Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION PROVIDES Q4-2023 AND FULL YEAR 2023 PRODUCTION RESULTS; UPDATE ON GALENA EXPLORATION

Americas Gold and Silver Corp. has provided its Q4 2023 and full-year 2023 production results as well as an update to Galena complex exploration results.

• Q4 2023 was the company's strongest production quarter of the year as consolidated attributable silver production rose over 50 per cent totalling approximately 580,000 ounces compared with approximately 380,000 ounces in Q4 2022 and approximately 390,000 ounces in Q3 2023.
• Consolidated attributable silver production in 2023 increased by over 55 per cent totalling approximately 2.04 million ounces compared with approximately 1.31 million ounces in 2022. Despite the strong production in Q4 2023, the company was 7 per cent below its original silver guidance for the year. Additional silver production was expected from the Galena complex at the end of the Q4 2023, that was delayed by sand-fill cycle issues. This delayed silver production was delivered to the mill in early January, 2024, which will have a positive impact on Q1 2024 silver production.
• The company is making significant progress with interested metal traders to provide concentrate prepayment financing for the capital requirements at its 100-per-cent-owned El Cajon and Zone 120 silver-copper project (EC120 project) at the Cosala operations. The company expects to close on this financing in Q1 2024 with the goal to be producing higher-grade silver-copper concentrates by the end of 2024.
• Following the successful drilling campaign of the Caladay lead zone from the eastern extent of the 4900 Level, the Galena complex exploration team has successfully defined exciting new veins and extended known mineralization from drilling platforms on 4600L, 4300L and 5200L. New reportable, high-grade silver intercepts continue to highlight the exploration potential at the Galena complex and the results are expected to add minable resources with additional infill drilling that could be additive to planned 2024 silver production totals. Some notable intercepts are:
• • Hole 49-664: 3,172 grams per tonne silver, 3.8 per cent copper and 2.6 per cent lead (3,674 g/t silver equivalent) over 1.4 metres and 412 g/t silver, 0.1 per cent copper and 0.2 per cent lead (430 g/t silver equivalent) over 2.3 m;
  • Hole 49-668: 5,665 g/t silver, 1.1 per cent copper and 0.2 per cent lead (5,787 g/t silver equivalent) over 0.9 m, 1,012 g/t silver and 0.6 per cent copper (1,082 g/t silver equivalent) over 1.2 m, and 5,598 g/t silver, 2.3 per cent copper and 4 per cent lead (5,983 g/t silver equivalent) over 1.2 m;
  • Hole 52-507: 6,444 g/t silver and 1.8 per cent copper (6,640 g/t silver equivalent) over 0.7 m.

"The company had its strongest quarter of the year in Q4 2023 and delivered an impressive 56-per-cent increase in silver production year-over-year. Despite the company falling just short of its guidance, I'm proud of how the operational teams performed given the 45 days lost in the calendar year from unforeseen issues that are now behind us," stated Americas president and chief executive officer Darren Blasutti. "Not only is attributable silver production expected to grow significantly again in 2024, but the Galena complex exploration program continues to generate impressive results which the company is confident will yield near-term mining targets. We are excited by the scale of some of the targets that could generate new production areas that can be exploited by bulk mining methods as well as areas of exceptional grade."

Attributable production from the 60-per-cent-owned Galena complex was approximately 262,000 ounces of silver and 1.8 million pounds of lead in Q4 2023, compared with approximately 182,000 ounces of silver and 2.2 million pounds of lead in Q4 2022. For the year, attributable production from the 60-per-cent-owned Galena complex was approximately 944,000 ounces of silver and 9.1 million pounds of lead, compared with approximately 672,000 ounces of silver and 9.3 million pounds of lead in 2022.

Despite the challenges encountered in with the Galena shaft repair project and the associated lower-than-planned ore and waste hoisting capacity, the operation was able to produce over 40 per cent more attributable silver ounces in 2023 compared with 2022. The increase in production was driven by the successful mining of high-grade silver-copper stopes. The Galena shaft repair project is expected to recommence in Q3 2024 and will be completed by Moran Mining & Tunneling. In Q4 2023, the Galena complex undertook some critical shaft rehab work on the Coeur shaft to increase total skipping capacity and ensure that critical waste development above 3700 Level is possible which will open up new high-grade stope areas. During H1 2024, the Galena complex anticipates bringing two new stope areas on-line which will increase the mine's mining rate and result in providing critical incremental cash flow which will be directed to the Galena shaft repair project.

