Americas GOLD and Silver Announces New Major Discoveries IN Idaho and Mexico and a Strong 2025 Resource & Reserve Update Including a 19% Year over Year Increase IN M&i Mineral Resources and 21% Increase IN M&i Grades at Galena
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AMERICAS GOLD AND SILVER ANNOUNCES NEW MAJOR DISCOVERIES IN IDAHO AND MEXICO AND A STRONG
2025 RESOURCE & RESERVE UPDATE INCLUDING A 19% YEAR OVER YEAR INCREASE IN M&I MINERAL RESOURCES
AND 21% INCREASE IN M&I GRADES AT GALENA
TORONTO, ONTARIO – March 30, 2026 – Americas Gold and Silver Corporation ( TSX: USA) (NYSE American: USAS)
(“Americas” or the “Company”) a growing North American precious metals and antimony producer, is pleased to
announce that its consolidated silver Measured and Indicated (“M&I”) Mineral Resources has increased by 10%, or 11
million ounces, and consolidated silver Inferred Mineral Resources has increased by 15%, or 17 million ounces, both
net of mining depletions.
Resource and Reserve Highlights
• Consolidated silver M&I Mineral Resources increased by 10% to 115.7 million ounces, grade increased by 30%
to 239.8 g/t
o Inferred Mineral Resources increased by 15% to 133.3 million ounces, grade decreased by 13% to
264.0 g/t
• Galena silver M&I Mineral Resources increased by 19% to 87.9 million ounces, grade increased by 21% to
500.9 g/t
o Inferred Mineral Resources increased by 3% to 105.7 million ounces, grade increased by 7% to 498.2
g/t
o Proven & Probable Reserves increased by 2% to 16.3 million ounces, grade increased by 21% to 482.1
g/t
• Cosalá silver M&I Mineral Resources decreased by 13% to 18.7 million ounces, grade increased by 33% to
119.3 g/t
• Additionally, with the acquisition of the Cresent Silver Mine, the Company added a very high-grade Historical
M&I Mineral Resource of 3.8 million silver ounces at 654 g/t and Historical Inferred Mineral Resource of 19.1
million silver ounces at 665 g/t, which will be operated as part the Galena Complex in Idaho (see Americas
news release date d Dec ember 12, 2025) . A qualified person has not done sufficient work on behalf of
Americas to classify the Historical estimate noted in Table 4 below as current Mineral Resources or Mineral
Reserves, and the Company is not treating the Historical estimates as current Mineral Resources or Mineral
Reserves.
Exploration Highlights
Galena Complex – Major new discovery of the 520 Vein in the Coeur Mine
• 520 Vein discovery at the Coeur Mine, part of the Galena Complex ( Figure 1) where drilling has intersected
multiple high-grade Ag-Cu-Sb intercepts, including 1.1m @ 619.0 g/t Ag, 1.1% Cu, 0.65% Sb in drillhole C034-
166 (Figure 1 and Table 6). Four drillholes to-date have defined a 150m long by 150m high mineralized vein
that is open in all directions.
o This new discovery increases the operational flexibility at Galena with the potential introduction of a
new Ag-Cu-Sb mining area located directly in line with the recently upgraded Coeur Shaft.
• 034 Vein discovery at the Galena Mine (see Americas’ news release dated January 20, 2026 ). Infill and step-
out drilling is in progress to follow up on previously announced high-grade intercepts including 4,458 g/t Ag,
3.34% Cu and 1.50% Sb over 0.5m in drillhole 52-S54 (Figure 1).
• 149 Vein discovery at the Galena Mine (see Americas’ news release dated August 22, 2025 ). Infill and step -
out drilling is in progress to follow up on previously announced high-grade intercepts including 24,913 g/t Ag
and 16.9% Cu over 0.2m in drillhole 43-317 (Figure 1).
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• Four underground core rigs are currently completing infill and step -out drilling in 2026 for a total of 25,022
meters
Cosalá Mine – Near mine high-grade discovery
• New El Alacrán discovery 600 meters to the north of the San Rafael mine has intersected multiple Ag -Au-Cu
intercepts including 27.6m @ 69.0 g/t Ag, 0.2 g/t Au, 0.2% Cu, Including: 11.2m @ 91.0 g/t Ag, 0.1 g/t Au,
0.3% Cu And: 4.6m @ 69.0 g/t Ag. 0.1 g/t Au EAS26-001 (Figure 2 and Table 7).
o Step-out drilling at the El Alacrán and La Tania targets are in progress.
• One surface and one underground core rig are currently completing infill and step -out drilling in 2026 for a
total of 11,710 meters.
