Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION REPORTS Q1-2023 RESULTS

Americas Gold and Silver Corp. has released consolidated financial and operational results for the quarter ended March 31, 2023.

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 SEDAR profile and on its EDGAR profile, and which are also available on the company's website. All figures are in U.S. dollars unless otherwise noted.

Highlights:

• Revenue of $22.1-million, representing a decrease of $4.3-million year-over-year, primarily due to a 17-day maintenance shutdown at the Cosala operations in February and lower realized metals prices.
• Net cash generated from operating activities improved by $3.5-million to $1.7-million during Q1 2023 compared with net cash used in operating activities of $1.8-million during Q1 2022.
• A net loss of $10.5-million for Q1 2023, or an attributable loss of five cents per share, representing an increase in net loss of $10.2-million compared with Q1 2022. The increase in loss was primarily due to the maintenance shutdown at the Cosala operations, higher interest and financing charges, a stronger Mexican peso in Q1 2023, and a one-time gain from the U.S. government loan forgiveness that lowered the net loss in Q1 2022.
• The Galena Hoist project remains on track with the hoist ropes installed last week ahead of shaft inspection and repair beginning this week. The project is on schedule to be fully operational by the end of Q2 2023.
• Consolidated attributable production of approximately 1.2 million ounces of silver equivalent, including 500,000 ounces of silver, 7.2 million pounds of zinc and 5.5 million pounds of lead. Consolidated attributable silver production increased 66 per cent year-over-year despite the quarter being impacted by the 17-day maintenance shutdown at the Cosala operations.
• Attributable cash costs of $11.18/ounce silver produced and all-in sustaining costs of $16.87/oz silver produced during the quarter.
• Production guidance for 2023 remains unchanged with consolidated attributable silver equivalent production expected to range between 5.5 million and six million ounces and consolidated attributable silver production expected to increase by over 80 per cent from 2022 and range between 2.2 million and 2.6 million ounces.

"The Galena Hoist project is making excellent progress with not only the major capital obligations and technical components completed but the shaft repair work about to start," stated Americas president and chief executive officer Darren Blasutti. "Once operational, the Galena Hoist will not only add flexibility but also support plans to significantly increase silver production at the Galena complex moving forward starting in Q3 2023. The company is well positioned to deliver on its 2023 production guidance which provides solid organic production growth and offers substantial silver optionality to our stakeholders."

Cosala operations

The Cosala operations had a successful start to the year despite the 17-day maintenance shutdown that impacted overall production during the quarter. The Cosala operations produced approximately 265,000 ounces of silver, 2.7 million pounds of lead and 7.2 million pounds of zinc in Q1 2023, compared with approximately 127,000 ounces of silver (representing an approximate 110-per-cent increase year-over-year), 3.9 million pounds of lead and 9.6 million pounds of zinc in Q1 2022, benefiting from more production from the higher-grade silver areas in the Upper zone of the San Rafael mine. Cash cost and all-in sustaining cost were $4.61 per silver ounce and $9.52 per silver ounce, respectively, an increase compared with Q1 2022 as the company produced more silver and less byproduct zinc and lead.

Production at the Cosala operations during Q1 2023 was impacted by the 17-day maintenance shutdown to perform remedial work on the decant tunnel at the Cosala operations tailings facility as part of the long-term environmental plan at the operations. This temporary shutdown allowed the San Rafael mine to rebuild stockpiles that had been drawn down in 2022 and allowed scheduled maintenance to be carried out at the Los Braceros mill, setting the operation up for a strong remainder of 2023.

Silver production from the Cosala operations in 2023 is expected to be between 1.2 million and 1.4 million ounces, benefiting from more production from the higher-grade silver areas in the Upper zone of the San Rafael mine. Zinc production from the Cosala operations is expected to be approximately 33 million to 37 million pounds while lead production is expected to be 11 million to 13 million pounds.

Galena complex

The company began mining the 3700 Level high-grade silver ore in mid-December, 2022, and recently started development on the 4300 Level to access the Upper 360 complex reserve area. The 4300 Level mining front will increase the number of producing stopes and boost production output to coincide with the completion of the Galena Hoist.

The Galena Hoist project remains on track with hoist ropes installed last week ahead of shaft inspection and repair beginning this week. Completion of this phase of hoist commissioning derisks the project and demonstrates the hoist is mechanically sound and ready for use. A preliminary inspection of the Galena shaft indicated that it was in reasonable condition with no substantial deterioration during the period of inactivity. The Galena Hoist project remains on track to be completed and be fully operational by the end of Q2 2023 which will support plans to increase production, improve operational flexibility and improve operational economics.

Attributable silver production to the company from the Galena complex (60 per cent owned by Americas) in 2023 is expected to be between one million and 1.2 million silver ounces. Attributable lead production is expected to be between 11 million and 13 million pounds. The Galena complex attributable production for 2022 was 672,000 ounces of silver and 9.3 million pounds of lead.

About Americas Gold and Silver Corp.

Americas Gold and Silver is a high-growth precious metals mining company with multiple assets in North America. The company owns and operates the Cosala operations in Sinaloa, Mexico, manages the 60-per-cent-owned Galena complex in Idaho, United States, and is re-evaluating the Relief Canyon mine in Nevada, U.S. The company also owns the San Felipe development project in Sonora, Mexico.

Technical Information and qualified person

The scientific and technical information relating to the company's material mining properties contained herein has been reviewed and approved by Daren Dell, PEng, chief operating officer of the company. The company's current annual information form and the National Instrument 43-101 technical reports for its mineral properties, all of which are available on SEDAR and EDGAR, 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.

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