Americas Gold & Silver Corporation (TSX: USA) is a growing precious metals and antimony mining company with multiple assets in North America. Americas Gold and Silver delivered a significant boost in silver output during the third quarter of 2025, underscoring the company’s operational progress. Consolidated silver production reached 765,000 ounces, marking a 98% increase year-over-year compared to 386,000 ounces in Q3 2024, and an 11% sequential increase from 689,000 ounces in Q2 2025. The robust performance came despite a planned 10-day shutdown to complete Phase 1 upgrades to the Galena No. 3 Shaft—an initiative expected to enhance long-term mining efficiency.
Operational Efficiency at the Galena Complex
The Galena Complex continues to be the cornerstone of the company’s production growth. Efficiency improvements throughout 2025 included higher underground development rates, the reintroduction of long hole stoping, and ongoing replacement and upgrades to the underground mining fleet. Enhanced skipping capacity on the No. 3 Shaft further supported the production gains. In addition to silver, the site also produced 447,466 pounds of antimony and 615,817 pounds of copper year-to-date, reflecting the polymetallic strength of the Galena ore body. The company highlighted a strong Sb:Cu correlation ratio of 0.73, reinforcing the predictability and strategic value of Galena’s high-grade silver-copper-antimony mineralization.
Growth at Cosalá Operations
At the Cosalá Operations in Mexico, Americas Gold and Silver continued its transition into the higher-grade EC120 zone, further boosting consolidated silver production. The combined impact of improved efficiency at Galena and the ramp-up of higher-grade ore in Mexico provides a solid foundation for sustained production and margin expansion heading into 2026.
Desjardins analyst Allison Carson has initiated coverage on Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) with a Buy rating and a C$6 price target, citing the company’s strong management team, operational turnaround, and multiple catalysts expected to drive growth into 2026. Carson believes that the company’s ongoing optimization of its core assets, particularly the Galena Complex in Idaho, positions Americas Gold and Silver for a continued share price re-rating over the coming year.
Stock Recommendation:
As of September 30, 2025, the company reported a cash balance of US$39 million, down from US$62 million at the end of Q2 2025. The reduction primarily reflects planned capital investments to support the company’s growth initiatives, consistent with its strategic capital deployment plan.
With operational momentum building, Desjardins’ Buy rating underscores confidence in Americas Gold and Silver’s turnaround story, supported by strong production growth, asset optimization, and a clear pathway to enhanced profitability. We give a “Speculative Buy” rating at the closing price of CAD 5.24 per share as on 6th November 2025.
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