Paul Andre Huet, Chairman and CEO, commented: " Our inaugural Resource and Reserve update under the
strengthened team at Americas has delivered outstanding results. Since we began the initiative to recapitalize,
analyze, and expand operations at Galena in early 2025, our exploration focus has been on adding high-quality, high-
grade ounces to a new Resource and Reserve estimate that we can use as the foundation of our growth plan for years
to come.
In our new M&I Resource at Galena, we have seen very strong ounce growth of 19% year over year with a tremendous
21% improvement in grades to 501g/t silver. This increase across the board demonstrates what Galena has already
done for over 100 years of mining history: replace depletion, add ounces and continue to establish itself as one of the
highest grade primary silver systems in the world. We are extremely excited about what the future holds at Galena ,
where we already have the major infrastructure in place around this expanding Resource to exploit what is a world
class high-grade system.
Our drilling campaign in 2025 was highlighted by two major new discoveries: the 034 Vein and 149 Veins. High grade
intercepts, including 4,458 g/t Ag, 3.34% Cu and 1.50% Sb over 0.5 meters and 1,199 g/t Ag, and 0.85% Cu over 2.0
meters led us to follow up on these areas which have now expanded from major targets into future potential mining
centers (with the 034 Vein now included in our updated Resource).
Looking ahead to 2026, we have announced the largest exploration drilling campaign and budget in the Company’s
history, with 64,000m to be drilled across our properties, totaling up to $20 million. This decision has been reinforced
by yet another recent discovery – the 520 Vein in our Coeur mine. Not only has this new copper-silver-antimony vein
already returned strong grades of over 600g/t silver, it represents a new potential mining front at Galena while we
continue to complete the mine development work this year to scale the operation significantly into the future. The
Coeur mine is directly connected underground to our Galena mine on the 3400 level and is part of the same system
where we made the strategic decision to upgrade the Coeur hoist ahead of schedule in late 2025. With numerous
potential new mining fronts identified in our drill target database, we look forward to unlocking even more value with
the drill bit in this world class complex during 2026.
In Mexico, our regional drilling exploration efforts have been limited yet very effective. The discovery at El Alacrán is
just 600m from our San Rafael mine , where we recently completed mining in 2025. The high -grade discovery near
surface represents a strong example of the tremendous potential of this property that has not seen major exploration
expenditure for many years. While we continue to ramp up the EC120 mine, we are very much looking forward to
drilling out El Alacrán and other targets across the large land package with the potential to significantly extend mining
operations into the future.
Overall, I am proud of our strengthened exploration team’s efforts this past year and am very much looking forward
to seeing what we can deliver with a robust exploration budget and program in 2026. The future is bright."
Consolidated Silver Mineral Resource Summary
The updated consolidated Silver Mineral Resource is effective as of October 31, 2025, and represents an update to
the previously released consolidated Mineral Resource as of December 31, 2024 (see Americas AIF for the period
ended December 31, 2024). The updated Measured and Indicated Silver Mineral Resource totals 115.7 million ounces,
an increase of 10% (previously 104.8 million ounces). The updated Inferred Silver Mineral Resource totals 133.3 million
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ounces, representing a 15% increase (previously 116.1 million ounces). The result demonstrates the strong potential
for continued growth of Mineral Resources, net of depletion.
Table 1: Consolidated Silver Mineral Resources as at October 31, 2025
Note: Refer to detailed footnotes below
Silver Mineral
Resource
Measured Indicated Measured & Indicated Inferred
Kt g/t Koz Kt g/t Koz Kt g/t Koz Kt g/t Koz
Galena 2,504 495 39,830 2,954 506 48,065 5,458 501 87,895 6,599 498 105,697
Cosalá 257 85 700 4,615 121 17,991 4,872 119 18,691 7,097 107 24,465
San Felipe - - - 4,677 61 9,115 4,677 61 9,115 2,005 48 3,102
Total 2,761 457 40,530 12,246 191 75,172 15,007 240 115,702 15,701 264 133,264
Galena
At Galena, resource definition and exploration drilling in 2025 focused on resource to reserve conversion and
exploration step-out drilling in close vicinity to existing underground infrastructure. Measured and Indicated Silver
Resources increased by 19% (87.9 million ounces) and the Inferred Mineral Resource increased by 3% (105.7 million
ounces)
Table 2: Galena Silver Mineral Resources as at October 31, 2025
Note: Refer to detailed footnotes below
Silver Mineral
Resource
Measured Indicated Measured & Indicated Inferred
Kt g/t Koz Kt g/t Koz Kt g/t Koz Kt g/t Koz
Galena Ag-Pb 1,705 354 19,425 1,803 354 20,550 3,508 354 39,975 4,669 410.3 61,592
Galena Ag-Cu 800 794 20,405 1,151 744 27,515 1,950 765 47,920 1,929 711.1 44,105
Total 2,504 495 39,830 2,954 506 48,065 5,458 501 87,895 6,599 498.2 105,697
Cosalá
At Cosalá, resource definition and exploration drilling focused on upgrading resource and reserve classification across
all categories with a focus on the UZ and Zone 120 deposits . Measured and Indicated Silver Resources decreased by
13% (18.7 million ounces), and the Inferred Mineral Resource increased by 134% (24.5 million ounces).
