Americas Gold & Silver Reports 52% Silver Production Growth in 2025 & Guides Approximately 30% Further Increase for 2026

• Americas Gold & Silver delivered consolidated silver production of 2.65 million ounces in 2025, a 52% year-over-year increase, with the Galena Complex contributing approximately 1.5 million ounces and the Cosalá Operations achieving a record 1.2 million ounces.
• Consolidated revenue rose 18% to $118 million in 2025, driven by higher production volumes and an average realised silver price of $39.13 per ounce, up from $28.13 per ounce in 2024.
• The company transformed its balance sheet during the year, ending 2025 with $129.8 million in cash compared to $20.0 million at year-end 2024, supported by a $132 million bought deal financing and a $50 million draw on a $100 million senior secured term loan facility with SAF Group.
• Americas has issued 2026 production guidance of 3.2 to 3.6 million ounces of silver at an AISC of $30 to $35 per ounce sold, representing approximately 30% growth over 2025, with total capital expenditures targeted at $90 to $120 million.
• Key 2026 milestones include completion of the No. 3 Shaft Phase II upgrade to lift hoisting capacity to approximately 105 short tons per hour, commissioning of a surface paste fill plant, advancement of the US Antimony joint venture processing facility, and the launch of the largest exploration programme in the company's history at approximately 64,000 metres.

Company Overview

Americas Gold & Silver Corporation (TSX: USA) (NYSE American: USAS) is a rapidly growing North American mining company producing silver, copper, and antimony from high-grade operations in the US and Mexico. The Company consolidated 100% ownership of the Galena Complex in Idaho in December 2024 and acquired the fully permitted, past-producing Crescent Silver Mine in December 2025. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build a new antimony processing hub at Galena. The Company also owns and operates the Cosalá Operations in Sinaloa, Mexico, and is fully funded to grow production across its asset portfolio.

Full-Year 2025 Financial & Operational Overview

The company has reported consolidated financial and operational results for the year ended December 31, 2025, reflecting a year of significant operational transformation and balance sheet strengthening across its Idaho and Mexico operations.

Consolidated silver production totalled 2.65 million ounces, or approximately 3.4 million silver equivalent ounces, including 9.3 million pounds of lead and 2.0 million pounds of copper. The 52% increase over 2024 attributable production of approximately 1.7 million ounces was achieved despite a total of 20 planned shutdown days at the Galena Complex to complete shaft upgrades.

Consolidated revenue, including by-product revenue, reached $118 million for 2025, an 18% increase from $100 million in 2024, driven by higher silver production and improved realised prices. The average realised silver price for 2025 was $39.13 per ounce, compared to $28.13 per ounce in 2024. Pre-production sales of EC120 silver-copper concentrate from the Cosalá Operations contributed $45 million to revenue during the year.

Consolidated cash costs and all-in sustaining costs (AISC) for 2025 were $25.69 per silver ounce and $32.95 per silver ounce, respectively. The increase in cash costs relative to 2024 primarily reflects lower by-product credits from reduced zinc and lead production, as mining activities transitioned toward higher-grade, silver-copper ore at both operations.

The net loss for 2025 was $87.4 million ($0.33 per share), compared to a net loss of $49.0 million ($0.46 per share) in 2024. The increase in dollar terms was primarily attributable to higher period and forward precious metals prices affecting metals-based liabilities, offset by gains recognised from a new price protection programme completed during the period. Adjusted loss for 2025 was $35.2 million ($0.13 per share), compared to $33.7 million ($0.32 per share) in 2024. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was a loss of $4.1 million ($0.02 per share), compared to an adjusted EBITDA loss of $1.5 million ($0.01 per share) in 2024.

Balance Sheet Strengthened Materially

The company ended 2025 with cash and cash equivalents of $129.8 million, compared to $20.0 million at the end of 2024, and working capital of $67.5 million, compared to a working capital deficit of $27.9 million at the close of 2024. The transformation in the company's liquidity position reflects two major capital-raising events during the year.

In June 2025, Americas drew the first $50 million tranche of a senior secured term loan facility of up to $100 million entered into with SAF Group, primarily to fund growth and development capital at the Galena Complex. In December 2025, the company completed the strategic acquisition of the Crescent Mine in Idaho alongside a heavily oversubscribed $132 million bought deal financing.

