Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q3-2023 PRODUCTION RESULTS WITH AN INCREASE OF 17% IN ATTRIBUTABLE SILVER PRODUCTION

Americas Gold and Silver Corp. has provided its Q3 2023 production results.

• Q3 2023 consolidated attributable silver production rose 17 per cent, totalling approximately 390,000 ounces, compared with approximately 330,000 ounces in Q3 2022.
• Consolidated attributable silver equivalent production in Q3 2023 was approximately one million ounces, compared with approximately 1.3 million ounces in Q3 2022. The reported silver equivalent production was impacted by higher silver prices and lower zinc prices in Q3 2023 versus Q3 2022 as the company uses realized quarterly prices in its calculations. These price changes negatively impacted the silver equivalent production calculation by approximately 300,000 ounces in Q3 2023 compared with Q3 2022.
• Production was negatively impacted early in the quarter by a five-day electrical shutdown at the Galena complex to allow necessary hoist switchgear upgrades as well as mobile equipment availability. The Cosala operations had various mill outages totalling 14 days due to heavy rain and tailings work.
• The Cosala operations has grown its ore stockpile to approximately 25,000 tonnes from zero at the beginning of the year. Further, mining has begun in the transition zone between the San Rafael upper zone and the Zone 120 deposit with approximately 10,000 tonnes mined to date. The company expects to realize an increase in silver production in the near term due to the higher-grade silver areas in the upper zone and the transition zone.
• Production is expected to be the highest in Q4 2023 for calendar 2023, with both operations now accessing their highest silver grades for the year.
• Production guidance for 2023 remains unchanged but the company expects to be at lower end of both the consolidated attributable silver production range of 2.2 million to 2.6 million ounces and consolidated attributable silver equivalent production range of 5.5 million to six million ounces.

"October production has started out strongly and the company is confident that Q4 2023 will be its strongest silver production quarter following a challenging operating quarter in Q3 2023," stated Americas president and chief executive officer Darren Blasutti. "The company is undertaking numerous operating decisions to increase both its overall silver production and its percentage of revenue generated from silver at the two operations in the coming quarters as it is anticipating much stronger silver prices in 2024."

Attributable production from the 60-per-cent-owned Galena complex was approximately 209,000 ounces of silver and 1.8 million pounds of lead in Q3 2023, compared with approximately 145,000 ounces of silver and 2.1 million pounds of lead in Q3 2022. Toward the end of Q3 2023, the Galena complex was unable to maintain targeted ore production due to mine mobile equipment availability. The issue has been largely resolved, and, while improvements were too late to positively impact Q3 2023 results, October has had a strong start. The company has found a specialized contractor that it will engage in November to repair the badly damaged few hundred feet of the Galena shaft.

The Cosala operations produced approximately 178,000 ounces of silver, 2.8 million pounds of lead and nine million pounds of zinc in Q3 2023, compared with approximately 186,000 ounces of silver, 3.8 million pounds of lead and 9.4 million pounds of zinc in Q3 2022. Production during the quarter was negatively impacted by a cumulative 14 days of lost mill operating time due to heavy rainfall and tailings maintenance. The majority of the decrease in silver equivalent production compared with the prior year period is a result of 25 per cent higher realized silver prices and 25 per cent lower realized zinc prices, impacting the calculation by 300,000 ounces. Production is expected to increase in Q4 2023, benefiting from the higher-grade silver areas in the upper zone of the San Rafael mine and stockpiled production from the Zone 120 deposit.

The company's production is expected to come in at the lower of end of 2023 guidance of attributable consolidated silver equivalent production between 5.5 million and six million ounces and attributable consolidated silver production between 2.2 million and 2.6 million ounces.

In connection with contemplated amendments to the existing convertible debentures held by funds managed by Delbrook Capital Advisors to provide an additional $2-million in principal amount, the company has agreed to amend the terms of its existing warrants held by funds managed by Delbrook Capital Advisors and affiliates (an aggregate of 3.5 million common share purchase warrants) to amend the exercise price from 80 cents per warrant to 55 cents per warrant, a premium of 25 per cent to the Oct. 27, 2023, closing price of 44 cents. The warrants expire on June 21, 2026, and contain customary anti-dilution provisions as well as customary blocker language regarding becoming a control person without required shareholder and Toronto Stock Exchange approvals. The amendments will be effective upon the entry into definitive documentation and no earlier than Nov. 13, 2023.

About Americas Gold and Silver Corp.

Americas Gold and Silver is a high-growth precious metal 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, United States. 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 NI 43-101, Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC 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 (U.S. Securities and Exchange Commission) standards. Accordingly, information contained in this news release may not be comparable with similar information made public by companies subject to the SEC's reporting and disclosure requirements.

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