Americas Gold and Silver Corporation announced the closing of its previously announced US$100 million senior secured debt facility with funds affiliated with SAF Group. This Term Loan Facility consists of an initial US$50 million advanced at closing, with two additional US$25 million tranches available upon satisfying certain conditions.
The debt financing is primarily designated to fund growth and development capital spending at the Galena Complex, supporting plans to increase development rates, tonnage mined, and reduce unit costs. The company has already mobilized a new longhole drill at Galena, actively drilling longhole stoping areas, a method expected to improve safety, productivity, and lower costs.
Americas Gold and Silver has also bolstered its underground mining fleet with the acquisition of 10 new pieces of equipment, including seven loaders and three 20-tonne haul trucks. This expanded fleet will support the anticipated productivity gains and reduced unit costs as increased longhole stoping is implemented, reinforcing the company's aggressive growth strategy at Galena.
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