Americas Gold and Silver (NYSE: USAS) lifts Galena hoisting capacity and holds guidance
Rhea-AI Filing Summary
Americas Gold and Silver Corporation reported completing Phase 2 of the No. 3 Shaft modernization at the Galena Complex in Idaho. Phase 1 and 2 upgrades have raised hoisting capacity from approximately 42 short tons per hour to as high as 105 stph, with 85 stph achieved regularly, which the company describes as more than doubling historical performance. Phase 2 capital spending was about US$1.1 million.
The upgraded shaft is expected to provide about 1,350 tons per day of hoisting capacity, designed to support planned ore production averaging roughly 650 tons per day by the end of 2026, a ~50% increase. Management also described a minor electrical fire at the Galena Mine and a regional wildfire near the Crescent Mine; both incidents were contained with no injuries, limited operational disruption, and no change to full-year 2026 production guidance, which remains weighted to the second half of the year.
Positive
- No. 3 Shaft hoisting capacity increased from approximately 42 stph to as high as 105 stph, with 85 stph regularly, supporting a planned ~50% increase in ore production rates at the Galena Complex by the end of 2026.
Negative
- None.
Filing Explained
The 4900 Level remains paused for safety review into early Q3, but the company says 2026 production guidance is unchanged.
Form 6-K is an interim report used by a foreign private issuer to furnish material home-market information. The June 25 release states that Phase 2 of the No. 3 Shaft upgrade is complete and that remaining optimization can occur during weekly downtime, so the disclosed work does not require another shaft shutdown.
The Galena Mine’s 4900 Level remains paused for additional safety audits and evaluation of possible ventilation-infrastructure repairs. The filing says this will delay mining in some higher-grade stopes into early Q3, while the company maintains its full-year 2026 production guidance.
Remaining optimization includes guide alignment, lighter cages and skips, schedule and load-measurement changes, and communications upgrades. The company also says an additional hoist motor has been installed as a critical spare.
The next named milestone is the 4900 Level’s safety assessment and any resulting ventilation repairs; the filing does not provide a completion date beyond stating that affected activities are delayed into early Q3.
Key Figures
Key Terms
hoisting capacity technical
short tons per hour technical
Galena Complex technical
Leaky Feeder technical
forward-looking information regulatory
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FAQ
What did Americas Gold and Silver (USAS) announce about the No. 3 Shaft at Galena?
How much did Phase 2 of the No. 3 Shaft upgrade cost for USAS?
What is the new hoisting capacity and planned ore production rate at Galena for USAS?
Did the electrical fire at Galena Mine impact Americas Gold and Silver (USAS) 2026 production guidance?
How did the regional wildfire affect operations at Americas Gold and Silver's (USAS) Crescent Mine?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2026
Commission File Number: 001-37982
AMERICAS GOLD AND SILVER CORPORATION
(Translation of registrant's name into English)
145 King Street West, Suite 2870
Toronto, Ontario, Canada
M5H 1J8
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMERICAS GOLD AND SILVER CORPORATION | ||
| (Registrant) | ||
| Date: June 25, 2026 | By: | /s/Peter McRae |
| Peter McRae | ||
| Title: | Chief Legal Officer and Senior Vice President Corporate Affairs | |
INDEX TO EXHIBITS
| Exhibit | Description | |
| 99.1 | News Release dated June 25, 2026 |
AMERICAS GOLD AND SILVER COMPLETES PHASE 2 OF NO. 3 SHAFT UPGRADES AT GALENA, INCREASING
CURRENT HOISTING CAPACITY BY 100% AND PROVIDES OPERATIONS UPDATE
TORONTO, ONTARIO and WALLACE, IDAHO - June 25, 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 completion of Phase 2 of the No. 3 Shaft modernization program at the Galena Complex in Idaho, a key infrastructure project supporting the Company's planned production growth at both the Galena and Crescent mines. The No. 3 Shaft serves as the primary production shaft for personnel, materials, and ore at the Galena Complex. The modernization program is a cornerstone of the Company's previously announced growth capital program and represents a significant step toward increasing mining rates, improving operating efficiency, reducing operational risk, and unlocking the long-term value of both the Galena and Crescent mines.
The Company also reports that earlier this month a minor electrical fire was identified and rapidly contained at its Galena Mine in Idaho, USA. The incident resulted in no injury to staff or significant damage to mine infrastructure. The electrical fire was an isolated incident and was the result of a short circuit in a ventilation fan on the 4900 Level of the mine. Galena has since resumed normal operations, with the exception of the 4900 Level, which is undergoing additional precautionary safety audits and evaluation for any necessary repairs to the ventilation infrastructure in the area. In addition, a regional wildfire occurred last week near the Company's Crescent Mine and has since been fully extinguished. There was no damage at the mine site, however the fire prevented mine personnel from accessing the mine for approximately two days due to regional and Company safety mandates. Crews have since resumed normal development activities.
