Americas GOLD and Silver Corporation Reports Full‐year 2022 Results
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AMERICAS GOLD AND SILVER CORPORATION REPORTS FULL‐YEAR 2022 RESULTS
TORONTO, ONTARIO— March 15, 2023 —Americas Gold and Silver Corporation (TSX: USA) (NYSE
American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer,
reports consolidated financial and operational results for the year ended December 31, 2022.
This earnings release should be read in conjunction with the Company’s Management’s Discussion and
Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have
been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, and on its
EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas‐
gold.com. All figures are in U.S. dollars unless otherwise noted.
Highlights
● Revenue of $85.0 million, representing an increase of $40 million year‐over‐year.
● A net loss of $45.2 million for 2022, or an attributable loss of $0.23 per share1, representing a
decrease in net loss of $115.4 million compared to 2021.
● Adjusted net loss2 of $27.7 million in 2022, a decrease of $9.3 million from $37.0 million in 2021,
after adjusting for one‐time, non‐reoccurring items, primarily related to the Relief Canyon mine.
● Net income from the Cosalá Operations and Galena Complex operating segments increased by
$15.3 million (+100% year‐over‐year) in 2022 in aggregate compared to 2021.
● Cash costs of $0.77/oz silver produced3 and all‐in sustaining costs of $9.64/oz silver produced3
during the year. Cash costs per ounce silver were lower than the guidance range of $4.00 to
$5.00 per silver ounce.
● The Company previously reported 2022 consolidated attributable production of approximately
5.3 million ounces of silver equivalent4, including 1.3 million ounces of silver, 39.3 million pounds
of zinc and 24.6 million pounds of lead, exceeding the silver equivalent guidance range of 4.8 to
5.2 million ounces.
● Production guidance for 2023 remains unchanged at 2.2‐2.6 million silver ounces and 5.5‐6.0
million silver equivalent ounces at cash costs of $8.00‐$9.00 per silver ounce.
“The Company is well positioned to benefit from the expected production increase in 2023 and offers
stakeholders substantial silver optionality given the current global uncertainly,” stated Americas President
and CEO Darren Blasutti. “Though the 2022 financial results were disappointing, attributable silver
production is expected to increase by over 80% in 2023 compared with 2022.”
Cosalá Operations
The Cosalá Operations had a successful year in fiscal 2022 as production increased significantly following
the resolution of the illegal blockade. The operations reopened in September 2021 with commercial
production re‐established in December 2021. The Cosalá Operations produced approximately 636,000
ounces of silver, 39.3 million pounds of zinc and 15.3 million pounds of lead in 2022. The Los Braceros
processing plant treated 585,270 tonnes. Cash costs and all‐in sustaining costs were negative $19.03 per
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silver ounce and negative $11.26 per silver ounce, respectively, benefitting from strong zinc and lead
production and base metal prices.
Production during 2022 initially focused on maximizing near‐term free cash flow by mining high‐grade zinc
areas of the Main Zone which were fully developed prior to the illegal blockade. The Company continued
to focus on mining the higher‐grade zinc areas of the Main Zone to maximize revenue generated from the
Cosalá Operations during the year. As a result, base metal production exceeded the upper end of the 2022
guidance range while silver production was slightly below the bottom end of the range. The second half
of the fourth quarter saw higher silver production as the mining rate increased in the higher‐grade silver
Upper Zone.
Silver production from the Cosalá Operations in 2023 is expected to be between 1.2 – 1.4 million ounces,
benefitting from more production from the higher‐grade silver areas in the Upper Zone of the San Rafael
mine. Zinc production from the Cosalá Operations is expected to be approximately 33 – 37 million pounds
while lead production is expected to be 11 – 13 million pounds.
Galena Complex
Galena’s Recapitalization Plan is proceeding well with the Galena Complex 2022 production increasing to
1,120,000 ounces (100% basis) or 11% higher year‐over‐year silver production compared to 2021. Lead
production for the year was within expectations while silver production was slightly below the lower end
of the guidance range due to the weaker than expected production in late Q3‐2022 due to poor quality
cemented backfill which required remedial work on the effected stopes. Silver production in December
2022 was the highest of any month during the calendar year as the operation began accessing higher grade
silver stopes including a new area on the 3700 Level.
The Company successfully installed the major components of the Galena hoist prior to year‐end. Shaft
repair will commence following completion of electrical work and commissioning. Once it becomes fully
operational, which is expected to occur by the end of Q2‐2023, the Galena hoist will increase hoisting
capacity at the Galena Complex, support plans to increase production and improve operational flexibility.
Cash costs per silver ounce at the Galena Complex are also anticipated to decrease with the completion of
the Galena replacement hoist as the benefits of scaling economies on the existing cost base with higher
grade silver ore are realized.
Attributable silver production to the Company from the Galena Complex (60% owned by Americas) in 2023
is expected to be between 1.0 – 1.2 million silver ounces benefitting from a full year of production from
higher grade ore on the 3700 Level. Attributable lead production is expected to be between 11 – 13 million
pounds. The Galena Complex attributable production for 2022 was 672,000 ounces of silver and 9.3 million
pounds of lead.
