Americas Gold and Silver
Primary tickers: TSX:USA:CA, NYSEAmerican:USAS
Stage of development: Exploration, Production
Primary minerals: Silver (80% of revenue), Copper, Zinc, Lead
Project to promote: Galena Complex, Cosalá Operations
Project location: USA, Mexico
Website: americas-gold.com
Americas Gold & Silver is a growing silver-focused mining company with its primary operating silver mine, Galena, located in Idaho, USA. In December 2024, new management led by Paul Huet (Chairman & CEO, former CEO of Karora Resources – sold for $1.3B – and Klondex Mines – sold for $800M) and Oliver Turner (EVP Corp. Dev.) took over the company, consolidating 100% ownership of the Galena Mine from Eric Sprott (now a 20%+ shareholder of USA). The company concurrently raised $50M and is in the process of recapitalizing its primary asset and returning the mine, with a large resource over 77 Moz Ag in M&I, to historical silver production levels. The company is also a significant producer of antimony and copper at its Galena mine.
The technical team behind the turnaround has accomplished this twice before at Karora and Klondex. The company also owns and operates the Cosalá mine in Mexico which is one quarter away from entering the high grade EC120 zone.
The “new” AGS aims to be one of the top 5 silver producers in North America.
Cash: CAD20M
Debt: CAD89M
Major shareholders:
Eric Sprott – 20%+
Merk Investments – 11%+
NewGen Asset Management
Paul Huet – 3%+
Delbrook Capital Advisors
Management ownership – 10%
Financials
Management Profile
Paul Huet – Chairman & CEO
With 35+ years of senior leadership and mining experience, Paul has held prominent roles including Chairman & CEO of Karora Resources (TSX: KRR), which merged with Westgold Resources (ASX: WGX), and President & CEO of Klondex Mines (TSX: KDX), acquired by Hecla Mining (TSX: HL). He was also the founding Chairman of Arizona Sonoran Copper Company (TSX:ASCU) and is an alumnus of Haileybury School of Mines and Stanford Business School.
Oliver Turner – EVP Corporate Development
With 15+ years of senior leadership, capital markets, and mining experience, Oliver has held key roles at Karora Resources, GMP Securities, and Wardrop Engineering (now Tetra Tech). At Karora, he was EVP, Corporate Development prior to its 2024 merger with Westgold. At GMP he was SVP, Mining Equity Research. A co-founder of Invert Inc., a $100M carbon reduction company, he holds a Mining Engineering degree from Queen’s, studied at London Business School & is a CFA charterholder with the ICD.D designation.
What is your rationale for taking part in 121 Mining Investment?
We are looking to meet institutional investors and for on-market support.
What recent news would you like to highlight to investors attending?
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Evaluate productivity rates and implement ‘low hanging fruit’ improvements.
6 Months:
Complete trade-off study to evaluate potential pathways to 1,100+ tpd of ore. Optimize hoist schedules and shift schedules to improve efficiency, productivity & safety. Review existing equipment fleet, upgrade LHDs, haul trucks & jumbos. Complete evaluation & optimization review of backfill system. Infill drilling to increase confidence of the next three to five years of mine plan. Review and update Mineral Resource estimates. Surface exploration drilling – tremendous potential for new discoveries across underexplored surface patent ground in historic silver district.
12 Months:
Be at 80% of revenue coming from silver.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Negative metal price movement.
What do you think makes your company such a compelling investment?
We are set up for a perfect turnaround story, doing what we do best and what the team has already done in the past with Karora (sold for $1.3B) and Klondex (sold for $800M).
What are the top 3 key investor takeaways?
1. Pureplay silver exposure with 80% of future revenue from silver.
2. Increasing production profile and decreasing costs.
3. Proven team with a strong track record of delivery.