USA.TO · 2024-01-23 12:00:00

Americas GOLD and Silver Corporation Provides Q4‐2023 and Full Year 2023 Production Results; Update ON Galena Exploration

Production Results

AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q4‐2023 AND FULL YEAR 2023 PRODUCTION

RESULTS; UPDATE ON GALENA EXPLORATION

TORONTO, ONTARIO — January 23, 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 Q4‐2023 and full year 2023 production results as well as an update to Galena

Complex exploration results.

● Q4‐2023 was the Company’s strongest production quarter of the year as consolidated attributable

silver production rose over 50% totalling approximately 0.58 million ounces compared with

approximately 0.38 million ounces in Q4‐2022 and approximately 0.39 million ounces in Q3‐2023.

● 2023 consolidated attributable silver production increased by over 55% totalling approximately

2.04 million ounces compared with approximately 1.31 million ounces in 2022. Despite the strong

production in Q4‐2023, the Company was 7% below it’s original silver guidance for the year.

Additional silver production was expected from the Galena Complex at the end of the Q4‐2023,

that was delayed by sand‐fill cycle issues. This delayed silver production was delivered to the mill

in early January 2024, which will have a positive impact on Q1‐2024 silver production.

● The Company is making significant progress with interested metal traders to provide concentrate

prepayment financing for the capital requirements 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 Q1‐2024 with the goal to be producing higher‐grade silver‐copper concentrates by the

end of 2024.

● Following the successful drilling campaign of the Caladay Lead Zone from the eastern extent of the

4900 Level, the Galena Complex exploration team has successfully defined exciting new veins and

extended known mineralization from drilling platforms on 4600L, 4300L and 5200L. New reportable,

high‐grade silver intercepts continue to highlight the exploration potential at the Galena Complex

and the results are expected to add mineable resources with additional infill drilling that could be

additive to planned 2024 silver production totals. Some notable intercepts are:

● Hole 49‐664: 3,172 g/t silver, 3.8% copper and 2.6% lead (3,674 g/t silver equivalent[1]) over 1.4 m[2]

and: 412 g/t silver, 0.1% copper and 0.2% lead (430 g/t silver equivalent) over 2.3 m

● Hole 49‐668: 5,665 g/t silver, 1.1% copper and 0.2% lead (5,787 g/t silver equivalent) over 0.9 m

and: 1,012 g/t silver and 0.6% copper (1,082 g/t silver equivalent) over 1,2 m

and: 5,598 g/t silver, 2.3% copper and 4.0% lead (5,983 g/t silver equivalent) over 1.2 m

● Hole 52‐507: 6,444 g/t silver and 1.8% copper (6,640 g/t silver equivalent) over 0.7 m

“The Company had its strongest quarter of the year in Q4‐2023 and delivered an impressive 56% increase

in silver production year‐over‐year. Despite the Company falling just short of its guidance, I’m proud of

how the operational teams performed given the 45 days lost in the calendar year from unforeseen issues

that are now behind us.” stated Americas President and CEO Darren Blasutti. “Not only is attributable

silver production expected to grow significantly again in 2024, but the Galena Complex exploration

program continues to generate impressive results which the Company is confident will yield near term

mining targets. We are excited by the scale of some of the targets that could generate new production

areas that can be exploited by bulk mining methods as well as areas of exceptional grade.”

Consolidated Attributable Production*

2023 2022 % Increase

(Decrease)

(Y‐over‐Y)

Silver Production (ounces) 2.04 Moz 1.31 Moz 56%

Zinc Production (pounds) 34.1 Mlbs 39.3 Mlbs (13%)

Lead Production (pounds) 20.5 Mlbs 24.6 Mlbs (17%)

Silver Equivalent Production (ounces) 4.6 Moz 5.3 Moz (13%)

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

period throughout this press release.

Attributable production from the 60% owned Galena Complex was approximately 262,000 ounces of silver

and 1.8 million pounds of lead in Q4‐2023, compared to approximately 182,000 ounces of silver and 2.2

million pounds of lead in Q4‐2022. For the year, attributable production from the 60% owned Galena

Complex was approximately 944,000 ounces of silver and 9.1 million pounds of lead, compared to

approximately 672,000 ounces of silver and 9.3 million pounds of lead in 2022.

