Americas Gold and Silver Announces Largest Ever Exploration Program in 2026 Following the Discovery of Ten New High-Grade Silver-Copper-Antimony and Silver-Lead Veins at Galena Including 4,896 g/t Silver and 3.95% Copper over 1.3M

Rhea-AI Summary

Americas Gold and Silver (NYSE: USAS) announced discovery of 10 new high‑grade veins at the Galena Complex and approved the largest-ever exploration program: approximately 64,000 metres of drilling across Idaho and Mexico in 2026.

Highlight intercepts include 4,896 g/t Ag and 3.95% Cu over 1.3 m and 2,563 g/t Ag and 1.35% Sb over 0.7 m, with multiple high‑grade parallel and splay veins near existing workings, signalling near-term growth targets.

Positive

• Ten new high‑grade veins discovered at Galena Complex
• 4,896 g/t Ag and 3.95% Cu over 1.3 m (hole 55-261) highlight extremely high grades
• 64,000 metres exploration drilling program approved for 2026 (largest in company history)
• Multiple high‑grade parallel and splay vein intercepts adjacent to active mine workings

Negative

• None.

News Market Reaction – USAS

-5.42%

34 alerts

-5.42% News Effect

-5.5% Trough in 2 hr 9 min

-$142M Valuation Impact

$2.48B Market Cap

0.3x Rel. Volume

On the day this news was published, USAS declined 5.42%, reflecting a notable negative market reaction. Argus tracked a trough of -5.5% from its starting point during tracking. Our momentum scanner triggered 34 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $142M from the company's valuation, bringing the market cap to $2.48B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Silver grade: 4,896 g/t Ag over 1.3 m Silver grade: 2,563 g/t Ag over 0.7 m 2026 drilling program: 64,000 meters +5 more

8 metrics

Silver grade 4,896 g/t Ag over 1.3 m Hole 55-261 at Galena Complex

Silver grade 2,563 g/t Ag over 0.7 m Hole 43-310 at Galena Complex

2026 drilling program 64,000 meters Planned companywide exploration in Idaho and Mexico in 2026

High-grade intercept 5,256 g/t Ag, 5.00% Cu over 0.2 m Hole 43-313 highlight intercept

High lead interval 14.10% Pb over 2.0 m Hole 43-297 Ag-Pb vein interval

Multi-metal intercept 1,225 g/t Ag, 1.42% Cu, 1.01% Sb over 0.6 m Hole 43-305 Ag-Cu-Sb vein

Multi-metal intercept 2,762 g/t Ag, 2.33% Cu over 0.9 m Hole 55-281 highlight interval

New veins discovered 10 veins Seven silver-copper-antimony and three silver-lead veins at Galena

Market Reality Check

Price: $7.37 Vol: Volume 3,922,089 is at 0....

low vol

$7.37 Last Close

Volume Volume 3,922,089 is at 0.56x the 20-day average, suggesting subdued pre-news activity. low

Technical Shares at $8.49 were trading above the $4.31 200-day MA before this exploration update.

Peers on Argus

Pre-news, USAS was down 1.28% while key peers showed mixed moves (e.g., GSM +3.3...

1 Up

Pre-news, USAS was down 1.28% while key peers showed mixed moves (e.g., GSM +3.35%, CRML -2.41%). Only UAMY appeared in momentum scans, moving up modestly with no news, pointing to stock-specific drivers rather than a broad sector rotation.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	JV announcement	Positive	+3.8%	51/49 JV to build antimony processing facility at Galena Complex.
Jan 21	Production update	Positive	+2.9%	Record 2025 silver output and stronger Cosalá and Galena by-product results.
Jan 20	Exploration results	Positive	+6.9%	Expansion of high-grade 034 Vein Complex with multiple strong silver-copper veins.
Jan 08	Asset ramp-up	Positive	-4.6%	Crescent Mine progress update and cost reductions ahead of targeted restart.
Dec 12	Mine acquisition	Positive	+0.0%	Closing of Crescent Mine acquisition and concurrent bought deal financing.

Pattern Detected

Recent operational, exploration and JV updates have usually been followed by positive 24h moves, with one notable selloff on a Crescent Mine progress update.

Recent Company History

Over the last several months, Americas Gold and Silver has reported a series of growth-oriented milestones. These include closing the Crescent Silver Mine acquisition on Dec 12, 2025, rapidly advancing restart preparations there, and outlining record 2025 silver production of 2.65M oz. Exploration at the Galena Complex has expanded the high‑grade 034 Vein Complex, while a joint venture with US Antimony aims to add downstream antimony processing. This announcement continues that trend with more high‑grade discoveries and the largest drilling program in company history.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-01-23

An effective F-3 resale registration dated Jan 23, 2026 covers 2,890,000 previously issued common shares held by a selling shareholder. The company itself is not selling shares and will not receive proceeds, but it bears registration costs. This structure allows the holder to gradually sell into the market without adding new primary issuance.

