Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) a growing North American precious metals producer, is pleased to provide its Q1-2023 production results.

• Q1-2023 consolidated attributable silver production totalled approximately 0.5 million ounces compared with approximately 0.3 million ounces in Q1-2022, representing a 66% increase year-over-year.
• Despite the large increase in silver production, Q1-2023 production was impacted by a two-and-a-half-week shutdown of the Cosalá Operations tailings facility in February in order to perform remedial work on the decant tunnel.
• As a result of the shutdown, Q1-2023 consolidated attributable silver equivalent¹ production was down approximately 8% to 1.2 million ounces, compared with Q1-2022.
• Silver and silver equivalent production is expected to increase cumulatively quarter-over-quarter for the remainder of the year. Production is expected to increase at both the Cosalá Operations and the Galena Complex due to the mining of higher-grade silver zones with additional production benefits expected once the Galena Hoist becomes operational, which is expected before the end of Q2-2023.
• Production guidance for 2023 remains unchanged with consolidated attributable silver equivalent production expected to range between 5.5 and 6.0 million ounces and consolidated attributable silver production expected to range between 2.2 and 2.6 million ounces.
• Mining operations at the Galena Complex have resumed today after they were temporarily suspended for two days following a tragic incident that resulted in the fatality of a Company employee on April 11, 2023.

“The Company had a strong operational start to the year, despite a 17-day operating shutdown in Mexico in February,” stated Americas President and CEO Darren Blasutti. “The Company will continue on its positive silver production momentum and is reiterating its 2023 production guidance, with further production increases expected in 2024. These increases are anticipated to deliver solid organic production growth and offer substantial silver optionality to our stakeholders over the next several years.”

Consolidated Attributable Production*

^{* Silver equivalent ounces for Q1-2023 and Q1-2022 were calculated based on silver, zinc and lead realized prices during each respective period throughout this press release.}

The Cosalá Operations produced approximately 265,000 ounces of silver, 2.7 million pounds of lead and 7.2 million pounds of zinc in Q1-2023, compared to approximately 127,000 ounces of silver, 3.9 million pounds of lead and 9.6 million pounds of zinc in Q1-2022, benefitting from more production from the higher-grade silver areas in the Upper Zone of the San Rafael mine.

Production at the Cosalá Operations during Q1-2023 was impacted by a two-and-a-half-week shutdown in February in order to perform remedial work on the decant tunnel at the Cosalá Operations tailings facility as part of the long-term environmental plan at the operations. This temporary shutdown allowed the San Rafael Mine to rebuild stockpiles that had been drawn down in 2022 and allowed scheduled maintenance to be carried out at the Los Braceros mill, setting the operation up for a strong remainder of 2023.

Attributable production from the Galena Complex was approximately 235,000 ounces of silver and 2.8 million pounds of lead in Q1-2023, compared to approximately 174,000 ounces of silver and 2.5 million pounds of lead in Q1-2022.

The Company began mining the 3700 Level high-grade silver ore in mid-December 2022 and recently started development on the 4300 Level to access the Upper 360 Complex reserve area. The 4300 Level mining front will increase the number of producing stopes and boost production output to coincide with the completion of the Galena Hoist. The Galena Hoist project remains on track to be completed and be fully operational by the end of Q2-2023 which will support plans to increase production, improve operational flexibility and improve operational economics due to the benefits of scaling production on the existing cost base.

The Galena Complex resumed mining operations following a tragic incident which resulted in the fatality of an underground miner on Tuesday, April 11, 2023. The Company continues to work closely with the Mine Safety and Health Administration (MSHA) to investigate this incident.

The Company’s production guidance for 2023 remains unchanged with attributable consolidated silver equivalent production expected to range between 5.5 and 6.0 million ounces and attributable consolidated silver production forecast between 2.2 and 2.6 million ounces.

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 Cosalá 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.