Americas Gold & Silver Posts Record Silver Output as Cosalá Cash Supports Galena Upgrades

• Americas Gold & Silver produced a record 800,458 ounces of silver and sold a record 860,850 ounces in the third quarter of 2026.
• Cosalá produced 415,879 ounces of silver, 23% above the prior quarter, while the Galena Complex produced 384,579 ounces.
• Unaudited cash was US$63 million and available liquidity was US$113 million as of September 30, 2026.
• Galena's paste fill plant and No. 3 hoist upgrade are advancing, and 4 new grizzlies cut tram loading time per car from 5 minutes to 20 seconds.
• The company is targeting 2026 silver production of 3.2 million to 3.6 million ounces.

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.

Record Silver Production & Sales Across Both Operations

Americas Gold & Silver produced a record 800,458 ounces of silver in the third quarter of 2026 and sold a record 860,850 ounces. Cosalá accounted for 415,879 ounces of production and 423,141 ounces of sales, and the Galena Complex for 384,579 ounces of production and 437,709 ounces of sales. Silver equivalent figures use realized prices of US$60.54 per ounce for silver, US$6.41 per pound for copper, US$0.83 per pound for lead, and US$8.79 per pound for antimony.

Cosalá Output Rises 23% as Mining Enters the EC120 Orebody

Cosalá's silver production rose 23% to 415,879 ounces from the prior quarter. Management says strong grade performance continued as mining entered the heart of the EC120 orebody, bolstered by strong muck movement underground.

Infill and step-out drilling at EC120 returned 20.5 meters grading 654.7 grams per tonne silver and 1.5% copper, just outside the 2025 Inferred Mineral Resource boundary. The company says the silver grade is more than 5 times higher than the EC120 2025 Inferred Mineral Resource grade.

Chairman and Chief Executive Officer of Americas Gold & Silver, Paul Andre Huet, linked the drilling to Cosalá's outlook for 2027:

"I am certainly excited to see what we can deliver in 2027 at Cosalá given the outstanding recent drilling successes we have announced."

Galena Hoist, Paste Fill & Loading Projects Advance

Galena produced 384,579 ounces of silver in the quarter. Management describes solid progress recovering from temporary production interruptions in the prior quarter, with all critical projects advancing on schedule. Projects include construction of a paste fill plant, an upgrade of the No. 3 hoist and 4 new grizzlies above the ore shoot loading pockets, a first at Galena. Huet said the grizzlies cut the time to load one 4-ton tram car from 5 minutes to 20 seconds, which he put at a 1,500% efficiency increase.

Management says it has removed numerous primary bottlenecks, and the Galena team has begun the waste development needed to set up future long-hole stoping in higher-grade silver, copper, and antimony veins. The acceleration of this optimization work has been supported by the strong cash generation of the Mexican operation.

Liquidity & Year-to-Date Output

Unaudited cash as of September 30, 2026 was US$63 million, in line with expectations. Available liquidity was US$113 million, including US$50 million available under the existing credit facility with SAF. Consolidated silver production for the first 3 quarters of 2026 totals 2.3 million ounces, which management says is in line with its 2026 expectations.

Next Steps

Americas Gold & Silver is targeting 2026 silver production of 3.2 million to 3.6 million ounces at all-in sustaining costs (AISC) of US$30 to US$35 per ounce, a non-IFRS measure. The company is targeting full-year production weighted to the second half, with lower associated costs. Guidance assumes no further blockade or work-stoppage impacts at Cosalá and completion of the Galena shaft repair and shaft rehab work on schedule and within budget.

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