Americas Gold & Silver (TSX:USA) - Silver & Antimony Restart Funded to Production

Interview with Paul Huet, CEO & Oliver Turner, Corporate Development, Americas Gold & Silver

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-push-to-restore-historic-galena-mine-7106

Recording date: 8th September 2025

Americas Gold & Silver Corporation is experiencing a dramatic operational renaissance under CEO Paul Huet's leadership, successfully implementing longhole mining techniques at its century-old Galena mine in Idaho for the first time in two decades. This achievement represents the cornerstone of a comprehensive transformation strategy that has already delivered significant productivity improvements and positioned the company for substantial growth.

The company has secured $100 million in debt financing to fund critical infrastructure upgrades, primarily focused on expanding shaft capacity from the current 700 tons per day to over 1,800 tons per day. This more than doubling of capacity addresses a fundamental bottleneck that has constrained operations for 20 years. The two-phase upgrade program is reportedly ahead of schedule, with completion expected by year-end, enabling access to higher-grade ore zones and more efficient waste management.

A major value driver involves monetizing previously penalized metals through new offtake agreements beginning January 2026. Americas Gold & Silver operates the only producing antimony mine in the United States, positioning it uniquely following China's export restrictions in late 2024. Historical data reveals the magnitude of this opportunity: over 20 years, Galena produced nearly 20 million pounds of antimony that generated penalties rather than payments, representing approximately $500 million in foregone value at current prices.

Galena mine operates with exceptionally high silver grades, mining over 400 grams per ton in a global market where fewer than five operations achieve similar grades. Recent exploration results have identified zones with grades significantly higher than current mining areas, including intercepts of 24,913 grams per ton, demonstrating substantial upside potential through selective mining techniques.

The company has undergone significant restructuring, with institutional ownership increasing from 7% to 63% since management's takeover. A 2.5-to-1 share consolidation improved market accessibility, while inclusion in major silver ETFs created additional institutional demand. Management targets crossing 2 million silver ounces annually from current levels of 1.3-1.4 million, with long-term potential to restore Galena's former 5+ million ounce capacity. The strategic focus on operational excellence over speculative expansion creates multiple value drivers converging toward significant cash flow generation at current commodity prices.

Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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