Americas GOLD and Silver Announces Significant Increase to Galena Complex Resource
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AMERICAS GOLD AND SILVER ANNOUNCES SIGNIFICANT INCREASE TO GALENA COMPLEX RESOURCE
TORONTO, ONTARIO—September 14, 2020—Americas Gold and Silver Corporation (TSX: USA) (NYSE
American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer,
provides an update to its Mineral Reserve and Resource statement as at June 30, 2020.
On a consolidated and attributable basis, estimated contained metal in the proven and probable mineral
reserve categories totalled 610,000 ounces of gold, 30.6 million ounces of silver, 134 million pounds of zinc,
129 million pounds of lead and 28 million pounds of copper. Please refer to the Company’s website for a
full breakdown of its Mineral Reserve and Mineral Resource statement by asset.
2020 Mineral Reserve and Mineral Resource Update Highlights
● Since the June 2019 Mineral Reserve and Resource statement, exploration drilling was focused solely
at the Galena Complex as the Company constructed and commissioned Relief Canyon.
● Drilling to date at the Galena Complex includes approximately 33% of planned exploration drilling
based on the Galena Complex Recapitalization Plan (“Recapitalization Plan”).
● Based on this initial drilling at the Galena Complex, measured and indicated (“M&I”) silver
resources on a 100% basis (60% USA/40% Eric Sprott) increased from 27.4 million ounces to 37.3
million ounces and inferred silver resources increased from 39.0 million ounces to 78.6 million
ounces. This represents a 36% and 101% increase, respectively, from previous reported estimates.
“I am pleased to see the initial exploration efforts at the Galena Complex translating into meaningful
increases to silver resources in such a short time,” stated Americas President and CEO Darren Blasutti. “A
significant amount of drilling remains planned for deeper levels of the Galena Complex. I am confident
that with this drilling we will see continued increases to silver resources and eventually convert these silver
resources to silver reserves. As Relief Canyon ramps up to commercial production and we continue efforts
to re‐start the Cosalá Operations, we expect a renewed focus on exploration efforts at these operations in
the future.”
Mineral Reserve and Mineral Resource Statement – June 30, 20201
Proven and Probable Mineral Reserves – 100% basis for all assets except the Galena Complex at 60%
Gold and Silver Mineral Reserves
Proven Probable Proven and Probable
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Total Gold 13,272 0.85 361 11,542 0.67 249 24,814 0.77 610
Total Silver 14,255 17 7,663 15,950 45 22,932 30,205 32 30,596
Zinc, Lead and Copper Mineral Reserves
Proven Probable Proven and Probable
Tonnes Grade Pounds Tonnes Grade Pounds Tonnes Grade Pounds
(kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs)
Total Zinc 758 3.34 55.8 1,095 3.25 78.5 1,853 3.29 134.2
Total Lead 894 2.32 45.7 1,438 2.63 83.3 2,332 2.51 129.0
Total Copper 89 0.50 1.0 2,970 0.42 27.4 3,059 0.42 28.3
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The primary focus for the Company over the last year was the construction of the Relief Canyon mine in
Nevada. As a result, a limited amount of capital was allocated to drilling to expand or delineate gold
reserves or resources. With limited drilling conducted at Relief Canyon and the Cosalá Operations, coupled
with mined depletion, gold reserves decreased by 7% while silver reserves decreased by 5%. At the Galena
Complex, reserves were relatively flat with increases to reserves offsetting depletion. The current focus of
the Recapitalization Plan is on silver resource expansion ahead of reserve development.
As Relief Canyon continues to ramp up towards commercial production and the Company seeks to achieve
the restart of mining activities at the Cosalá Operations, the Company expects to generate meaningful cash
flow from its operations and expand the exploration drilling budgets at these two operations, in addition
to the continued drilling at the Galena Complex pursuant to the Recapitalization Plan.
