USA.TO · 2023-04-13 12:00:00

Americas GOLD and Silver Corporation Provides Q1‐2023 Production Results

Production Results

AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q1‐2023 PRODUCTION RESULTS

TORONTO, ONTARIO— April 13, 2023 — Americas Gold and Silver Corporation (TSX: USA) (NYSE American:

USAS) (“Americas” or the “Company”), a growing North American precious metals producer, is pleased to

provide its Q1‐2023 production results.

● Q1‐2023 consolidated attributable silver production totalled approximately 0.5 million ounces

compared with approximately 0.3 million ounces in Q1‐2022, representing a 66% increase year‐

over‐year.

● Despite the large increase in silver production, Q1‐2023 production was impacted by a two‐and‐a‐

half‐week shutdown of the Cosalá Operations tailings facility in February in order to perform

remedial work on the decant tunnel.

● As a result of the shutdown, Q1‐2023 consolidated attributable silver equivalent1 production was

down approximately 8% to 1.2 million ounces, compared with Q1‐2022.

● Silver and silver equivalent production is expected to increase cumulatively quarter‐over‐quarter for

the remainder of the year. Production is expected to increase at both the Cosalá Operations and the

Galena Complex due to the mining of higher‐grade silver zones with additional production benefits

expected once the Galena Hoist becomes operational, which is expected before the end of Q2‐2023.

● Production guidance for 2023 remains unchanged with consolidated attributable silver equivalent

production expected to range between 5.5 and 6.0 million ounces and consolidated attributable

silver production expected to range between 2.2 and 2.6 million ounces.

● Mining operations at the Galena Complex have resumed today after they were temporarily

suspended for two days following a tragic incident that resulted in the fatality of a Company

employee on April 11, 2023.

“The Company had a strong operational start to the year, despite a 17‐day operating shutdown in Mexico

in February,” stated Americas President and CEO Darren Blasutti. “The Company will continue on its

positive silver production momentum and is reiterating its 2023 production guidance, with further

production increases expected in 2024. These increases are anticipated to deliver solid organic production

growth and offer substantial silver optionality to our stakeholders over the next several years.”

Consolidated Attributable Production*

Q1‐2023 Q1‐2022 % Increase (Decrease)

(Y‐over‐Y)

Silver Production (ounces) 0.5 Moz 0.3 Moz 66%

Zinc Production (million pounds) 7.2 Mlbs 9.6 Mlbs (25%)

Lead Production (million pounds) 5.5 Mlbs 6.4 Mlbs (13%)

Silver Equivalent Production (ounces) 1.2 Moz 1.3 Moz (7%)

* Silver equivalent ounces for Q1‐2023 and Q1‐2022 were calculated based on silver, zinc and lead realized prices during each

respective period throughout this press release.

The Cosalá Operations produced approximately 265,000 ounces of silver, 2.7 million pounds of lead and

7.2 million pounds of zinc in Q1‐2023, compared to approximately 127,000 ounces of silver, 3.9 million

pounds of lead and 9.6 million pounds of zinc in Q1‐2022, benefitting from more production from the

higher‐grade silver areas in the Upper Zone of the San Rafael mine.

Production at the Cosalá Operations during Q1‐2023 was impacted by a two‐and‐a‐half‐week shutdown in

February in order to perform remedial work on the decant tunnel at the Cosalá Operations tailings facility

as part of the long‐term environmental plan at the operations. This temporary shutdown allowed the San

Rafael Mine to rebuild stockpiles that had been drawn down in 2022 and allowed scheduled maintenance

to be carried out at the Los Braceros mill, setting the operation up for a strong remainder of 2023.

Attributable production from the Galena Complex was approximately 235,000 ounces of silver and 2.8

million pounds of lead in Q1‐2023, compared to approximately 174,000 ounces of silver and 2.5 million

pounds of lead in Q1‐2022.

The Company began mining the 3700 Level high‐grade silver ore in mid‐December 2022 and recently

started development on the 4300 Level to access the Upper 360 Complex reserve area. The 4300 Level

mining front will increase the number of producing stopes and boost production output to coincide with

the completion of the Galena Hoist. The Galena Hoist project remains on track to be completed and be

fully operational by the end of Q2‐2023 which will support plans to increase production, improve

operational flexibility and improve operational economics due to the benefits of scaling production on the

existing cost base.

