Core Insights - The article discusses the strategic initiatives of Locksley Resources Ltd. to establish a fully integrated "Mine to Market" supply chain for antimony in the U.S. [1][9] Industry Overview - Antimony has been designated as a critical mineral by the U.S. Department of the Interior due to its importance in national security and various economic sectors, with significant supply chain risks due to reliance on imports from China and Russia [4] - The global antimony market is projected to reach USD 4.38 billion by 2035, with a CAGR of 6.0% from a valuation of USD 2.45 billion in 2025 [5][6] Company Developments - Locksley Resources is advancing the Mojave Project in California, focusing on antimony and rare earth elements, and is implementing a mine-to-market strategy to reestablish domestic supply chains [9][25] - The company has initiated the engineering partner selection process for a pilot plant design, engaging with Tier 1 U.S. service providers as part of its accelerated development program [11][12] - A recent capital raise secured approximately A$17 million, indicating strong investor confidence in Locksley's strategy [14][16] - The appointment of Stacy Newstead to the advisory board enhances Locksley's engagement with U.S. partners and access to federal programs supporting domestic critical mineral supply chains [19][20] Technical Progress - Locksley has achieved a concentrate grade of 68.1% Sb and is conducting metallurgical optimization work to support project planning [13][25] - The company has established an exploration target at the Desert Antimony Mine (DAM) containing between 19,400 to 67,000 tons of antimony metal, with recent bulk sampling showing high head grades of 7.6% to 7.8% Sb [27][28]

Core Viewpoint - Americas Gold and Silver Corporation has successfully completed the acquisition of Crescent Silver, LLC, which owns the Crescent Mine in Idaho, enhancing its operational capabilities and resource base in the region [1][2]. Acquisition Details - The acquisition consideration includes US$20 million in cash and approximately 11.1 million common shares of Americas [2]. - The Crescent Mine is strategically located just 9 miles from the Galena Complex, allowing for operational synergies [3]. Operational Strategy - The company plans to restart the Crescent Mine, which is a fully permitted past-producing mine, to provide a high-grade source of feed for the Galena Complex mills [3]. - The mineralized material at Crescent is similar to that at Galena, containing high-grade silver and potential by-products such as antimony and copper, aligning with the company's strategy to maximize production value across metals [3]. Financial Position - The company recently completed a US$132 million over-subscribed bought deal financing, which positions it well for the anticipated capital investments needed to advance Crescent into production [4]. - The company is fully funded for its growth plans and will continue its aggressive exploration drilling program across both the Crescent and Galena assets [4]. Historical Resource Information - The Crescent Mine has produced over 25 million ounces of silver at an average grade of 26 opt (891 g/t) from 1917 to 1981 [6]. - The property hosts a historical Measured and Indicated resource of 3.8 million ounces and an Inferred Resource of 19.1 million ounces [6][9]. - The 2015 Preliminary Economic Assessment (PEA) projected a production of approximately 15 million ounces of silver and 5.8 million pounds of copper over an 11-year mine life, with an average annual production of 1.4 million ounces of silver and 0.5 million pounds of copper [11]. Company Overview - Americas Gold and Silver Corporation is a growing North American mining company focused on producing silver, copper, and antimony from high-grade operations in the U.S. and Mexico [13]. - The company aims to be a leading North American silver producer and a key source of U.S.-produced antimony, with significant ownership in the Galena Complex and Cosalá Operations [13].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid capacity and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, which is nearly one-third of its market capitalization, providing it with a strong financial foundation [8] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity compared to its peers [10] Market Trends - The company is strategically aligned with several market trends, including the onshoring boom driven by tariffs, a surge in U.S. LNG exports, and a unique position in nuclear energy [14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related companies [12] Future Outlook - The potential for significant returns is emphasized, with projections suggesting a possible 100% return within 12 to 24 months for investors who act now [15] - The company is positioned to capitalize on the disruption caused by AI, which is reshaping traditional industries and creating new investment opportunities [11]

