Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2025drilling result▲ GoodMajor
Exploration drilling at Galena found what the company believes is a high-grade upper extension of the 149 Vein, with the best hole at 24,913 g/t silver and 16.9% copper over 0.21 m and nearly 120 m of vertical continuity above the current mining level. The 149 Vein is already being mined below this, giving mill feed of 700-950 g/t silver and 0.6-0.7% copper, and is under review for longhole stoping, which continues the Galena growth plan. Separately, the share consolidation took effect: every 2.5 old shares became 1 new share, cutting shares outstanding from about 679.4 million to about 271.7 million, with trading on the new basis from August 26, 2025. The filing says options, warrants and other convertibles are adjusted in proportion, and that non-registered holders need take no action. The consolidation changes the share count and price per share, not the company's assets. Only three holes are reported and antimony results on two are pending, so the extension is not yet a resource.
25 June 2025capital raising announcement▲ GoodMajor
The US$100 million term loan from funds affiliated with SAF Group has closed, and the US$50 million first tranche was advanced; this completes the financing announced on June 3 2025. The two US$25 million tranches remain available only after conditions are met. Terms are as announced earlier: SOFR (4% floor) plus 6%, 60-month maturity, repayments starting a year after closing, and senior security excluding Cosalá (Trafigura first) and Relief Canyon (Sandstorm first). The company also reports a new longhole drill is operating at Galena and that it bought 10 pieces of equipment (seven loaders, three 20-tonne trucks).
The company announced a US$100 million senior secured term loan facility from a third party, mainly for Galena growth spending: US$50M at closing plus two US$25M tranches subject to conditions. The loan carries interest at SOFR (4% floor) plus 6% and matures 60 months after closing. The second extra tranche is SOFR plus 4%. The lender gets senior security over everything except Cosalá (secured first by Trafigura) and Relief Canyon (secured first by Sandstorm). It also signed an offtake deal with Ocean Partners to treat up to 100% of Galena concentrates at Teck's Trail Operations, and Ocean Partners will buy 16.8M shares at C$0.95 (US$11.5M) as a closing condition, expected around June 4, 2025. Funding of the US$50M was expected in June. The company calls the debt 'non-dilutive'. The share price of C$0.95 is well above the C$0.40 paid in the October 2024 placement. This appears to be the new financing alongside the earlier-mentioned debt restructuring, but the filing does not say what happens to the Delbrook debentures.
Drilling at Galena's newly found 034 Vein hit 983 g/t silver over 3.44 m, and the company gives a preliminary exploration target of 100-120k tonnes at 311-467 g/t silver, or 1.2-1.5M silver oz and 750-800k lb copper. The company stresses this is conceptual and not yet a Mineral Resource. The vein is being evaluated for the 2025 mine plan. A drilling contract was awarded for the Coeur Mine, starting early May. New equipment (two 20T trucks and three loaders) has arrived at Galena. Tara Hassan was appointed to the board, bringing it to seven directors (inference from the six listed in Dec 2024).
The company closed the purchase of the remaining 40% of the Galena Complex from a Sprott affiliate, so it now owns all of Galena (the 40% deal the shareholder vote on Dec 17 2024 was about). Sprott-affiliate shareholders received 169,999,998 shares, Americas paid US$10 million cash, and it will deliver 18,500 oz of silver a month for 36 months starting January 2026 to a Sprott affiliate. The 125,000,000 subscription receipts from the C$50M October placement converted into shares, and the company issued 294,999,998 shares in total in the transaction. The board was reconstituted: Paul Huet (Chairman & CEO), Scott Hand (Lead Director) and Peter Goudie join Gordon Pridham, Brad Kipp and Lorie Waisberg, while Alex Davidson, Alan Edwards, Manuel Rivera and Christine Carson retire. Darren Blasutti is now described as President, no longer CEO. Eric Sprott now holds 120,259,849 shares, about 20.3% of the outstanding shares (up from about 0.9%), with 117,441,759 acquired at C$0.52. The CEO refers to an 'anticipated restructuring of our existing debt obligations', with no terms given.