Diamond drilling on the property has continued since the last mineral resource update of June 30, 2022, and the company has initiated the process of updating the mineral resources and reserves for the Galena complex as at Dec. 31, 2023, and is expected to publish the results in Q1 2024. Based on the drilling success, the company expects to add additional mineral resources as well as increase confidence of the mineral resource compared with previously reported mineral resources.

The Cosala operations produced approximately 321,000 ounces of silver, 2.7 million pounds of lead and 8.3 million pounds of zinc in Q4 2023, compared with approximately 196,000 ounces of silver, 3.8 million pounds of lead and 10.4 million pounds of zinc in Q4 2022. Silver production in the quarter was up almost 64 per cent, benefiting from higher-grade silver areas in the upper zone of the San Rafael mine and stockpiled production from the Zone 120 deposit. For 2023, the Cosala operations produced approximately 1.1 million ounces of silver, 11.5 million pounds of lead and 34.1 million pounds of zinc, compared with approximately 636,000 ounces of silver, 15.3 million pounds of lead and 39.3 million pounds of zinc in 2022. Silver production for the year increased 73 per cent as the company focused on higher-grade silver areas given the increase in silver prices and lower zinc prices.

With the current higher silver price and lower zinc price, the company decided to expedite the development of its 100-per-cent-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.

The company commenced discussions in Q4 2023 with interested metal traders to provide concentrate prepayment financing options for the capital requirements at the EC120 project. The company expects to close on this financing in Q1 2024 with the goal to be producing higher-grade silver-copper concentrates by the end of 2024.

Consolidated attributable silver equivalent3 production in Q4 2023 was approximately 1.2 million ounces compared with approximately 1.3 million ounces in Q4 2022. For 2023, consolidated attributable silver equivalent production was approximately 4.6 million ounces compared with approximately 5.3 million ounces in 2022. Silver equivalent production continued to be impacted by higher silver prices and lower zinc prices throughout the year as the company uses realized quarterly prices in its calculations. Using budgeting pricing that was expected for silver equivalent production, the company would have produced approximately the same amount of silver equivalent ounces as in 2022.

Galena exploration update

The Galena complex has been actively drilling near-mine exploration targets with exciting results including an area between the 4600 Level and 4900 Level which had previously been a gap in drilling and has been consistently returning high-grade intercepts of attractive Ag-Cu veins. A drill campaign was completed from the 4600 Level to infill a gap in the 360 complex and this program was successful in proving the continuity of the 360 complex mineralization between 4600 Level and 4900 Level. Active drilling on the 4300 Level has been critical to defining the upper extents of the 360 complex and has also led to the eastward extension of the 360 complex which contains several intercepts of wide veins contained within a larger package of disseminated mineralization. Recent drilling from the 5200 Level targeting the 55 vein has uncovered high-grade intercepts of previously unknown veins which are close to existing infrastructure.

Two programs were active in the period from a drill platform near the 4600 Level. The first infill drill program above the 4600 Level targeting the Lower Country lead zone has been completed and added confidence to near-term mine plans of this area. The second program, which remains active, has intercepted impressive grades of Ag-Cu veins in the central zone in an area that currently contains no mineral resources. This drilling has shown down-dip extensions of veins previously mined above the 4600 Level and the proximity to existing infrastructure on 4600 and 4900 levels gives these early results a high potential to add near-term minable resources to the Galena complex with additional infill drilling.