Measured & Indicated Mineral Resources – 100% basis for all assets except the Galena Complex at 60%
Gold and Silver Mineral Resources – Exclusive of Mineral Reserves
Measured Indicated Measured and Indicated
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Total Gold 613 0.76 15 1,579 0.56 29 2,192 0.62 44
Total Silver 2,435 162 12,668 12,299 100 39,513 14,735 110 52,181
Zinc, Lead and Copper Mineral Resources – Exclusive of Mineral Reserves
Measured Indicated Measured and Indicated
Tonnes Grade Pounds Tonnes Grade Pounds Tonnes Grade Pounds
(kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs)
Total Zinc 1,383 2.42 73.9 8,133 3.98 713.3 9,515 3.75 787.2
Total Lead 1,587 1.83 64.1 8,966 2.29 453.0 10,553 2.22 517.1
Total Copper 492 0.43 4.7 3,634 0.29 22.9 4,126 0.30 27.6
As part of the joint venture with Eric Sprott at the Galena Complex, the Company began an exploration
drilling campaign funded through the Recapitalization Plan. With initial drilling success at Galena, the
Company increased its total M&I silver resource from 47.8 million ounces to 52.2 million ounces.
At the Galena Complex, the Company’s share of M&I silver resources increased from 16.4 million ounces
to 22.4 million ounces, a 36% increase compared to last year. M&I lead resources increased by over 55%
year over year to 158 million pounds. This growth reflects results from just 33% of the drilling included
under the Recapitalization Plan. The Company has recently started drilling deeper extensions of known
mineralization at the Galena Complex including further drilling of the 72 Vein, which was a major
contributor of ore during its peak silver production years of 2000‐2004. In addition to targeting the 72
Vein, exploration will focus on what has been described as the “triple point”, where the high‐grade 175,
185 and Silver Veins are projected to converge. This area has never been explored and is projected to be
below historical workings. Follow‐up drilling on the 291 and 360 Vein systems is also planned from the
5500 level and is designed to extend these zones down‐dip. The Company expects further increases to
M&I resources as the current exploration program continues through the start of 2021.
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Inferred Mineral Resources – 100% basis for all assets except the Galena Complex at 60%
Gold and Silver Mineral Resources
Inferred
Tonnes Grade Ounces
(kt) (g/t) (koz)
Total Gold 3,087 0.27 27
Total Silver 11,164 167 59,996
Zinc, Lead and Copper Mineral Resources
Inferred
Tonnes Grade Pounds
(kt) (%) (Mlbs)
Total Zinc 4,386 2.54 245.7
Total Lead 7,024 3.85 595.5
Total Copper 3,063 0.35 23.5
Silver inferred resources benefitted significantly from the initial drilling at the Galena Complex pursuant to
the Recapitalization Plan. Total inferred silver ounces for the Company increased from 36.2 million ounces
to 60.0 million ounces.
The Company’s share of the inferred silver resources at the Galena Complex increased from 23.4 million
ounces to 47.1 million ounces, representing more than a 100% increase from the previously reported
estimate. The Company’s share of inferred lead resources at the Galena Complex increased by 77% to 476
million pounds from the previously reported estimate. With the remaining drilling considered under the
Recapitalization Plan, the Company is confident that inferred resources will increase, offset by any
upgrades in resource classification in next year’s Mineral Resource estimate.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high‐growth, precious metals mining company with multiple
assets in North America. The Company’s Relief Canyon mine in Nevada, USA, has poured first gold and is
expected to ramp up to full production over the course of 2020. The Company also owns and operates the
Cosalá Operations in Sinaloa, Mexico and manages the 60%‐owned Galena Complex in Idaho, USA. The
Company has completed the outstanding option acquisition agreement for the San Felipe development
project in Sonora, Mexico, subject to closing conditions. For further information, please see SEDAR or
www.americas‐gold.com.
