Americas Gold & Silver (TSX:USA) - New USA Critical Minerals Hub to Be Built

Why It Matters

The deal creates a fully domestic antimony supply chain, strengthening U.S. strategic mineral independence and delivering a high‑margin revenue stream for shareholders.

Key Takeaways

• JV creates domestic antimony supply chain.
• $50M plant funded 51/49 split.
• Potential $50‑70M revenue over two years.
• Antimony price $15/lb, zero marginal cost.
• Federal funding sought under Project Vault.

Pulse Analysis

The United States is intensifying its focus on critical minerals, and antimony—essential for flame retardants, alloys, and emerging battery chemistries—has risen to the top of the strategic agenda. By locating the processing facility at the Galena Complex, Americas Gold & Silver taps into existing infrastructure while aligning with the federal Project Vault program, which earmarks billions to secure domestic sources of essential materials. This alignment not only mitigates geopolitical supply risks but also positions the venture to benefit from potential tax incentives and expedited permitting that accompany government‑backed projects.

Financially, the joint venture is a textbook case of value capture. Americas produced 561,000 pounds of antimony in 2025 at effectively zero marginal cost, yet its prior offtake contracts limited earnings to a fraction of market rates. The new plant, costing roughly $50 million and split proportionally between the partners, will enable the company to sell the raw antimony at full $15‑per‑pound prices and retain 51% of downstream processing profits. Analysts estimate this structure could generate $50‑70 million in incremental cash flow over the next two years, dramatically enhancing the company’s earnings profile without requiring additional mining capital.

For investors, the initiative signals a dual‑track growth strategy: continued silver expansion paired with a high‑margin, domestically secured antimony business. The partnership also dovetails with broader U.S. policy aimed at reducing reliance on foreign mineral imports, potentially unlocking further federal support and long‑term demand from defense and technology sectors. As Americas transitions to higher‑grade tetrahedrite ore, production volumes are expected to rise, amplifying the upside of the JV and reinforcing the company’s position as a leading North American critical minerals producer.

Original Description

Interview with Paul Huet, Chairman & CEO of Americas Gold & Silver (TSXV:USA)

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-executing-on-growth-strategy-across-idaho-silver-complex-9036

Recording date: 11th February 2026

Americas Gold & Silver Corporation (NYSE American: USAS | TSX: USA) has signed a definitive joint venture agreement with United States Antimony (NYSE American: UAMY) to construct and operate an antimony processing facility at its Galena Complex in Idaho’s Silver Valley. The deal is designed to solve a specific economic problem: Americas is already the largest antimony producer in the United States, but under its existing offtake arrangements, the company receives only a fraction of the prevailing market price for the antimony contained in its silver concentrate. CEO Paul Huet estimates this leaves $50–$70 million on the table over the next two years at current prices.

The JV creates a vertically integrated, fully domestic antimony supply chain from mine to finished product. Americas holds 51% ownership and provides the feed material and permitted site. US Antimony holds 49% and contributes its processing technology, construction expertise, and existing Department of War supply agreements reportedly worth $245 million. The facility is estimated to cost approximately $50 million, with capital split proportionally, and both companies have submitted a joint white paper seeking federal funding under the Trump administration’s $12 billion Project Vault critical minerals initiative.

For investors, the value proposition is straightforward. Americas produced 561,000 pounds of antimony in 2025 as a by-product of silver mining, meaning its marginal cost of antimony production is effectively zero. Once the facility is operational, the company will receive full market-price payments for its feedstock plus 51% of downstream processing profits. With antimony prices at approximately $15 per pound, government stockpiling initiatives providing demand visibility, and production volumes expected to grow as Americas transitions to mining higher-grade tetrahedrite ore, the JV represents a potentially significant new revenue stream layered on top of the company’s core silver growth strategy.

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Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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