Mr. Paul Huet reports

AMERICAS GOLD AND SILVER SIGNS JOINT VENTURE AGREEMENT WITH US ANTIMONY TO CONSTRUCT ANTIMONY PROCESSING FACILITY IN IDAHO'S SILVER VALLEY - UNLOCKING VALUE FROM ITS ANTIMONY PRODUCTION AND STRENGTHENING U.S. CRITICAL MINERAL SECURITY

Americas Gold and Silver Corp. has entered into a definitive agreement with United States Antimony forming a joint venture through operating subsidiaries to construct and operate an antimony processing plant in Idaho's Silver Valley.

The joint venture, which will be 51 per cent owned by Americas and 49 per cent by United States Antimony, will provide a mine-to-finished antimony production solution to secure the supply chain for this critical mineral within the United States.

Highlights:

• U.S.-based vertical integration: The joint venture will construct a new antimony processing plant in Idaho's Silver Valley. This construction and processing business will be overseen by representatives of each company.
• Americas-controlled feedstock and site: Americas will contribute the site under existing operating permits for the joint venture facility at its Galena complex in Idaho and will sell antimony feed material mined from the Galena complex to the joint venture on market terms. While Americas material will have priority, the joint venture facility will also have the potential to process from other mines.
• Operational and market expertise: United States Antimony will contribute its knowledge and technical expertise in constructing and operating these types of facilities and will provide the joint venture with access to its extensive antimony marketing network, including the U.S. government. Subject to the completion of supply agreements as contemplated by the joint venture in the following 90 days, United States Antimony will purchase the antimony produced by the joint venture at market terms.

Paul Andre Huet, chairman and chief executive officer of Americas Gold and Silver, commented: "Today's agreement with U.S. Antimony to build an antimony processing facility at the company's Galena complex is a major milestone in unlocking significant value for Americas shareholders. The JV will provide Americas the opportunity to leverage our position as the largest antimony producer in the United States to become a significant player in the downstream antimony market and realize value being left on the table under our current offtake terms for byproduct antimony contained in the silver concentrate produced from Americas' Galena complex.

"Under the agreement, once the JV facility is operational, Americas will be paid for the antimony we mine at market terms. Additionally, Americas will also capture 51 per cent of the profits from the processing side of the JV business, providing our shareholders with strong exposure to downstream profits from antimony production that are not currently realized.

"The idea of working together with the U.S. Antimony team on a JV in Idaho's Silver Valley came together very quickly after our respective teams met as it became apparent that we had a similar style and sense of purpose in how we operate. There was immediate positive energy from the U.S. Antimony team to collaborate with our team to harness the collective strengths of our respective businesses to build value together. The JV is a win-win transaction for both Americas and U.S. Antimony to create value for our respective shareholders. Americas is already the largest antimony producer in the United States, poised for significant growth. U.S. Antimony is a proven and well-established player in the downstream antimony processing business with strong technical knowledge, significant antimony marketing networks and extensive contacts with the U.S. government to provide this critical mineral. Importantly, the JV will provide an entirely made-in-the-USA solution from mine to finished product for antimony.

"The timing of this arrangement meshes very well with our expected ramp-up of antimony production coinciding with our move towards mining high-grade silver-copper-antimony tetrahedrite ore. In 2025 alone, we produced 561,000 pounds of antimony contained in concentrate from the Galena complex and we're just getting started. We are very excited to roll up our sleeves and work together with the US Antimony team to write the next chapter and do our part to strengthen the U.S.-based critical mineral space."

Gary C. Evans, chairman and chief executive officer of United States Antimony, commented: "It has become apparent after meeting with management at Americas that our two companies have very similar characteristics as well as similar aggressive growth initiatives under way in our various fields. Both of our respective management leadership teams are aligned with similar entrepreneurial desires to continue to be innovators in the critical mineral space. All minerals being mined by Americas are deemed critical. As we all know, our country is playing catch-up today with our adversaries, and we are combining today both of our financial and management resources to more quickly make advancements in the U.S.-based critical mineral space. With our new innovative, one-of-a-kind processing centre, we believe we will be fast-tracking to further accomplish that mutual goal. While other companies in the space are talking about years to be in production and potential processing of ore, we continue our progress today. Since this project scope directly aligns with the interest and objectives of the various federal government agencies regarding its overall critical mineral objectives, we have already prepared the necessary paperwork for submittal to hopefully achieve government funding."

Certain terms of the joint venture agreement

Americas holds a 51-per-cent ownership interest in the joint venture, with United States Antimony holding 49 per cent. Governance is exercised through a six-member management committee, with three representatives appointed by Americas and three by United States Antimony. United States Antimony is the operator under the joint venture and Americas' representatives chair the management committee as the majority owner. Capital contributions are made consistent with respective ownership interests and may be diluted over time if contributions are not made. The joint venture agreement contemplates an 18-month period to complete construction of the joint venture facility on permitted Americas land starting from the completion of an agreed project budget. Following this period and on the occurrence of certain deadlock events: (a) Americas can trigger its right to buy United States Antimony's interests at the higher of: (i) fair market value; and (ii) 120 per cent of United States Antimony's capital contributions; or (b) United States Antimony can trigger its right to sell its interests to Americas at the greater of: (i) fair market value; and (ii) 100 per cent of United States Antimony's capital contributions. Supply agreements are to be at fair market value and required to be negotiated within 90 days or either party has the right to suspend construction.

About Americas Gold and Silver Corp.

Americas Gold & 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, 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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