Galena Hoist Project Installed And Projected Fully Operational In Second Quarter

TORONTO - Americas Gold and Silver Corporation reported that the Galena Hoist project continues to move-forward and the hoist was physically installed prior to year-end. Shaft repair will start following completion of electrical work and commissioning. The Galena Hoist is expected to be fully operational in Q2-2023.

The Company’s 2022 estimated attributable silver equivalent production of 5.3 million ounces exceeded the silver equivalent guidance range of 4.8 – 5.2 million ounces. Silver production for 2022 is estimated to be just over 1.3 million ounces versus the guidance range of 1.4 – 1.8 million ounces. As highlighted previously, the Company chose to prioritize mining the base metal rich Main Zone at the Cosala Operations and delayed production from the higher-grade silver Upper Zone at the Cosala Operations which contributed to the lower silver production.

“I would like to thank our employees for the Company’s strong finish to the year that resulted in silver equivalent production exceeding the upper end of our guidance range. As we had indicated throughout the year, we chose to prioritize mining higher grade zinc and lead areas at the Cosala Operations to maximize revenue given the prevailing prices for both zinc and lead versus silver,” said, President and CEO Darren Blasutti. “Once shaft repair is complete and the Galena Hoist becomes fully operational, we anticipate it will add operational flexibility and support plans to significantly increase production at the Galena Complex moving forward. I am confident that the Company will continue its strong production trajectory going forward into 2023.”