Market Pulse Summary

The stock moved -5.4% in the session following this news. A negative reaction despite positive explo...

Analysis

The stock moved -5.4% in the session following this news. A negative reaction despite positive exploration results would fit a scenario where the market prioritizes balance sheet and dilution risks over growth. Recent filings highlighted prior losses and financing activity, and an effective F‑3 resale registration allows 2,890,000 shares to be sold by a holder. Even with strong grades such as 4,896 g/t Ag over 1.3 m, concerns about capital intensity and execution could drive a cautious response.

Key Terms

g/t, antimony, veins, drill intercepts, +2 more

6 terms

g/t technical

"HighlightsHole 55-261: 4,896 g/t Ag and 3.95% Cu over 1.3 meters"

g/t stands for grams per tonne, a measure of how many grams of a metal—most often gold or other precious metals—are contained in one metric tonne of rock or ore. Investors use it to judge how “rich” a mineral deposit is: higher g/t means more metal per amount of material to process, which can make mining cheaper and projects more likely to be profitable—like measuring teaspoons of sugar per cake to gauge sweetness value.

antimony technical

"high-grade silver-copper-antimony veins and three new high-grade silver-lead veins"

Antimony is a metallic element used as an ingredient in alloys, flame retardants, batteries and some electronic components; think of it as a small but critical hardware part that improves strength, safety and performance in manufactured goods. Investors care because changes in supply, mining output or industrial demand can shift its price and affect companies that mine, process or rely on it—similar to how a shortage of a car part can slow auto production and raise costs.

veins technical

"seven new high-grade silver-copper-antimony veins and three new high-grade silver-lead veins"

Veins are the blood vessels that carry blood back to the heart from the body’s organs and tissues, acting like the return pipes in a plumbing system. For investors, veins matter because many medical devices, drugs, diagnostics and procedures target vein conditions—such as clots, varicose veins or poor circulation—which create market demand, regulatory scrutiny and reimbursement considerations that can affect a healthcare company’s revenue and risk profile.

drill intercepts technical

"drilling also returned numerous parallel and splay vein intercepts adjacent to active mine workings"

Drill intercepts are the lengths of rock recovered from exploration drilling that contain measurable quantities of a target mineral, reported along with the mineral’s concentration. Think of them like cutting a loaf to reveal how much filling is inside each slice: they tell investors where valuable material has been found, how much there might be, and how rich it is, which helps assess a project’s potential worth and the likelihood of future development and revenue.

infill technical

"2026 underground infill (green trace) and exploration (purple trace) drill programs"

Infill most often refers to additional work—commonly extra drilling in mining or closer redevelopment in real estate—done to fill gaps between existing data or properties so the picture is clearer and more reliable. For investors, infill matters because it reduces uncertainty about the size, quality or usability of an asset (like a mineral deposit or city lot), which can raise confidence in forecasts, valuation and plans much like adding missing puzzle pieces makes the whole picture easier to trust.

Cu technical

"Hole 55-261: 4,896 g/t Ag and 3.95% Cu over 1.3 meters1"

Cu is the chemical symbol for copper, a widely traded industrial metal used in wiring, plumbing and electronics. Investors watch copper like an economic thermometer because its demand rises and falls with construction and manufacturing activity; changes in copper prices can signal shifts in global growth and affect the profits of mining companies and manufacturers, similar to how the price of gasoline can indicate driving demand.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - March 12, 2026) - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company") a growing North American precious metals and antimony producer, is pleased to announce the discovery of seven new high-grade silver-copper-antimony veins and three new high-grade silver-lead veins at the Galena Complex (Figure 1 and Table 1). The Company is also pleased to announce the largest drilling campaign in Company history with a total of approximately 64,000 meters to be drilled across both the Galena Complex (including the Crescent Mine) and Cosalá in 2026.

Highlights

• Hole 55-261: 4,896 g/t Ag and 3.95% Cu over 1.3 meters¹, and
• Hole 43-310: 2,563 g/t Ag and 1.35% Sb over 0.7 meters¹
• 2026 exploration drilling campaign to total approximately 64,000 meters across Idaho and Mexico operations

The intercepts announced today were drilled as part of the Company's near-mine exploration efforts in late 2025 and represent ten new vein discoveries with materially higher silver grades than the current Galena Complex Mineral Resource and Mineral Reserves (see December 31, 2024 Mineral Resource and Mineral Resource estimate HERE: https://americas-gold.com/site/assets/files/5151/reserves20241231.pdf). Drilling also returned numerous parallel and splay vein intercepts adjacent to active mine workings, which represent near-term growth opportunities that warrant aggressive follow-up drilling in 2026.

