Americas Gold and Silver Corporation (USAS): History, Ownership, Mission, How It Works & Makes Money

Americas Gold and Silver Corporation (USAS) is currently navigating a significant operational pivot, but is the market truly appreciating the speed of their turnaround? Their Q3 2025 results show consolidated silver production surging to 765,000 ounces, a massive 98% year-over-year increase, driving a 37% rise in revenue to $30.6 million; still, the company reported a net loss of $15.7 million for the quarter, leaving investors to weigh growth against persistent profitability challenges. You need to understand how they plan to hit their goal of generating over 80% of revenue from silver by the end of 2025, especially since they also operate the only mine producing raw antimony in the United States, a critical material. We'll break down the history, the business model, and the strategic moves-like securing the $100 million term loan-that are defintely setting the stage for their next phase of growth.

Americas Gold and Silver Corporation (USAS) History

You're looking to understand the real story behind Americas Gold and Silver Corporation, not just the ticker symbol USAS. The company you see today is a relatively new entity, born from a strategic merger, but its operational roots run deep in North American silver and gold mining.

The core takeaway is that the current Americas Gold and Silver Corporation was formally established in 2019, but a critical, near-term transformation-fueled by a new management team and a massive capital injection in 2025-has fundamentally repositioned the company as a high-grade silver and critical-metal producer.

Given Company's Founding Timeline

The company's history is a classic case of consolidation in the junior mining space. While a predecessor company, Colonial Coal Mines Ltd., dates back to 1927, the current corporate structure and name are the result of combining two distinct precious metals players.

Year established

The current entity, Americas Gold and Silver Corporation, was established in May 2019.

Original location

The merged entity established its corporate headquarters in Toronto, Ontario, Canada.

Founding team members

The initial post-merger leadership was a blend of the predecessor companies, with Darren Blasutti continuing as President and CEO from Americas Silver Corporation. However, the leadership that drove the 2025 turnaround is the most relevant now, led by Chairman and CEO Paul Andre Huet, who took the helm in late 2024.

Initial capital/funding

The 2019 formation was an all-stock merger between Americas Silver Corporation and Pershing Gold Corporation, meaning the initial capital was the combined balance sheets and operational cash flow of the two entities. The real financial pivot came later, which you can read more about in Breaking Down Americas Gold and Silver Corporation (USAS) Financial Health: Key Insights for Investors.

Given Company's Evolution Milestones

Looking at the timeline, you can see the clear shift from a pure silver focus to a diversified metals strategy, and then the sharp pivot in 2024-2025 to re-focus on high-grade silver and antimony (a critical metal). This is where the story gets interesting.

Given Company's Transformative Moments

The biggest shift wasn't the 2019 merger, but the turnaround initiated in late 2024 and executed through 2025. This was a defintely necessary, sharp course correction that injected both capital and operational expertise.

The new management team, led by Paul Andre Huet, took over a struggling company and immediately enacted three transformative decisions:

• Galena Consolidation and Recapitalization: The company increased its ownership of the Galena Complex to 100% in December 2024, aligning shareholder interests and attracting legendary mining investor Eric Sprott, who became the largest shareholder with a ~20% interest.
• Massive Capital Injection: They secured a C$50 million bought deal financing and a US$100 million term loan in the first half of 2025. This was followed by an upsized US$115 million bought deal private placement in November 2025, fully funding the company's near-term growth plans.
• Strategic Pivot to Critical Metals: The team began to monetize the antimony content at Galena, which is hosted in the same ore as the high-grade silver. This made Americas Gold and Silver the only active U.S. antimony producer, unlocking a new revenue stream from a critical metal without additional capital investment.

This focus is already showing results: Q2 2025 consolidated silver production hit 689,000 ounces, a 54% quarter-over-quarter increase, and the company's cash and cash equivalents balance stood at $61.7 million as of June 30, 2025. The goal is clear: become a top North American silver producer, aiming for over 80% of revenue from silver by the end of 2025.

Americas Gold and Silver Corporation (USAS) Ownership Structure

Americas Gold and Silver Corporation is controlled by a mix of institutional funds and a single, highly influential strategic investor, with a significant portion of shares held by individual investors, which is common for a growth-focused precious metals producer.

This structure gives the company both the stability of institutional backing and the strategic guidance of its largest shareholder, Eric Sprott, who holds a crucial approximate 20% stake and has been instrumental in the company's recent recapitalization and focus on silver assets.

Given Company's Current Status

Americas Gold and Silver Corporation is a publicly traded company, listed on both the Toronto Stock Exchange (TSX: USA) and the NYSE American (USAS). This dual listing provides liquidity and access to capital markets in both the US and Canada, which is vital for funding its North American mining operations.

As of November 2025, the company's stock price was around $3.87 per share, reflecting a substantial increase of over 400% from the prior year, a clear sign the market is buying into the strategic shift and operational turnaround led by the new management team.

