Americas Gold and Silver to acquire Idaho mine for $65m
TSX- and NYSE America-listed Americas Gold and Silver on Thursday announced the acquisition of Crescent Silver, owner of the Crescent mine in Idaho’s Silver Valley, for a total of $65-million.
The deal includes $20-million in cash and about 11.1-million Americas shares, valued at $45-million based on a price of $4 a share. The company also announced a $65-million bought-deal financing led by Canaccord Genuity and BMO Capital Markets to fund the purchase and initial capital investments.
Americas Gold and Silver said its largest shareholder, Eric Sprott, will participate in the financing, alongside other institutional investors.
Located just 14 km from the Galena complex, Crescent is a fully permitted past-producing mine with a historical resource of 3.8-million ounces of silver in the measured and indicated category and 19.1-million ounces inferred. Based on a 2015 preliminary economic assessment, the mine could produce 1.4-million to 1.6-million ounces of silver a year.
Crescent operated between 1917 and 1981 and includes existing infrastructure such as power, access roads and processing facilities.
CEO Paul Andre Huet said the acquisition would “capitalise on spare milling capacity at Galena and Coeur” and provide a “pathway to supplement feed to the Galena mill by mid-2026”.
He added that the deal would also expand the company’s antimony exposure, with both Crescent and Galena processing tetrahedrite ore containing silver, copper, and antimony.
Sprott described the acquisition as a “rational consolidation” that leverages the strength of Americas Gold and Silver’s team in Idaho’s Silver Valley.
The company said it would undertake a $3.5-million drilling campaign at Crescent in 2026 to explore underdeveloped zones and potential mine extensions.
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