Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS), a growing North American precious metals producer, reports consolidated financial and operational results for the quarter ended March 31, 2025.

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 at www.sedarplus.ca, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.

Highlights

• Inclusion in the Solactive Global Silver Miners Index on May 1, 2025. Inclusion in this major silver index is an important milestone, validating Americas’ position as a growing silver focused miner and increasing exposure to large institutional investors.
• Silver production expected to increase steadily over 2025 with additional new equipment, productivity improvements as higher-grade silver-lead and silver-copper stopes are developed at Galena and the Cosalá operation transitions from the San Rafael Mine to higher-grade, silver-copper ore in the EC120 zone.
• Strong exploration results from the Galena Complex, highlighted by an intersection of 983 g/t over 3.4 metres in the new 034 vein, is just one example of the prospectivity for new high-grade mining areas that provide near term mining potential.
• Increase in revenue due to higher realized prices. Revenue increased to $23.5 million for Q1-2025 or 12% compared to $20.9 million for Q1-2024, with a higher realized silver price¹ of $32.10/oz.
• Consolidated attributable silver production of approximately 446,000 ounces and 837,800 ounces of silver equivalent², including 6.7 million pounds of zinc and 3.8 million pounds of lead.
• Cost of sales³ per silver equivalent ounce production, cash costs³ and all-in sustaining costs³ per silver ounce sold averaged $25.23, $25.04 and $35.67¹, respectively, in Q1-2025 as the Company invests into its assets to begin scaling production and reduces unit costs in both operating centres.
• Net loss of $18.9 million for Q1-2025 (Q1-2024 net loss of $16.2 million), primarily due to the increasing precious metal prices on metals-based liabilities, and higher corporate general and administrative expenses, offset in part by higher net revenue, lower care and maintenance costs, higher foreign exchange gain and a gain on disposal of non-operating assets.
• Adjusted earnings³ for Q1-2025 was a loss of $11.5 million (adjusted loss of $10.5 million for Q1-2024) primarily due to lower production at Cosalá and higher corporate general and administrative expenses as the Company executes on the early stages of optimizing its operating centres, offset by higher net revenue.
• Adjusted EBITDA³ for Q1-2025 was a loss of $5.5 million (adjusted EBITDA loss of $4.3 million for Q1-2024) primarily due to higher corporate general and administrative expenses, as the Company commenced execution of its strategy, offset by higher net revenue.
• Cash and cash equivalents balance of $8.8 million and working capital deficit of $27.8 million as at March 31, 2025.

Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver, we are in the early stages of the execution on our strategy to scale production and lower costs. During the first 100 days of our efforts involving the new combined team, we have been extremely impressed by the tremendous response of our operations teams to unlock the significant potential across both operating mines.

We have made major foundational changes to build a team that can leverage the strength of our assets, and we now have the senior operational expertise in place to implement our growth strategy. At Galena, we are well underway with numerous initiatives designed to improve safe mining and productivity which are already having a positive impact. We are also in the late stages of securing a non-dilutive, right-sized debt facility to ensure we have the financial strength to implement our growth strategy. The result is that we expect to realize incremental production increases and lower costs as we progress through a transformative investment year in 2025.

Our team is executing on several major infrastructure projects to support higher mining rates. These projects include advancing Galena’s 51-179 decline by adding two new 300-ton transfer passes to support our new 20-ton haul trucks, increasing ventilation capacity and improving secondary access. In part, these improvements will support mining in higher-grade silver-lead and silver-copper veins in Galena’s Central and Lower Country Lead Zones.

Our exploration team at Galena is focused on drilling under-explored targets. The recent discovery of the 034 vein, which remains open both up-dip and at depth is a great example of a high-grade silver-copper system located near existing infrastructure that fits well with our strategic focus to increase production and mine higher grade zones. While our drilling continues to expand the 034 Vein, we have launched a new drilling campaign at the Coeur Mine (part of the Galena Complex) where four primary copper-silver veins remain open at depth. The potential here is significant as mining previously ceased during periods of much lower metal prices with significantly higher cut-off grades – a great opportunity for us in the new metal price environment.

At our Cosalá operations, our team is continuing the transition from the San Rafael Mine to the higher grade EC120 mining area which we expect to ramp up significantly later this year. Numerous infrastructure projects are progressing well, with drilling of a ventilation raise to support increased development activity breaking through in late April. We are also outlining a very compelling new exploration strategy for the Cosalá area – an opportunity which the operation has not had for over seven years. There is more to come and we expect to provide further updates on this opportunity as we outline and prioritize our targets.

Overall, I am very pleased with our progress in setting up the initial phases of our operational strategy to unlock the massive potential across our asset base for our shareholders.”

