Mr. Darren Blasutti reports

AMERICAS GOLD AND SILVER CORPORATION REPORTS FULL-YEAR 2023 RESULTS

Americas Gold and Silver Corp. has released consolidated financial and operational results for the year ended Dec. 31, 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, 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.

• Revenue increased to $89.6 million for 2023 or 5% compared to $85.0 million for 2022, resulting from higher silver production, offset by lower mill throughput, lower base metal production, and lower realized zinc price during the year.
• A net loss of $38.2 million for 2023, or an attributable loss of $0.16 per share, including a $6.0 million impairment and $3.2 million care and maintenance charge at the Relief Canyon property. The net loss represents a decrease in net loss of $7.0 million compared to 2022.
• The Company previously reported that 2023 consolidated attributable silver production increased by 56% totalling approximately 2.04 million ounces compared with approximately 1.31 million ounces in 2022.
• Consolidated attributable cash costs of $13.21/oz silver produced[1] and all-in sustaining costs of $20.44/oz silver produced[1] during the year.
• The Company is in the final stages of negotiation with a global metal trader 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 to close this financing in Q2-2024 with the goal to be producing higher-grade silver-copper concentrates by the end of 2024.
• On March 27, 2024, the Company closed its previously announced equity offerings for gross proceeds of C$7,800,000 with net proceeds to be used for working capital requirements at the Company's Cosala Operations and Galena Complex, and for general and administrative purposes.

"Silver production during 2023 increased by 56% year-over-year which represents the Company's first step in increasing its production to more silver-copper mineralization at the Company's two producing mines," stated Americas President and CEO Darren Blasutti. "The Company expects healthy silver production growth in 2024 and a further step change in 2025 as it brings on its silver-copper EC120 Project at the Cosala Operations and finishes the maintenance on the Galena shaft. The Company is also encouraged by the impressive high-grade, silver-copper mineralization that it has recently drilled near infrastructure at the Galena Complex which could positively impact production both near and longer term."

Cosala Operations

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 0.6 million 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% as the Company focused on higher grade silver areas given the increase in silver prices and lower zinc prices.

Cash costs per silver ounce increased during the year to $8.47 per ounce from $(19.03) per ounce in 2022 due primarily to the lower price of zinc combined with lower base metal production, and the devaluation of the USD relative to the Mexican peso. In late 2023 Mining began in Zone 120 in areas adjacent to the San Rafael Upper Zone with the Company expecting to realize an increase in silver production in the near term due the higher-grade silver areas in the Upper Zone and developed portions of the Zone 120 deposit.

The Company is in final discussions with a metal trader to provide concentrate prepayment financing options for the capital requirements at the EC120 Project. The Company expects to close on this financing in Q2-2024 with the goal of producing higher-grade silver-copper concentrates at the EC120 Project by the end of 2024.

Galena Complex

The Galena Complex's attributable silver production increased to 0.9 million silver ounces in 2023 compared to approximately 0.7 million silver ounces in 2022, or 41% higher year-over-year. Lead production for 2023 was 9.1 million pounds compared with 9.3 million pounds in 2022.

All-in sustaining costs decreased to $28.64 per silver ounce in 2023 from $35.32 per silver ounce in 2022. All-in sustaining costs per silver ounce at the Galena Complex is anticipated to continue to decrease, as the benefits of economies of scale on the existing cost base are realized, the Company completes its major capital projects and realizes increased silver production from its large resource base at the Galena Complex.

The Galena Shaft Repair project is expected to recommence in Q3-2024 and is contracted to be completed by Moran Mining & Tunneling. In Q4-2023, the Galena Complex undertook some critical rehab work on the Coeur Shaft to increase total skipping capacity and ensure that necessary 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 online which would increase the production rate resulting in critical incremental cash flow which will be directed to the Galena Shaft Repair project.

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. The current drill program is highlighted by the most recent intercept from Hole 49-703 as reported in our March 26, 2024 press release:

Hole 49-703: 20,147 g/t silver and 5.9% copper (20,842 g/t silver equivalent[2]) over 2.1 m[3]

This hole represents one of the highest-grade intercepts since the Company commenced the Galena Complex Recapitalization Program in 2019. The hole is less than 30 meters from existing mine infrastructure which should enable the Company to exploit this area quickly and generate additional silver production in the near term following some additional delineation drilling.

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.

Annual Filings

Consistent with prior years, the auditors' report received from its independent public accounting firm on its audited financial statements for the fiscal year ended December 31, 2023, contained a going concern emphasis of matter. Disclosure of this going concern explanatory language is required by Section 610(b) of the NYSE MKT Company Guide.

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, P.Eng., VP 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.

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.

1 This metric is a non-GAAP financial measure or ratio. The Company uses the financial measures "Cash Cost", "Cash Cost/Ag Oz Produced", "All-In Sustaining Cost", and "All-In Sustaining Cost/Ag Oz Produced" in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's underlying cash costs and total costs of operations. Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, while all-in sustaining costs is the cash costs plus all development, capital expenditures, and exploration spending.

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