Antimony Production

Nestled in Idaho's Silver Valley, the Galena Complex stands as the only currently producing antimony mine in the United States - delivering immediate supply of this critical mineral from our 100% - owned operations. As a key byproduct of our high-grade silver-copper-antimony (tetrahedrite) ore, antimony has been extracted at Galena for over 80 years, yet until now, it has largely gone unmonetized due to concentrate quality challenges. With recent breakthroughs and a re-negotiated offtake agreement, we're entering a new era where antimony drives significant value - positioning Galena as a cornerstone of U.S. critical minerals security.

Recent Production Release: Announced year-to-date totals of 447,466 lbs antimony and 615,817 lbs copper (Sb:Cu ratio of 0.73) - the first separate reporting in Americas' history, signaling monetization as antimony becomes payable starting January 2026. (News Release Here)

Galena's antimony production underscores its unmatched U.S. legacy:

• Only U.S. Producer: Actively extracting antimony with ~1% Sb in tetrahedrite ore and a ~0.69:1 Sb:Cu ratio.
• 20+ Million Pounds Since 2001: The largest U.S. site in 20 years, even while prioritizing non-antimony ore.
• Untapped Revenue: These past two decades represent ~US$500M in potential value at today's prices (~US$50k/tonne) - revenue not captured following the Sunshine refinery closure.

Historically, Galena's antimony was recovered and processed at the nearby Sunshine Electrolytic Antimony Plant (just 4 miles west) until its closure in the early 2000s - proving the Silver Valley's processing heritage. Today, we're reviving this potential with modern processes.

Recent testwork demonstrates Galena's path to becoming a major U.S. antimony supplier:

Excellent Metallurgical Highlights:

• Flotation Recovery to Concentrate: 90 - 96% from ore grading ~1% antimony.
• Antimony Recovery from Concentrate: 99%+ from concentrate grading ~19% antimony.

Phase 1 (May 2025) – Copper Concentrate Floatation Test Results (News Release Here)

Phase 2 (Sept. 2025) – Copper Concentrate Floatation Extraction Testing (News Release Here)

Monetize antimony production and fulfill U.S. critical minerals needs.

Shorter-Term: Antimony becomes payable by-product under new offtake agreement, unlocking untapped revenue from current production.

Longer-Term: Phase 3 commercial recovery testwork and evaluation of potential refining options.

Antimony's global market is valued at $2B+ and growing 5 - 7% annually, yet the U.S. relies on imports for >90% of supply - mainly from China (60%), Russia (20%), and Tajikistan (10%). Rotterdam antimony prices have surged from ~US$10k/tonne in 2020 to ~US$50k/tonne in Q3 2025, driven by domestic demand.

Energy Storage: Enhances grid-scale batteries for renewable integration.

Electronics: Used in semiconductors and flame retardants for high-tech devices.

Defense Tech: Critical for night vision devices and alloys in optics, among many other things.

Manufacturing: Improves durability in plastics and textiles for consumer goods.

As the only U.S. producer, Galena is poised to support these needs - with our focus on tetrahedrite ore scaling antimony output alongside high-grade silver.

For more on our antimony strategy, visit our Investor Presentation or contact IR@americas-gold.com. You can also click here to subcribe and stay tuned for updates on Phase 3 studies and grant pursuits.