Mr. Paul Huet reports

AMERICAS GOLD AND SILVER DELIVERS RECORD COSALA PRODUCTION IN 2025 DRIVING A 52% INCREASE IN ANNUAL CONSOLIDATED SILVER PRODUCTION

Americas Gold and Silver Corp. had strong consolidated annual silver production of 2.65 million ounces for 2025, a 52-per-cent increase compared with 2024 attributable production of 1.74 million ounces. Americas' Cosala operations in Mexico achieved a new annual production record of 1.19 million ounces, driven by a record quarter output of 463,000 ounces for the fourth quarter of 2025.

Paul Andre Huet, chairman and chief executive officer, commented: "We capped off a highly successful and transformative 2025 with a 52-per-cent increase in attributable silver production to 2.65 million ounces -- achieved in a robust and rising silver price environment that significantly amplifies the revenue and cash flow benefits of our expanded output.

"This was highlighted by the record year at Cosala, where our team delivered the operation's best-ever annual and quarterly silver output for USA while at the same time ramping up the new EC 120 mine to reach commercial production. This is an incredible milestone and a testament to the exceptional execution by our entire team at Cosala, led by general manager Gabriel Soto. Congratulations to everyone at the operation for achieving these record-breaking numbers while setting the table for a strong future.

"At Galena, consistent productivity gains came alongside our focus on major capital projects and the integration of the newly acquired Crescent mine. I am proud of our team for embracing major transformational operating initiatives, including the reintroduction of long-hole stoping, the deployment of an expanded underground mining fleet, and major upgrades at the No. 3 and Coeur shafts to support higher waste development and accelerated mining rates going forward. We recently concluded a planned 10-day shutdown in Q4 2025 to fast-track upgrades by installing a new 2,250-horsepower motor and redundant secondary egress motor at the Coeur shaft -- derisking the operation and further supporting our ambitious growth trajectory. At Crescent, we are off to a running start with major infrastructure and equipment upgrades in place within a few short weeks following the close of the acquisition in December.

"Our full-year antimony and copper byproduct production from the Galena complex further demonstrates the value potential of our unique position as the largest active U.S. antimony miner. Beginning Jan. 1, 2026, we will start receiving revenue from these valuable byproducts under the new offtake agreement negotiated with Ocean Partners and Teck, as announced in June, 2025. The future is very exciting with respect to antimony production as we continue test work initiatives and evaluate numerous pathways to unlock the substantial biproduct antimony value at the Galena complex. Moving forward, Americas is poised to become an industry leader in the nation's ongoing efforts to re-establish critical metals security in the United States.

"Over all, I am extremely pleased with our first year of transformative operational efforts, which has laid the foundation for continued growth in 2026 across Idaho and Mexico."

The strong production results for 2025 benefited from higher grades mined at Cosala from the Upper Zone at the San Rafael mine and strong performance at the EC 120 mine, which achieved commercial production on Jan. 1, 2026. The strong results were achieved despite two planned shutdowns at the Galena complex (10 days in Q3 2025 and 10 days in Q4 2025) to conduct upgrades at the No. 3 and Coeur shafts, respectively, to increase hoisting capacity to support increased production rates going forward. Both of the planned shutdowns were completed ahead of schedule (10 of 14 planned days in Q3 2025 and 10 of 21 planned days in Q4 2025), reflecting strong execution by the projects' teams, which contributed to the strong production numbers for 2025.

Full-year antimony and copper production from the Galena complex totalled approximately 561,000 pounds and 797,000 pounds, respectively, including 127,000 pounds of antimony and 200,000 pounds of copper in Q4 2025. The antimony-to-copper ratio for 2025 averaged approximately 0.7:1, underscoring the predictability and strategic value of Galena's high-grade silver-copper-antimony tetrahedrite ore.

Americas' unaudited consolidated cash balance as at Dec. 31, 2025, was approximately $130-million (U.S.), an increase of approximately $90-million (U.S.) compared with Sept. 30, 2025. The increased cash balance was largely driven by the $132.25-million (U.S.) bought deal private placement financing closed in December, 2025, of which $20-million (U.S.) was used to finance the cash portion of the Crescent silver mine acquisition, which also closed in December, 2025. Americas is well financed to continue its aggressive growth trajectory in 2026.

About Americas Gold and Silver Corp.

Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper and antimony from high-grade operations in the United States and Mexico. In December, 2024, Americas acquired 100-per-cent ownership of the Galena complex (Idaho) in a transaction with Eric Sprott, former 40-per-cent Galena owner, in exchange becoming Americas' largest shareholder at approximately 14 per cent. This unitized Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In December, 2025, Americas acquired the fully permitted, past-producing Crescent silver mine (nine miles from Galena), creating significant potential future synergies through shared infrastructure and processing. Americas also owns and operates the Cosala operations in Mexico. Americas is fully financed to aggressively grow production at the Galena complex and Crescent and in Mexico, with an aim to be a leading North American silver producer and a key source of U.S.-produced antimony.

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