Proxy advisers ISS and Glass Lewis both recommended that shareholders vote for all resolutions tied to the acquisition of the remaining 40% of Galena, ahead of the December 17, 2024 special meeting (proxy cut-off December 13). This is supportive but not the vote result itself, so the approval thread remains open.
The company said it has filed and mailed the meeting materials (information circular dated November 7, 2024) for a special shareholder meeting on December 17, 2024 to vote on the Galena 40% acquisition. Holders of record on November 4, 2024 can vote, and the voting cut-off is December 13, 2024. Because of the Canada Post strike some shareholders may not receive materials in time, so the company points them to SEDAR+ and its proxy solicitor, Carson Proxy Advisors. This is a procedural step on the acquisition thread; no new terms are given.
30 Oct 2024capital raising announcement● NeutralMajor
The company closed the placement, issuing 125,000,000 subscription receipts at C$0.40 for C$50M gross, including the full C$5M underwriters' option. It was co-led by Cormark and TD Securities with a syndicate including Desjardins, Haywood, Canaccord and Eight Capital. Each receipt converts into one common share, without further payment, once the escrow conditions are met, including completion of the Galena 40% acquisition; the money stays in escrow until then. The acquisition is expected to close before year-end, subject to shareholder, TSX and NYSE American approvals. This confirms the financing planned in the earlier filing; if the acquisition goes ahead, the receipts would add 125 million shares to the roughly 211 million outstanding in 2023 plus the March 2024 placement (inference: a large dilution).
10 Oct 2024capital raising announcement● NeutralMajor
The company increased its bought-deal private placement of subscription receipts from C$40M to C$45M (112,500,000 receipts at C$0.40 each), with an option for up to C$5M more. The filing reveals a binding agreement with an affiliate of Eric Sprott and Paul Andre Huet for Americas to acquire the remaining 40% of the Galena Complex, which the company has so far held as a 60% joint venture partner. The money sits in escrow and is released only if the acquisition's conditions and approvals are met; otherwise it is returned if they are not met by February 27, 2025 or the agreement ends. After the acquisition, proceeds are earmarked for Galena growth, the cash payment to Sprott, repaying some existing debt, fees and working capital. Closing is expected around October 30, 2024, subject to TSX and NYSE American approval. New shares at C$0.40 would dilute existing holders; this is a much larger raise than the March 2024 C$0.30 placement (up to C$6.5M).
Q2-2024 attributable silver production was about 0.51 Moz (versus about 0.48 Moz in Q1-2024). Galena produced 560,000 oz on a 100% basis (336,000 oz attributable, up about 80% from 187,000 oz in Q1), which the company calls its highest quarterly output since 2013, helped by the new Upper Country Lead Zone areas that the Q1 report said were due to start in early May. Cosalá fell to about 170,000 oz of silver (from 297,000 oz) as the company mined higher-grade zinc areas. Preliminary cash costs were about $12.40 per silver oz and all-in sustaining costs about $19.60 (versus $20.57 and $30.04 in Q1). The EC120 prepayment financing, expected in Q1 and then Q2-2024, is still not closed: the company has an agreement in principle with a metal trader and now expects to close 'in the next few weeks', with concentrate production targeted for early 2025. The 3700 level development is expected to finish by end of July 2024.
Q1-2024 attributable silver production was about 482,000 oz versus about 500,000 oz in Q1-2023, with Cosalá up (295,000 oz) and Galena down (187,000 oz) because crews focused on development to reach new Upper Country Lead Zone areas, which the company expects to enter production in early May. Jim Currie, a former COO of Equinox Gold, Pretium Resources and New Gold, becomes Chief Operating Officer effective May 6, 2024; this follows Daren Dell, who was COO in the earlier context (the filing does not say why the change was made). The EC120 prepayment financing, expected to close in Q1-2024 in January, has slipped: the company is now in documentation with a metal trader and expects closing in Q2-2024, with silver-copper concentrate production targeted for the beginning of 2025 rather than end of 2024.