Table 3: Cosalá Silver Mineral Resources as at October 31, 2025
Note: Refer to detailed footnotes below
Silver Mineral
Resource
Measured Indicated Measured & Indicated Inferred
Kt g/t Koz Kt g/t Koz Kt g/t Koz Kt g/t Koz
San Rafael - - - 243 127 989 243 127 989 2,068 65 4,316
UZ - - - 1,276 165 6,778 1,276 165 6,778 793 171 4,359
El Cajón - - - 190 174 1,065 190 174 1,065 566 171 3,103
Zone 120 - - - 1,027 115 3,780 1,027 115 3,780 1,661 115 6,148
Nuestra Señora 257 85 700 1,879 89 5,379 2,136 89 6,079 2,009 101 6,539
Total 257 85 700 4,615 121 17,991 4,872 119 18,691 7,097 107.2 24,465
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Crescent
Confirmation and step-out drilling commenced in March 2026 with the goal of upgrading and expanding the Historical
Mineral Resources.
Table 4: Crescent Silver Historical Mineral Resources Estimate as at August 21, 2015
Silver Mineral
Resource
Measured Indicated Measured & Indicated Inferred
Kt g/t Koz Kt g/t Koz Kt g/t Koz Kt g/t Koz
Crescent 35 754 851 147 630 2,981 182 654 3,832 893 665 19,107
Total 35 754 851 147 630 2,981 182 654 3,832 893 665 19,107
The information contained in Table 4 is extracted from the report entitled “NI 43-101 Technical Report | Preliminary
Economic Assessment | Crescent Silver Project | Shoshone County, Idaho USA ” dated August 21, 2015 (the "2015
Technical Report"). Americas confirms that the form and context in which the Qualified Persons’ findings are
presented have not been materially modified from the original report. The effective date of the Historical estimate is
August, 2015. The Company believes that the Historical estimate is reliable and relevant to continuing exploration and
development on the Crescent Mine. No more recent estimates of the Mineral Resource or other data are available to
the Company. A qualified person has not done sufficient work on behalf of Americas to classify the Historical estimate
noted in Table 4 as current Mineral Resources or Mineral Reserves and Americas is not treating the Historical
estimates as current Mineral Resources or Mineral Reserves. There is no certainty they will prove to be accurate or
that a range of outcomes will be achieved.
The Historical Mineral Resources were reported above a silver cut-off of 10 opt Ag. The following assumptions were
used to define the portion of the Mineral Resource that meets the test of reasonable prospect for economic extraction
and can be declared a mineral resource: Silver price of US$20.00 per troy ounce, underground mining costs of US$145
per ton, metallurgical recovery of 92% average, mining rate of 250 tons per day and minimum mining width of 4 feet.
Additional key assumptions, parameters, and methods used to prepare the Historical estimate are disclosed in the
2015 Technical Report.
Consolidated Silver Mineral Reserve Summary
The updated Silver Mineral Reserve is effective as of October 31, 2025, and represents an update to the previously
released Consolidated Mineral Reserve as of December 31, 2024 (see Americas AIF for the period ended, December
31, 2024)
Table 5: Consolidated Silver Mineral Reserves as at October 31, 2025
Note: Refer to detailed footnotes below
Silver Mineral
Reserve
Proven Probable Proven & Probable
Kt g/t Koz Kt g/t Koz Kt g/t Koz
Galena Mine 514 434 7,171 535 528 9,081 1,049 482 16,252
Cosalá - - - 1,910 156 9,553 1,910 156 9,553
Total 514 434 7,171 2,445 237 18,634 2,959 272 25,805
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Figure 1: Long Section view of the Galena Complex highlighting the 520 and 034 vein discoveries
The 520 Vein discovery is a significant development for the Company as it represents a new high -grade mineralized
“shoot” that is located directly down-dip of historical mining activities at the recently upgraded Couer shaft. The 072,
Silver, and 360 vein complexes at Galana exhibit exceptional down-dip continuity and the discovery at the 520 vein
suggests the potential to continue expanding mineral resources at Couer with over 2,000 feet of untested potential
down-dip of the Couer Mine.