For more information:
Stefan Axell Darren Blasutti
VP, Corporate Development & Communications President and CEO
Americas Gold and Silver Corporation Americas Gold and Silver Corporation
416‐874‐1708 416‐848‐9503
Qualified Persons
Shawn Wilson, VP Technical Services, who is an employee of the Company and a “qualified person” under
National Instrument 43‐101, has approved the applicable contents of this news release. See “Notes for
Mineral Reserve and Mineral Resource Estimates” below regarding matters relating to review and
verification of sampling, analytical and test data underlying the information contained in the written
disclosure.
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Cautionary Statement on Forward‐Looking Information:
This news release contains “forward‐looking information” within the meaning of applicable securities laws.
Forward‐looking information includes, but is not limited to, Americas Gold and Silver’s expectations,
intentions, plans, assumptions and beliefs with respect to, among other things, estimated production rates
and results for gold, silver and other precious metals, as well as the related costs, expenses and capital
expenditures, the Company’s construction, production, development plans and performance expectations
at the Relief Canyon Mine, its ability to finance, develop and operate Relief Canyon, including the
anticipated timing of commercial production at Relief Canyon, the resumption of mining and processing
operations at the Company’s Cosalá Operations following the end of the illegal blockade and expected
silver production levels at the Cosalá Operations, the Company’s plans with respect to the EC120 zone and
the completion of the Company’s purchase of the remaining interest in the San Felipe Project from
Hochschild. Often, but not always, forward‐looking information can be identified by forward‐looking words
such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “potential’, “estimate”, “may”, “assume”
and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or performance. Forward‐looking information
is based on the opinions and estimates of Americas Gold and Silver as of the date such information is
provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the
actual results, level of activity, performance, or achievements of Americas Gold and Silver to be materially
different from those expressed or implied by such forward‐looking information. With respect to the
business of Americas Gold and Silver, these risks and uncertainties include risks relating to widespread
epidemics or pandemic outbreak including the COVID‐19 pandemic; the impact of COVID‐19 on our
workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have
on our business, including our ability to access goods and supplies, the ability to transport our products
and impacts on employee productivity, the risks in connection with the operations, cash flow and results
of the Company relating to the unknown duration and impact of the COVID‐19 pandemic; interpretations
or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits
required for future exploration, development or production; general economic conditions and conditions
affecting the industries in which the Company operates; the uncertainty of regulatory requirements and
approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on
acceptable terms or at all; the ability to develop, complete construction, bring to production and operate
the Relief Canyon Project; and risks associated with the mining industry such as economic factors (including
future commodity prices, currency fluctuations and energy prices), ground conditions and other factors
limiting mine access, failure of plant, equipment, processes and transportation services to operate as
anticipated, environmental risks, government regulation, actual results of current exploration and
production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and
construction expenditures, reclamation activities, labor relations or disruptions, social and political
developments and other risks of the mining industry. The potential effects of the COVID‐19 pandemic on
our business and operations are unknown at this time, including the Company’s ability to manage
challenges and restrictions arising from COVID‐19 in the communities in which the Company operates and
our ability to continue to safely operate and to safely return our business to normal operations. The impact
of COVID‐19 on the Company is dependent on a number of factors outside of its control and knowledge,
including the effectiveness of the measures taken by public health and governmental authorities to combat
the spread of the disease, global economic uncertainties and outlook due to the disease, and the evolving
restrictions relating to mining activities and to travel in certain jurisdictions in which it operate. Although
the Company has attempted to identify important factors that could cause actual results to differ materially
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from those contained in forward‐looking information, there may be other factors that cause results not to
be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such
information. Additional information regarding the factors that may cause actual results to differ materially
from this forward‐looking information is available in Americas Gold and Silver’s filings with the Canadian
Securities Administrators on SEDAR and with the SEC. Americas Gold and Silver does not undertake any
obligation to update publicly or otherwise revise any forward‐looking information whether as a result of
new information, future events or other such factors which affect this information, except as required by
law. Americas Gold and Silver does not give any assurance (1) that Americas Gold and Silver will achieve
its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward‐
looking information concerning Americas Gold and Silver are expressly qualified in their entirety by the
cautionary statements above.
