Americas Gold and Silver (USA) Mining Forum Europe 2026 summary

Strategic turnaround and operational improvements

• New management team took over in late 2024/early 2025, focusing on diagnosing and fixing asset challenges, injecting capital, and scaling operations for full potential.

• Strengthened balance sheet through multiple financings, resulting in a strong cash balance of $130 million.

• Prior experience includes successful turnarounds at Klondex Mines and Karora Resources, scaling production and achieving significant exits.

• Consolidated and recapitalized the primary asset, Galena Complex in Idaho, and added the Crescent Mine in late 2025.

• 2026 consolidated production and cost guidance released, targeting 30% year-over-year growth and reduced costs.

Galena Complex: Production, upgrades, and exploration

• Galena Complex has a rich history, with mining since 1893 and record production of 5.2 million ounces at 700 g/ton in 2002.

• Achieved highest silver grades in 20 years in 2025, producing 473 g/ton and ranking among the highest-grade silver mines globally.

• Major infrastructure upgrades: doubled hoisting capacity, injected new underground equipment, and upgraded shafts, aiming to triple hoisting capacity for $8 million.

• Transitioning mining method from underhand cut and fill to long hole stoping, significantly boosting productivity and maintaining mining width.

• Largest exploration budget in asset history ($20 million for 2026), with major discoveries in the 34, 149, and 520 veins, expanding resource potential.

Resource growth and byproduct strategy

• Inaugural resource update showed a 19% increase in M&I ounces and 20% increase in grade, with 190 million ounces at 500 g/ton.

• Silver-copper resource now exceeds 90 million ounces at over 700 g/ton, matching historic high-grade production.

• Focus on transitioning to high-grade silver-copper veins and leveraging both down-plunge and up-depth exploration potential.

• Byproduct credits from antimony and copper now maximized through a new joint venture with U.S. Antimony and an on-site leaching facility.