Table 6: Highlight assay results from the 520 Vein discovery at the Coeur shaft
520 Vein - Highlight Drill Results
(as of March 30, 2025)
Hole # Width (m)* Ag (g/t) Cu (%) Sb (%) Pb (%) Vein Type
CO34-133 1.4 646 1.95 0.79 0.10
520 Vein CO34-148 1 363 1.72 NA 0.10
CO34-166 0.8 773 0.86 NA 0.17
and 1.1 619 1.01 0.65 0.01
*Note: reported intercepts are estimated true widths
Sb%: NA refers to samples that were "Not Analyzed" for Sb in 2025 (Cu:Sb ratio = 0.7:1)
A full table of drill results can be found HERE: https://americas-gold.com/site/assets/files/4297/dr20260330g.pdf
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Figure 2: Plan view map of the El Alacrán discovery and the La Tania target that are currently being drilled as part
of the Cosála projects 2026 surface exploration programs
The El Alacrán discovery and La Tania exploration target are significant opportunities for the Cosála mine complex as
both zones outcrop at surface, exhibit similar grades to current mine head grades and are located less than 1km from
the San Rafael mine. Continued growth at either target would result in material operational synergies with existing
mine operations.
Table 7: Highlight assay results at the El Alacrán discovery located 600 meters north of the San Rafael mine
El Alacrán Discovery - Highlight Drill Results
(as of March 30, 2026)
Hole # Width (m)* Ag (g/t) Au (g/t) Cu (%) Target
EAS26-001 27.6 69 0.2 0.2
El Alacrán
Including 11.2 91 0.1 0.3
And 4.9 69 0.1 NA
EAS26-002 11.3 34 NA 0.15
Including 4 64 NA 0.24
And 1.7 159 0.1 0.12
EAS26-003
Assays Pending EAS26-004
EAS26-005
*Note: reported intercepts are estimated true widths
“NA” indicates no significant assays results
A full table of drill results can be found HERE: https://americas-gold.com/site/assets/files/4297/dr20260330c.pdf
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Technical Reports
The Mineral Resource and Reserve estimates as at October 31, 2025 will be detailed in technical reports prepared in
accordance with NI 43 -101 to be filed under the Company’s SEDAR + profile at sedarplus.com within 45 days of the
date of this news release.
Detailed Footnotes relating to Mineral Resource Estimates as at October 31,2025
1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
2. The Measured and Indicated Mineral Resources are exclusive of those Mineral Resources modified to produce
Mineral Reserves.
3. The Mineral Resource estimates include Inferred Mineral Resources that are normally considered too
speculative geologically to have economic considerations applied to them that would enable them to be
categorized as Mineral Reserves. There is also no certainty that Inferred Mineral Resources will be converted
to Measured and Indicated categories through further drilling, or into Mineral Reserves once economic
considerations are applied.
4. Mineral Resources are estimated at a NSR cut -off value of $75/tonne at San Rafael, $70/tonne at Zone 120,
$70/tonne at El Cajón and $248/tonne at Galena. Mineral Resources at Nuestra Señora are estimated at a
90g/tonne silver equivalent cut -off grade. Mine ral Resources at San Felipe are estimated at a 2.3% zinc
equivalent cut-off grade on a fully diluted block size of 2m by 3m by 2m. Mineral Resources are estimated
using cut-off grades of 0.17g/tonne Au, 0.34g/tonne Au and 0.69 g/tonne Au for oxide, mixed a nd sulfide
material types respectively at Relief Canyon constrained by a $1,500 Au pseudoflow pit shell. Inferred
Resources at Relief Canyon include existing low grade stockpiles.
5. Mineral Resources at San Rafael, El Cajon and Zone 120 are estimated using metal prices of $3,700/oz Au,
$36.00/oz Ag, $4.50/lb Cu, $0.90/lb Pb and $1.25/lb Zn. Mineral Resources at Nuestra Senora and San Felipe
were not updated in 2025 due to their dormant state have retained the previously reported 2024 MRE
metal prices of $1,500/oz Au, $22.00/oz Ag, $3.50/lb Cu, $1.10/lb Pb and $1.30/lb Zn
6. The Galena and Cosala Complex Mineral Resource estimate was prepared by Company personnel and
consultants under the supervision of Rick Strief, EVP Geology and a Qualified Person for the purpose of NI 43-
101.
7. The Relief Canyon Mineral Resource estimate was prepared internally by Niel de Bruin, P.Geo., a Qualified
Person for the purpose of NI 43-101.