• Hole 49-641: 307 g/t silver and 15.5 per cent lead (770 g/t silver equivalent) over 2.2 m:
  • 1,407 g/t silver, 0.2 per cent copper and 43.4 per cent lead (2,712 g/t silver equivalent) over 1.1 m.
• Hole 49-658: 435 g/t silver and 20.4 per cent lead (1,042 g/t silver equivalent) over 1.4 m:
  • 270 g/t silver and 11.1 per cent lead (601 g/t silver equivalent) over three m;
  • 905 g/t silver, 0.7 per cent copper and 0.5 per cent lead (1,000 g/t silver equivalent) over 1.1 m.
• Hole 49-661: 295 g/t silver, 0.1 per cent copper and 4.1 per cent lead (433 g/t silver equivalent) over 2.3 m:
  • 920 g/t silver, 0.1 per cent copper and 42.8 per cent lead (2,200 g/t silver equivalent) over 0.6 m;
  • 526 g/t silver, 0.1 per cent copper and 26.3 per cent lead (1,313 g/t silver equivalent) over 0.7 m;
  • 453 g/t silver, 0.1 per cent copper and 13.3 per cent lead (856 g/t silver equivalent) over 3.4 m.
• Hole 49-662: 304 g/t silver and 12.4 per cent lead (673 g/t silver equivalent) over 1.1 m:
• • 323 g/t silver, 0.1 per cent copper and 6.8 per cent lead (538 g/t silver equivalent) over 3.7 m;
  • Including: 1,235 g/t silver, 0.8 per cent copper and 6.8 per cent lead (1,533 g/t silver equivalent) over 0.4 m;
  • Including 631 g/t silver, 0.0 per cent copper and 20.1 per cent lead (1,231 g/t silver equivalent) over 0.4 m;
  • Including 343 g/t silver, 0.1 per cent copper and 14.5 per cent lead (784 g/t silver equivalent) over 0.4 m.
• Hole 49-664: 3,172 g/t silver, 3.8 per cent copper and 2.6 per cent lead (3,692 g/t silver equivalent) over 1.4 m:
• • 410 g/t silver, 0.1 per cent copper and 0.2 per cent lead (430 g/t silver equivalent) over 2.3 m.
• Hole 49-666: 858 g/t silver, 0.5 per cent copper and 0.2 per cent lead (922 g/t silver equivalent) over 1.2 m:
  • 754 g/t silver, 0.7 per cent copper and 0.1 per cent lead (840 g/t silver equivalent) over 1.1 m.
• Hole 49-667: 1,317 g/t silver, 1 per cent copper and 0.1 per cent lead (1,436 g/t silver equivalent) over 0.8 m;
• Hole 49-668: 5,663 g/t silver, 1.1 per cent copper and 0.2 per cent lead (5,793 g/t silver equivalent) over 0.8 m:
  • 1,012 g/t silver and 0.6 per cent copper (1,087 g/t silver equivalent) over 1.1 m;
  • 5,598 g/t silver, 2.3 per cent copper and 4 per cent lead (5,982 g/t silver equivalent) over 1.2 m.
• Hole 49-670: 1,499 g/t silver, 1.83 per cent copper and 0.65 per cent lead (1,732 g/t silver equivalent) over 1.9 m.

Drilling from the 4300 Level has targeted the upper levels of the 360 complex and recent drilling to the east has encountered several promising thick intercepts of veins within a larger package of stacked veins and disseminated mineralization beyond the known mineral resource in the area. The wide intercepts of economic grades create the potential of extraction via more productive bulk mining methods if future infill drilling programs are successful in defining this area as a mineral resource. Due to limitations of the Termite drill and the existing drilling platform, this new vein package is open along strike to the east and plans are being developed to add additional drilling with a Hagby drill from platforms from the 4300 Level and 4600 Level to build upon current understanding of this zone and define the lateral and vertical extents of the mineralization.

