Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q2-2023 PRODUCTION RESULTS; ATTRIBUTABLE SILVER PRODUCTION INCREASED BY 92% YEAR-OVER-YEAR

Americas Gold and Silver Corp. has provided its Q2 2023 production results.

• Q2 2023 consolidated attributable silver production increased by 92 per cent year-over-year and 15 per cent quarter-over-quarter totalling approximately 570,000 ounces compared with approximately 300,000 ounces in Q2 2022 and 500,000 ounces in Q1 2023.
• Consolidated attributable silver equivalent production in Q2 2023 was approximately 1.3 million ounces compared with approximately 1.2 million ounces in Q1 2023 and 1.3 million ounces in Q2 2022.
• Production guidance for 2023 remains unchanged with consolidated attributable silver production expected to range between 2.2 million and 2.6 million ounces and consolidated attributable silver equivalent production expected to range between 5.5 million and six million ounces.
• The company successfully installed the Galena hoist which is now operational as of the end of Q2 2023 with only shaft repair remaining before final certification can be obtained.
• In early July, the company closed the second tranche of the senior secured convertible debenture for a total of $8-million. In addition, certain members of the company's board and management invested a total of $550,000 in a private placement for common shares of the company.

"The company continued the strong momentum from Q1 2023 and delivered another solid production quarter in Q2 2023, resulting in a significant increase in silver production quarter-over-quarter and year-over-year. Production in the second half of the year is expected to be higher than the first half of the year," stated Americas president and chief executive officer Darren Blasutti. "The Galena hoist was successfully installed by the end of the quarter with only shaft repair remaining on a part of the shaft. The Galena hoist is expected to positively impact the Galena complex operations for many years to come."

The Cosala operations produced approximately 335,000 ounces of silver, 3.2 million pounds of lead and 9.6 million pounds of zinc in Q2 2023, compared with approximately 128,000 ounces of silver, 3.9 million pounds of lead and 9.9 million pounds of zinc in Q2 2022, benefiting from more production from the higher-grade silver areas in the Upper zone of the San Rafael mine.

Attributable production from the 60-per-cent-owned Galena complex was approximately 238,000 ounces of silver and 2.7 million pounds of lead in Q2 2023, compared with approximately 171,000 ounces of silver and 2.5 million pounds of lead in Q2 2022. Much of the increase in silver production comes from the 3700 level silver-copper areas which drove total silver grade processed above 400 grams per tonne during the quarter. Also, during the quarter, the company successfully installed the Galena hoist which is now operational. The company is focused on finishing the remaining shaft repair work, which is not expected to impact production guidance for the Galena complex in 2023.

The company's production guidance for 2023 remains unchanged with attributable consolidated silver equivalent production expected to range between 5.5 million and six million ounces and attributable consolidated silver production forecast between 2.2 million and 2.6 million ounces.

Convertible financing

After the end of Q2 2023, the company closed the second tranche $5-million of its previously announced $8-million senior secured convertible debenture financing. In addition to the senior secured convertible debenture, certain members of the company's board and management invested in a private placement for common shares of the company for a total of $550,000.

The proceeds were raised to finalize construction of the Galena hoist and for general working capital purposes.

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 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, PEng, chief operating officer of the company. The company's current annual information form and the National Instrument 43-101 technical reports for its other material 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.

All mining terms used herein have the meanings set forth in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities. These standards differ from the requirements of the Securities and Exchange Commission that are applicable to domestic U.S. 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.

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