Americas Gold and Silver Corp. (USA:TSX; USAS:NYSE American) has reported high-grade silver-copper-lead-antimony (Ag-Cu-Pb-Sb) drill results from its largest exploration and mineral resource conversion program to date at the Galena Complex, which includes the producing Galena Mine, the Coeur Mine (being prepared for restart), and the adjacent Crescent Mine, according to a September 18 release.
One standout intercept from the 2026 campaign reached 7,123 g/t silver, 3.24% copper, and 1.81% antimony over 0.4 meters in a previously unprojected area. This result, along with several other strong intercepts, was not included in the 2025 Mineral Resource and Reserve statement and therefore represents potential upside to future mine planning.
Why These Results Matter for Investors Right Now
The new high-grade silver-copper-antimony intercepts demonstrate that systematic drilling near existing infrastructure can still deliver meaningful resource growth. Because the intercepts sit close to current workings, any additions to the mine plan could be brought into production faster than greenfield discoveries.
The program also continues to confirm the company's position as the only current U.S. antimony producer.
Company Advantage and Unique Position
Americas Gold and Silver Corporation is a North American precious metals producer with a roughly 50-year operating history at its flagship Galena Complex in Idaho's Silver Valley, which has produced more than 240 million ounces of silver to date alongside significant lead, copper, and antimony byproducts, according to the company's website. The complex spans nearly 9,000 hectares and includes three active shafts, more than 55 miles of underground workings, and two processing mills.
Antimony has become an increasingly central part of that story. Much of Galena's ore is tetrahedrite, a silver-copper-antimony sulfosalt mineral, and in September 2025, the company achieved a breakthrough extraction rate above 99% from its silver-antimony-copper concentrate, a result that helped antimony shift from a penalty byproduct to a payable one under a renegotiated offtake agreement starting January 2026.
In February 2026, Americas signed a definitive joint venture with United States Antimony Corporation (51% Americas, 49% US Antimony) to build and operate a dedicated antimony processing facility at Galena, aiming to create a fully domestic, "mine-to-finished product" antimony supply chain and bolster U.S. critical-mineral security.
Key Assets, Projects, and Next Catalysts
On the operating 49 level, hole 49-817 discovered a new vein grading 1,061 grams per tonne (g/t) Ag, 0.7% Cu, and 0.6% Sb over 1.2 meters. At the 9 Vein, hole 24-407 returned 7,123 g/t Ag, 3.24% Cu, and 1.81% Sb over 0.4 meters in an area without previous vein projections.
At Coeur, drilling continues to expand the 520 Vein system, which has grown from its 2025 discovery to roughly 200 meters along strike and 200 meters vertically, remaining open in all directions. At Crescent, results from the first 12 of 45 holes drilled so far have identified two new veins near Alhambra. Hole SF-002 intersected 1,109.5 g/t Ag and 0.3% Cu over 1.1 meters, while SF-003 returned 939.3 g/t Ag and 0.1% Cu over 0.8 meters.
Americas launched a roughly 64,000-meter drill campaign across Galena, the recently acquired Crescent Mine, and its Cosal operations in Mexico in 2026, the largest in company history.
Broader Sector Timing and Market Backdrop
Silver traded around US$66.35 early Monday in Asia as investors weighed developments affecting Middle East oil supplies alongside the outlook for U.S. interest rates, reported Sagar Dua for FX Street on September 21. The metal held steady as oil prices extended their decline amid rising expectations for possible U.S.-Iran diplomatic engagement.
Antimony is a critical mineral used to harden lead in ammunition and armor-piercing rounds, act as a flame retardant, and support battery and semiconductor manufacturing applications where substitution is technically difficult or economically impractical, according to Strategic Metals Invest. China has long dominated global antimony refining, and its export controls sent prices soaring roughly 2,600% at their peak, OilPrice.com noted. Fastmarkets data cited by Geopolitical Monitor shows prices climbing from an annual average of US$5.49 per pound in 2023 to an all-time record of about US$27.10 per pound on July 4, 2025.
