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 September 30, 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

• Consolidated silver production increased 98% year-over-year^A and 11% quarter-over-quarter as the impact of operational improvements and efficiencies continued at the Galena Complex in Idaho while the Cosalá Operations progressed into the high-grade EC120 Project with pre-production of higher-grade development ore.
  • Strong production results were achieved despite a planned 10-day shut down to complete Phase 1 upgrades to the Galena No. 3 Shaft.
  • Consolidated silver production of 765,000 ounces was realized during the quarter, or approximately 877,000 silver equivalent² ounces, including 2.3 million pounds of lead (23% increase quarter-over-quarter).
  • The Galena Complex produced approximately 440,000 ounces of silver (a 36% increase in silver production compared to Q3 2024) due to more consistent access to higher silver grade tetrahedrite ore.
  • Silver production at the Cosalá Operations increased by 70% year-over-year to approximately 325,000 ounces of silver in Q3-2025.
• Increase in consolidated revenue³ due to higher silver production and higher realized prices. Consolidated revenue, including by-product revenue, increased to $30.6 million for Q3-2025 or 37% compared to $22.3 million for Q3-2024 despite lower production and realized prices of zinc and lead.
  • During the quarter the Company continued its transition into EC120 which hosts predominantly higher-grade silver and copper compared to the zinc-lead-silver San Rafael mine.
  • Pre-production sales of EC120 silver-copper concentrate contributed a strong $12.9 million to revenue during Q3-2025.
• Confirmed the viability of supplying significant antimony production to satisfy United States domestic supply requirements and to create a potential additional future revenue stream. Reported by-product YTD antimony production of 447,466 pounds ahead of planned increases to both antimony and copper output in tandem with the ramp in silver production in the years ahead.
  • Announced breakthrough metallurgical test work results yielding over 99% antimony extraction from copper concentrate, reconfirming the ~0.7:1 Sb:Cu ratio of historical production at Galena.
  • Year-to-date output of 615,817 pounds of copper alongside antimony, underscoring the predictability of antimony production from Galena’s high-grade silver-copper-antimony tetrahedrite ore. One ton of tetrahedrite ore contains silver, copper and antimony.
  • The Company engaged Lot Sixteen, a D.C.-based government relations and communications firm, to initiate discussions with the U.S. Government regarding support for the Company’s antimony production and the potential construction of a dedicated antimony processing plant in Idaho’s Silver Valley.
• Strong exploration results from the Galena Complex, highlighted by an intersection of 24,913 g/t Ag and 16.9% Cu over 0.21 metres in the high-grade extension of the previously identified 149 Vein.
• First phase of the Galena No. 3 Shaft upgrade completed ahead of schedule. The Phase 1 upgrade was completed during a 10-day shutdown period, four days shorter than planned, delivering a 100% productivity improvement.
• Cash and cash equivalents balance of $39.1 million as at September 30, 2025.
• Cost of sales^1,2 per silver equivalent ounce produced, cash costs² and all-in sustaining costs² per silver ounce producedaveraged $22.95, $24.11 and $30.06, respectively, in Q3-2025.
• Net loss of $15.7 million for Q3-2025 (Q3-2024 net loss of $16.1 million) as the Company continues to execute on its strategic investment strategy into operations at the Galena Complex and a negative impact as a result of higher precious metal prices impacting metals-based liabilities offset against gains recognized from a new price protection program completed during the period.
• Adjusted loss² for Q3-2025 was $4.3 million (adjusted loss of $11.8 million for Q3-2024) and Adjusted EBITDA² for Q3-2025 was $1.9 million (Adjusted EBITDA loss of $1.3 million for Q3-2024), or $0.02 and $0.01 per share, respectively, primarily due to higher net revenue from increased silver production and realized prices during the period offset by higher capital spending as part of the strategic investment strategy at Galena and non-cash share-based payments.

Paul Andre Huet, Chairman and CEO, commented: “During the third quarter of 2025, we continued to deploy capital in support of our ambitious growth initiatives which drive our strategy to deliver materially higher silver production and lower costs over the coming years. With numerous productivity focused projects, major capital deployments and ongoing optimization of processes across the business, we are beginning to see the results of our labour and I am extremely pleased with our progress in such a short time frame.

“At Galena, our team has consistently increased production while safely and efficiently managing significant growth capital projects. These include: major upgrades to the No. 3 Shaft where we replaced the hoist motor four days earlier than planned, an outstanding achievement by our team, which is expected to provide a 100% productivity improvement; the ongoing delivery and deployment of new mining equipment underground; the implementation of long-hole stoping at Galena where the first two long-hole panels have been successfully extracted and additional long-holes stopes are planned for Q4 2025 and Q1 2026; the construction of critical new ventilation raises; and finally the major advancement of waste development required to set our operation up for much higher mining rates in the future. We are also very pleased to have entered a long-term 5-year collective bargaining agreement with our hourly staff at Galena. In my view, the new agreement aligns our incentives for safe, profitable production and the sustained future of our operations. I am thankful to our hourly staff for demonstrating their belief in what we can accomplish together over the near and long-term as we work towards safe and profitable growth at the Galena Complex for all our stakeholders.