The company agreed with an agent, on a best-efforts basis, to a private placement of up to 21,667,000 units at C$0.30 each for up to C$6,500,100, each unit being one share plus one warrant exercisable at C$0.40 for 36 months. Proceeds are for working capital at Cosalá and Galena, to move to more silver-copper ore production, and general costs; closing is expected around March 27, 2024, subject to TSX and NYSE American approvals. New shares at C$0.30 would dilute existing holders, and the price is well below the C$0.80 Delbrook conversion price and C$0.55 repriced warrants in the context. This continues the company's pattern of small financings.
Q4-2023 attributable silver production was about 0.58 Moz, up over 50% from Q4-2022, and full-year 2023 silver was about 2.04 Moz (up 56% from 1.31 Moz), but the company says this was 7% below its original silver guidance, partly because Galena sand-fill cycle issues delayed some silver into early January 2024. This resolves the question of whether 2023 guidance would be met: it was missed (full-year silver-equivalent was 4.6 Moz versus 5.3 Moz in 2022, which the company attributes to price changes). Galena shaft repair is now expected to restart in Q3-2024 with Moran Mining & Tunneling, and the company expects to publish an updated Galena resource and reserve estimate in Q1-2024 (the update due in late Q3 2022 was not seen in this context). The company is also working with metal traders on concentrate prepayment financing for the EC120 project at Cosalá, expected to close in Q1-2024, aiming for silver-copper concentrate production by end of 2024, and reports high-grade Galena drill intercepts.
Q3-2023 attributable silver production was about 0.39 Moz, up 17% from 0.33 Moz in Q3-2022, but silver-equivalent output fell to about 1.0 Moz from 1.3 Moz, which the company attributes to higher silver and lower zinc prices in its calculation. The company now expects to land at the lower end of its unchanged 2023 guidance (silver 2.2-2.6 Moz; silver-equivalent 5.5-6.0 Moz), after a 5-day Galena electrical shutdown for hoist switchgear upgrades and 14 days of lost Cosalá mill time from heavy rain and tailings work. It plans to hire a specialist contractor in November to repair a badly damaged section of the Galena shaft, which continues the shaft-repair thread after the hoist was reported operational in Q2. Separately, to support a contemplated C$2,000,000 increase in the Delbrook debentures, the company agreed to cut the exercise price on Delbrook's 3,500,000 warrants from C$0.80 to C$0.55 (25% above the C$0.44 close on Oct 27, 2023), effective no earlier than Nov 13, 2023; this continues the Delbrook financing thread.
Q2-2023 attributable silver production was about 0.57 Moz, up 92% from Q2-2022 and 15% from Q1-2023; silver-equivalent output was about 1.3 Moz. 2023 guidance is unchanged, and the Galena Hoist is installed and operational as of end of Q2-2023, with shaft repair still needed before final certification; this largely resolves the hoist thread, which was earlier due Q4 2022. The second C$5.0M tranche of the Delbrook debenture closed in early July (C$8.0M total), and board and management bought C$550,000 of shares in a private placement.
The company issued a C$8.0M senior secured convertible debenture to Delbrook Capital subsidiaries (C$3.0M funded now, C$5.0M to follow subject to conditions): 11% interest, matures July 1 2024 (extendable to April 28 2025), convertible at C$0.80 per share subject to TSX approval, plus 3.5M three-year warrants at C$0.80. The existing C$16.3M of debentures will be amended to the same terms, and all are secured by the Galena interest and shares of a Mexican subsidiary; proceeds are for finishing the Galena Hoist and working capital. The C$0.80 conversion price is far below the C$3.35 on the April 2021 debenture, so conversion could dilute shareholders much more (inference: the amendment would presumably apply to the conversion price). Directors were all re-elected at the June 20 2023 meeting, and PwC was reappointed as auditor.
