Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION DRILLS BONANZA GRADE AT GALENA COMPLEX

Americas Gold and Silver Corp. is pleased to provide an update to Galena complex exploration results.

Following the successful drill results at the Galena complex highlighted in the company's Jan. 23, 2024, press release, the company is now providing results from hole 49-703, returning an extremely high-grade silver-copper intercept targeting the gap in drilling between the 4600 level and the 4900 level.

Hole 49-703 returned 20,147 grams per tonne silver and 5.9 per cent copper (20,842 g/t silver equivalent) over 2.1 m.

Hole 49-703 is less than 10 metres from the previously announced hole, 49-668, and is within 30 metres of existing mine infrastructure.

The company intends to drill additional holes to delineate the vein and contained grade and is confident that this area can provide high-grade ore to the mill before the end of the second quarter of 2024.

"The Galena complex exploration program continues to deliver. Hole 49-703 is one of the highest grade holes since the company commenced the Galena complex recapitalization program in 2019. This hole shows a successful follow-up to the 49-668 high-grade intercept drilled in late 2023," stated Americas president and chief executive officer Darren Blasutti. "In addition to the spectacular grade, the hole is near existing infrastructure and in an area without previously known mineralization. This location should enable to company to exploit this area quickly and generate additional silver production in the near term."

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 was previously a gap in drilling, did not contain a mineral resource, and has since been consistently returning high-grade intercepts of attractive Ag-Cu veins. After the positive results from the drill program located near the 4600 level and reported in the company's Jan. 23 press release, the company prioritized follow-up drilling to the high-grade intercept in hole 49-668. The company decided to move a drill to a decommissioned powder magazine on the 4900 level to explore and define this area. Hole 49-703 is the first successful follow-up hole in this program and its proximity to the intercept in hole 49-668 indicates continuity of the vein in this area.

Hole 49-703 returned 20,147 g/t silver and 5.9 per cent copper (20,842 g/t silver equivalent) over 2.1 m.

The previously reported hole on which was reported on Jan. 23, 2024, was hole 49-668 and contained: 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, and 1,012 g/t silver and 0.6 per cent copper (1,087 g/t silver equivalent) over 1.1 m, and 5,598 g/t silver, 2.3 per cent copper and 4.0 per cent lead (5,982 g/t silver equivalent) over 1.2 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 NI 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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