Paul Andre Huet, Chairman and CEO, commented: "First and foremost, I am thrilled that all our personnel are safe and that our safety protocols and systems were followed after an isolated electrical fire caused by a short circuit in a ventilation fan. I am proud that our crews performed in such a professional manner and utilized their extensive mine rescue training to quickly and safely deal with a situation of this nature. The professionalism of the response by our Galena team is no surprise to me: just last month, the Galena Mine Rescue Team ranked first overall at the nationally recognized Central Mine Rescue Competition, held in Juneau, Alaska. The safety of our people will always be our highest priority, and I was very pleased to see that our mine rescue team was quickly deployed and confirmed that the situation was isolated and fully contained.
The Galena Mine resumed normal operations immediately following containment of the situation, apart from the 4900 Level, where mining activities remain paused while a full assessment of the situation and any necessary repairs are completed. This necessary assessment will delay mining activities in some of our higher-grade stopes on the 4900 Level into early Q3, however we do not anticipate any impact on our full-year 2026 production guidance as a result of this incident. At Crescent, the regional wildfire was extinguished over the course of two days and access to our development work at the mine quickly resumed thereafter. With both interruptions behind us, we look forward to a productive second half of 2026 as we maintain our full year guidance for the year with production continuing to be second half weighted."
Mr. Huet continued, "The No. 3 Shaft is the backbone of the Galena Complex, and these upgrades represent one of the most important infrastructure investments we have made to-date to support the next phase of growth. Through increasing total hoisting capacity by approximately 150%, expanding skip payloads by 40%, and significantly improving shaft reliability, we have materially de-risked our growth plans and created the infrastructure necessary to support higher mining rates at the Galena mine. Our crews worked around the clock for 28 days to complete the Phase 2 upgrade project, which included additional maintenance opportunities that were identified and addressed to set the mine up for success in the second half of the year."
Galena No. 3 Shaft Upgrades
The Phase 1 and Phase 2 upgrades to the No. 3 Shaft have increased hoisting capacity from approximately 42 short tons per hour ("stph") to as high as 105 stph during recent operating periods (a 150% increase over historical capacity), with 85 stph achieved on a regular basis.
Phase 2 upgrades focused on installing a new braking system capable of safely supporting the higher hoisting speeds enabled by the motor upgraded previously in Phase 1. The work was extended by an additional two weeks over the 14-day planned shutdown period and included all required mechanical, electrical, and control-system modifications necessary to safely operate at higher throughput rates. Following commissioning, the upgraded system achieved average hoisting rates exceeding 85 stph over a 15-day operating period, representing an increase of more than 100% compared to historical performance. Final optimization of the shaft, expected to maintain hoisting rates at the designed 105 stph, will include:
- Adjustments to guide alignment
- Installation of new and lighter cages and skips increasing ore payload capacity
- Optimization of shaft schedules as throughput rates increase
- Optimize load measuring in skips to ensure maximum payload
- Upgrade in-shaft communication network (Leaky Feeder and Fiber Optics) for future automation
None of this work will require additional downtime to the shaft as the work will be performed during planned weekly downtime periods. Phase 2 capital expenditures totaled approximately US$1.1 million, representing a highly capital-efficient investment that materially expands hoisting capacity and supports future production growth.
As previously reported (see Americas news releases dated September 16, 2025 and April 27, 2026), AGS completed the Phase 1 upgrades in the first quarter of 2026 to increase skipping capacity from 5 tons to 7 tons, a 40% increase in payload per trip, while the installation of a new 2,250-horsepower hoist motor increased available hoisting power by approximately 29%. The Company has secured and installed an additional hoist motor as a critical spare, significantly improving operational reliability and reducing downtime risk.
The upgraded No. 3 shaft is expected to provide approximately 1,350 tons per day of total hoisting capacity. This increased capacity is designed to support planned ore production rates averaging approximately 650 tons per day (a ~50% increase) by the end of 2026 while providing the operational flexibility necessary to support future production growth across the broader Galena Complex.
About Americas Gold and Silver Corporation
Americas Gold & Silver is a rapidly growing North American mining company producing silver, copper, and antimony from high-grade operations in the U.S. & Mexico. In Dec. 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 at ~14%. This unitized Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In Dec. 2025, Americas acquired the fully permitted, past-producing Crescent Silver Mine (9 mi from Galena), creating significant potential future synergies through shared infrastructure & processing. Americas also owns & operates the Cosalá Ops. in 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:
Miranda Powell
Manager, Communications
M: +1-775-771-8832
E: ir@americas-gold.com
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 progress, timelines, and benefits of the #3 Shaft upgrades at the Galena Complex, including increased hoisting capacity and operational efficiencies, 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: 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.