Interview with Paul Andre Huet, CEO, and Oliver Turner, EVP of Corporate Development, Americas Gold & Silver Corp.
Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-targets-1000-tpd-capacity-aims-for-5moz-annual-silver-10282
Recording date: 22nd Sept 2026
Americas Gold and Silver (TSX:USA | NYSE American:USAS) used a year of investment to remove physical limits at its Galena Complex in Idaho, and management now wants the market to focus on delivery. Chairman and CEO Paul Andre Huet said the Galena shaft could hoist about 650 tons a day when the current team arrived 18 months ago. After two phases of upgrades at about $7 million of capital, it can now hoist safely at more than 1,400 tons a day.
The mining method is changing alongside the hoist. Huet said Galena has completed its 19th long hole stope, each about one metre wide. A stope that would take 14 months with jack legs takes 28 days, without diluting the grade. The target is a mine that is 70% long hole. The main outstanding item is a paste fill plant, because sand fill currently takes 14 to 16 days per stope. The mill, at about 750 tons a day is the next limit, with a 1,200 tons a day target by the end of 2026.
Production is the near-term test. The company produced 1.45 million ounces of silver in the first half, against 2026 guidance of 3.2 million to 3.6 million ounces. Reaching the low end requires about 1.75 million ounces in the second half. First-half all-in sustaining cost was $36.92 per ounce.
Cosalá in Mexico is the second growth leg. Oliver Turner, Executive Vice President, Corporate Development, said EC120 has a seven-year mine life and generates strong margins from near-surface mining. He said the company spent $3 million to $5 million on exploration there this year after essentially no spending since 2019. Turner cited recent intercepts of about 650 grams per tonne over more than 20 metres and 14 metres at 400 grams per tonne, roughly 30 metres from resource. A third mill is being tied in to process 2,000 tons a day at about 90% recovery, up from about 80% to 82%.
Crescent and antimony add further options. Management said mining at Crescent is planned for next year, once a second exit is completed and infill drilling firms up the resource. Test lots returned mid-90% recoveries in the Galena mill. The company does not treat the 2015 historical resource as current. Huet said antimony has moved from a penalty metal to a paid by-product, and that the United States needs about 50 million pounds a year. Commercial terms for a processing hub with US Antimony have not been disclosed.
Valuation is where Turner made the case for upside. He put the beta to silver at about 1.51 times and silver at over 90% of revenue. He said the shares trade at about 0.55 to 0.65 times NAV, and pointed to silver deals struck near two times NAV. Huet said funding growth from operating cash flow limits dilution. Investors should weigh these views as those of executives with a stake in the outcome.
View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation
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