Strong Second Quarter

TORONTO - “Americas Gold and Silver Corporation (Americas) had a strong operating quarter which we expect to continue for the remainder of 2022,” said, President and CEO Darren Blasutti. “The second quarter production plan in Mexico focused on mining the Main Zone at San Rafael to maximize revenue given the strong zinc prices. We expect to see an appreciable increase in silver production over the second half of the year as the Galena Complex plan begins to mine more higher-grade silver stopes and San Rafael sees increased contribution from the high-grade silver Upper Zone. As a result of these factors, the Company expects to be at the higher end of its 2022 guidance of 4.8 to 5.2 million silver equivalent ounces. The balance sheet continues to improve with a stable cash balance and reduced debt.”

The Cosala Operations produced 128,000 ounces of silver, 3.9 million pounds of lead and 9.9 million pounds of zinc in Q2-2022. Cash costs per silver ounce and all-in sustaining costs per silver at the Cosala Operations have continued to benefit from strong current zinc and lead prices. With the strong zinc and lead prices during the quarter coupled with the decreasing silver price, the Company focused on mining the higher-grade zinc and lower-grade silver areas of the Main Zone to maximize the revenue mix generated from the Cosala Operations. The Company expects silver production to increase in H2-2022 with a growing contribution from higher-grade silver areas in the Upper Zone of the San Rafael mine. Silver production from the Cosala Operations for the year is expected to be towards the bottom end of the forecasted range of 0.7 to 0.9 million silver ounces with the change in focus to continue to mine the higher-grade zinc Main Zone and delay mining the higher-grade silver Upper Zone. Zinc production from the Cosala Operations is expected to be towards the upper end of the forecasted range of 36 to 40 million pounds while lead production is also expected to be towards the upper end of the forecasted range of 13 to 15 million pounds.

The Galena Complex attributable production was approximately 171,000 ounces of silver and 2.5 million pounds of lead in Q2-2022. Silver production is estimated to increase in H2-2022 from a combination of mining higher tonnage in higher-grade silver copper stopes. The Company aims to complete the Galena Hoist project in Q4-2022 which will increase hoisting capacity at the operation in Q4-2022 and beyond. Cash costs per ounce and all-in sustaining costs per ounce at the Galena Complex are also anticipated to improve with the completion of the Galena Hoist project as most of the operations costs are fixed and are expected to decrease on a per silver ounce basis assuming expected higher silver and lead production beyond 2022. The outlook for expected attributable metal production from the Galena Complex in fiscal 2022 remains unchanged and is estimated to be 0.7 to 0.9 million silver ounces and 9 to 11 million pounds of lead.