Paul Andre Huet, Chairman and CEO, commented: "Our team at Galena has delivered a series of very impressive discoveries at our flagship operation over just the past year. The rapidly-growing, high-grade, silver-copper-antimony 034 Vein Complex combined with the discovery of ten new high-grade veins near existing mine infrastructure further highlights the untapped potential of the Galena Complex. Our team continues to deliver world-class high-grade silver intercepts more than 120 years after opening its doors.

The results announced today were highlighted by silver intersections of 4,896 g/t over 1.3 meters and 2,563 g/t over 0.7 meters demonstrating the consistency of new high-grade discoveries and the vast exploration potential that remains untested at the Galena Complex. I am extremely pleased to announce that the tremendous success of our drilling campaign in 2025 has led to the design and approval of the largest exploration drilling campaign in the Company's history. In 2026, we will be drilling approximately 64,000 meters companywide.

The 2026 campaign includes underground and surface drill rigs mobilizing to our recently acquired Crescent Mine as part of the Galena Complex, which has not seen a systematic drill program in decades and represents one of the highest-grade past producing mines in the Silver Valley.

With a considerable investment being made in driving new high-grade discoveries in Idaho and Mexico, we look forward to providing further updates as we continue to support our aggressive growth trajectory across our operations."

1. Estimated True Widths

Figure 1: (L) Long section view of the Galena Complex showing select high-grade vein discoveries (red stars) and Americas 2026 underground infill (green trace) and exploration (purple trace) drill programs

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5082/288213_7139a95ca4129b9e_002full.jpg

Table 1: Highlight Intercepts returned from 2025 infill and exploration drilling at the Galena Complex

Galena Complex - Highlight Drill Results (as of December 31, 2025)
Hole #	Width (m)*	Ag (g/t)	Cu (%)	Sb (%)	Pb (%)	Vein Type
43-310	3.6	650	0.45	0.34	0.14	Ag-Cu-Sb
Including	0.7	2,563	1.80	1.35	0.30
43-313	0.2	5,256	5.00	NA	0.38
43-295	2.1	773	0.86	NA	0.17
And	0.5	3,714	3.86	NA	0.14
43-297	2.0	323	0.03	0.07	14.10	Ag-Pb
And	12.2	272	0.04	0.08	12.30
43-305	0.6	1,225	1.42	1.01	0.10	Ag-Cu-Sb
And	0.7	871	0.70	0.53	0.10
And	2.1	734	0.54	0.53	0.40
And	0.4	1,518	2.00	2.38	9.10	Ag-Pb
And	0.8	902	0.82	0.64	5.62
And	0.8	873	0.55	0.42	7.94
55-253	0.4	954	1.61	NA	0.10	Ag-Cu-Sb
And	2.4	437	0.37	NA	0.12
55-261	1.3	4,896	3.95	NA	0.11
55-266	0.6	1.785	1.75	0.61	0.19
55-281	0.9	2,762	2.33	NA	0.10
And	0.4	4,012	3.21	NA	0.10
And	1.0	1,043	1.27	NA	0.10
CO34-145	0.7	941	1.04	0.47	0.10
*Note: reported intercepts are estimated true widths
Sb%: NA refers to samples that were "Not Analyzed" for Sb in 2025 (Cu:Sb ratio = 0.7:1)

 

A full table of drill results can be found HERE: https://americas-gold.com/site/assets/files/4297/dr20260312.pdf.

About Americas Gold and Silver Corporation

Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper, and antimony from high-grade operations in the U.S. and Mexico. In December 2024, Americas acquired 100% ownership of the Galena Complex (Idaho) in a transaction with Eric Sprott, former 40% Galena owner, in exchange becoming Americas' largest shareholder. This transaction consolidated Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In December 2025, Americas acquired the fully permitted, past-producing Crescent Silver Mine (9 miles from Galena) with the world's 3rd highest-grade silver resource, creating significant potential future synergies through shared infrastructure and processing. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build a new antimony processing hub at Galena, creating a U.S. "mine-to-finished product" antimony solution. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. Americas is fully funded to aggressively grow production at the Galena Complex, Crescent and in Mexico with an aim to be a leading North American silver producer and a key source of U.S.-produced antimony.

