Americas GOLD and Silver Corporation Provides Q2-2024 Production Results; Galena Complex Silver Production the Highest PER Quarter IN over 10 Years
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AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q2-2024 PRODUCTION RESULTS; GALENA
COMPLEX SILVER PRODUCTION THE HIGHEST PER QUARTER IN OVER 10 YEARS
TORONTO, ONTARIO — July 17, 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 Q2-2024 production results.
● Q2-2024 consolidated attributable silver production of 0. 51 million ounces compared with
approximately 0.48 million ounces in Q1 -2024. The Company also produced 8. 9 million
attributable pounds of zinc and 4.4 million attributable pounds of lead during Q2-2024.
● Galena Complex quarterly production was the highest on record since 2013 with silver production
of 560,000 ounces on a 100% basis and attributable production of 336,000 ounces as the operation
benefitted from contributions to production from new mining areas in the Upper Country Lead
Zone between 2400 and 2800 levels and a strong quarter from the 52-198 Silver Hanging Wall Vein.
● The Cosalá Operations focused on mining the Main Zone at the San Rafael mine given its higher -
grade zinc stopes to take advantage of the Q2-2024 increase in zinc prices. The Cosalá Operations
produced approximately 170,000 ounces of silver, 8.9 million pounds of zinc and 2.6 million pounds
of lead during the quarter , including preproduction contribution from the 100%-owned El Cajón
and Zone 120 silver-copper project (“EC120 Project”). As the operation transitions to higher-grade
silver zones through the rest of the year, silver production from the Cosalá Operations is expected
to increase quarter-over-quarter.
● Preliminary cash costs [1] and all -in sustaining costs (“AISC”)[1] for Q2-2024 are estimated to be
approximately $12.40 per silver ounce and $19.60 per silver ounce , respectively. These figures
compare with cash costs and all-in sustaining costs of $20.57 per silver ounce and $30.04 per silver
ounce in Q1-2024 representing decreases of ~40% and ~35% quarter-over quarter, respectively.
● The Company ha s an agreement in principle with a metal trader to provide concentrate
prepayment financing for the entire initial capital requirement at its EC120 Project. The Company
expects to close on this financing i n the next few weeks with the goal of producing higher-grade
silver-copper concentrates from the EC120 Project in early 2025.
“The Galena Complex had a terrific operating quarter with silver production at the highest level in over 10
years.” stated Americas President and CEO Darren Blasutti. “ In just one quarter, the Company saw an
average increase of ~$6 per silver ounce in its realized silver price and an estimated $10 per silver ounce
reduction in AISC, significantly improving the Company’s operating margin with silver prices continuing to
move higher into early Q3-2024. We are in the final stretch of signing a non-dilutive financing with a metal
trader to provide concentrate prepayment for the capital requirement s at the EC120 Project with higher-
grade silver-copper production from the Cosalá Operations expected at the beginning of 2025, coincid ing
perfectly with the recent and expected further increase in silver and copper prices.”
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Consolidated Quarterly Attributable* Silver Production
*Based on the attributable ownership of each operating asset (100% Cosalá Operations and 60% Galena Complex)
Consolidated attributable silver production in Q2-2024 was approximately 506,000 ounces compared with
approximately 484,000 ounces in Q1-2024. Quarterly silver production in Q2-2024 remained on a steady
upward trend that has been evident for the last three years and is expected to continue with increased
working faces at the Galena Complex as well as the exploitation of EC120 Project at the Cosalá Operations
starting at the beginning of 2025 which contains high-grade silver and copper mineralization. The Company
also produced 8.9 million attributable pounds of zinc and 4.4 million attributable pounds of lead during Q2-
2024. The Company’s stated goal is to generate more than 80% of its revenue from silver production by
the end of 2025 which would be among the silver industry leaders in percentage revenue from silver.
Preliminary cash costs and all -in sustaining costs for Q2 -2024 are estimated to be approximately $12. 40
per silver ounce and $19.60 per silver ounce, respectively. These figures compare with cash costs and all-
in sustaining costs of $20.57 per silver ounce and $ 30.04 per silver ounce in Q1 -2024, representing a
decrease of ~40% in cash costs and ~35% in AISC, respectively, quarter-over-quarter. Galena Complex cash
costs per silver ounce benefitted from the significant increase in silver production as most costs at the
Galena Complex are fixed. Cash costs per silver ounce at the Cosalá Operations were reduced because of
increased by-product credits from the increased zinc production and prices.
Production from t he 60% owned Galena Complex was approximately 560,000 ounces of silver and 3.0
million pounds of lea d with attributable production of approximately 336,000 ounces of silver and 1.8
million pounds of lead in Q2-2024. This compares favorably with attributable production of approximately
187,000 ounces of silver and 1.1 million pounds of lead in Q 1-2024. Attributable silver production
increased by approximately 80% quarter-over-quarter. The Galena Complex benefitted from the recent
horizontal development work in the Upper Country Lead Zone between the 2400 and 2800 Levels which
allowed the operation to access additional working areas which is expected to continue to benefit the
operation in subsequent quarter s and a strong contribution from the 52 -198 Silver Hanging Wall Vein.
Development work on the 3700 Level is expected to be completed by the end of July 2024 and is expected
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to contribute to silver-copper production immediately thereafter and benefit production beginning in Q3-
2024.
The Cosalá Operations produced approximately 170,000 ounces of silver, 2.6 million pounds of lead and
8.9 million pounds of zinc in Q2 -2024 compared with 297,000 ounces of silver, 2.8 million pounds of lead
and 8.0 million pounds of zinc in Q1-2024 which includes preproduction from the EC120 Project. With the
recent increase in zinc prices, the Company focused on mining higher grade zinc and lower grade silver
areas of the San Rafael Main and Upper Zones to maximize its revenue mix as it continues to advance the
financing for the EC120 Project which led to lower quarter-over-quarter silver production.
The Company has an agreement in principle with an international metals trader to provide concentrate
prepayment financing options for the capital requirements at the EC120 Project. The Company is
completing final documentation and expects to close on this financing in the next few weeks with the goal
of completing the required development and preparations to be producing higher -grade silver -copper
concentrates from the Cosalá Operations at the beginning of 2025.
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,
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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 work and the expected operational and production result s
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 prepayment financing availability an d timing and capital expenditures required to develop such
project and reach production thereat. 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 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 Compan y 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 (i ncluding 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
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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 fac tors 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 pu blicly 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 This metric is a non -GAAP financial measure or ratio. The Company uses the financial measures “Cash
Cost”, “Cash Cost/Ag Oz Produced”, “All -In Sustaining Cost”, and “All -In Sustaining Cost/Ag Oz Produced”
in accordance with measures widely reported in the silver mining industry as a benchmark for performance
measurement and because it understands that, in addition to conventional measures prepared in
accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s
underlying cash costs and total costs of operations. C ash costs are determined on a mine- by-mine basis
and include mine site operating costs such as mining, processing, administration, production taxes and
royalties which are not based on sales or taxable income calculations, while all-in sustaining costs is the
cash costs plus all development, capital expenditures, and exploration spending. A full reconciliation of
these non-GAAP financial measures will be provided when the Company reports its quarterly results on or
before August 14, 2024.