Americas GOLD and Silver Corporation Provides Update – Announces Defeat of Proposed Class Action and Ratified Collective Bargaining Agreements
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AMERICAS GOLD AND SILVER CORPORATION PROVIDES UPDATE – ANNOUNCES DEFEAT OF PROPOSED
CLASS ACTION AND RATIFIED COLLECTIVE BARGAINING AGREEMENTS
TORONTO, ONTARIO— November 30, 2022 — Americas Gold and Silver Corporation (TSX: USA) (NYSE
American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, is
pleased to announce that the Ontario Superior Court of Justice has ruled that the putative class action
lawsuit brought against the Company and its Chief Executive Officer in the summer of 2021 cannot proceed.
The action sought damages relating to the Company’s public disclosure concerning its Relief Canyon Mine.
The Company has always believed that the complaint was without merit and is pleased with the court’s
findings with respect to the company’s public disclosure.
In its decision, the Court dismissed the plaintiff’s motion for leave to commence a secondary market claim
under the Ontario Securities Act. The Court found that the plaintiff failed to present credible evidence to
establish a reasonable possibility that the action will be resolved in the plaintiff’s favour. The court also
dismissed the plaintiff’s motion to certify and prosecute their claims as a class proceeding, finding that the
plaintiff failed to meet the threshold of presenting “some basis in fact” for the claims of liability. The
decision can be found at www.americas‐gold.com using the following link:
https://americas‐gold.com/site/assets/files/5769/citation.pdf
As there will not be an appeal, the decision brings this proposed class action to an end.
The Company is also pleased to announce that the Galena Complex and its unionized workers have ratified
a new 3‐year collective bargaining agreement. Unionized workers at the Cosalá Operations also recently
ratified a collective bargaining agreement. These agreements support continued stable operations during
a period of forecasted production growth as the Galena Hoist project nears completion and the Cosalá
Operations increase production of the higher‐grade silver Upper Zone.
“I am extremely pleased that the Court determined that the plaintiff’s action could not proceed and that
the Company can move forward to focus on value creation from our large silver‐rich resource base,” stated
Americas President and CEO Darren Blasutti. “In addition, with new collective bargaining agreements for
unionized workers at the Galena Complex and Cosalá, the operations should benefit from stable operations
during a period of forecasted production growth. The Galena Hoist project is expected to be fully installed
and begin its commissioning in December. The Galena Hoist project will add operational flexibility and
should significantly increase production at the operation moving forward. The Company anticipates a
strong finish to the year in Q4‐2022 with silver equivalent production for the year expected to be meet or
exceed the upper end of the guidance range of 4.8 to 5.2 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 Relief Canyon mine in Nevada, USA, the
Cosalá Operations in Sinaloa, Mexico and manages the 60%‐owned Galena Complex in Idaho, USA. The
Company also owns the San Felipe development project in Sonora, Mexico. For further information, please
see SEDAR or www.americas‐gold.com.
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For mo
re 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
Cautionary Statement on Forward‐Looking Information:
This news release contains “forward‐looking information” within the meaning of applicable securities laws.
Forward‐looking in
formation includes, but is not limited to, Americas Gold and Silver’s expectations,
intentions, plans, assumptions and beliefs with respect to, among other things, the disposition of the class
action or any other claim, estimated and targeted production rates and results for gold, silver and other
metals, the expected price s 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 anticipa ted
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; the
Company’s production. Guidance and outlook contained in this press release was prepared based on
current mine plan assumptions with res
pect 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 Ope rations from blockades, 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 throu
gh 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 fi nancial 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 “an ticipate”, “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 su ch 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 Go ld and Silver,
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
pandem
ic 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
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ability to access goods and suppli
es, 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; inabili ty 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 abili ty 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 op
erate 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 changin g 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 pote ntial 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 busin ess 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 re
strictions 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 tha t 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 Securi ties 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. Am ericas 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.