Core Points - Americas Gold and Silver Corporation has successfully closed a bought deal private placement financing, raising US$132.25 million through the issuance of 33,062,500 common shares at US$4.00 per share [1][2][3] - The net proceeds from this financing will be utilized for the acquisition of Crescent Silver, LLC, which owns the Crescent Mine in Idaho, as well as for capital expenditures and working capital at the mine [2][3] - The company anticipates closing the acquisition soon and is fully funded for upcoming capital investments to advance Crescent towards production [3][4] Financing Details - The offering was led by Canaccord Genuity Corp. and BMO Capital Markets, and included the full exercise of the underwriters' option [1] - Eric Sprott, the largest shareholder of the company, purchased 900,000 shares as part of the offering, which is classified as a related party transaction [4] - The shares are subject to a statutory hold period of four months and one day from the closing date [5] Operational Updates - The company plans to pause production for 21 days in December to facilitate a major upgrade at the Galena mine, which is ahead of schedule [3] - A new non-restrictive 5-year multi-metal offtake agreement has been established with Ocean Partners for the treatment of Galena's concentrates [7] - The company aims to enhance production capabilities at both Galena and Crescent, with aggressive exploration drilling planned [3][7]

Core Viewpoint - Americas Gold and Silver is acquiring Crescent Silver for $65 million to enhance its operations in the Silver Valley region, leveraging synergies with its existing Galena complex [1][2]. Acquisition Details - The acquisition includes $20 million in cash and 11.1 million common shares at a deemed price of $4.00 per share, with a total market capitalization of $1.1 billion for the company [9][10]. - The deal is expected to be financed through an equity offering of 16.25 million shares, raising $65 million [9]. Production and Resource Potential - The Crescent mine has the potential to add 1.4 to 1.6 million ounces of silver production annually, based on a preliminary economic assessment from 2015 [6]. - The mine previously produced over 25 million ounces of silver at an average grade of 891 grams per tonne from 1917 to 1981, and currently hosts 3.8 million ounces of historical resources in the measured and indicated category, plus 19.1 million ounces inferred [3][6]. Strategic Synergies - The acquisition is seen as a synergistic opportunity, allowing the company to utilize spare milling capacity at its Galena and Coeur mills [2][4]. - The company aims to fast-track Crescent into its production profile, leveraging its operational team in the Silver Valley [5][7]. Exploration Potential - Only 5% of Crescent's landholding has been explored, indicating significant exploration potential, with only two veins targeted for production so far [8]. - Further exploration could enhance Galena's antimony resource alongside silver production [8]. Industry Context - Galena is one of North America's largest underground silver mines, having produced over 240 million ounces of silver, with peak production exceeding 5 million ounces annually in the early 2000s [11]. - The Silver Valley district is known for its rich deposits of silver, lead, zinc, and copper, with notable operations in the area [11][12].

Core Viewpoint - Americas Gold and Silver Corporation has increased the size of its private placement offering to US$115 million due to strong investor demand, which will consist of 28,750,000 common shares priced at US$4.00 each [2][3]. Group 1: Offering Details - The company has granted underwriters an option to purchase an additional 4,312,500 common shares at the same price, potentially raising an additional US$17.25 million [3]. - The net proceeds from the offering will be allocated towards funding the cash portion of an acquisition, capital expenditures, and working capital at the Crescent Mine, as well as general corporate purposes [4]. - The offering is expected to close around December 3, 2025, subject to regulatory approvals and other conditions [5]. Group 2: Company Background - Americas Gold and Silver is a growing North American mining company focused on producing silver, copper, and antimony from high-grade operations in the U.S. and Mexico [7]. - The company fully acquired the Galena Complex in December 2024, establishing it as a key U.S. silver asset and the leading active antimony-producing mine in the nation [7]. - With Eric Sprott as the largest shareholder, the company is well-funded for growth, having secured a C$50 million deal and a US$100 million term loan [7].

Core Viewpoint - Americas Gold and Silver Corporation has successfully increased the size of its private placement offering to US$115 million due to strong investor demand, which will support its acquisition and operational needs [2][4]. Group 1: Offering Details - The offering consists of 28,750,000 common shares priced at US$4.00 each, with an option for underwriters to purchase an additional 4,312,500 shares for up to US$17.25 million [2][3]. - The anticipated closing date for the offering is around December 3, 2025, pending regulatory approvals [5]. Group 2: Use of Proceeds - Net proceeds from the offering will be allocated to fund the cash portion of an acquisition, capital expenditures, and working capital at the Crescent Mine, as well as general corporate purposes [4]. Group 3: Company Background - Americas Gold and Silver is a growing North American mining company focused on silver, copper, and antimony production from high-grade operations in the U.S. and Mexico [7]. - The company recently took full ownership of the Galena Complex, enhancing its position as a leading U.S. silver and antimony producer [7].