• Hole 43-278: 154 g/t silver and 10 per cent lead (450 g/t silver equivalent) over 37.3 m:
  • including: 288 g/t silver and 16.3 per cent lead (772 g/t silver equivalent) over 1.5 m;
  • including: 302 g/t silver and 19.7 per cent lead (888 g/t silver equivalent) over 2.6 m;
  • including: 176 g/t silver and 12.2 per cent lead (538 g/t silver equivalent) over 2.1 m;
  • including: 230 g/t silver and 18.7 per cent lead (786 g/t silver equivalent) over 5.2 m.
• Hole 43-280: 130 g/t silver and 8.4 per cent lead (380 g/t silver equivalent) over 10.7 m:
  • 230 g/t silver and 14.1 per cent lead (654 g/t silver equivalent) over 32.8 m;
  • Including: 246 g/t silver and 14.8 per cent lead (684 g/t silver equivalent) over 2.4 m;
  • Including: 455 g/t silver and 38.6 per cent lead (1,603 g/t silver equivalent) over 2.1 m;
  • Including: 294 g/t silver and 27.0 per cent lead (1,094 g/t silver equivalent) over 5.2 m;
  • Including: 812 g/t silver, 0.4 per cent copper and 31.3 per cent lead (1,785 g/t silver equivalent) over 2.2 m.
• Hole 43-281: 155 g/t silver and 10.9 per cent lead (480 g/t silver equivalent) over 18.6 m:
  • 206 g/t silver and 17.4 per cent lead (722 g/t silver equivalent) over 1.5 m;
  • 446 g/t silver and 11.6 per cent lead (793 g/t silver equivalent) over 0.9 m;
  • 274 g/t silver and 6.9 per cent lead (480 g/t silver equivalent) over 1.5 m;
  • 213 g/t silver and 7.5 per cent lead (436 g/t silver equivalent) over 1.2 m.
• Hole 43-283: 133 g/t silver and 10.2 per cent lead (437 g/t silver equivalent) over 53.3 m:
  • Including: 324 g/t silver and 23.8 per cent lead (1,033 g/t silver equivalent) over 0.9 m;
  • Including: 222 g/t silver and 17.9 per cent lead (753 g/t silver equivalent) over 5.2 m;
  • Including: 247 g/t silver and 19.0 per cent lead (812 g/t silver equivalent) over 4.5 m;
  • Including: 227 g/t silver and 17.4 per cent lead (747 g/t silver equivalent) over 1.1 m;
  • Including: 226 g/t silver and 14.7 per cent lead (663 g/t silver equivalent) over 7.8 m.

Drilling from the 4600 Level and targeting the 360 complex successfully infilled an area that lacked drilling and mineral resources and provided critical data required to model and estimate mineral resources in the 360 complex between 4600 and 4900 levels. The results of this drilling campaign are critical to near-term extraction of the 360 complex.

• Hole 46-328: 631 g/t silver and 20.5 per cent lead (1,243 g/t silver equivalent) over 1.5 m;
• Hole 46-334: 1,294 g/t silver, 1.4 per cent copper and 1.9 per cent lead (1,508 g/t silver equivalent) over 1.3 m;
• Hole 46-335: 3,841 g/t silver, 4 per cent copper and 14.5 per cent lead (4,741 g/t silver equivalent) over 1.3 m;
• Hole 46-340: 532 g/t silver, 0.2 per cent copper and 8.1 per cent lead (796 g/t silver equivalent) over 4.6 m:
  • Including: 1,303 g/t silver, 0.5 per cent copper and 1.4 per cent lead (1,403 g/t silver equivalent) over 0.7 m;
  • Including: 453 g/t silver, 0.2 per cent copper and 8.4 per cent lead (720 g/t silver equivalent) over 0.5 m;
  • Including: 1,094 g/t silver, 1.2 per cent copper and 34.6 per cent lead (2,260 g/t silver equivalent) over 0.1 m.
• Hole 46-350: 256 g/t silver and 9.4 per cent lead (535 g/t silver equivalent) over 1.6 m:
  • 211 g/t silver and 6.5 per cent lead (406 g/t silver equivalent) over 2.6 m;
  • 214 g/t silver and 6 per cent lead (394 g/t silver equivalent) over 1.8 m.
• Hole 46-352: 361 g/t silver and 10.1 per cent lead (662 g/t silver equivalent) over 1.6 m.

The Hagby No. 1 drill was recently moved from the 4600 Level 360 complex to the 5200 Level to target the 055 vein which lies between the 058 vein and the Galena shaft. This area is close to existing infrastructure and in addition to the 055 vein, there is potential to define high grade Ag-Cu veins. Initial drilling from the 5200 Level has yielded some impressive intercepts and high grades.

• Hole 52-503: 4,389 g/t silver and 0.4 per cent copper (4,443 g/t silver equivalent) over 0.2 m;
• Hole 52-504: 959 g/t silver, 0.3 per cent copper and 0.2 per cent lead (1,002 g/t silver equivalent) over 1.5 m:
  • 1,292 g/t silver, 0.4 per cent copper and 0.2 per cent lead (1,340 g/t silver equivalent) over one m.
• Hole 52-507: 6,442 g/t silver and 1.8 per cent copper (6,652 g/t silver equivalent) over 0.7 m.

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 Chris McCann, PEng, vice-president, technical services, 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.

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