Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER REPORTS Q2-2023 RESULTS

Americas Gold and Silver Corp. has released consolidated financial and operational results for the quarter ended June 30, 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 $24.2-million for Q2 2023 representing an increase of $4.2-million (or 21 per cent) compared with Q2 2022 primarily due to higher silver and lead production from the Galena complex and higher silver production from the Cosala operations, partially offset by lower realized zinc prices.
• Cash generated from operating activities improved by $2.9-million compared with Q2 2022, before changes in non-cash working capital items.
• A net loss of $7.1-million for Q2 2023, or an attributable loss of three cents per share representing a decrease in net loss of $2.2-million compared with Q2 2022, primarily due to higher net revenue of $4.2-million offset in part by higher cost of sales of $2.8-million and lower realized zinc prices.
• 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. The company has fully inspected the shaft with a lidar survey showing less than a few hundred feet of the shaft requiring more extensive repair. These repairs are continuing and are expected to be completed in Q4 2023.
• Q2 2023 consolidated attributable silver production increased by 92 per cent year-over-year totalling approximately 570,000 ounces compared with approximately 300,000 ounces in Q2 2022. Consolidated attributable silver equivalent production in Q2 2023 was approximately 1.3 million ounces compared with 1.3 million ounces in Q2 2022.
• Attributable cash costs of $10/oz silver produced and all-in sustaining costs of $16.78/oz silver produced during the quarter. Cash costs were negatively impacted in the quarter by lower zinc prices and an appreciation in the Mexican peso.
• 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 company closed the second tranche of the convertible debenture with Delbrook Capital, one of the company's largest shareholders, with the receipt of the remaining $4-million (Canadian) subsequent to the quarter-end.

"Production in the second half of the year is expected to be higher than the first half of the year and the company remains on track to meet its 2023 production guidance," stated Americas president and chief executive officer Darren Blasutti. "The company has also made the decision to source higher-grade silver copper ore from the EC120 deposit at the Cosala operations, starting later this month. The decision is a result of expected higher silver and copper prices relative to zinc prices going forward. Developing into the EC120 deposit allows for greater revenue optimization to constantly changing metal prices and increases silver optionality."

Cosala operations

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. Cash cost and all-in sustaining cost were $4.51 per silver ounce and $11.10 per silver ounce, respectively, which were negatively impacted in the quarter by lower lead and zinc prices and an appreciation in the Mexican peso compared with Q2 2022.

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 and starting to source higher-grade silver ore from the EC120 deposit starting later this month. The decision is a result of lower-than-expected zinc prices and expected higher silver prices going forward. Developing into the EC120 deposit allows for greater revenue optimization to constantly changing metal prices and increases silver optionality.

Galena complex

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. Cash cost and all-in sustaining cost were $17.74 per silver ounce and $24.74 per silver ounce, respectively, a decrease in both cash cost and all-in sustaining cost compared with Q2 2022. All-in sustaining cost per silver ounce at the Galena complex is anticipated to continue to decrease with the completion of the Galena hoist project as the benefits of scaling economies on the existing cost base are realized.

During the quarter, the company successfully installed the Galena hoist and it 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 has fully inspected the shaft with a lidar survey showing less than a few hundred feet of the shaft requiring more extensive repair. These repairs are continuing and are expected to be completed in Q4 2023. The Galena hoist will support plans to increase production, improve operational flexibility and improve operational economics.

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.

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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