading above its 20-day exponential moving average at US$65.22. The Relative Strength Index stood near 54, indicating positive but measured momentum rather than an overextended market.

The 20-day EMA around US$65.22 marks the nearest support level; a daily close below it could signal weakening upside momentum and a deeper correction toward previous lows. On the upside, the August 28 high at US$71.12 remains the main resistance level.

Antimony is a critical mineral used to harden lead in ammunition and armor-piercing rounds, act as a flame retardant, and support battery and semiconductor manufacturing — applications where substitution is technically difficult or economically impractical, according to Strategic Metals Invest. China has long dominated global antimony refining, and its export controls — escalating from licensing requirements in August 2024 to an outright ban on U.S.-bound shipments by December 2024 — sent prices soaring roughly 2,600% at their peak, OilPrice.com noted. Fastmarkets data cited by Geopolitical Monitor shows prices climbing from an annual average of US$5.49 per pound in 2023 to an all-time record of about US$27.10 per pound (US$59,750 per tonne) on July 4, 2025 — the steepest rally the price tracker has recorded since 1980.

Prices have since retreated as flame-retardant buyers thrifted and substituted at elevated levels and new supply emerged, falling to around US$14.50 per pound by mid-2026, according to Crux Investor.

But defense demand has stayed comparatively steady, since armor-piercing ammunition and primers depend on antimony regardless of price. Western governments have responded with direct funding rather than just policy statements: the U.S. Defense Logistics Agency awarded a sole-source contract worth up to US$245 million for antimony metal destined for the National Defense Stockpile, and the Department of Defense has committed more than US$59 million to Idaho's Stibnite Gold project to help rebuild domestic supply, per Expert Market Research. A November 2025 U.S.-China agreement suspended the export ban through late November 2026, but the underlying licensing regime — and a permanent prohibition on antimony for military use — remains in place, leaving the market's longer-term trajectory tied closely to geopolitics rather than supply and demand alone.

Ownership and Share Information¹

About 42% of the company is held by institutions, about 14% by strategic investor and mining financier Eric Sprott, and about 5% by insiders and management. The rest is retail.

Its market cap is CA$2.45 billion with 337.97 million shares outstanding. It trades in a 52-week range of CA$3.73 to CA$14.14.

Common Investor Questions

What did Americas Gold and Silver announce on September 18? High-grade silver-copper-lead-antimony drill results from its largest-ever exploration and Mineral Resource conversion program at the Galena Complex, which includes the producing Galena Mine, the Coeur Mine (being prepped for restart), and the adjacent Crescent Mine.

What were the standout intercepts? At Galena's 49 level, hole 49-817 discovered a new vein grading 1,061 g/t silver, 0.7% copper, and 0.6% antimony over 1.2 meters. At the 9 Vein, hole 24-407 returned 7,123 g/t silver, 3.24% copper, and 1.81% antimony over 0.4 meters — in an area with no previous vein projections.

How does this drilling relate to the company's existing resource estimate? None of the reported results were included in the 2025 Mineral Resource and Reserve statement, meaning they represent potential upside not yet reflected in the current mine plan.

What's happening at Coeur and Crescent? At Coeur, the 520 Vein system has grown to roughly 200 meters along strike and 200 meters vertically since its 2025 discovery and remains open in all directions. At Crescent, drilling is both refining the Alhambra and South Veins ahead of planned 2027 mining and searching for new high-grade shoots — with two new veins already identified near Alhambra from the first 12 of 45 holes drilled to date.

Why does antimony matter to this story? Americas describes itself as the only current U.S. antimony producer, achieving a breakthrough antimony extraction rate above 99% from its tetrahedrite ore in September 2025. In February 2026, the company formed a joint venture with United States Antimony Corporation to build a dedicated processing facility at Galena, aiming to create a domestic "mine-to-finished product" antimony supply chain.

What's the broader antimony market backdrop? China's export controls sent antimony prices up roughly 2,600% at their peak in mid-2025 before retreating to around US$14.50 per pound by mid-2026. Defense demand has stayed comparatively steady, and the U.S. government has committed hundreds of millions of dollars toward rebuilding domestic antimony supply, including a Defense Logistics Agency contract worth up to US$245 million.

What recognition has the company received recently? Inclusion in the 2026 TSX30, the Toronto Stock Exchange's list of its 30 strongest three-year performers, after a 477% share-price gain and roughly US$2.2 billion in market-cap growth over the period ended June 30, 2026.