Q1-2023 attributable silver output was about 0.5 Moz, up 66% from Q1-2022, but silver-equivalent output fell about 8% (the table shows 7%) to 1.2 Moz after a 17-day February shutdown of the Cosalá tailings facility for decant tunnel repairs. 2023 guidance is unchanged (5.5-6.0 Moz silver-equivalent; silver 2.2-2.6 Moz), which is slightly below the 5.6-6.0 Moz and 2.4-2.8 Moz silver outlook given in Feb 2022. The Galena Hoist, earlier due Q4 2022, is now expected to be operational by end of Q2-2023, and a Galena employee died in an incident on April 11, 2023, with mining paused two days and an MSHA investigation ongoing.
Galena Complex (60% Americas / 40% Eric Sprott) reported more Phase II drilling results, with about 19,000 m drilled so far and an updated resource estimate expected in late Q3-2022. The JV committee approved buying another underground drill and set a 5-year goal of doubling the silver resource; the company says the Galena Hoist is still on target for Q4-2022 with the 2022 capital budget within 5% of forecast, and forecasts silver production above 2.5 Moz/yr from 2023 and a target to double production by end of 2027 (all company expectations). This continues the Galena recapitalization and exploration thread.
The company gave 2022 guidance of 4.8-5.2 million silver-equivalent oz (silver 1.4-1.8 Moz, cash costs $4.00-5.00/oz, capex $18-21M) and outlooks of 5.6-6.0 Moz for 2023 and 7.0-7.4 Moz for 2024, covering only Cosalá and 60% of Galena. 2021 output was 1.5 million silver-equivalent oz (669,000 oz silver), versus 1.3 million in 2020, with the blockade cited as hurting both years. Relief Canyon is not in the guidance and is described as being re-evaluated, a departure from the earlier 2021 guidance of 90-110koz gold-equivalent; the Galena Hoist is due in Q4 2022.
Cosalá restarted in Q4 2021, and December 2021 saw about 47,000 tonnes milled, roughly 46,000 oz of silver, 3.2 million lb of zinc and 1.3 million lb of lead, with the company reporting free cash flow in the ramp-up period. This resolves the blockade/restart thread from 2020-21. Notably, the company's description now says it is 're-evaluating' Relief Canyon, a change from the earlier ramp-up to full production target of mid-May 2021; the filing gives no reason.
The company signed an agreement with Mexico's Ministries of Economy, Interior and Labour to reopen Cosalá, shut for over 17 months by the blockade, with immediate right to possession and a joint inspection set for that Thursday. This is a major step on the blockade thread, but the restart is not yet done: the company will give a schedule after the inspection. It says it targets higher-grade silver, expects silver output of over 2.5 million ounces a year in the years after restart, and aims for Galena to reach about 5 million ounces a year (all stated as expectations).
The company issued a C$12.5M senior secured convertible debenture at 8% interest, maturing April 28, 2024, convertible into shares at C$3.35 each and secured by its Galena Complex interest (and to be secured by shares of a Mexican subsidiary). The company says the money was raised in anticipation of reopening Cosalá, repaying shorter-term debt, the Relief Canyon ramp-up and working capital; it promises a corporate update with Q1-2021 results by May 15, 2021. New debt secured on Galena adds a claim ahead of shareholders, and conversion could dilute them; TSX approval of the conversion shares is still pending.
29 Jan 2021capital raising announcement● NeutralMajor
The January 2021 bought deal closed: 10,253,128 shares (including a partial exercise of the over-allotment option) were sold at C$3.31 for gross proceeds of C$33,937,854, up from the C$30.0M upsized size. This resolves the pending January offering; shareholders are diluted by the new shares. Proceeds are for Relief Canyon working capital, Galena development and exploration, Cosalá care and maintenance, general costs, and repayment of outstanding debt.