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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.
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: any objectives, expectations, intentions, plans,
results, levels of activity, goals or achievements; the timing and amount of estimated future production,
production guidance, costs of production, capital expenditures, costs and timing of development; the
success of exploration and development activities; statements regarding the Galena Complex
Recapitalization Plan, including with respect to underground development improvements, equipment
procurement and the high‐grade Phase II extension exploration drilling program and expected results
thereof and completion of the Galena hoist project on its expected schedule and updated budget, and the
realization of the anticipated benefits therefrom; Company's Cosalá Operations, including expected
production levels; the ability of the Company to target higher‐grade silver ores at the Cosalá Operations;
statements relating to the future financial condition, assets, liabilities (contingent or otherwise), business,
operations or prospects of the Company; and other events or conditions that may occur in the future.
Inherent in the forward‐looking statements are known and unknown risks, uncertainties and other factors
beyond the Company's ability to control or predict that may cause the actual results, performance or
achievements of the Company, or developments in the Company's business or in its industry, to differ
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materially from the anticipated results, performance, achievements or developments expressed or implied
by such forward‐looking statements.
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 Gold and Silver 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 Gold and Silver to be materially
different from those expressed or implied by such forward‐looking information. With respect to the
business of Americas Gold and Silver, these risks and uncertainties include: risks associated with market
fluctuations in commodity prices; risks associated with generally elevated inflation; 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, any or all of which may affect the Company's results of operations and financial condition; the
Company’s dependence on the success of its Cosalá Operations, including the San Rafael project, the
Galena Complex and the Relief Canyon mines, which are exposed to operational risks and other risks,
including certain development and exploration related risks, as applicable; risks related to mineral reserves
and mineral resources, development and production and the Company's ability to sustain or increase
present production; risks related to global financial and economic conditions; risks related to government
regulation and environmental compliance; risks related to mining property claims and titles, and surface
rights and access; risks related to labour relations, disputes and/or disruptions, employee recruitment and
retention and pension funding and valuation; some of the Company's material properties are located in
Mexico and are subject to changes in political and economic conditions and regulations in that country;
risks related to the Company's relationship with the communities where it operates; risks related to actions
by certain non‐governmental organizations; substantially all of the Company's assets are located outside
of Canada, which could impact the enforcement of civil liabilities obtained in Canadian and U.S. courts;
risks related to currency fluctuations that may adversely affect the financial condition of the Company; the
Company may need additional capital in the future and may be unable to obtain it or to obtain it on
favourable terms; risks associated with the Company's outstanding debt and its ability to make scheduled
payments of interest and principal thereon; risks associated with any hedging activities of the Company;
risks associated with the Company's business objectives; risks relating to mining and exploration activities
and future mining operations; operational risks and hazards inherent in the mining industry; risks related
to competition in the mining industry; risks relating to negative operating cash flows; risks relating to the
possibility that the Company’s working capital requirements may be higher than anticipated and/or its
revenue may be lower than anticipated over relevant periods; and risks relating to climate change and the
legislation governing it. 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 Gold
and Silver’s filings with the Canadian Securities 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. Americas Gold and Silver does not give any assurance that
Americas Gold and Silver will achieve its expectations, or concerning the result or timing thereof. All
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subsequent written and oral forward‐looking information concerning Americas Gold and Silver are
expressly qualified in their entirety by the cautionary statements above.
1 The Company uses the financial measure “net loss per share” 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 liquidity, operational efficiency, and short‐term financial health.
Net loss per share is consolidated net loss divided by the weighted average number of common shares
outstanding during the period.
Reconciliation of Net Loss per Share
2022 2021
Consolidated net loss ('000) $(45,187) $(160,576)
Divided by weighted average number of common shares outstanding 184,416,034 141,887,984
Net loss per share $(0.25) $(1.13)
2 This metric is a non‐GAAP financial measure or ratio. The Company uses the financial measure “adjusted
net loss” 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 profitability. The
presentation of adjusted net loss is not meant to be a substitute for the net loss presented in accordance
with IFRS, but rather should be evaluated in conjunction with such IFRS measure. Adjusted net loss is net
loss with certain non‐cash items backed‐out (i.e. impairment to property, plant and equipment, write‐
downs to inventory, and loss related to the fair value of financial instruments).
Reconciliation of Adjusted Net Loss
2022 2021
Consolidated net loss ('000) $45,187 $160,576
Less impairment to property, plant and equipment from Relief Canyon ('000) (13,440) (55,623)
Less Relief inventory write‐downs from lowering expected gold recoveries
('000)
‐ (24,780)
Less Relief inventory write‐downs to net realizable value ('000) (7,658) (15,127)
Less loss on metals contract liability ('000) (657) (20,780)
Less care and maintenance costs from Cosalá Operations ('000) ‐ (7,309)
Add gain on government loan forgiveness ('000) 4,277 ‐
Adjusted net loss ('000) $27,709 $36,957
3 This metric is a non‐GAAP financial measure or ratio. The Company uses the financial measures “Cash
Costs”, “Cash Costs/Ag Oz Produced”, “All‐In Sustaining Costs”, and “All‐In Sustaining Costs/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. Cash 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.
