Americas Gold and Silver Corporation (USAS) and United States Antimony (UAMY) have entered into a definitive joint‑venture agreement to construct and operate an antimony processing facility at USAS’s Galena Complex in Idaho’s Silver Valley. The venture will be 51% owned by USAS and 49% by UAMY, with UAMY responsible for day‑to‑day operations while USAS retains majority ownership. The plant will process antimony‑rich ore from the Galena mine, allowing the company to capture the full value of the critical mineral rather than selling it as a by‑product.
The facility is slated to begin construction after budget approval and is expected to take 18 months to complete. UAMY will bring its exclusive North American hydrometallurgical technology to the project, a technology that has already been proven at a pilot scale and is designed to recover antimony with over 99% efficiency from tetrahedrite‑rich concentrates. The joint‑venture structure also includes a governance committee with equal representation, and a provision that allows USAS to buy out UAMY’s stake if key milestones are not met, ensuring that USAS can protect its investment if the project stalls.
Strategically, the venture addresses a critical supply‑chain gap. China’s share of global antimony mine production was about 48% in 2023, not the 98% figure previously cited. By building a domestic processing plant, USAS and UAMY aim to create a “mine‑to‑finished product” chain in the United States, a capability that aligns with federal initiatives to secure critical minerals for defense and technology sectors. The plant will also position the companies to benefit from potential government funding and incentives aimed at boosting domestic critical‑mineral production.
Financially, USAS has been operating at a net loss in recent quarters—$18.9 million in Q1‑2025 and $15.1 million in Q2‑2025—largely due to high operating costs and the need to invest in new processing infrastructure. The joint‑venture is expected to generate a new revenue stream that could offset these costs once the plant becomes operational. In 2025, USAS produced 561,000 pounds of antimony contained in concentrate from the Galena Complex, a figure that underscores the mine’s potential to supply the new facility. UAMY’s financials show a trailing‑12‑month EPS of –$0.04 and a negative net margin of 15.49%, reflecting the company’s current focus on scaling its technology rather than profitability.
The announcement has already sparked a positive market reaction for UAMY. Analysts have highlighted the joint‑venture as a “game changer” for UAMY, citing the strategic importance of domestic antimony production and the potential for government funding. The partnership also signals to investors that UAMY’s proprietary technology can be deployed at scale, potentially improving the company’s revenue prospects and profitability in the long term.
Management comments underscore the strategic intent. Paul A. Huet, Chairman and CEO of USAS, said the agreement “unlocks significant value for shareholders by turning a by‑product into a finished product and by creating a fully domestic supply chain.” Gary C. Evans, Chairman and CEO of UAMY, added that the partnership “brings together aligned management teams focused on advancing U.S.-based critical mineral production.”
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