Galena Complex: Operational Transformation in Progress

The Galena Complex produced approximately 1.5 million ounces of silver in 2025, broadly in line with full-basis production in 2024, with cash costs per ounce of silver increasing to $28.04 from $23.07 in 2024, primarily due to reduced lead by-product credits.

Significant infrastructure and mechanisation progress was achieved during the year. Nine long-hole stoping panels were mined to designed widths and three new long-hole stopes were placed in development, compared to no long-hole stoping in operation at the end of 2024. Remote mucking operations delivered a 200% improvement in productivity, with approximately 200 tonnes moved per shift versus approximately 50 tonnes per shift using conventional methods.

Additional progress included completion of a new Alimak ventilation raise in the Fourth Quarter of 2025, multi-level access point declines to debottleneck mining areas, the arrival and deployment of new underground personnel carriers and mine trucks, the installation of a fibre-optic communications system, and the replacement of the Coeur hoist motor to enhance operational redundancy.

The Galena Complex also produced 561,000 pounds of antimony during 2025, as well as 7.5 million pounds of lead. In February 2026, Americas signed a landmark joint venture agreement with United States Antimony to construct and operate a new antimony processing facility in Idaho's Silver Valley. The joint venture will be 51% owned by Americas and is intended to create a mine-to-finished antimony production solution within the United States.

A significant safety milestone was achieved in March 2026, with the Galena Complex team recording one full year and over 500,000 hours of work without a single lost-time accident.

Cosalá Operations: Record Silver Production Achieved

The Cosalá Operations in Sinaloa, Mexico, delivered record annual silver production of approximately 1.2 million ounces in 2025, a 44% increase over approximately 0.8 million ounces in 2024. The improvement was driven by higher grades and silver recoveries from the EC120 Project, which contributed approximately 1.0 million ounces of silver production during the year and $44.8 million to net revenue as pre-production sales of silver-copper concentrate.

Cash costs at Cosalá increased to $22.82 per ounce in 2025 from $11.13 per ounce in 2024, reflecting lower zinc and lead by-product credits as mill feed shifted toward the silver-copper EC120 orebody and away from the zinc-lead-silver San Rafael Main Central orebody. Commercial production at EC120 was declared at the start of 2026.

The 2026 Guidance

Americas has issued consolidated 2026 production guidance of 3.2 to 3.6 million ounces of silver at an AISC of $30 to $35 per ounce sold, representing approximately 30% growth over 2025 production of 2.65 million ounces. Consolidated capital expenditures are targeted at $90 to $120 million, comprising $30 to $40 million in sustaining capital and $60 to $80 million in growth capital. The exploration budget has been set at $15 to $20 million.

Next Steps: Milestones & Catalysts

Brake and Lilly upgrades at the Galena Complex No. 3 Shaft are scheduled for completion by end of April 2026, which will increase total hoisting capacity to approximately 105 short tons per hour (stph), representing a roughly 160% increase over the 40 stph available when the turnaround began in 2024. Three additional long-hole stopes are scheduled for mining in the First and Second Quarters of 2026, continuing the transition from conventional to mechanised mining, while construction and commissioning of the surface paste fill plant at Galena is also targeted for 2026 as a key infrastructure requirement for the sustained transition to long-hole stoping.

Americas and US Antimony will advance construction of a new antimony processing facility in Idaho's Silver Valley under their 51/49 joint venture, to create a domestic mine-to-finished product antimony supply chain. Completion of the new fibre-optic and leaky-feeder communications system is expected in the Third Quarter of 2026 and will support enhanced communications, automation of fans, pumps, and equipment, and improved operational control at Galena. An additional mine truck is also scheduled for delivery in the Second Quarter of 2026, with new chutes on the 5,500-level and new ore bins commissioned in the same period.

On the exploration front, the largest drill programme in Americas' history will target follow-up on high-grade discoveries at Galena's 034 Vein and 149 Vein, as well as infill and exploration drilling across the Crescent Mine and Cosalá Operations. Planned growth capital of $30 to $40 million is allocated to the Crescent Mine in 2026, with the company aiming for the Galena Complex to reach substantially and sustainably higher production rates by year-end.