Americas Gold and Silver Corporation presented its turnaround plan for the Galena Complex in Idaho's Silver Valley at Mining Forum Americas 2026 on September 29. The company is working to return the mine to 5 million ounces of silver a year, the output level Galena reached in 2002, and has said it would then aim for 6 million and 7 million ounces in successive steps.
Management said the mine ran almost entirely on jackleg drills when the current team arrived. Roughly 70 percent of the mining is moving to long-hole methods. Daily shaft capacity has risen from 600 to 650 tons to about 1,400 tons, and a paste-fill plant costing about 24 million dollars is targeted for completion in the fourth quarter.
Exploration results gave the plan some support. Galena reported six new discoveries, including the 34 vein, which averages 3.4 to 3.6 meters wide at 938 grams of silver per tonne. Typical zones at the mine run 0.8 to 1.3 meters wide. The first long-hole stopes in 2025 produced the best grade the mine has seen in 20 years.
The company's Cosalá mine in Mexico produced about 1.1 million ounces of silver in 2025, a record year for that operation. Recent drill results there showed grades four to five times higher than the previous 18-month average.
On the balance sheet, Americas Gold and Silver removed 76 million dollars of debt in the second quarter and ended the period with 89 million dollars in cash and 50 million dollars of undrawn credit capacity. The company said it has eliminated about 160 million dollars of debt over the past 16 months.
Source: Investing.com - https://www.investing.com/news/transcripts/americas-gold-and-silver-at-mining-forum-americas-2026-turnaround-gains-93CH-4923655