Americas Gold, United States Antimony sign JV deal

Executive Summary

• Americas Gold and Silver Corp. has entered into a definitive joint venture agreement with United States Antimony to construct and operate an antimony processing plant in Idaho's Silver Valley.
• The joint venture is structured as 51% owned by Americas and 49% by United States Antimony, aiming to create a vertical, U.S.-based supply chain for antimony, a critical mineral.
• Americas will contribute the site (Galena complex) and feedstock, while United States Antimony provides technical expertise and marketing access; the JV will process antimony from Americas' mine at market terms, allowing Americas to capture downstream processing profits.

Key Details

• Ownership Structure: Americas Gold and Silver holds a 51% interest; United States Antimony holds 49%.
• Governance: Managed by a six-member committee (3 representatives from each party). United States Antimony is the operator, but Americas chairs the committee as the majority owner.
• Contributions:
  • Americas: Contributes the site under existing operating permits at the Galena complex in Idaho and supplies antimony feed material mined from the complex on market terms.
  • United States Antimony: Contributes technical expertise in construction/operation and access to its marketing network, including U.S. government contacts.
• Commercial Terms:
  • United States Antimony will purchase the antimony produced by the JV at market terms.
  • Americas will be paid for mined antimony at market terms.
  • Americas captures 51% of the profits from the processing side of the business.
• Timeline and Construction:
  • Construction is expected to take 18 months from the completion of an agreed project budget.
  • Supply agreements must be negotiated within 90 days; failure to do so allows either party to suspend construction.
• Exit/Deadlock Provisions:
  • If deadlock occurs, Americas can trigger a right to buy United States Antimony’s interest at the higher of fair market value or 120% of United States Antimony's capital contributions.
  • United States Antimony can trigger a right to sell its interest to Americas at the greater of fair market value or 100% of United States Antimony's capital contributions.
• Production Context: Americas produced 561,000 pounds of antimony contained in concentrate from the Galena complex in 2025.
• Strategic Alignment: The project aligns with U.S. federal government interests in critical minerals, with paperwork prepared for potential government funding.

Notable Quotes

• Paul Andre Huet, Chairman and CEO, Americas Gold and Silver: "Today's agreement with U.S. Antimony to build an antimony processing facility at the company's Galena complex is a major milestone in unlocking significant value for Americas shareholders... The JV will provide Americas the opportunity to leverage our position as the largest antimony producer in the United States to become a significant player in the downstream antimony market and realize value being left on the table under our current offtake terms..."
• Gary C. Evans, Chairman and CEO, United States Antimony: "With our new innovative, one-of-a-kind processing centre, we believe we will be fast-tracking to further accomplish that mutual goal... Since this project scope directly aligns with the interest and objectives of the various federal government agencies regarding its overall critical mineral objectives, we have already prepared the necessary paperwork for submittal to hopefully achieve government funding."