In the first half of 2025, the company significantly bolstered its balance sheet, securing a $100 million senior secured term loan facility to fund development, with the first $50 million tranche received in June 2025. This cash injection is a key enabler for their goal of generating over 80% of revenue from silver by the end of 2025.

You can dive deeper into the market's reaction to this strategic shift here: Exploring Americas Gold and Silver Corporation (USAS) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The company's ownership is fragmented, meaning no single entity holds a majority, but institutional investors collectively hold the largest block. This breakdown, based on the largest holdings, shows where the core decision-making influence lies-primarily with funds and strategic individual investors.

The single most important shareholder is Eric Sprott, a legendary mining financier, who holds an approximate 20% interest, providing a strong strategic anchor and institutional validation for the management team's plans. That's a defintely powerful endorsement.

Given Company's Leadership

The company's strategy is steered by an experienced leadership team, largely put in place to execute the turnaround plan and consolidate the company's silver assets. This executive team is focused on operational excellence and unlocking value from the Galena Complex and Cosalá Operations.

• Paul Andre Huet (Chairman and CEO): Appointed CEO in November 2024 and Chairman in December 2024, Huet is the architect of the current strategy, bringing a track record of successful operational turnarounds and exits in the mining sector.
• Focus on Technical Expertise: Huet's priority has been to rebuild the foundation by installing a strong, experienced technical team to maximize the potential of the high-grade silver assets.
• Board Strengthening: The Board of Directors was reinforced in 2025 with the appointment of Shirley In't Veld, who brings extensive experience in the mining and energy sectors, further strengthening governance.

The leadership's immediate action has been to execute a comprehensive recapitalization and operational overhaul, which has led to Q2 2025 consolidated silver production increasing to 689,000 ounces, a 54% jump from the previous quarter. Their next step is clear: continue the operational ramp-up at Galena and the EC120 project in Mexico to meet the 80% silver revenue target by year-end 2025.

Americas Gold and Silver Corporation (USAS) Mission and Values

Americas Gold and Silver Corporation centers its operations on profitable growth in precious metals, but it's defintely anchored by a deep commitment to responsible mining and stakeholder well-being. This dual focus ensures that maximizing shareholder returns doesn't come at the expense of its people or the environment.

Americas Gold and Silver Corporation's Core Purpose

You're looking for what truly drives the company beyond the quarterly earnings call, and that comes down to a clear, two-part mandate: disciplined growth and unwavering responsibility.

Official mission statement

The company's formal mission is to profitably expand its precious metals production through the development of its own projects and consolidation of complimentary projects. Crucially, they commit to doing this in a responsible manner and with the highest commitment to the safety and wellbeing of their employees, the environment, and the communities they operate in.

Here's the quick math on that commitment: In Q3 2025, the company reported a strong increase in consolidated silver production to 765,000 ounces, a 98% jump year-over-year, which shows the growth part is working. The safety and responsibility part is the foundation for that growth.

• Profitably expand precious metals production through development and consolidation.
• Operate responsibly with the highest commitment to safety and well-being.
• Focus on employees, the environment, and local communities.

Vision statement

The company's vision is a clear roadmap: solidify their position as a dominant North American silver producer while simultaneously becoming a critical domestic supplier of antimony. They are focused on becoming one of the top North American silver-focused producers with an objective of generating over 80% of their revenue from silver by the end of 2025.

This vision is backed by concrete actions, like the Galena Complex being America's only producing antimony mine today. Plus, they are fully funded to execute their growth plans, having closed a US$100 million Term Loan Facility in June 2025. This is how you map vision to capital deployment. You can dive deeper into the financial mechanics here: Breaking Down Americas Gold and Silver Corporation (USAS) Financial Health: Key Insights for Investors

• Become a leading North American silver producer.
• Be a key source of U.S.-produced antimony.
• Drive operational excellence and consistent value creation.

Core Values: Responsible Mining Priorities

Their values are not abstract; they are framed as four operational priorities that drive their approach to responsible mining. They understand that the right to operate (the social license) is earned by delivering positive impacts to all stakeholders, not just investors.

For example, Health and Safety is their top priority, striving for zero fatalities and zero lost-time incidents. This isn't just a poster on the wall; it's a system of checks and balances with strict disciplinary action for violations.

• Our People: Investing in employees and their families.
• Health and Safety: Striving for zero fatalities and lost-time incidents.
• Environmental Stewardship: Managing risks and opportunities responsibly.
• Community Involvement: Delivering positive impacts to local stakeholders.

Americas Gold and Silver Corporation slogan/tagline

While they don't use a catchy jingle, the company's investor-facing descriptor is a clear statement of their market position and strategic focus. It cuts straight to the value proposition.