Summary of Americas Gold and Silver Conference Call Company Overview - **Company**: Americas Gold and Silver (NYSEAM:USAS) - **Event**: Crescent Silver Acquisition Conference Call - **Date**: November 13, 2025 Key Points Industry and Acquisition Details - The acquisition involves the **Crescent Mine**, located in **Idaho Silver Valley**, just **9 miles** from the **Galena mill** [4][8] - The mine has a **high-grade silver-copper resource** of approximately **23 million ounces**, grading **655 grams per tonne** [5][10] - The acquisition is valued at approximately **$65 million**, consisting of **$20 million in cash** and **11.1 million common shares** of Americas Gold and Silver [6] Strategic Importance - The acquisition is described as **highly strategic**, providing immediate mill feed to the Galena mill and enhancing operational synergies [4][9] - The Crescent Mine is fully permitted and can restart operations quickly, with production expected to begin as soon as **mid-2026** [5][6] Financial and Operational Synergies - The Galena complex has a milling capacity of **1,500 short tons per day**, with current utilization at just under **410 short tons per day** [12][13] - The acquisition will allow the company to utilize **spare milling capacity**, which is currently underutilized, to process ore from Crescent [12][14] - The management team is confident that the Crescent Mine can contribute significantly to the company's growth, potentially reaching **2 million ounces per year** in production [22][29] Mining Methods and Infrastructure - The Crescent Mine will employ **long-hole stoping**, a method that has been successful at Galena [18][30] - The mine has three adits (Countess, Big Creek, and Hooper) that will be connected to facilitate efficient ore movement [28][30] - The company plans to implement infrastructure improvements, including **Alimak raises**, to enhance access and production capabilities [28][29] Exploration Potential - There is significant exploration upside, with only **5% of the private land** drilled, indicating potential for resource expansion [29] - The management team is optimistic about extending the existing veins and increasing grades through further drilling [20][29] Market Context - The company is positioned in a favorable market for silver, copper, and antimony, with plans to capitalize on these commodities [36] - The management emphasizes the importance of the acquisition in the context of the current strong silver market [36] Closing Remarks - The management expresses excitement about the future growth trajectory of Americas Gold and Silver following the acquisition [36] - The call concludes with gratitude towards shareholders and stakeholders for their support [36][37]

Core Points - Americas Gold and Silver Corporation has entered into a binding purchase agreement to acquire 100% of Crescent Silver, LLC for approximately US$65 million [2][22] - The acquisition includes US$20 million in cash and approximately 11.1 million common shares valued at US$45 million based on a deemed price of US$4.00 per share [3][22] - The acquisition is expected to close on or about December 3, 2025, subject to regulatory approvals [23][26] Transaction Highlights - The Crescent Mine is strategically located in Idaho's Silver Valley, near the Galena Complex, and is expected to enhance Americas' production capabilities [5][8] - The mine has a historical mineral resource estimate of 3.8 million ounces in the Measured and Indicated category and 19.1 million ounces in the Inferred category [5][13] - The mine has the potential to add 1.4-1.6 million ounces of silver production annually based on a 2015 Preliminary Economic Assessment [5][20] Financing Details - To fund the cash portion of the acquisition, the company has arranged a concurrent equity financing for gross proceeds of US$65 million through a "bought deal" private placement [4][24] - The financing has attracted interest from key institutional investors, including Eric Sprott, the company's largest shareholder [25][26] Operational Synergies - The acquisition is expected to create immediate synergies due to the proximity of the Crescent Mine to the Galena Complex, allowing for efficient processing of high-grade mineralized material [5][8] - The Crescent Mine is fully permitted and has existing infrastructure, which will facilitate a smooth transition into production [9][10] Exploration Potential - Less than 5% of Crescent's landholding has been explored, indicating significant exploration potential [6][11] - The company plans to initiate a US$3.5 million drill program in 2026 to test multiple targets, aiming for long-term success [11][12]