Despite the challenges encountered in with the Galena Shaft Repair project and the associated lower than

planned ore and waste hoisting capacity, the operation was able to produce over 40% more attributable

silver ounces in 2023 compared to 2022. The increase in production was driven by the successful mining

of high‐grade silver‐copper stopes. The Galena Shaft Repair project is expected to recommence in Q3‐2024

and will be completed by Moran Mining & Tunneling. In Q4‐2023, the Galena Complex undertook some

critical shaft rehab work on the Coeur Shaft to increase total skipping capacity and ensure that critical

waste development above 3700 Level is possible which will open up new high grade stope areas. During

H1‐2024, the Galena Complex anticipates bringing two new stope areas online which will increase the

mine’s mining rate and result in providing critical incremental cash flow which will be directed to the Galena

Shaft Repair project.

Diamond drilling on the property has continued since the last mineral resource update of June 30, 2022

and the Company has initiated the process of updating the mineral resources and reserves for the Galena

Complex as at December 31, 2023 and is expected to publish the results in Q1‐2024. Based on the drilling

success, the Company expects to add additional mineral resources as well as increase confidence of the

mineral resource compared with previously reported mineral resources.

The Cosalá Operations produced approximately 321,000 ounces of silver, 2.7 million pounds of lead and

8.3 million pounds of zinc in Q4‐2023, compared with approximately 196,000 ounces of silver, 3.8 million

pounds of lead and 10.4 million pounds of zinc in Q4‐2022. Silver production in the quarter was up almost

64% benefitting from higher‐grade silver areas in the Upper Zone of the San Rafael mine and stockpiled

production from Zone 120 deposit. For 2023, the Cosalá Operations produced approximately 1.1 million

ounces of silver, 11.5 million pounds of lead and 34.1 million pounds of zinc, compared with approximately

636,000 ounces of silver, 15.3 million pounds of lead and 39.3 million pounds of zinc in 2022. Silver

production for the year increased 73% as the Company focused on higher grade silver areas given the

increase in silver prices and lower zinc prices.

With the current higher silver price and lower zinc 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.

The Company commenced discussions in Q4‐2023 with interested metal traders to provide concentrate

prepayment financing options for the capital requirements at the EC120 Project. The Company expects to

close on this financing in Q1‐2024 with the goal to be producing higher‐grade silver‐copper concentrates

by the end of 2024.

Consolidated attributable silver equivalent3 production in Q4‐2023 was approximately 1.2 million ounces

compared with approximately 1.3 million ounces in Q4‐2022. For 2023, consolidated attributable silver

equivalent production was approximately 4.6 million ounces compared with approximately 5.3 million

ounces in 2022. Silver equivalent production continued to be impacted by higher silver prices and lower

zinc prices throughout the year as the Company uses realized quarterly prices in its calculations. Using

budgeting pricing that was expected for silver equivalent production – the Company would have produced

approximately the same amount of silver equivalent ounces as in 2022.

Galena Exploration Update

The Galena Complex has been actively drilling near mine exploration targets with exciting results including

an area between the 4600 Level and 4900 Level which had previously been a gap in drilling and has been

consistently returning high‐grade intercepts of attractive Ag‐Cu veins. A drill campaign was completed

from the 4600 Level to infill a gap in the 360 Complex and this program was successful in proving the

continuity of the 360 Complex mineralization between 4600 and 4900 Level. Active drilling on the 4300

level has been critical to defining the upper extents of the 360 Complex and has also led to the eastward

extension of the 360 Complex which contains several intercepts of wide veins contained within a larger

package of disseminated mineralization. Recent drilling from the 5200 Level targeting the 55 Vein has

uncovered high‐grade intercepts of previously unknown veins which are close to existing infrastructure.

Two programs were active in the period from a drill platform near the 4600 Level. The first infill drill

program above the 4600 Level targeting the Lower Country Lead Zone has been completed and added

confidence to near‐term mine plans of this area. The second program, which remains active, has

intercepted impressive grades of Ag‐Cu veins in the Central Zone in an area that currently contains no

mineral resources. This drilling has shown down dip extensions of veins previously mined above the 4600

Level and the proximity to existing infrastructure on 4600 and 4900 Levels gives these early results a high

potential to add near‐term mineable resources to the Galena Complex with additional infill drilling.

