Americas Gold & Silver - Research Report
Turnaround momentum supported by higher silver and zinc prices
Tickers: TSX: USA | NYSE American: USAS
Headquarters: Toronto, Ontario, Canada
1. Executive Summary
Americas Gold & Silver (USAS) is entering a pivotal stage. After years of uneven results and financial strain, the company has reshaped itself into a focused silver producer. Its future is now tied to two core assets; the Galena Complex in Idaho and Cosalá/EC120 in Mexico; while the Relief Canyon mine in Nevada remains on care & maintenance, ensuring management’s attention is fully on silver growth.
The investment case rests on two execution priorities:
EC120 ramp-up: moving from test concentrate sales to full commercial production by the end of 2025, increasing silver output and improving copper revenues.
Galena upgrades: mine improvements focused on lowering costs, raising output, and unlocking extra value from antimony recovery (>90% recovery confirmed in testing).
Financial flexibility has been reinforced. A $100M term loan ($50M drawn) secures growth funding, while the recent 1-for-2.5 share consolidation reset the capital structure, reducing shares outstanding to ~272M.
Yet valuation remains depressed. USAS trades at only 0.3–0.4× NAV and under 4× EV/EBITDA, compared to peers at 0.7–1.0× NAV and 6–7× EV/EBITDA. The market has not priced in EC120’s commercial start, Galena’s cost improvements, or the potential contribution from antimony.