Consolidated Production

Consolidated silver production of 446,000 ounces during Q1-2025 was lower than Q1-2024 production of 484,000 ounces due to the lower consolidated tonnage processed and lower grades at the Cosalá’s San Rafael Mine as the mine transitions to the higher-grade EC120 mining area. Lower tonnes mined also impacted zinc and lead production. Galena production was impacted by a planned 14-day shutdown to perform maintenance on the Coeur Hoist Motor.

Consolidated attributable cash costs and all-in sustaining costs for Q1-2025 were $25.04 per silver ounce and $35.67 per silver ounce, respectively. Cash costs per silver ounce increased during the quarter due primarily to lower silver production and lower by-product credits.

Galena Complex

The Galena Complex produced approximately 314,000 ounces of silver in Q1-2025 compared to approximately 311,000 ounces of silver in Q1-2024 (a 1% increase in silver production) despite having a 14-day planned maintenance shutdown to repair the Coeur Hoist motor in February. The Complex also produced 2.2 million pounds of lead in Q1-2025, compared to 1.9 million pounds of lead in Q1-2024 (a 17% increase in lead production). Cash costs increased to $28.08 per ounce silver in Q1-2025 from $27.14 per ounce silver in Q1-2024 due to slight increase in salaries and employee benefits at the operations.

Despite it being early in our transition at Galena, we met the planned advance footage with significant progress made in the 55-179 decline and associated infrastructure. Average development costs per foot are running less than expected costs – a very positive early achievement. Advancing of the 55-179 decline accessed multiple high-grade silver-copper production stopes, including the 55-198 stope block on the Silver Hanging Wall Vein which was a significant contributor to production in Q1-2025.

Significant advancements were also made on two major infrastructure projects to support the 55-179 decline; excavations for two new 300-ton transfer passes on the 5500 level to support the new 20-ton haul trucks delivered to site and successfully excavating a new long-hole raise for ventilation and secondary egress. During the quarter, development began on two track drifts that will access the nests for two Alimak raises: one is a critical ventilation raise to support continued advance of the 55-179 decline to depth and provide improved secondary egress from the 5500 level, and the other will be a new transfer raise to support continued mining of higher-grade silver-lead and silver-copper veins in the Central and Lower Country Lead Zones. Overall, the investment into mining infrastructure and critical waste development at Galena is proceeding in line with expectations and on schedule to scale production moving forward.

Cosalá Operations

The Cosalá Operations are transitioning from the zinc-lead-silver San Rafael mine to the higher-grade silver-copper EC120 Project in 2025. The Company expects to continue to operate San Rafael throughout the EC120 Project development period and maximize cash flow by prioritizing the highest NSR ore through the mill as it develops sufficient working faces in the EC120 Project to reach commercial production by the end of 2025. During the quarter, mining took place in lower silver grade areas of the San Rafael mine while capital development focused on the EC120 Project as well as development into a higher silver grade area of the San Rafael Upper Zone which is expected to be milled in late Q2 or early Q3 2025. Processed silver grades are expected to increase quarter over quarter as EC120 production continues to ramp up.

Silver production decreased in Q1-2025 by 55% to approximately 132,000 ounces of silver compared to approximately 297,000 ounces of silver in Q1-2024 primarily due to lower tonnes mined, lower grades and recoveries as minor development delays in EC120 caused a higher portion of the mill feed to come from the San Rafael Main Central orebody which has lower grade and silver recoveries based on its minerology. Lower milled tonnage also caused base metals production to decrease to 6.7 million pounds of zinc and 1.6 million pounds of lead in Q1-2025, compared to 8.0 million pounds of zinc, and 2.8 million pounds of lead in Q1-2024. Silver production is expected to increase steadily as the development into EC120 Project progresses, which is now back on schedule, and the mine continues to batch higher development grade ore through the mill.

During the quarter, the Cosalá Operations increased capital spending on the EC120 Project, incurring $1.0 million over the period. While still in its early phase of development, the EC120 Project has already contributed approximately $2.3 million to net revenue during Q1-2025. Cash costs per silver ounce increased during Q1-2025 to $19.86 per ounce from $16.44 per ounce in Q1-2024 due primarily to decreased silver production during the period.

About Americas Gold and Silver Corporation

Americas is a growing precious metals mining company with multiple assets in North America. The Company owns and operates the Cosalá Operations in Sinaloa, Mexico. In December 2024, the Company acquired 100% ownership in the Galena Complex (located in Idaho, USA) in a transaction with affiliates of Mr. Eric Sprott and a Paul Huet-led management team, further strengthening its position as a leading silver producer. Sprott is now the Company’s largest shareholder, holding a ~20% interest. With these strategically positioned assets, Americas is focused on becoming one of the top North American silver-focused producers with an objective of over 80% of its revenue generated from silver by the end of 2025.