Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER REPORTS Q3-2023 RESULTS

Americas Gold and Silver Corp. has released consolidated financial and operational results for the quarter ended Sept. 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 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 $18.3 million for Q3-2023 compared to revenue of $18.3 million for Q3-2022, resulting from higher silver production and silver price from the Galena Complex, offset by slightly lower base metal production and much lower zinc prices from the Cosala Operations during the most recent period.

A net loss of $10.5 million for Q3-2023, or an attributable loss of $0.04 per share representing a decrease in net loss of $14.1 million compared to Q3-2022.

As previously reported, Q3-2023 consolidated attributable silver production rose 17% totalling approximately 0.39 million ounces compared with approximately 0.33 million ounces in Q3-2022.

Production was negatively impacted early in the quarter by a planned five-day electrical shutdown at the Galena Complex, as well as mobile equipment availability. The Cosala Operations had various mill outages totalling 14 days due to heavy rain and tailings work during the Q3-2023 period.

Q4-2023 production has been strong to date with over 190,000 ounces of attributable silver ounces produced in October. Attributable silver production in November and December are expected to exceed October actuals.

Attributable cash costs of $19.01/oz silver produced1 and all-in sustaining costs of $29.55/oz silver produced2 during the quarter. Cash costs were negatively impacted in the quarter by losing 19 days of combined production, lower zinc prices and the appreciation in the Mexican peso.

Following the end of the quarter, the Company commenced discussions with interested metal traders to provide concentrate prepayment financing for the capital requirements at its 100%-owned El Cajon and Zone 120 silver-copper project ("EC120 Project") at the Cosala Operations. The Company expects this financing to close before the end of 2023.

The Company has selected Moran Mining and Tunnelling Limited to finish the Galena Shaft repair work. Moran will begin fabricating the necessary work platforms in their shop and expects to commission to site in early to mid January 2024. The repair work is expected to be completed by the end of Q1-2024.

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 and 2.6 million ounces and consolidated attributable silver equivalent2 production range of 5.5 and 6.0 million ounces at budgeted prices.

Darren Dell resigned from his role as COO with the Company during Q4-2023 to pursue a technical role in corporate banking. Mr. Dell was instrumental in the initial construction and the re-opening of the San Rafael mine, and the driving force behind the re-capitalization of the Galena Complex Joint Venture. The Company is expected to announce Daren's successor prior to year end.

"The operations had strong silver production in October which is expected to continue for the balance of the year, positioning the Company to meet the lower end of its full year silver production targets following a difficult Q3-2023," stated Americas President and CEO Darren Blasutti. "On behalf of the Board of Directors, I would like to thank Daren Dell for his leadership, hard work, and dedication at the Company over the previous decade. Daren positioned the Company's operations to significantly increase its silver production over the next several years in anticipation of much stronger silver prices."

Galena Complex

Attributable production from the 60% owned Galena Complex was approximately 209,000 ounces of silver and 1.8 million pounds of lead in Q3-2023, compared to approximately 145,000 ounces of silver and 2.1 million pounds of lead in Q3-2022, representing a 44% increase in silver production and a 13% decrease in lead production. Production was negatively impacted early in the quarter by a planned five-day electrical shutdown at the Galena Complex to allow necessary hoist switchgear upgrades. Towards the end of Q3-2023, the Galana Complex was unable to maintain targeted ore production due to unavailability of certain mine mobile equipment. The availability issue has been largely resolved and has led to a strong start in Q4-2023 though improvements were late to positively impact Q3-2023 results.

Cash costs decreased to $22.91 per silver ounce from $28.51 per silver ounce in Q3-2022 with similar decrease to all-in sustaining costs per silver ounce due to the increase in silver production. All-in sustaining costs 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 economies of scale on the existing cost base are realized.

The Company selected Moran Mining and Tunnelling Limited to finish the Galena Shaft repair work. Moran will begin fabricating the necessary work platforms in their shop and expects to mobilize to site in early to mid January 2024. The repair work is expected to be completed at the end of Q1-2024.

Cosala Operations

The Cosala Operations produced approximately 178,000 ounces of silver, 2.8 million pounds of lead and 9.0 million pounds of zinc in Q3-2023, compared to 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. Cash costs per silver ounce increased significantly in the quarter to $14.42 per ounce from $(4.43) per ounce in Q3-2022 due to the lower price of zinc combined with lower base metal production, and the devaluation of the USD relative to the Mexican peso.

With the current higher silver price and lower zinc price, the Company decided to expedite the development of its 100%-owned EC120 Project at the Cosala Operations. Initial access to the Zone 120 deposit occurred in Q3-2023 from the San Rafael Upper Zone development and approximately 10,000 tonnes of high-grade material was stockpiled from the transition area between the deposits.

The Company has commenced discussions in Q4-2023 with interested metal traders to provide concentrate prepayment financing options for the capital requirements at the EC120 Project. The 2019 Preliminary Feasibility Study entitled "Americas Silver Corporation Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico" dated May 17, 2019 (with an effective date of April 3, 2019) capital estimate assumed a standalone project. The current EC120 Project will take advantage of existing infrastructure, facilities, and equipment currently in use at the Cosala Operation's San Rafael Mine. Assuming the Company's ability to bring to expected production, the EC120 Project is expected to provide significantly improved cash flow to the Company given the shared infrastructure, capital reductions, and the higher silver and copper prices which have improved since the date of the study.

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 Cosala Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho, USA, and is re-evaluating the Relief Canyon mine in Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR or www.americas-gold.com.

Technical Information and Qualified Persons

The scientific and technical information relating to the Company's material mining properties contained herein has been reviewed and approved by Chris McCann, P.Eng., Vice President, Technical Services of the Company. The Company's current Annual Information Form and the NI 43-101 Technical Reports for its 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.

We seek Safe Harbor.