Skip to main content

Americas Gold and Silver ($USA | $USAS): Silver and Antimony Opportunity in Idaho

Investor TV Apr 14, 2026

Summary

CEO Paul Andre Huet says the turnaround is on track: silver output stepped up 50% and targets a 3.6 million ounce run rate by year end.

Huet reports Galena's measured and indicated resource — the higher-confidence categories — rose 19%, with grades up 21%, past 200 million silver ounces.

Huet describes a US Antimony joint venture that turns previously penalized antimony into revenue, with an Idaho plant backed by price protection.

Don Durrett frames gold and the S&P 500 as a 'final battle' gold will win, urging investors to stay invested and buy dips.

With about $130 million US in cash and no planned equity raise, management says drilling at Galena, Crescent, and Cosala will be funded from operations.

Key points on Coeur Mining

  • Don Durrett says Coeur has nothing in the way of growth, grouping it with the large silver producers that lack a growth pipeline.
  • He still wants to own the no-growth majors like Coeur because he expects them to do extremely well, and names Coeur, with Hecla, as an incumbent that a USAS-Blackrock combination would join as the third big US silver player.

Key points on First Majestic Silver

  • Don Durrett says First Majestic has nothing there as far as silver growth goes, counting it among the top five silver producers without a growth pipeline.

Key points on Fresnillo

  • Don Durrett says Fresnillo has no growth in the pipeline, grouping it with the large silver producers without production growth.
  • He nonetheless includes Fresnillo among the no-growth names he still wants to own because he expects them to do extremely well in the bull market.

Key points on Hecla Mining Company

  • Don Durrett says Hecla has nothing there in terms of growth, counting the top-five silver producers as lacking a growth pipeline.
  • He still wants to own Hecla despite the lack of growth because he expects such majors to do extremely well; he argues a USAS-Blackrock merger would create the third big US silver player alongside Hecla and Coeur.

Key points on Pan American Silver

  • Don Durrett says Pan American Silver has nothing there in terms of growth, grouping the top five silver producers as lacking a growth pipeline.

Key points on Alkane Resources Ltd

  • The host highlights Alkane's balance sheet — substantial cash, zero debt and three producing mines in strong jurisdictions such as Sweden and Australia — arguing it can develop its number-one project without raising roughly $50 million.
  • Don Durrett has owned Alkane a long time and it made his list of about 40 liked producers, but he places it below his elite tier and says it has never been a stock that super-excites him.
  • Durrett still sees 10-bagger potential because its biggest project remains a development project, adding pipeline optionality, while noting it has not been a top performer over the past decade.

Key points on Americas Gold & Silver Corp

  • CEO Paul Huet says company-wide silver production rose 50% in 2025 to 2.5Moz and is stepping up another 30% this year to a 3.6Moz run-rate by Q4 2026, en route to 5Moz and a longer-term target toward 10Moz with Crescent added.
  • Galena's latest resource lifted measured and indicated ounces by 19% with grades up 21%, putting the complex near 200Moz silver, and the company published its first-ever reserve statement with annual August updates promised as drilling scales from 5,000m to 46,000m (3-4 drills to 10).
  • The balance sheet ended 2025 with roughly $130M US (about C$160M) in cash plus a $50M undrawn facility, and management says it will not raise equity this year.
  • Its antimony JV with US Antimony turned a smelter penalty into market-price payment as of January 2026, with a new Idaho plant (51/49 split, roughly $50M cost, USAS putting up $26M) starting construction this year, and government Project Vault price protection seen as upside Huet says the market currently values at zero.
  • The newly acquired Crescent Mine is coming online — drilling starting, ore from drifting now and stoping expected by Q4 2026 once secondary egress is complete — while the main shaft's capacity is being tripled from about 40 to 110 tons per hour.

Key points on Avino Silver & Gold Mines Ltd

  • Don Durrett names Avino, alongside Americas Gold and Silver and Endeavour Silver, as one of the few growing silver producers that excites him, in a sector where the top five have no growth.
  • In his closing recap he counts Avino among the growth names he expects to be the market's big winners, where he anticipates 3-5 baggers on growing producers.

Key points on Denarius Metals

  • The host shares firsthand diligence: he visited Denarius' Colombia site three weeks before the April 6 recording and points to the positive PEA announced March 30-31 — payback of under a year, though modeled at $4,000 gold — with what he calls massive free cash flow the market has not recognized.
  • He notes the 2026 warrant overhang ended April 4, with the next tranche not until October 31, removing near-term selling pressure even as the stock still trades poorly versus peers.
  • Don Durrett suggests Denarius might be both hosts' favorite stock and has launched a 'five-four-three-two-one' contest on his website built on a scenario where a $7,500 investment grows past $1 million.

