Americas Gold & Silver Reports Major New Discoveries in Idaho & Mexico Alongside 19% Year-on-Year Increase in Galena Resources

• Americas Gold & Silver has released its 2025 Mineral Resource and Reserve update, reporting a 10% increase in consolidated silver Measured and Indicated resources to 115.7 million ounces at 239.8 grams per tonne (g/t), net of mining depletions.
• The Galena Complex delivered the headline result, with Measured and Indicated resources up 19% to 87.9 million ounces at 500.9 g/t silver and Proven and Probable Reserves improving 21% in grade to 482.1 g/t.
• Three new high-grade discoveries have been announced at the Galena Complex: the 034 Vein, the 149 Vein, and the newly identified 520 Vein at the Coeur Mine, the latter returning 1.1 metres at 619 g/t silver, 1.01% copper, and 0.65% antimony, and open in all directions.
• At Cosalá in Mexico, the El Alacrán near-mine discovery, located 600 metres north of the San Rafael mine, has returned 27.6 metres at 69 g/t silver, 0.2 g/t gold, and 0.2% copper in its first drill hole, with further assays pending.
• Americas has launched its largest-ever exploration campaign, targeting 64,000 metres across all properties in 2026 with a budget of up to US$20 million, with NI 43-101 technical reports due within 45 days of March 30, 2026.

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.

Resource & Reserve Update

The company released its 2025 Mineral Resource and Reserve update on March 30, 2026, with an effective date of October 31 2025. The update reflects the results of exploration and resource definition drilling conducted across the Company's Galena Complex in Idaho and Cosalá operations in Sinaloa, Mexico, net of mining depletions during the period.

At the consolidated level, silver Measured and Indicated Mineral Resources increased 10% to 115.7 million ounces, with grade rising 30% to 239.8 grams per tonne (g/t). Inferred Mineral Resources increased 15% to 133.3 million ounces, though grade decreased 13% to 264.0 g/t, reflecting the addition of lower-grade material at Cosalá.

The Galena Complex

The Galena Complex delivered the strongest results in the update. Measured and Indicated Silver Resources at Galena increased 19% to 87.9 million ounces at 500.9 g/t silver, with the Inferred Resource rising 3% to 105.7 million ounces at 498.2 g/t. Proven and Probable Reserves increased 2% to 16.3 million ounces, with the average reserve grade improving 21% to 482.1 g/t.

Drilling at Galena in 2025 prioritised resource-to-reserve conversion and step-out exploration in close proximity to existing underground infrastructure. The recent discovery (034 Vein), announced in January 2026, has now been incorporated into the updated resource, with infill and step-out drilling ongoing. The best intercept from this zone includes 4,458 g/t silver, 3.34% copper, and 1.50% antimony over 0.5 metres. A second discovery (149 Vein) was announced in August 2025, with a best result of 24,913 g/t silver and 16.9% copper over 0.2 metres. Infill and step-out drilling is in progress on both zones.

520 Vein: New Coeur Mine Discovery

The most recently announced discovery is the 520 Vein at the Coeur Mine, which forms part of the broader Galena Complex. Four drill holes completed to date have defined a mineralised vein measuring 150 metres along strike and 150 metres in height, open in all directions, hosting a silver-copper-antimony (Ag-Cu-Sb) system. The best intercepts include 1.4 metres at 646 g/t silver and 1.95% copper, 0.79% antimony and 1.1 metres at 619 g/t silver, 1.01% copper, and 0.65% antimony.

The 520 Vein sits directly down-dip of historical mining activities at the Coeur shaft, which Americas upgraded ahead of schedule in late 2025. The Company notes that the 072, Silver, and 360 vein complexes at Galena display exceptional down-dip continuity, and that the 520 Vein discovery indicates the potential for further resource expansion with more than 2,000 feet of untested ground down-dip of the Coeur Mine. The Coeur Mine is connected underground to the Galena Mine on the 3400 level.

Cosalá Operations

At Cosalá, Measured and Indicated Silver Resources decreased 13% to 18.7 million ounces, with grade increasing 33% to 119.3 g/t. The Inferred Resource increased 134% to 24.5 million ounces at 107.2 g/t, reflecting significant new material added at depth across multiple deposits, including San Rafael, UZ, El Cajón, and Zone 120.

The Company also announced a new near-mine discovery, El Alacrán, located 600 metres north of the San Rafael mine. The first drill hole intersected 27.6 metres at 69.0 g/t silver, 0.2 g/t gold, and 0.2% copper, including a higher-grade interval of 11.2 metres at 91 g/t silver, 0.1 g/t gold, and 0.3% copper. Americas notes that El Alacrán and the adjacent La Tania target both outcrop at surface, carry grades comparable to current mine head grades, and are located less than one kilometre from the San Rafael mine, offering potential operational synergies with existing infrastructure.

Crescent Silver Mine

The acquisition of the Crescent Silver Mine, completed in December 2025, added a Historical Measured and Indicated Mineral Resource of 3.8 million silver ounces at 654 g/t and a Historical Inferred Mineral Resource of 19.1 million silver ounces at 665 g/t. Americas cautions that a qualified person has not done sufficient work on the Company's behalf to classify this Historical estimate as a current Mineral Resource or Mineral Reserve, and the Company does not treat it as such. The Historical estimate is sourced from a 2015 NI 43-101 technical report. Confirmation and step-out drilling at Crescent commenced in March 2026 to upgrade and expand the resource.

Next Steps & Upcoming Milestones

On the regulatory side, NI 43-101 technical reports for the updated Mineral Resource and Reserve estimates are to be filed under Americas' SEDAR+ profile within 45 days of March 30, 2026. At the Crescent Silver Mine, confirmation and step-out drilling commenced in March 2026 to upgrade and expand the 2015 Historical Mineral Resources.

Active drilling programmes are now running across all three operating assets. At the Galena Complex, four underground core rigs are completing infill and step-out work on the 034 Vein, 149 Vein, and 520 Vein discoveries, totalling 25,022 metres planned for 2026. At Cosalá, one surface rig and one underground rig are drilling the El Alacrán and La Tania targets, with assays pending for holes EAS26-003 through EAS26-005 and 11,710 metres scheduled for the year. Combined, these programmes form part of the Company's 64,000-metre, US$20 million 2026 exploration campaign, the largest in Americas' history.