“I am particularly excited about recent metallurgical testing at the Galena Complex, which confirmed high recoveries of antimony, silver, and copper from tetrahedrite ore. Historically, the Galena Complex produced antimony in its concentrate, but no value was realized. Beginning in 2026, antimony will once again become a revenue stream, and we are taking additional steps to further optimize this opportunity.

“Building on historical success at the nearby Sunshine Mine, test work led by Allihies Engineering, Inc. demonstrated the potential to produce saleable antimony products from Galena’s tetrahedrite ore, achieving over 99% extraction from concentrate. This breakthrough represents a significant step towards scaling this new potential revenue stream and strengthens the Company’s position as a key participant in the U.S. critical minerals supply chain.

“To support federal engagement in the U.S., the Company has retained the government relations expertise of Lot Sixteen LLC, a communications firm, to lead discussions with the U.S. Government regarding support for domestic antimony production. As the largest producer of antimony currently mining in the U.S., the Company is exploring the potential development of a new processing facility in Idaho’s Silver Valley. This facility would handle our own production and potentially accept external feed, aiming to establish a domestic U.S. hub for antimony.

“At Cosalá, operating results were very strong as our team delivered a 21% improvement compared to the prior quarter and an improvement of 70% year-over-year. We are very proud of the performance of our Mexican operations where ongoing production improvements are expected to continue as operations progress toward mining the higher-grade EC120 area in the fourth quarter.

“Our balance sheet remains very strong. With US$50 million remaining undrawn on our existing credit facility and US$39 million in cash at the end of Q3, we are well-positioned to continue executing our operational strategy to increase production, lower costs, advance antimony production initiatives and unlock the significant potential of our asset base for our shareholders. With each quarter we report, we continue to make robust progress on schedule with delivering significant production growth at Americas Gold & Silver.”

Consolidated Production

Consolidated silver production of 765,000 ounces during Q3-2025 was higher than Q3-2024 attributable production of 386,000 ounces due to higher grades at both operations, offset by lower tonnage. Pre-production of EC120 silver-copper concentrate contributed silver production of 314,000 ounces during Q3-2025. Production of both zinc and lead during the quarter were lower than Q3-2024 due to lower tonnage of San Rafael ore processed during the quarter as the Company develops and transitions into the silver-copper EC120 orebody.

Consolidated attributable cash costs and all-in sustaining costs for Q3-2025 were $24.11 per silver ounce and $30.06 per silver ounce, respectively. Cash costs per silver ounce increased during the quarter compared to the same period the year prior, primarily due to lower by-product credits as the Company transitions into new mining zones.

Galena Complex

The Galena Complex produced approximately 440,000 ounces of silver in Q3-2025 compared to approximately 323,000 ounces of silver in Q3-2024 (a 36% increase in silver production) due to more consistent access to higher silver grade tetrahedrite ore. The mine also produced 2.3 million pounds of lead in Q3-2025, compared to 2.6 million pounds of lead in Q3-2024 (a 10% decrease in lead production). During the period of operational adjustments currently underway as part of the transition plan at Galena, as previously discussed, the Company anticipates potential short-term movements in by-product production levels while the focus on increasing mining rates in silver-copper ore and setting up key infrastructure in support of future growth is advanced. Cash costs per ounce of silver decreased to $24.30 in Q3-2025 from $26.54 in Q3-2024, primarily due to increase in silver production during the period, offset by modest increases in salaries and employee benefits at the operations.

During Q3-2025, the Company has continued to make significant advances at the Galena Complex and is on-track with its operational growth plan. Development plans are well advanced with efficiencies in muck handling and improved development rates being realized.

Cosalá Operations

Silver production increased in Q3-2025 by 70% to approximately 325,000 ounces of silver compared to approximately 192,000 ounces of silver in Q3-2024, primarily due to higher grades and silver recoveries offset by lower tonnages during the period. A higher portion of the mill feed came from pre-production of the EC120 Project which has higher silver grades and silver recoveries based on its minerology. Lower milled tonnage from the San Rafael Main Central orebody caused base metals production of zinc and lead to drop in Q3-2025. Silver production is expected to increase steadily as the development into the EC120 Project progresses and the mine continues to batch higher development grade ore through the mill.