Key points on Endeavour Silver Corp

  • Don Durrett names Endeavour Silver, with Avino and Americas Gold and Silver, as one of the few growing silver producers that excites him.
  • In his closing recap he again lists Endeavour with Avino among the growth names he expects to be the bull market's big winners.

Key points on Westgold Resources Ltd

  • Paul Huet says his former company Karora was sold for $1.3 billion in a merger with Westgold, with the Beta Hunt mine he grew operationally now one of Westgold's top assets.

Key points on Blackrock Silver

  • Don Durrett pitches a merger of equals with Blackrock Silver — a project with over 100Moz of high-grade silver (he says over roughly 250 g/t) in Nevada, fast-tracked toward production — arguing it would make Americas Gold and Silver the third big US silver player alongside Hecla and Coeur.
  • He notes Blackrock is pivoting from explorer to developer but its team, led by a finance-background CEO, lacks mine-building experience, and says that CEO was open to a deal.
  • Paul Huet responds that it is not a bad idea and that the combination would pair two high-grade silver projects — he puts Galena around 500 g/t — while Durrett adds that Nevada is easy to permit and build.
  • Eric Sprott holds a Blackrock position and participated heavily in Americas Gold and Silver's last financing, which Durrett says sets the two up to discuss the idea.

Don Durrett's takeaways

  • Top takeaway He sets an exit price for Americas Gold and Silver north of $50 a share, calling it a top-20 position as of December 31 that he added to after the last CEO interview, and says it is going dramatically higher over the next 2-3 years.
  • He describes a 'final battle' between the S&P 500 and gold — gold tells the truth and wins while the S&P goes lower — and predicts April 2026 will be messy, with the S&P possibly sliding toward or below 6,000.
  • He expects a slow-motion recession, with the Iran war as a possible trigger, persistent inflation and pressured consumer spending.
  • He argues gold's fundamentals are the strongest ever because Treasuries' risk-free status is being questioned, making gold the only alternative; after buying the last dip at $4,100 gold he is waiting to buy the next dip mid-to-late April, noting silver's crash from $120 to $60 (around $72 at the April 6 recording) still has a long way to retrace.
  • He says only about 15 silver producers have market caps over $100 million and only about five have real growth; he favors undervalued growers and expects 3-5 baggers on producers and 10 baggers on the growth stories.

Lawrence Lepard's takeaways

  • Top takeaway In the closing recap, Don Durrett confirms Lawrence Lepard also owns USAS, alongside both hosts.

Rick Rule's takeaways

  • Top takeaway The host says he was quoted on the front page of Rick Rule's newsletter in October or November arguing that early US critical-minerals funding — billion-dollar announcements — was a joke that would do nothing, before US EXIM's $100 billion and Trump's $12 billion commitments followed.

Eric Sprott's takeaways

  • Top takeaway Paul Huet says he and his team are the company's largest shareholders after Eric Sprott.
  • Sprott participated heavily in the company's last financing, and Don Durrett notes Sprott also holds a position in Blackrock Silver — relevant to the proposed USAS-Blackrock combination.

John Fenwick's takeaways

  • Top takeaway Fenwick argues the bull market is intact — silver has not broken $50 to the downside and gold has not broken $3,800 — and says the war could be the catalyst that finally rotates investors from growth and momentum into tangible assets like gold and silver, a sector he puts at only about 0.1% of the global economy in stocks.
  • He notes that with gold a little over $4,600, no big bank except one has revised its 2026 gold outlook since the war began — Bank of America, Goldman Sachs and JPMorgan are holding estimates — which he reads as a confidence signal.
  • He says mining equities (GDX, GDXJ, HUI) have been among the worst-performing sectors since the war began February 28, after an early-March rug pull left investors confused by choppy trading.
  • On Denarius Metals he shares firsthand diligence: he visited the Colombia site three weeks earlier, points to the positive March 30-31 PEA with under-one-year payback at $4,000 gold, and says the 2026 warrant overhang ended April 4.
  • He says he has followed defense metals such as antimony and tungsten heavily since 2023, was quoted in Rick Rule's newsletter calling US critical-minerals funding a joke, and tallies over $112 billion committed to the space in the four months through the April 6 recording.