Americas Gold & Silver Hits 654.7 Grams Per Tonne Silver Over 20.5 Meters at Cosalá

• Americas Gold & Silver reported results from 44 drill holes from resource conversion drilling at the Cosalá Complex in Sinaloa, Mexico.
• The top intercept returned 20.5 meters grading 654.7 grams per tonne silver and 1.5% copper, 30 meters outside the 2025 inferred resource boundary.
• The 120 Lower zone returned 14.1 meters at 409.3 grams per tonne silver and 0.8% copper.
• The company says resource conversion drilling at San Rafael Upper and the 120 zones is averaging 2 to 3 times previously reported inferred resource grades.
• The results will feed a 2027 resource estimate and mine plan, and development of the 120 deposit is targeted for the second half of 2027.

Company Overview

Americas Gold & Silver (TSX: USA | NYSE American: USAS) is a North American producer of silver and other critical minerals with high-grade mining assets in the US and Mexico. Its flagship Galena Complex in Idaho includes the largest antimony mine in the US. The nearby Crescent Silver Mine is fully permitted and, according to the company, hosts one of the world's highest-grade silver resources. Through a 51/49 joint venture, the company is developing a domestic antimony supply chain, from mine to finished product. It also owns and operates the Cosalá Operations in Sinaloa, Mexico, where it is scaling up the EC120 silver-copper mine.

Resource Conversion Drilling at San Rafael Upper & the 120 Zones

Americas Gold & Silver announced drill results from its resource conversion program at the Cosalá Complex on September 17, 2026. The assays come from infill and step-out drilling in the first half of 2026 at the San Rafael Upper, 120 Upper, and 120 Lower deposits. Multiple holes at all 3 zones returned silver grades substantially higher than those in the current resource model. 

The company has reported 44 of the 55 holes drilled. These holes confirm the modeled thickness of the Mineral Resource. All reported intercepts lie directly next to existing infrastructure, and parts of the San Rafael deposit are already in production. All widths below are estimated true widths.

Key Intercepts by Zone

At San Rafael Upper, the top intercept returned 20.5 meters grading 654.7 grams per tonne silver, 1.5% copper and 0.5 grams per tonne gold. A second hole returned 9.5 meters at 566.6 grams per tonne silver, 1.7% copper and 0.8 grams per tonne of gold. That hole also returned a separate interval of 4.6 meters, with 369.2 grams per tonne of silver and 1.0% copper. A third hole returned 2.2 meters at 503.9 grams per tonne silver, 0.2% copper and 0.7 grams per tonne of gold.

At 120 Upper, intercepts included 17.3 meters at 404.1 grams per tonne silver and 0.9% copper, and 9.8 meters at 507.6 grams per tonne silver and 1.6% copper. The zone also returned 13.0 meters at 291.5 grams per tonne silver and 0.8% copper, and 2.0 meters at 754.9 grams per tonne silver, 0.5% copper and 1.1 grams per tonne gold. One hole returned 2.6 meters at 421.6 grams per tonne silver, with 0.7% copper, 1.6% lead and 2.2% zinc.

At 120 Lower, intercepts included 22.0 meters at 392.3 grams per tonne silver and 1.1% copper, and 14.1 meters at 409.3 grams per tonne silver and 0.8% copper. The zone also returned 16.6 meters at 311.4 grams per tonne silver and 0.7% copper, and 10.9 meters at 353.9 grams per tonne silver and 1.0% copper.

Drilling Averages 2 to 3 Times Inferred Resource Grades

Resource conversion drilling at San Rafael Upper and the 120 zones is consistently averaging 2 to 3 times the previously reported inferred Mineral Resource grades. The company says this could lift average silver grades in these zones above the grades in the 2025 Mineral Resource.

Chairman and Chief Executive Officer of Americas Gold & Silver, Paul Andre Huet, commented on the 20.5-meter San Rafael Upper intercept:

 "It's important to note that this intercept is located just 30 meters outside of the 2025 inferred resource boundary and is expected to contribute new, high-grade silver ounces to the Cosalá mine plan. On a gram-meter basis, these intercepts are comparable with some of the best silver intercepts drilled anywhere in Mexico over the past year."

Huet also commented on the history of exploration spending at Cosalá: 

"As a reminder, Cosalá has not received a material exploration budget for many years and we are truly excited at the growth potential of this asset, both in terms of higher grades, as demonstrated today, and potential improvements to the existing mine plan."

Next Steps

Drilling at Cosalá will continue for the rest of 2026 and into 2027. Americas Gold & Silver is targeting incorporation of the results into its next resource estimate and mine plan in 2027. The company is preparing an optimized mine plan for the Upper and Lower 120 deposit and is targeting mine development to access the zone in the second half of 2027. 

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