15 Jan 2021capital raising announcement● NeutralMajor
The January 2021 bought deal was upsized from C$25.0M to C$30.0M: 9,063,500 shares at the same C$3.31, with the 15% over-allotment option and the expected January 29, 2021 closing unchanged. Use of proceeds is as before (mine properties and working capital), and shareholders are diluted by more shares than first announced.
15 Jan 2021capital raising announcement● NeutralMajor
The company agreed a new bought-deal offering of 7,552,900 shares at C$3.31 for C$25.0M gross, led by Desjardins, with a 15% over-allotment option and closing expected around January 29, 2021. Proceeds are for exploration, development and improvement of existing mines plus working capital; existing shareholders are diluted. It is the third bought deal in under a year, after May and August 2020.
What it means for a shareholder
7.6m new shares at C$3.31 to raise about C$25.0m. That's 6.0% dilution: every existing holder's slice gets 6.0% smaller. If you held C$1,000 of shares (302 at the issue price), your slice goes from 0.000256% to 0.000241% of the company. To keep it you'd need 19 more shares - about C$63 at the issue price.
Relief Canyon, the Nevada gold mine gained in the 2019 Pershing merger, declared commercial production effective January 11 (the release prints '2020', which appears to be a typo for 2021, inference). This resolves the open question of when commercial production would start; it was guided for before the end of Q2 2020, so it came about seven months later than that. The company cites teething problems, COVID-19 and a failed large radial stacker, and now targets full ramp-up by mid-May 2021.
At Galena (60% Americas / 40% Eric Sprott), drilling hit all three veins at the 'triple point' target (e.g. hole 55-153: 582 g/t silver and 30.7% lead over 2.2 m), and new veins were found at the 360 Complex. The company added a third drill and targets at least another 50 million ounces of silver of resource through June 2021, which continues the recapitalization and exploration push. On Cosalá, the blockade that began in February 2020 is not resolved: access given in August was not maintained, and after irregularities in the September 17 union vote the company says conditions are not present to invest the capital to restart, though it hopes for a near-term resolution. This is a setback for the Cosalá restart thread.
The upsized bought deal closed on September 4, 2020: 10,204,510 shares (including a partial exercise of the over-allotment option) sold at C$3.86 for gross proceeds of C$39,389,409. This resolves the pending August offering, with proceeds earmarked for mine properties including bringing Relief Canyon into commercial production and for working capital; shareholders are diluted by the new shares. The release says the San Felipe option agreement was 'recently completed, subject to closing conditions'.
What it means for a shareholder
10.2m new shares at about C$3.86 to raise about C$39.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held C$1,000 of shares (259 at the issue price), your slice goes from 0.000299% to 0.000268% of the company. To keep it you'd need 31 more shares - about C$120 at the issue price.
18 Aug 2020capital raising announcement● NeutralMajor
The August 2020 bought deal was upsized from C$25.0M to C$35.0M: underwriters (co-led by Desjardins and Cormark) will buy 9,067,400 shares at the same C$3.86, up from 6,477,000. A 15% over-allotment option remains and closing is still expected around September 4, 2020. Proceeds are for mine exploration, development and improvement, including bringing Relief Canyon into commercial production, plus working capital; existing shareholders are diluted by more shares than first announced.
18 Aug 2020capital raising announcement● NeutralMajor
The company agreed a second bought-deal in 2020: 6,477,000 shares at C$3.86 for C$25.0M gross, co-led by Desjardins and Cormark, with a 15% over-allotment option and closing around September 4 2020. Proceeds are for exploration, development and improvement of mine properties, including bringing Relief Canyon into commercial production, plus working capital; existing holders are diluted. The company's boilerplate now says it has completed the outstanding San Felipe option acquisition agreement, subject to closing conditions, which updates the earlier open question on the final option payments.
