Americas Gold and Silver Corporation (USAS) was added to the Van Eck Junior Gold Miners ETF (GDXJ) effective at market close on March 20 2026, a move that places the company among the small‑cap miners tracked by the MVIS® Global Junior Gold Miners Index.
The GDXJ ETF follows a modified market‑cap‑weighted methodology that requires constituents to derive at least 50% of revenue or mineral resources from gold or silver mining. Inclusion in the ETF is expected to increase trading liquidity and attract institutional investors who use the index as a benchmark for junior‑miner portfolios.
USAS’s financial profile shows mixed results. Q1 2025 revenue rose 12% year‑over‑year to $23.5 million, driven by higher realized silver prices, but the company reported large operating losses and a negative pretax margin of –87.3%. Debt‑to‑equity stands at 118.9%, and the firm has faced negative cash flow in recent quarters. Production data reveal a 52% increase in consolidated silver output in 2025 versus 2024, reflecting the company’s growth strategy through acquisitions such as the Galena Complex and Crescent Silver Mine and a joint venture for an antimony processing facility.
CEO Paul Andre Huet said: "Following on from the very positive announcement last year on April 28 noting our addition to and inclusion in the Solactive Global Silver Miners Index (“SIL”), I am very pleased to announce yet another strong step forward for Americas shareholders. We have met the criteria for inclusion in the GDXJ, which seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Global Junior Gold Miners Index (MVGDXJTR). This index is designed to track the overall performance of small‑capitalization companies that are involved primarily in the mining of gold and/or silver. Americas inclusion in this major index has the potential to maintain and attract additional global institutional investment into the Company and increase liquidity, with the GDXJ being an important benchmark requirement for many large investment funds. Congratulations to the entire team on this strong step forward in the markets. We look forward to more success in broadening our investor audience as we execute our plans to grow as a premier silver and critical metals producer."
Investors have expressed caution, focusing on the company’s negative margins, high debt load, and operating losses. While the ETF inclusion is a positive signal for liquidity and institutional demand, the underlying financial headwinds may temper enthusiasm for the announcement.
The inclusion is a milestone that aligns with USAS’s strategy to become a leading North American silver producer and a key source of U.S. antimony. The company’s recent production gains and strategic acquisitions support this trajectory, but the financial challenges highlighted by negative profitability and leverage ratios suggest that the company must continue to manage costs and strengthen cash flow to fully capitalize on the benefits of ETF inclusion.
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