Cautionary Note to U.S. Investors:
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred
mineral resource” used in the press release are Canadian mining terms used in accordance with National
Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum Standards. Mineral resources which are not
mineral reserves do not have demonstrated economic viability.
While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Canadian regulations, they are not defined
terms under standards in the United States and normally are not permitted to be used in reports and
registration statements filed with the Securities & Exchange Commission (“SEC”). As such, information
contained in the Company's disclosure concerning descriptions of mineralization and resources under
Canadian standards may not be comparable to similar information made public by U.S companies in SEC
filings. With respect to “inferred mineral resource” there is a great amount of uncertainty as to their
existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all
or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Investors are
cautioned not to assume that any part or all of the mineral deposits in these categories will ever be
converted into reserves.
1 Notes for Mineral Reserve and Mineral Resource Estimates:
CIM (2014) Definition and Standards were followed for Mineral Reserve and Mineral Resource Estimates.
Mineral Reserves are estimated at a net smelter return (“NSR”) cut‐off value of US$50/tonne at San Rafael,
$45/tonne at El Cajón, $45/tonne at Zone 120 and $198/tonne at Galena. Mineral Reserves are estimated
at a 0.17g/tonne gold cut‐off grade constrained by an open pit design based on a $1,300 gold pseudoflow
pit shell. The NSR cut‐off is calculated using recent operating results for recoveries, off‐site concentrate
costs, and on‐site operating costs. Mineral Reserves are estimated using metal prices of US$1,300 per
ounce of gold, $17.00 per ounce of silver, $2.50 per pound of copper, $0.90 per pound of lead and $0.90 per
pound of zinc. Numbers may not add or multiply accurately due to rounding.
Mineral Resources are estimated at a NSR cut‐off value of US$34/tonne at San Rafael, $US45/tonne at El
Cajón, $45/tonne at Zone 120 and $198/tonne at Galena. Mineral Resources are estimated at a 90g/tonne
silver equivalent cut‐off grade at Nuestra Señora. Mineral Resources are estimated at a 2.5% zinc
equivalent cut‐off grade at San Felipe. Mineral Resources are estimated at a 0.17g/tonne gold cut‐off grade
at Relief Canyon and are constrained by a $1,500 gold pseudoflow pit shell. Inferred Mineral Resources at
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Relief Canyon include existing low‐grade stockpiles. Mineral Resources are estimated using metal prices of
US$1,500 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper, $1.05 per pound of lead
and $1.05 per pound of zinc. Mineral Resources are reported exclusive of Mineral Reserves and as such the
Mineral Resources do not have demonstrated economic viability. Numbers may not add or multiply
accurately due to rounding.
Inferred mineral resources are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is therefore no
certainty that the conclusions of the initial exploration drilling results will be realized. Additionally, where
the Company discusses exploration/expansion potential, any potential quantity and grade is conceptual in
nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral resource.
All Mineral Resource estimates were prepared internally by, or under the supervision of, Niel de Bruin,
P.Geo., a Qualified Person for the purpose of NI 43‐101. All Mineral Reserve estimates were prepared
internally by, or under the supervision of, Shawn Wilson, P.Eng., a Qualified Person for the purpose of NI
43‐101. These estimates reflect the company's 60% interest in the Galena Complex.
Varying cut‐off grades have been used depending on the mine, methods of extraction and type of ore
contained in the reserves. Mineral resource metal grades and material densities have been estimated using
industry‐standard methods appropriate for each mineral project with support of various commercially
available mining software packages. The Company’s normal data verification procedures have been
employed in connection with the calculations. Verification procedures include industry standard quality
control practices. Sampling, analytical and test data underlying the stated mineral resources and reserves
have been verified by employees of the Company under the supervision of Qualified Persons, for purposes
of 43‐101 and/or independent Qualified Persons. 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. Additional details regarding Mineral
Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and
associated risks for each of the Company’s mineral properties are provided in the respective NI 43‐101
Technical Reports which are available at www.sedar.com and the Company’s website at www.americas‐
gold.com.