USAS Reports High-Grade Drill Results at Cosalá Silver Complex

Americas Gold and Silver (USAS) on June 1 reported high-grade drill results from its ongoing resource conversion program at the Cosalá complex in Mexico. The drilling took place during the company's fiscal fourth quarter of 2025 at the El Cajón and San Rafael mines, which together form the core of USAS's production profile.

No specific grade or width data were released in the announcement; USAS plans to include the full results in a future operational update. The company said the program was designed to convert inferred resources into higher confidence categories. For a small-cap miner without a formal reserve update in recent quarters, successful conversion could support a longer mine life or allow higher throughput rates at Cosalá.

The results arrive as silver holds near $30 an ounce, a level that improves cash flow margins for silver-copper producers. USAS also owns the Galena antimony project in Idaho. BMO Capital Markets raised its price target on USAS to C$12 earlier this year, citing the potential for antimony production (BMO raises USAS target). Antimony prices have rallied on concerns over Chinese export restrictions, giving that project an additional strategic tailwind.

USAS is currently unscored in the AlphaScala system, a label applied to stocks with limited analyst coverage. That status could change if the drilling program delivers a resource upgrade that draws more attention from the market.

Drilling at Cosalá is continuing. The company has not set a date for a formal resource update.