● Hole 49‐641: 307 g/t silver and 15.5% lead (770 g/t silver equivalent) over 2.2 m

and: 1,407 g/t silver, 0.2% copper and 43.4% lead (2,712 g/t silver equivalent) over 1.1 m

● Hole 49‐658: 435 g/t silver and 20.4% lead (1,042 g/t silver equivalent) over 1.4 m

and: 270 g/t silver and 11.1% lead (601 g/t silver equivalent) over 3.0 m

and: 905 g/t silver, 0.7% copper and 0.5% lead (1,000 g/t silver equivalent) over 1.1 m

● Hole 49‐661: 295 g/t silver, 0.1% copper and 4.1% lead (433 g/t silver equivalent) over 2.3 m

and: 920 g/t silver, 0.1% copper and 42.8% lead (2,200 g/t silver equivalent) over 0.6 m

and: 526 g/t silver, 0.1% copper and 26.3% lead (1,313 g/t silver equivalent) over 0.7 m

and: 453 g/t silver, 0.1% copper and 13.3% lead (856 g/t silver equivalent) over 3.4 m

● Hole 49‐662: 304 g/t silver and 12.4% lead (673 g/t silver equivalent) over 1.1 m

and: 323 g/t silver, 0.1% copper and 6.8% lead (538 g/t silver equivalent) over 3.7 m

including: 1,235 g/t silver, 0.8% copper and 6.8% lead (1,533 g/t silver equivalent) over 0.4 m

including: 631 g/t silver, 0.0% copper and 20.1% lead (1,231 g/t silver equivalent) over 0.4 m

including: 343 g/t silver, 0.1% copper and 14.5% lead (784 g/t silver equivalent) over 0.4 m

● Hole 49‐664: 3,172 g/t silver, 3.8% copper and 2.6% lead (3,692 g/t silver equivalent) over 1.4 m

and: 410 g/t silver, 0.1% copper and 0.2% lead (430 g/t silver equivalent) over 2.3 m

● Hole 49‐666: 858 g/t silver, 0.5% copper and 0.2% lead (922 g/t silver equivalent) over 1.2 m

and: 754 g/t silver, 0.7% copper and 0.1% lead (840 g/t silver equivalent) over 1.1 m

● Hole 49‐667: 1,317 g/t silver, 1.0% copper and 0.1% lead (1,436 g/t silver equivalent) over 0.8 m

● Hole 49‐668: 5,663 g/t silver, 1.1% copper and 0.2% lead (5,793 g/t silver equivalent) over 0.8 m

and: 1,012 g/t silver and 0.6% copper (1,087 g/t silver equivalent) over 1.1 m

and: 5,598 g/t silver, 2.3% copper and 4.0% lead (5,982 g/t silver equivalent) over 1.2 m

● Hole 49‐670: 1,499 g/t silver, 1.83% copper & 0.65% lead (1,732 g/t silver equivalent) over 1.9 m

Figure 1: Drilling between 4600 and 4900 Level

Figure 2: Drilling between 4600 and 4900 Level

Drilling from the 4300 level has targeted the upper levels of the 360 Complex and recent drilling to the east

has encountered several promising thick intercepts of veins within a larger package of stacked veins and

disseminated mineralization beyond the known mineral resource in the area. The wide intercepts of

economic grades create the potential of extraction via more productive bulk mining methods if future infill

drilling programs are successful in defining this area as a mineral resource. Due to limitations of the

Termite drill and the existing drilling platform, this new vein package is open along strike to the east and

plans are being developed to add additional drilling with a Hagby drill from platforms from the 4300 Level

and 4600 Level to build upon current understanding of this zone and define the lateral and vertical extents

of the mineralization.

● Hole 43‐278: 154 g/t silver and 10.0% lead (450 g/t silver equivalent) over 37.3 m

including: 288 g/t silver and 16.3% lead (772 g/t silver equivalent) over 1.5 m

including: 302 g/t silver and 19.7% lead (888 g/t silver equivalent) over 2.6 m

including: 176 g/t silver and 12.2% lead (538 g/t silver equivalent) over 2.1 m

including: 230 g/t silver and 18.7% lead (786 g/t silver equivalent) over 5.2 m

● Hole 43‐280: 130 g/t silver and 8.4% lead (380 g/t silver equivalent) over 10.7 m

and: 230 g/t silver and 14.1% lead (654 g/t silver equivalent) over 32.8 m

including: 246 g/t silver and 14.8% lead (684 g/t silver equivalent) over 2.4 m

including: 455 g/t silver and 38.6% lead (1,603 g/t silver equivalent) over 2.1 m

including: 294 g/t silver and 27.0% lead (1,094 g/t silver equivalent) over 5.2 m

including: 812 g/t silver, 0.4% copper and 31.3% lead (1,785 g/t silver equivalent) over 2.2 m