For more information:

Maxim Kouxenko
Manager, Investor Relations
Americas Gold and Silver Corporation
+1 (647) 888-6458

Technical Information and Qualified Persons

The scientific and technical information relating to the operation of the Company's material operating mining properties contained herein has been reviewed and approved by Rick Streiff, Certified Professional Geologist (CPG#11108), EVP, Geology of the Company. The Company's current Annual Information Form and the NI 43-101 Technical Reports for its other material mineral properties, all of which are available on SEDAR at www.sedar.com, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company's material mineral properties, including a breakdown by category.

The diamond drilling program used NQ-size core and BQ-size core. The Company's standard QA/QC practices were utilized to ensure the integrity of the core and sample preparation at the Galena Complex through delivery of the samples to the assay lab. The drill core was stored in a secure facility, photographed, logged and sampled based on lithologic and mineralogical interpretations. Standards of certified reference materials, field duplicates and blanks were inserted as samples shipped with the core samples to the lab.

Analytical work was carried out by American Analytical Services Inc. ("AAS") located in Osburn, Idaho, or SVL Analytical located in Kellogg Idaho. AAS and SVL are independent, ISO-17025 accredited laboratories. Sample preparation includes a 30-gram pulp sample analyzed by atomic absorption spectrometry ("AA") techniques to determine silver, copper, and lead, using aqua regia for pulp digestion. Samples returning values over 514 g/t Ag are re-assayed using fire-assay techniques for silver. Additionally, samples returning values over 23% Pb are re-assayed using titration techniques.

Duplicate pulp samples are sent out quarterly to ALS Global, an independent, ISO-17025 accredited laboratory based in Reno, Nevada to perform an independent check analysis. A conventional AA technique was used for the analysis of silver, copper and lead at ALS Global with the same industry standard procedures as those used by AAS. The assay results listed in this report did not show any significant contamination during sample preparation or sample bias of analysis.

All mining terms used herein have the meanings set forth in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC's reporting and disclosure requirements.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas' expectations, intentions, plans, assumptions, and beliefs with respect to, among other things, the new vein discoveries with materially higher silver grades than current Galena Complex Resource and Reserves, the near-term growth opportunities represented by such discoveries warranting aggressive follow-up drilling in 2026, the growing high-grade silver-copper-antimony 034 Vein Complex, timing and expectations for the Company's 2026 drill campaign, the potential quantity and grade of the exploration target, and the anticipated timing and results of ongoing and planned exploration drilling at the Galena Complex, statements about the Company's exploration strategy, enhancement mill feed quality and operational efficiency, and anticipated ability to increase shareholder value and are subject to the risks and uncertainties outlined below. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate," "believe," "expect," "goal," "plan," "intend," "potential," "estimate," "may," "assume," and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to the risk factors relating to the Company found under the heading "Risk Factors" in the Company's Annual Information Form dated March 31, 2025 or the Company's MD&A for the three and six months ended June 30, 2025 dated August 11, 2025; interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development, or production; general economic conditions and conditions affecting the mining industry; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; risks associated with the mining industry generally, such as economic factors (including future commodity prices, currency fluctuations, and energy prices), ground conditions, failure of plant, equipment, processes, and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, labor relations; and risks related to changing global economic conditions and market volatility. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas' filings with the Canadian Securities Administrators on SEDAR+ and with the SEC. Americas does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events, or other such factors which affect this information, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288213

FAQ

What did Americas Gold and Silver (USAS) announce about 2026 drilling?

They announced a companywide 64,000 metre exploration drilling program for 2026. According to the company, the campaign covers Galena Complex (including Crescent Mine) and Cosalá, targeting near‑mine growth and follow‑up of 2025 discoveries.

How significant was the 4,896 g/t silver intercept reported by USAS at Galena?

The 4,896 g/t Ag intercept is a very high‑grade result over a 1.3 m true width. According to the company, hole 55‑261 also returned 3.95% Cu, underlining high silver‑copper mineralization potential near existing workings.

How many new veins did USAS report at the Galena Complex on March 12, 2026?

Americas reported discovery of ten new high‑grade veins at Galena. According to the company, these include seven silver‑copper‑antimony veins and three silver‑lead veins discovered during late‑2025 near‑mine drilling.

Will the 2026 drilling at Galena target near‑term production opportunities for USAS?

Yes. The program will target veins adjacent to active mine workings that represent near‑term growth opportunities. According to the company, numerous parallel and splay intercepts warrant aggressive follow‑up drilling in 2026.

What other highlight intercepts did USAS report from Galena in the announcement?

Other highlights include a 2,563 g/t Ag intercept over 0.7 m and multiple >1,000 g/t Ag intervals. According to the company, these results materially exceed current Galena Complex resource grades and justify expanded drilling.