Reconciliation of Consolidated Cash Costs/Ag Oz Produced1
2022 20212,3
Cost of sales ('000) $64,340 $3,605
Less cost of sales during illegal blockade ('000) ‐ (1,071)
Adjusted cost of sales ('000) $64,340 $2,534
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Less non‐controlling interests portion ('000) (12,388) ‐
Attributable cost of sales ('000) 51,952 2,534
Non‐cash costs ('000) (1,723) 160
Direct mining costs ('000) $50,229 $2,694
Smelting, refining and royalty expenses ('000) 24,050 1,857
Less by‐product credits ('000) (73,274) (5,406)
Cash costs ('000) $1,005 $(855)
Divided by silver produced (oz) 1,308,201 46,128
Cash costs/Ag oz produced ($/oz) $0.77 $(18.53)
Reconciliation of Cosalá Operations Cash Costs/Ag Oz Produced
2022 20212,3
Cost of sales ('000) $33,371 $3,605
Less cost of sales during illegal blockade ('000) ‐ (1,071)
Adjusted cost of sales ('000) $33,371 $2,534
Non‐cash costs ('000) (1,348) 160
Direct mining costs ('000) $32,023 $2,694
Smelting, refining and royalty expenses ('000) 20,580 1,857
Less by‐product credits ('000) (64,710) (5,406)
Cash costs ('000) $(12,107) $(855)
Divided by silver produced (oz) 636,246 46,128
Cash costs/Ag oz produced ($/oz) $(19.03) $(18.53)
Reconciliation of Galena Complex Cash Costs/Ag Oz Produced
2022 20212,3
Cost of sales ('000) $30,969 ‐
Non‐cash costs ('000) (625) ‐
Direct mining costs ('000) $30,344 ‐
Smelting, refining and royalty expenses ('000) 5,784 ‐
Less by‐product credits ('000) (14,274) ‐
Cash costs ('000) $21,854 ‐
Divided by silver produced (oz) 1,119,925 ‐
Cash costs/Ag oz produced ($/oz) $19.51 ‐
Reconciliation of Consolidated All‐In Sustaining Costs/Ag Oz Produced 1
2022 20212,3
Cash costs ('000) $1,005 $(855)
Capital expenditures ('000) 9,031 120
Exploration costs ('000) 2,569 58
All‐in sustaining costs ('000) $12,605 $(677)
Divided by silver produced (oz) 1,308,201 46,128
All‐in sustaining costs/Ag oz produced ($/oz) $9.64 $(14.67)
Reconciliation of Cosalá Operations All‐In Sustaining Costs/Ag Oz Produced
2022 20212,3
Cash costs ('000) $(12,107) $(855)
Capital expenditures ('000) 3,649 120
Exploration costs ('000) 1,296 58
All‐in sustaining costs ('000) $(7,162) $(677)
Divided by silver produced (oz) 636,246 46,128
All‐in sustaining costs/Ag oz produced ($/oz) $(11.26) $(14.67)
Reconciliation of Galena Complex All‐In Sustaining Costs/Ag Oz Produced
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2022 20212,3
Cash costs ('000) $21,854 ‐
Capital expenditures ('000) 8,970 ‐
Exploration costs ('000) 2,122 ‐
All‐in sustaining costs ('000) $32,946 ‐
Galena Complex Recapitalization Plan costs ('000) 6,608 ‐
All‐in sustaining costs with Galena Recapitalization Plan ('000) $39,554 ‐
Divided by silver produced (oz) 1,119,925 ‐
All‐in sustaining costs/Ag oz produced ($/oz) $29.42 ‐
All‐in sustaining costs with Galena Recapitalization Plan/Ag oz produced ($/oz) $35.32 ‐
1 Throughout this press release, consolidated production results and consolidated operating metrics are based on the
attributable ownership percentage of each operating segment (100% Cosalá Operations and 60% Galena Complex).
2 Production results are nil for the Cosalá Operations from Q2‐2020 through Q3‐2021 due to it being placed under care and
maintenance effective February 2020 as a result of the illegal blockade and exclude the Galena Complex due to suspension of
certain operating metrics during the Galena Recapitalization Plan implementation.
3 Cost per ounce measurements during fiscal 2021 were based on operating results starting from December 1, 2021 following
return to nameplate production of the Cosalá Operations. Throughout this press release, all other production results from
the Cosalá Operations during fiscal 2021 were determined based on total production during the year.
4 Silver equivalent ounces for 2022 and 2021 were calculated based on all metals production at average realized silver, zinc,
and lead prices during each respective period throughout this press release. Silver equivalent ounces for the 2023 guidance
and 2024 outlook references were calculated based on $22.00/oz silver, $1.45/lb zinc, $1.00 /lb lead, and $3.75/lb copper
throughout this press release.