Americas GOLD and Silver Corporation Provides Q1‐2024 Production Results; Appoints Jim Currie as Chief Operating Officer
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AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q1‐2024 PRODUCTION RESULTS;
APPOINTS JIM CURRIE AS CHIEF OPERATING OFFICER
TORONTO, ONTARIO — May 1, 2024 — 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 Q1‐2024 production results and announce Jim Currie as Chief Operating Officer.
● Q1‐2024 consolidated attributable silver production of 0.48 million ounces compared with
approximately 0.50 million ounces in Q1‐2023. The Company also produced 8.0 million
attributable pounds of zinc and 4.0 million attributable pounds of lead during Q1‐2024.
● Production from the Cosalá Operations was strong as the operation benefitted from above
budgeted silver grades and recoveries. The Galena Complex production was slightly below budget
as focus during the quarter was re‐allocated to lateral development to access the new mining areas
in the Upper Country Lead Zone veins between 2400 and 2800 levels. This silver‐lead area is
expected to be in production in early May and increase production for the next several years.
● Mr. Jim Currie appointed as the Company’s Chief Operating Officer, effective May 6, 2024. Mr.
Currie is an engineer with over 40 years of senior management, engineering, and operations
experience. Mr. Currie has served as Chief Operating Officer of Equinox Gold Corp., Pretium
Resources Inc. and New Gold Inc.
● The Company is in the documentation phase with a metal trader to provide concentrate
prepayment financing for the entire capital requirement at its 100%‐owned El Cajón and Zone 120
silver‐copper project (“EC120 Project”) at the Cosalá Operations. The Company expects to close
on this financing in Q2‐2024 with the goal of producing higher‐grade silver‐copper concentrates at
the beginning of 2025.
“The Company had a reasonable start to the year in terms of silver production and anticipates much
stronger quarterly silver production for the remainder of the year. Silver production at the Galena Complex
is expected to increase immediately with the completion of the development on the 2400 Level, followed
by lateral development on both the 3700 Level and 4600/4900 Levels, which will expose new mining areas
in the second half of the year. The increases from the Galena Complex, coupled with the expected EC120
silver‐copper production from the Cosalá Operations at the beginning of 2025, coincides almost perfectly
with the recent and expected further increase in silver and copper prices.” stated Americas President and
CEO Darren Blasutti. “We are also very pleased that Jim Currie will join the Company as our new Chief
Operating Officer. His wealth of experience and underground mining expertise is expected to have an
immediate positive impact at the Galena Complex in terms of both production and profitability.”
“I am thrilled to join Americas Gold and Silver during this exciting silver growth period for the Company
while corresponding silver, copper and zinc prices are all trending in a positive direction.” stated Jim Currie,
Americas’ Chief Operating Officer. “The Galena Complex has tremendous potential to become one of the
three largest primary silver producers in the United States over the next several years with not only
substantial resource base on the balance sheet, but largely untapped exploration potential and excess
milling capacity to grow silver production.”
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Consolidated Quarterly Attributable Silver Production
Consolidated attributable silver production in Q1‐2024 was approximately 482,000 ounces compared with
approximately 500,000 ounces in Q1‐2023. While Q1‐2024 silver production was slightly down year‐over‐
year and down quarter‐over‐quarter, the quarterly silver production has trended in a positive direction
over the course of the last three years and the Company expects this trend to continue as noted in the
chart. This upward trend in production is expected from increased working faces at the Galena Complex
as well as the exploitation of EC120 at the Cosalá Operations which contains high‐grade silver and copper
mineralization.
The Cosalá Operations produced approximately 295,000 ounces of silver, 2.8 million pounds of lead and
8.0 million pounds of zinc in Q1‐2024, compared with approximately 265,000 ounces of silver, 2.7 million
pounds of lead and 7.2 million pounds of zinc in Q1‐2023. Silver and zinc production increased by over
10% year‐over‐year while lead production was essentially unchanged.
With the current higher silver and copper price, the Company decided to expedite the development of its
100%‐owned EC120 Project at the Cosalá Operations. Initial access to the Zone 120 deposit occurred in
Q3‐2023 from the San Rafael Upper Zone development. In addition, the Company continues mining and
processing silver‐zinc ore from the San Rafael Main and Upper Zones and is pleased with the increase in
zinc prices so far in the second quarter.
The Company has an agreement in principle and is completing documentation with an international metal
trader to provide concentrate prepayment financing options for the capital requirements at the EC120
Project. The Company expects to close on this financing in Q2‐2024 and has the goal of completing the
required development and preparations to be producing higher‐grade silver‐copper concentrates from the
Project at the beginning of 2025.
Attributable production from the 60% owned Galena Complex was approximately 187,000 ounces of silver
and 1.1 million pounds of lead in Q1‐2024, compared to approximately 235,000 ounces of silver and 2.8
million pounds of lead in Q1‐2023. During the quarter, the Company focused on horizontal development
work in the Upper Country Lead Zone between the 2400 and 2800 Levels to access additional working
areas. The development work reduced silver and lead production in the quarter but is expected to
positively impact overall production for the remainder of the year and going forward. Following
completion of the development work on the 2400 Level, the mining crews and equipment will be available
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to accelerate development into a high‐grade silver copper stope accessed off of the 3700 level which will
add additional working areas in the second half of the year.
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 Chris McCann, P.Eng., VP Technical
Services 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.sedarplus.ca,
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 and Cosalá
Operations, including the expected number of producing stopes and production levels; the expected timing
and completion of required development and the expected operational and production results therefrom,
including the anticipated improvements to production rates and cash costs per silver ounce and all‐in
sustaining costs per silver ounce ; and statements relating to Americas’ EC120 Project, including expected
approvals, prepayment financing availability and timing and capital expenditures required to develop such
project and reach production thereat, and expectations regarding its ability to rely in existing
infrastructure, facilities, and equipment; and statements regarding management changes at the Company.
Guidance and outlook references contained in this press release were prepared based on current mine
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plan assumptions with respect to production, development, costs and capital expenditures, the metal price
assumptions disclosed herein, and assumes no further adverse impacts to the Cosalá Operations from
blockades or work stoppages, and completion of the shaft repair and shaft rehab work at the Galena
Complex on its expected schedule and budget, 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, which includes the EC120 Project, through meeting production targets and at the
Galena Complex through implementing the Galena Recapitalization Plan, including the completion of the
Galena shaft repair and shaft rehab work 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, actions that have been
and may be taken by governmental authorities to contain such epidemic or pandemic or to treat its impact
and/or the availability, effectiveness and use of treatments and vaccines (including the effectiveness of
boosters); 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. 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
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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.