8. The San Felipe Mineral Resource estimate was prepared internally by Niel de Bruin, P.Geo., a Qualified Person
for the purpose of NI 43-101.
Detailed Footnotes relating to Mineral Reserve Estimates as at October 31, 2025
1. Mineral Reserves are estimated at a net smelter return (“NSR”) cut-off value of $75/tonne at San Rafael,
$70/tonne at El Cajón, $70/tonne at Zone 120 and $248/tonne at Galena. The NSR cut-off is calculated using
long term assumptions based on operating results for recoveries, off-site concentrate costs, and on-site
operating costs
2. Mineral Reserves are estimated using metal prices of $3,700/oz Au, $34.00/oz Ag, $4.25/lb Cu, $0.85/lb Pb
and $1.10/lb Zn.
3. Galena minimum mining widths varied by mining method. For conventional cut and fill the minimum width is
three (3) feet, for longhole stoping four (4) feet, for mechanized cut and fill seven (7) feet and longhole stope
development seven (7) feet. All metho ds include an additional one-half (1/2) foot additional dilution on the
hanging wall and one -half (1/2) foot on the footwall. Mineral reserves include 10% mining losses and 10%
unplanned dilution at zero grade.
4. A mining recovery of 100% and 0% dilution factor at zero grade were used for estimating Mineral Reserves at
San Rafael, El Cajon and Zone 120 to reflect the mining methods (post-pillar cut and fill and overhand cut and
fill) used at the operation.
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5. A minimum mining width of 4 meters and a 15% dilution factor, at zero grade, with mining recovery of 90%
to reflect the proposed mining methods (post -pillar cut and fill and overhand cut and fill), were used for
estimating Mineral Reserves at El Cajón and Zone 120.
6. The Galena Complex Mineral Reserve estimate was prepared by Company personnel under the supervision
of Dagny Odell, PE, a Qualified Person for the purpose of NI 43-101. The depletion of the mineral reserves and
mineral resources to December 31, 2025 for this property was prepared by Company personnel under the
supervision of and with the review of Rick Streiff, EVP Geology and a Qualified Person for the purpose of NI
43-101.
7. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant issues that would materially affect the Mineral Reserve and Mineral
Resource estimates
About Americas Gold and Silver Corporation
Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper, and antimony
from high-grade operations in the U.S. and Mexico. In December 2024, Americas acquired 100% ownership of the
Galena Complex (Idaho) in a transaction with Eric Sprott, former 40% Galena owner, in exchange becoming Americas'
largest shareholder. This transaction consolidated Galena as a cornerstone U.S. silver asset and the nation’s largest
antimony mine. In December 2025, Americas acquired the f ully permitted, past -producing Crescent Silver Mine (9
miles from Galena) with the world’s 3rd highest-grade silver resource, creating significant potential future synergies
through shared infrastructure and processing. In February 2026, Americas formed a 51/49 joint venture with US
Antimony to build a new antimony processing hu b at Galena, creating a U.S. “mine -to-finished product” antimony
solution. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. Americas is fully funded to
aggressively grow production at the Galena Complex, Crescent and in Mexico with an aim to be a leading North
American silver producer and a key source of U.S.-produced antimony.
For more information:
Maxim Kouxenko
Manager, Investor Relations
Americas Gold and Silver Corporation
+1 (647) 888-6458
Technical Information and Qualified Persons
The scientific and technical information relating to the operation of the Company’s material operating mining
properties contained herein has been reviewed and approved by Rick Streiff, Certified Professional Geologist
(CPG#11108), EVP, Geology of the Comp any. The Company’s current Annual Information Form and the NI 43 -101
Technical Reports for its other material mineral properties, all of which are available on SEDAR + at
www.sedarplus.com, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral
resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the
Company’s material mineral properties, including a breakdown by category.
The diamond drilling program used NQ -size core and BQ -size core. The Company’s standard QA/QC practices were
utilized to ensure the integrity of the core and sample preparation at the Galena Complex through delivery of the
samples to the assay lab. The dri ll core was stored in a secure facility, photographed, logged and sampled based on
lithologic and mineralogical interpretations. Standards of certified reference materials, field duplicates and blanks
were inserted as samples shipped with the core samples to the lab.
Analytical work was carried out by American Analytical Services Inc. (“AAS”) located in Osburn, Idaho, or SVL Analytical
located in Kellogg Idaho . AAS and SVL are independent, ISO -17025 accredited laborator ies. Sample preparation
includes a 30-gram pulp sample analyzed by atomic absorption spectrometry (“AA”) techniques to determine silver,