Revenue Performance - Total revenue for the three-month period ended September 30, 2025, was $30,596,000, representing a 37% increase from $22,326,000 in the same period of 2024[3]. - For the nine-month period ended September 30, 2025, total revenue reached $81,070,000, up 6% from $76,391,000 in 2024[3]. - The company reported total sales revenue of $19,372,000 for the three-month period ended September 30, 2025, compared to $27,837,000 in 2024, reflecting a decrease of approximately 30%[62]. - The Cosalá Operations segment generated revenue of $13,099 for the three-month period ended September 30, 2025, compared to $12,699 in the same period of 2024, an increase of 3.2%[88]. - The Galena Complex segment reported revenue of $17,497 for the three-month period ended September 30, 2025, up from $9,627 in the same period of 2024, a growth of 81.5%[88]. - For the nine-month period ended September 30, 2025, total revenue was $81,070,000, an increase of 6% compared to $76,391,000 for the same period in 2024[89]. Net Loss and Earnings - The net loss for the three months ended September 30, 2025, was $15,708,000, compared to a net loss of $16,159,000 in the same period of 2024[3]. - The net loss for the nine months ended September 30, 2025, was $49,729,000, an increase from $36,319,000 in 2024[3]. - The company reported a basic and diluted loss per share of $0.06 for the three months ended September 30, 2025, compared to $0.13 in 2024[3]. - For the nine-month period ended September 30, 2025, the net loss was $49,729,000 compared to a net loss of $36,319,000 for the same period in 2024, representing an increase of approximately 37% in losses[7]. - Net income for the three-month period ended September 30, 2025, was $2,083, compared to a net loss of $15,708 in the same period of 2024, marking a significant turnaround[88]. Cash and Liquidity - Cash and cash equivalents increased to $39,100,000 as of September 30, 2025, from $20,002,000 at the end of 2024[2]. - Cash and cash equivalents at the end of the period were $39,100,000, up from $7,215,000 at the end of September 2024, indicating a significant increase in liquidity[7]. - As of September 30, 2025, the company reported a working capital deficit of $6.5 million, with cash and cash equivalents totaling $39.1 million[12]. - The company's liquidity requirements are met through various sources, including cash generated from operations, credit facilities, and debt and equity capital markets[71]. - As of September 30, 2025, cash and cash equivalents increased to $39,100, up from $20,002 as of December 31, 2024, representing a growth of 95.5%[85]. Assets and Liabilities - Total assets grew to $234,702,000 as of September 30, 2025, compared to $192,640,000 at the end of 2024[2]. - Total liabilities increased to $184,487,000 as of September 30, 2025, from $139,191,000 at the end of 2024[2]. - The company reported a total liability of $184,487 as of September 30, 2025, compared to $139,191 as of December 31, 2024, an increase of 32.5%[88]. - The company's total financial liabilities as of September 30, 2025 amount to $225.8 million, with trade and other payables constituting $30.7 million[72]. Capital Expenditures and Investments - Expenditures on property, plant, and equipment were $28,762,000 for the nine-month period ended September 30, 2025, compared to $13,575,000 in 2024, indicating a significant increase in capital investment[7]. - The company completed the acquisition of the remaining 40% non-controlling interests in the Galena Complex on December 19, 2024, and raised gross proceeds of $50 million CAD (approximately $35.1 million USD) through a private placement[13]. - The Company issued 68 million common shares and paid $10 million in cash to acquire the remaining 40% non-controlling interests of the Galena Complex[46]. Shareholder Equity and Stock Options - Share capital rose to $615,904,000 as of September 30, 2025, up from $573,532,000 at the end of 2024[2]. - The Company’s stock options increased to 9,103 thousand with a weighted average exercise price of $1.42 CAD as of September 30, 2025[50]. - The weighted average number of common shares outstanding for the three months ended September 30, 2025, was 271,451,602, compared to 105,053,467 in the same period of 2024[3]. - The basic weighted average number of shares outstanding for the nine-month period ended September 30, 2025, was 260,988,191, compared to 98,314,006 in 2024[59]. Exploration and Operational Costs - The company incurred exploration costs of $3,907,000 for the nine-month period, compared to $2,848,000 in 2024, representing a 37% increase[89]. - Corporate general and administrative expenses were $18,521,000 for the nine-month period, significantly higher than $5,036,000 in 2024[89]. Financial Instruments and Risks - The company recognized a net gain of $3.6 million on derivative instruments during the nine-month period ended September 30, 2025, compared to a loss of $0.6 million in the same period of 2024[81]. - The company is subject to interest rate risk with various financial instruments linked to the 3-month U.S. SOFR rate plus varying margins[75]. - The company has silver put options for 60,000 ounces per month at a strike price of $29 per ounce, valued at a total cost of $0.3 million at inception[82]. Tax and Regulatory Obligations - The company accrued a probable obligation of $1,000,000 related to a tax reassessment as of September 30, 2025, consistent with the previous year[92]. - The estimated average annual income tax rate for the nine-month period ended September 30, 2025, was 26.5%[67].