The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025). The EC120 Project contributed approximately 314,000 ounces of silver production in Q3-2025 (689,000 ounces of silver production project-to-date) as the Cosalá Operations milled and sold silver-copper concentrate during the EC120 Project’s development phase which contributed $12.9 million to net revenue during Q3-2025. Cash costs per silver ounce increased during Q3-2025 to $23.87 per ounce from $7.12 per ounce in Q3-2024, due primarily to decreased zinc and lead production resulting in lower by-product credits during the period.

Conference Call Details

Date: November 10, 2025
Time: 9:00 am ET / 6:00 am PT
North American callers please dial: 1-800-715-9871; Conference ID 7377356
Local and international callers please dial: 647-715-9871; Conference ID 7377356
Webcast Link: https://www.gowebcasting.com/14527
A recording of the conference call will be available for replay through the webcast link, or for a one-week period beginning at approximately 12:00 p.m. (Eastern Time) on November 10, 2025 through the following dial in numbers:
North American callers please dial: 1-800-770-2020; Conference ID 7377356#
International callers please dial: 1-647-362-9199; Conference ID 7377356#

About Americas Gold and Silver Corporation

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 took full ownership of the Galena Complex (Idaho) in a transaction with Eric Sprott & Paul Huet-led management team, solidifying Galena as a cornerstone U.S. silver asset and the nation’s only active antimony-producing mine. Americas also owns & operates the Cosalá Operations in Sinaloa, Mexico. With Eric Sprott now its largest shareholder (~20%), Americas is fully funded to grow Galena following a C$50M deal (Oct 2024) & US$100M term loan (June 2025). A new non-restrictive 5-year multi-metal offtake agreement with Ocean Partners for treatment of any amount of Galena’s concentrates at Teck Resources’ BC smelter. Americas aims to be a leading North America silver producer and a key source of U.S.-produced antimony.

1. Throughout this news release, consolidated production results and consolidated operating metrics are based on the attributable ownership percentage of each operating segment: 100% Cosalá Operations and 60% Galena Complex up to December 18, 2024, prior to acquisition of Galena Complex’s 40% non-controlling interests, and 100% from both operations thereafter including fiscal 2025.

Average Realized Silver, Zinc and Lead Prices

The Company uses the financial measures “average realized silver price”, “average realized zinc price” and “average realized lead price” 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 performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.

Average realized metal prices represent the sale price of the underlying metal excluding unrealized mark-to-market gains and losses on provisional pricing and concentrate treatment and refining charges. Average realized silver, zinc and lead prices are calculated as the revenue related to each of the metals sold, e.g. revenue from sales of silver divided by the quantity of ounces sold.

¹ Excludes EC120 Project pre-production silver ounces sold from the Cosalá Operations.

Cost of Sales/Ag Eq Oz Produced

The Company uses the financial measure “Cost of Sales/Ag Eq Oz Produced” 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 cost of operations. Silver equivalent production is based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period, except as otherwise noted.

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.
² Throughout this news release, contract services related to transportation costs were reclassified from treatment and selling costs in revenue to cost of sales in fiscal 2024.

Cash Costs and Cash Costs/Ag Oz Produced

The Company uses the financial measures “Cash Costs” and “Cash Costs/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 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. Changes in inventory and other indirect mining costs consist of: non-cash related charges to cost of sales including inventory movements, write-downs to net realizable value of concentrates, ore stockpiles, and spare parts and supplies.

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.

All-In Sustaining Costs and All-In Sustaining Costs/Ag Oz Produced

The Company uses the financial measures “All-In Sustaining Costs” and “All-In Sustaining Costs/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 total costs of producing silver from operations.

All-in sustaining costs is cash costs plus all sustaining development, capital expenditures, and exploration spending, excluding costs not related to current operations.

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent production, and cost per ounce measurements during fiscal 2025 and 2024 include EC120 Project pre-production from the Cosalá Operations.
² For fiscal 2025, capital expenditures exclude growth capital from the Galena Complex and Cosalá Operations, including capital spend on the EC120 Project.

Working Capital

The Company uses the financial measure “working capital” 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 liquidity, operational efficiency, and short-term financial health.

Working capital is the excess of current assets over current liabilities.

EBITDA, Adjusted EBITDA, and Adjusted Earnings

The Company uses the financial measures “EBITDA”, “adjusted EBITDA” and “adjusted earnings” as indicators of the Company’s ability to generate operating cash flows to fund working capital needs, service debt obligations, and fund exploration and evaluation, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indicative of operating profit or cash flows from operating activities as determined under IFRS. Other companies may calculate these financial measures differently.

EBITDA is net income (loss) under IFRS before depletion and amortization, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

Supplementary Financial Measures

The Company references certain supplementary financial measures that are not defined terms under IFRS to assess performance because it believes they provide useful supplemental information to investors.

Silver Equivalent Production

References to silver equivalent production are based on all metals production at average realized silver, zinc, lead, and copper prices during each respective period, except as otherwise noted.