Americas Gold and Silver is a precious metals mining company focused on producing silver from two underground mines in North America. The Galena Complex in Idaho is a historic high-grade silver-lead mine in the Coeur d'Alene Mining District, processing ore through on-site mills at roughly 300 tonnes per day in FY25, with silver recoveries of approximately 98%. The Cosalá Operations in Sinaloa, Mexico, include the San Rafael silver-zinc-lead mine and the EC120 Project, which mines higher-grade silver-copper ore and reached commercial production on January 1, 2026. Together, the two operations produced approximately 2.65 million silver ounces in FY25. The company also recently acquired the Crescent Mine in Idaho, a past-producing underground silver mine adjacent to the Galena Complex with a historical resource of approximately 22.9 million silver ounces. Americas sells silver-bearing concentrates to smelters and metal traders, with revenue driven by silver production volume, realized silver prices, and by-product credits from zinc, lead, and copper. By-product credits are material to the cost structure — when by-product output falls, cash costs per silver ounce rise significantly. Growth is centered on ramping up the EC120 Project, increasing Galena throughput toward 1,200 tonnes per day, and developing the Crescent Mine, which management sees as synergistic given its ore type is compatible with existing processing infrastructure.