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Paul Huet, CEO and Chairman of Americas Gold and Silver | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media Jun 4, 2026

Summary

The guest credits a repeatable playbook — consolidate assets, fix management and mining method, restore capital — for two prior companies sold at large gains.

Long-hole stoping (a bulk mining method replacing hand-held jacklegs) cut stope cycles from 12 months to 26 days, the speaker says, without diluting grade.

Heap leaching ore that needs milling — skipping mill capital — plugged the pad and cut recoveries, a failure mode the speaker calls well known.

The CEO reports M&I resources (measured and indicated — the more certain categories) up 19% with grades up 21% since his team arrived.

The CEO says eliminating $85 million of debt — Eric Sprott's silver loan converted to equity plus a retired gold stream — restores balance-sheet strength.

Key points on Hecla Mining Company

  • Huet notes Hecla bought Klondex in 2018 for about $740 million, seven years after Klondex had consolidated struggling Nevada assets worth roughly $40 million.

Key points on Americas Gold & Silver Corp

  • CEO Paul Huet says the company eliminated $85 million of debt in the week before the interview - Eric Sprott converted his entire position into equity and a $40 million Royal Gold gold stream was cleared - leaving it sitting on $100 million.
  • Huet says that in just over 12 months the team has made eight new drill discoveries, grown M&I resources by 19% with grades up 21%, and outlined about 220 million ounces of silver (M&I plus inferred), excluding the newly acquired Crescent mine.
  • Huet says Galena's shaft capacity has tripled for about $8 million, both phases of main-shaft work are complete, a second shaft should be moving rock by the end of 2026, and the district can reach 5 million ounces of silver a year, with a path to 5-10 million.
  • Huet says the newly bought Crescent mine - historically the district's highest grade at about 1 kilogram per ton - is already being drilled, with test tons feeding the mill and stope development resuming later in 2026.
  • Huet says nine long hole stopes mined last year delivered Galena's best grades in two decades (about 470 g/t average, among the world's highest), and a paste fill plant expected by late 2026 or early 2027 should cut stope fill cycles from about two weeks to 24-36 hours.

Rick Rule's takeaways

  • Top takeaway Rule discloses that Americas Gold and Silver is held in his own accounts, presenting the interview as his vetting of the company on the audience's behalf.
  • Rule promotes his July 6-10, 2026 symposium in Boca Raton on the grounds that sponsors must own shares in every exhibitor they accept and attendees get an unconditional money-back guarantee.

Eric Sprott's takeaways

  • Top takeaway Huet says Sprott converted his entire position - about $45-46 million - into Americas Gold and Silver equity four days before the interview, increasing his stake as the largest shareholder in what Huet calls a vote of confidence.
  • Huet credits Sprott with instigating his arrival: Sprott owned 40% of the Galena asset and, at Huet's urging as his advisor, folded that stake into Americas Gold and Silver so the company would own 100% of it.
  • Huet describes Sprott as very bullish on silver and says he converted because he sees more upside in the equity than in the metal.

Oliver Turner's takeaways

  • Top takeaway Huet directs investors who want to learn more to Oliver Turner, an Americas Gold and Silver executive, at [email protected].