Americas Gold & Silver Reports Third-Quarter Revenue Up 68% on Record Silver Production

• Americas Gold & Silver produced a record 800,458 ounces of silver in the third quarter of 2026, 5% above the third quarter of 2025, and net revenue rose 68% to $51.4 million.
• Cosalá Operations delivered 415,879 ounces of silver, up 28%, driven by higher grades from EC120.
• At the Galena Complex, remote mucking averaged about 200 tonnes per shift, up from roughly 50 tonnes historically, and the company drilled a new high-grade vein on the operating 49 level.
• Cash stood at $63.3 million and available liquidity at $113 million after the company settled its remaining precious metals delivery obligations.
• The company is targeting the low end of its 2026 guidance of 3.2 million to 3.6 million ounces of silver.

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 Quarter Lifts Revenue & Narrows Net Loss

Americas Gold & Silver produced 800,458 ounces of silver in the third quarter of 2026, a company record and 5% higher than in the third quarter of 2025. Output totaled 936,870 silver equivalent ounces, including about 965,000 pounds of lead, 918,000 pounds of copper and 101,000 pounds of antimony. Year-to-date silver production reached about 2.3 million ounces, up 19%.

Net revenue rose 68% to $51.4 million from $30.6 million, driven by higher realized prices and production, and year-to-date revenue reached $165.5 million, up 104%. The net loss narrowed to $5.6 million from $16.5 million, and adjusted earnings before interest, taxes, depreciation and amortization rose to $9.3 million from $1.9 million.

Cosalá Moves Into Higher-Grade Ore at EC120

Cosalá Operations produced 415,879 ounces of silver, up 28% from 325,177 ounces a year earlier, on higher silver grades across fewer tonnes as mining enters the heart of the orebody at EC120. EC120 reached commercial production effective January 1, 2026. Copper production rose 30% to 736,094 pounds, and cash costs fell to $14.51 per silver ounce sold from $24.79, supported by higher by-product credits.

Chairman and Chief Executive Officer Paul Andre Huet described what EC120 has changed for the asset:

"Commercial production at EC120 has transformed Cosalá into a high-margin operation and provides a strong foundation for future growth."

Galena Complex Scales Long-Hole Mining

The Galena Complex produced 384,579 ounces of silver, compared with 439,580 ounces in the third quarter of 2025, partly due to continued recovery from temporary operational interruptions in the second quarter. Cash costs were $44.31 per silver ounce sold, compared with $25.10, as contractor expenses rose across concurrent projects.

Remote mucking averaged about 200 tonnes per shift, against roughly 50 tonnes per shift historically. Long-hole panels achieved planned widths, and additional long-hole stopes are in development for extraction in the fourth quarter of 2026 and into 2027.

Huet outlined the waste development that sequences the transition:

"With significant improvements made in hoisting capabilities, we have begun accelerating our waste development ahead of key production areas, which is a critical step in setting up additional future long-hole panels."

Drilling Returns Higher Grades Than Modeled

At Cosalá, drilling at San Rafael Upper, 120 Upper and 120 Lower returned 20.5 meters (true width) grading 654.7 grams per tonne (g/t) silver and 1.5% copper, and 14.1 meters grading 409.3 g/t silver and 0.8% copper, announced September 17, 2026. Mineral Resource conversion drilling at the San Rafael Upper and 120 zones averages 2 to 3 times the previously reported inferred Mineral Resource grades, and the company will evaluate it for mining in the second half of 2027.

At Galena, the company's largest-ever exploration and Mineral Resource conversion drilling program returned high-grade silver, copper, lead and antimony results, and a new vein on the operating 49 level intersected 1.2 meters grading 1,061 g/t silver, 0.7% copper and 0.6% antimony, close to the minimum mining widths required for long-hole stoping, announced September 18, 2026. None of these results were included in the 2025 Mineral Resource and Mineral Reserve estimates (news release dated March 30, 2026), and the company will consider them in future updates.

Liquidity, Costs & Recognition

As of September 30, 2026, cash and cash equivalents stood at $63.3 million, available liquidity at $113 million, and working capital at $23.1 million. The liquidity figure includes $50 million available from the existing $100 million Term Loan Facility upon satisfaction of certain conditions. The company has settled its remaining precious metals delivery obligations.

Cost of sales per silver equivalent ounce sold, cash costs, and all-in sustaining costs (AISC) per silver ounce sold averaged $31.68, $29.66, and $42.94 in the third quarter, and $29.58, $26.40, and $39.16 year-to-date. The 2026 AISC guidance of $30 to $35 per ounce sold is calculated for the operations only and excludes non-cash share-based payments expense and derivative settlements.

The company ranked 24th on the 2026 TSX30, the Toronto Stock Exchange's annual ranking of the 30 top-performing companies by dividend-adjusted share price performance, with a 477% share price increase over the 3 years ended June 30, 2026, and published its inaugural Corporate Sustainability Report on October 13, 2026. It has recorded zero lost-time accidents at the Galena Complex since March 2025 and at Cosalá since April 2025.

2026 Guidance & Capital Plan

The company is targeting the low end of its 2026 production guidance of 3.2 million to 3.6 million ounces of silver and the high end of its AISC guidance range of $30 to $35 per ounce sold. Capital investment guidance for 2026 totals $90 million to $120 million, including $30 million to $40 million of sustaining capital (including capitalized infill drilling) and $60 million to $80 million of growth capital. In addition, consolidated exploration capital is targeted at $15 million to $20 million.

Guidance includes drilling and development at the Crescent Mine and planned mine development and shaft upgrades at the Galena Mine, which are required to incrementally increase production levels as the year progresses. The capital guidance also includes additional equipment at the Galena Complex and Cosalá, along with other growth-related expenditures.

Next Steps

• Fourth quarter 2026: targeting the low end of the 3.2 million to 3.6 million ounce silver production guidance and the high end of the $30 to $35 per ounce sold AISC guidance range.
• Galena Complex: extracting additional long-hole stopes in the fourth quarter of 2026 and into 2027.
• Cosalá Operations: evaluating the Mineral Resource conversion drilling results for mining in the second half of 2027.

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