The Galena Complex resumed mining operations following a tragic incident which resulted in the fatality

of an underground miner on Tuesday, April 11, 2023. The Company continues to work closely with the

Mine Safety and Health Administration (MSHA) to investigate this incident.

The Company’s production guidance for 2023 remains unchanged with attributable consolidated silver

equivalent production expected to range between 5.5 and 6.0 million ounces and attributable consolidated

silver production forecast between 2.2 and 2.6 million ounces.

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 owns and operates the Cosalá Operations in Sinaloa, Mexico,

manages the 60%‐owned Galena Complex in Idaho, USA, and is re‐evaluating the Relief Canyon mine in

Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico. 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

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 Daren Dell, P.Eng., Chief Operating

Officer of the Company. 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.sedar.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.

All mining terms used herein have the meanings set forth in National Instrument 43‐101 – Standards of

Disclosure for Mineral Projects (“NI 43‐101”), as required by Canadian securities regulatory authorities.

These standards differ from the requirements of the SEC that are applicable to domestic United States

reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance

with NI 43‐101 may not qualify as such under SEC standards. Accordingly, information contained in this

news release may not be comparable to similar information made public by companies subject to the SEC’s

reporting and disclosure requirements.

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 expectations, intentions, plans,

assumptions and beliefs with respect to, among other things, estimated and targeted production rates and

results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the

related costs, expenses and capital expenditures; production from the Galena Complex, including the

expected production levels and potential additional mineral resources thereat; the expected timing and

completion of the Galena Hoist project and the expected operational and production results therefrom,

including the anticipated improvements to the cash costs per silver ounce and all‐in sustaining costs per

silver ounce at the Galena Complex following completion; mining and processing operations at the Cosalá

Operations continuing, including expected production levels and the continuity of legal access for

employees and contractors; and the expected timing and results of the MSHA investigation into the

incident resulting in the fatality of the mining employee at the Galena Complex . Guidance and outlook

references contained in this press release were prepared based on current mine plan assumptions with

respect to production, development, costs and capital expenditures, the metal price assumptions disclosed

herein, and assumes no adverse impacts to operations from the COVID 19 pandemic, no further adverse

impacts to the Cosalá Operations from blockades or work stoppages, and completion of the Galena Hoist

project on its expected schedule and budget, and the realization of the anticipated benefits therefrom,

and is subject to the risks and uncertainties outlined below. The ability to maintain cash flow positive

production at the Cosalá Operations through meeting production targets and at the Galena Complex

through implementing the Galena Recapitalization Plan, including the completion of the Galena Hoist

project on its expected schedule and budget, allowing the Company to generate sufficient operating cash

flows while facing market fluctuations in commodity prices and inflationary pressures, are significant

judgments in the consolidated financial statements with respect to the Company’s liquidity. Should the

Company experience negative operating cash flows in future periods, the Company may need to raise

additional funds through the issuance of equity or debt securities. 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 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 to be materially different from those expressed or implied by such forward‐

looking information. With respect to the business of Americas , these risks and uncertainties include risks

relating to widespread epidemics or pandemic outbreak including the COVID‐19 pandemic, including the

emergence of new strains and/or the resurgence of COVID‐19, actions that have been and may be taken

by governmental authorities to contain the COVID‐19 pandemic or to treat its impact and/or the

availability, effectiveness and use of treatments and vaccines (including the effectiveness of boosters); 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; potential litigation; fluctuating mineral and

commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability

to operate the Company’s projects; and risks associated with the mining industry such as economic factors

(including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal

blockades and other factors limiting mine access or regular operations without interruption, 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, risks associated with generally

elevated inflation and inflationary pressures, risks related to changing global economic conditions, and

market volatility, risks relating to geopolitical instability, political unrest, war, and other global conflicts

may result in adverse effects on macroeconomic conditions including volatility in financial markets, adverse

changes in trade policies, inflation, supply chain disruptions 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 operates. Although the Company has attempted to identify

important factors that could cause actual results to differ materially 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 filings with the Canadian Securities Administrators on SEDAR and with

the SEC. Americas 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 does not give any assurance (1) that Americas

will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral

forward‐looking information concerning Americas are expressly qualified in their entirety by the cautionary

statements above.

1 Silver equivalent ounces for the 2023 guidance references were calculated based on $22.00/oz silver,

$1.00/lb lead and $1.45/lb zinc throughout this press release. Silver equivalent ounces for production in

Q1‐2023 and Q1‐2022 were calculated based on silver, zinc and lead realized prices during the period

throughout this press release.

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