Prices have since retreated as flame-retardant buyers thrifted and substituted at elevated levels and new supply emerged, falling to around US$14.50 per pound by mid-2026, according to Crux Investor.
Streetwise Ownership Overview*
Americas Gold and Silver Corp. (USA:TSX;USAS:NYSEAMERICAN)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 08/26/25 | USAS:NYSEAMERICAN | 10 | USAS:NYSEAMERICAN | 4 |
| 08/26/25 | USA:TSX | 2.5 | USA:TSX | 1 |
| 09/11/19 | USAS:NYSEAMERICAN | 1 | USAS:NYSEAMERICAN | 1 |
| 12/28/16 | USA:TSX | 12 | USA:TSX | 1 |
| 02/08/16 | SPM:TSX | 1 | USA:TSX | 1 |
| 10/30/02 | USAT:NYSEAMERICAN | 1 | USAS:NYSEAMERICAN | 1 |
But defense demand has stayed comparatively steady. Western governments have responded with direct funding: the U.S. Defense Logistics Agency awarded a sole-source contract worth up to US$245 million for antimony metal destined for the National Defense Stockpile, and the Department of Defense has committed more than US$59 million to Idaho's Stibnite Gold project to help rebuild domestic supply, per Expert Market Research.
Views and Valuation Context
According to the Crux Investor's James Byrne on April 17, Galena's tetrahedrite mineralization carries antimony at roughly a 0.7-to-1 ratio relative to copper, meaning antimony output should scale alongside silver production as these newly identified zones are incorporated into the mine plan.
In the September 16 edition of Peter Krauth's Silver Stock Investor newsletter, he called the company's TSX30 inclusion "impressive." "The company delivered a remarkable 477% share-price increase for the period ended June 30, 2026, while adding approximately CA$2.2 billion in market capitalization on the TSX," Krauth noted.
In terms of other coverage, according to MarketBeat, H.C. Wainwright analyst Heiko Ihle gave the company a Buy rating on August 19, 2026. However, Ihle lowered his price target from US$9.75 to US$9.25.
MarketBeat also noted that Zacks Research shared its thoughts on August 14, 2026, downgrading the company from a Hold to a Sell.
Share Structure and Near-Term Events1
About 42% of the company is held by institutions, about 14% by strategic investor and mining financier Eric Sprott, and about 5% by insiders and management. The rest is retail.
Its market cap is CA$2.45 billion with 337.97 million shares outstanding. It trades in a 52-week range of CA$3.73 to CA$14.14.
Key Investor Takeaways
- The 2026 drill program has returned multiple high-grade silver-copper-antimony intercepts not yet reflected in the 2025 resource model.
- Americas is the only current U.S. antimony producer and has formed a joint venture to build a domestic processing facility.
- The 520 Vein at Coeur has expanded to 200 m strike by 200 m vertical and remains open.
- Inclusion in the 2026 TSX30 highlights the three-year share-price performance of 477%.
- Antimony prices have retreated from 2025 peaks, but defense demand remains steady, supporting long-term supply-chain initiatives.
Common Questions from Investors
What were the standout intercepts? Hole 24-407 returned 7,123 g/t silver over 0.4 m at the 9 Vein; hole 49-817 returned 1,061 g/t silver over 1.2 m on the 49 level.
How does the drilling affect the existing resource? None of the reported results were included in the 2025 Mineral Resource and Reserve statement, providing potential upside to future mine plans.
Why is antimony production important? Americas achieved >99% antimony extraction in 2025 and formed a joint venture in February 2026 to create a fully domestic antimony supply chain.
What recognition has the company received? Inclusion in the 2026 TSX30 after a 477% three-year share-price gain and roughly CA$2.2 billion in market-cap growth.
The company continues to advance its multi-asset growth strategy across silver and critical minerals while maintaining a disciplined approach to capital allocation.
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Important Disclosures:
- Jordan Nova wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