• TOP-TIER SILVER & ANTIMONY PLAY

This phrase encapsulates their strategy: high-grade silver operations in the Americas, plus the unique strategic value of being the only active U.S. antimony producer. This dual focus is what makes the stock a specific play in the metals market.

Americas Gold and Silver Corporation (USAS) How It Works

Americas Gold and Silver Corporation operates by acquiring, developing, and operating precious and base metal mines in North America, primarily focusing on silver production to meet industrial and investment demand. The company is currently executing a strategic turnaround to maximize output from its high-grade silver and critical mineral assets, driving significant production increases in 2025.

Americas Gold and Silver Corporation's Product/Service Portfolio

The company's value comes from mining and selling metal concentrates derived from its two key operating complexes: the Galena Complex in Idaho, USA, and the Cosalá Operations in Sinaloa, Mexico. This portfolio is strategically shifting to emphasize high-margin silver and critical metals like antimony.

Americas Gold and Silver Corporation's Operational Framework

The operational framework is a capital-intensive, multi-mine strategy centered on a major revitalization plan to unlock dormant value and increase high-margin production. The goal is to become a top-tier North American silver producer, aiming for over 80% of revenue from silver by year-end 2025.

Here's the quick math: Q3 2025 consolidated silver production hit 765,000 ounces, a 98% year-over-year increase, so the ramp-up is defintely working.

• Galena Complex Modernization: Implemented Phase 1 upgrades to the No. 3 Shaft, which doubled hoisting capacity and delivered a 100% productivity improvement.
• Mining Method Shift: Transitioning from labor-intensive jackleg drilling to more efficient, safer long-hole stoping at Galena to increase daily tonnage.
• EC120 Project Development: Focused capital deployment to bring the high-grade EC120 silver-copper zone at Cosalá into full commercial production by the end of 2025.
• Capital Fortification: Secured a $100 million senior secured term loan facility, with $50 million remaining undrawn as of September 30, 2025, to fund growth initiatives.

This operational focus is the engine that converts mineral resources into marketable concentrates, a critical step toward maximizing returns for shareholders. You can read more about the company's core principles here: Mission Statement, Vision, & Core Values of Americas Gold and Silver Corporation (USAS).

Americas Gold and Silver Corporation's Strategic Advantages

The company's competitive edge is a combination of strategic asset location, unique mineral exposure, and a proven management team focused on operational excellence.

• US Antimony Dominance: The Galena Complex is the only producing antimony mine in the United States, a strategic advantage given antimony's designation as a critical mineral for national defense and its high recovery rates of over 90%.
• High Silver Leverage: With a resource base of over 150 million ounces of silver and a target of over 80% silver revenue, the company offers one of the highest exposures to silver in the North American mining sector.
• Turnaround Expertise: The current management team has a strong track record of successfully revitalizing struggling mines, leveraging operational expertise to increase production and lower costs, as seen with the 98% Q3 2025 silver production surge.
• Geographic Diversification: Operating in two stable North American mining jurisdictions (Idaho, USA, and Sinaloa, Mexico) mitigates single-region political or operational risk.

Americas Gold and Silver Corporation (USAS) How It Makes Money

Americas Gold and Silver Corporation primarily makes money by mining and selling silver, which is their core focus, supplemented by revenue from base metal by-products like lead, zinc, copper, and antimony.

The company is executing a strategic shift to maximize silver exposure, aiming for over 80% of total revenue to come from silver by the end of 2025, a goal they had already surpassed in the second quarter of 2025.

Americas Gold and Silver Corporation's Revenue Breakdown

Based on the latest Q3 2025 results, Americas Gold and Silver Corporation reported consolidated revenue of $30.6 million, a 37% increase year-over-year. The revenue streams reflect the company's transition to higher-grade silver-copper zones, shifting the mix away from zinc and lead.

Here's the quick math: with Q3 2025 revenue at $30.6 million, the estimated silver-derived revenue is approximately $25.1 million, based on the Q2 2025 concentration. The remaining $5.5 million comes from the sale of base metal concentrates. The increasing trend for silver is defintely tied to a 98% year-over-year increase in silver production in Q3 2025.

Business Economics

The company operates on the fundamental economics of a polymetallic miner, meaning they extract multiple metals from the same ore body, which lowers the effective cost of silver production through by-product credits.