● Hole 43‐281: 155 g/t silver and 10.9% lead (480 g/t silver equivalent) over 18.6 m

and: 206 g/t silver and 17.4% lead (722 g/t silver equivalent) over 1.5 m

and: 446 g/t silver and 11.6% lead (793 g/t silver equivalent) over 0.9 m

and: 274 g/t silver and 6.9% lead (480 g/t silver equivalent) over 1.5 m

and: 213 g/t silver and 7.5% lead (436 g/t silver equivalent) over 1.2 m

● Hole 43‐283: 133 g/t silver and 10.2% lead (437 g/t silver equivalent) over 53.3 m

including: 324 g/t silver and 23.8% lead (1,033 g/t silver equivalent) over 0.9 m

including: 222 g/t silver and 17.9% lead (753 g/t silver equivalent) over 5.2 m

including: 247 g/t silver and 19.0% lead (812 g/t silver equivalent) over 4.5 m

including: 227 g/t silver and 17.4% lead (747 g/t silver equivalent) over 1.1 m

including: 226 g/t silver and 14.7% lead (663 g/t silver equivalent) over 7.8 m

Figure 3: 4300 Level Drilling

Drilling from the 4600 level and targeting the 360 Complex successfully infilled an area that lacked drilling

and mineral resources and provided critical data required to model and estimate mineral resources in the

360 Complex between 4600 and 4900 Levels. The results of this drilling campaign are critical to near term

extraction of the 360 Complex.

● Hole 46‐328: 631 g/t silver and 20.5% lead (1,243 g/t silver equivalent) over 1.5 m

● Hole 46‐334: 1,294 g/t silver, 1.4% copper and 1.9% lead (1,508 g/t silver equivalent) over 1.3 m

● Hole 46‐335: 3,841 g/t silver, 4.0% copper and 14.5% lead (4,741 g/t silver equivalent) over 1.3 m

● Hole 46‐340: 532 g/t silver, 0.2% copper and 8.1% lead (796 g/t silver equivalent) over 4.6 m

including: 1,303 g/t silver, 0.5% copper and 1.4% lead (1,403 g/t silver equivalent) over 0.7 m

including: 453 g/t silver, 0.2% copper and 8.4% lead (720 g/t silver equivalent) over 0.5 m

including: 1,094 g/t silver, 1.2% copper and 34.6% lead (2,260 g/t silver equivalent) over 0.1 m

● Hole 46‐350: 256 g/t silver and 9.4% lead (535 g/t silver equivalent) over 1.6 m

and: 211 g/t silver and 6.5% lead (406 g/t silver equivalent) over 2.6 m

and: 214 g/t silver and 6.0% lead (394 g/t silver equivalent) over 1.8 m

● Hole 46‐352: 361 g/t silver and 10.1% lead (662 g/t silver equivalent) over 1.6 m

Figure 4: 4600 Level Drilling

The Hagby #1 drill was recently moved from the 4600 Level 360 Complex to the 5200 Level to target the

055 Vein which lies between the 058 Vein and the Galena shaft. This area is close to existing infrastructure

and in addition to the 055 vein, there is potential to define high grade Ag‐Cu veins. Initial drilling from the

5200 Level has yielded some impressive intercepts and high grades.

● Hole 52‐503: 4,389 g/t silver and 0.4% copper (4,443 g/t silver equivalent) over 0.2 m

● Hole 52‐504: 959 g/t silver, 0.3% copper and 0.2% lead (1,002 g/t silver equivalent) over 1.5 m

and: 1,292 g/t silver, 0.4% copper and 0.2% lead (1,340 g/t silver equivalent) over 1.0 m

● Hole 52‐507: 6,442 g/t silver and 1.8% copper (6,652 g/t silver equivalent) over 0.7 m

Figure 5: 5200 Level Drilling

A full table of drill results can be found at:

https://americas‐gold.com/site/assets/files/5838/dr20240123.pdf

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.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 number of producing stopes and production levels; the expected timing and completion of the

Galena Shaft Repair 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; and statements relating to Americas’ EC120 Project, including

expected approvals, prepayment ﬁnancing availability 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. Guidance and outlook references contained in this press release

were prepared based on current mine plan assumptions with respect to production, development, costs

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