Americas Gold and Silver has entered into a binding agreement with an affiliate of mining investor Eric Sprott and Paul Andre Huet to acquire the remaining 40% interest in the Galena silver complex in Idaho, consolidating the current joint venture.
Under the terms of the deal, Americas Gold will issue 170 million common shares to the owners of the Sprott affiliate and pay US$10 million cash. It will also provide them with monthly silver deliveries of 18,500 ounces for a period of 36 months starting in or around January 2026.
The acquisition will streamline operational and financial decision making, providing for a focused vision at Galena centered around optimizing and expanding the operation through the utilization of existing infrastructure.
Upon closing of the transaction, which is expected to occur before the end of the year, Paul Andre Huet will be appointed chairman and chief executive officer of Americas Gold and Silver. Darren Blasutti will remain as president.
“I am excited to consolidate the Galena complex and want to thank Mr. Eric Sprott for his partnership in growing Galena to one of the largest, high-grade, silver mines in North America,” said Blasutti.
“I believe Paul Huet is the perfect executive to lead the company during the exciting phase of growth. Mr. Huet has a proven track record as a mining executive having successfully delivered considerable shareholder value in his previous roles at both Karora [Resources] and Klondex [Mines].”
Galena is located within the prolific Silver Valley in Idaho and is one of the largest underground, high-grade, operating silver mines in North America.
Source: Americas Gold and Silver