• Pricing Strategy: Revenue is directly tied to global commodity prices for silver, gold, lead, zinc, copper, and antimony, which are set by the market. They use forward contracts (metals-based liabilities) to manage price volatility, but this can also lead to non-cash losses when precious metal prices rise, as seen in Q2 2025.
• By-product Credit: The sale of base metals (zinc, lead, copper, antimony) provides a credit that reduces the overall cash cost of producing an ounce of silver. For example, the transition at Cosalá Operations to the higher-grade silver-copper EC120 Project has temporarily reduced zinc and lead by-product credits, which is why cash costs per silver ounce rose substantially to $24.11 in Q3 2025.
• Strategic Antimony Value: Americas Gold and Silver Corporation is the sole primary antimony producer in the United States, a critical mineral for national security. This unique position is a key economic differentiator, especially after renegotiating an offtake agreement in June 2025 to convert antimony from a penalty to a payable component, unlocking a new revenue stream.
• Cost Control: The goal is to lower unit costs by increasing production volume. The Phase 1 upgrade of the Galena No. 3 Shaft, completed ahead of schedule in Q3 2025, delivered a 100% productivity improvement, which is a direct action to reduce operating costs per ounce.

You can find more on their long-term strategy in the Mission Statement, Vision, & Core Values of Americas Gold and Silver Corporation (USAS).

Americas Gold and Silver Corporation's Financial Performance

As of the third quarter of 2025, the company shows strong top-line revenue growth and a positive shift in operational earnings, even while managing heavy capital investment for future growth.

• Total Revenue and Nine-Month Sales: Consolidated revenue for Q3 2025 hit $30.6 million. For the nine months ended September 30, 2025, total sales reached $81.07 million.
• Operational Profitability: The company achieved a positive Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $1.9 million in Q3 2025, a significant turnaround from a loss in the prior year quarter.
• Net Loss: Despite operational improvements, the company reported a net loss of $15.7 million for Q3 2025, due to factors like higher capital spending for strategic investments at Galena and non-cash items.
• Cost Metrics: All-in Sustaining Costs (AISC) for Q3 2025 were $30.06 per silver ounce produced, while cash costs averaged $24.11 per silver ounce produced.
• Liquidity: The cash and cash equivalents balance was $39.1 million as of September 30, 2025, with an additional $50 million remaining undrawn on their existing credit facility, providing capital for continued development.

The bottom line is that while the company is still reporting a net loss, the positive Adjusted EBITDA and massive silver production increase show the underlying business engine is gaining momentum. You need to watch the AISC trend; as production volumes rise, those unit costs should fall.

Americas Gold and Silver Corporation (USAS) Market Position & Future Outlook

Americas Gold and Silver Corporation is at a critical inflection point, transitioning from a mid-tier producer with high operating costs to a focused North American silver and critical minerals play. The company's strategy hinges on a substantial production ramp-up, aiming for over 80% of its revenue from silver by the end of 2025, a significant pivot from its more diversified past.

You're looking at a classic turnaround story: strong operational growth-Q3 2025 consolidated silver production hit 765,000 ounces-but persistent financial headwinds, including a Q3 2025 net loss of $15.7 million. The recent acquisition of the Crescent Mine for US$65 million and the upsized US$115 million capital raise show institutional belief in the growth plan, but execution is defintely everything here.

Competitive Landscape

Americas Gold and Silver competes in the North American silver mining sector, but its unique position as the only active antimony producer in the US gives it a strategic edge in the critical minerals space. Relative to its larger, silver-focused peers, Americas Gold and Silver is currently a smaller-scale operation, though it is one of the few with a clear path to major production growth in the US Silver Valley.

Here's the quick math: Based on 2025 production guidance for this peer group (Americas Gold and Silver at an estimated 3.0 million ounces, First Majestic Silver at 15.3 million ounces, and MAG Silver at 15.7 million ounces), Americas Gold and Silver represents about 8.8% of this key North American-focused silver output. That's why the 5+ million ounce target at Galena is so crucial to its market standing.

Opportunities & Challenges

The company has clear, near-term opportunities tied to its strategic assets, but these are balanced by operational and cost-related risks, especially as it invests heavily in its mines. The market is giving them a valuation discount, trading at approximately 0.7-0.8x Net Asset Value (NAV) compared to the peer average near 1.5-2.0x NAV. That discount is the opportunity if they execute.

Industry Position

Americas Gold and Silver is positioned as a high-growth, silver-focused junior producer with a strategic critical mineral kicker.

• Critical Mineral Status: The Galena Complex is the only active antimony mine in the US, producing 447,466 pounds year-to-date in 2025. This aligns the company with US government initiatives on domestic critical mineral supply chains.
• Growth Trajectory: The company is in an aggressive capital deployment phase, evidenced by the $100 million debt financing in June 2025 and the Crescent acquisition, which is intended to fill spare mill capacity with high-grade ore.
• Valuation: The stock currently trades at a notable discount to its peer group, which suggests a potential for multiple expansion (re-rating) as the production targets are met and costs come down.

The success of the transition into the higher-grade EC120 zone at Cosalá and the full integration of the Crescent Mine are the two operational levers that will determine if the company can shed its high-cost reputation and truly become a top North American silver producer. You can dig deeper into the institutional confidence driving the recent capital raise here: Exploring Americas Gold and Silver Corporation (USAS) Investor Profile: Who's Buying and Why?