Mr. Paul Andre Huet reports

AMERICAS GOLD AND SILVER COMPLETES PHASE 2 OF NO. 3 SHAFT UPGRADES AT GALENA, INCREASING CURRENT HOISTING CAPACITY BY 100% AND PROVIDES OPERATIONS UPDATE

Americas Gold and Silver Corp. has completed phase 2 of the No. 3 shaft modernization program at the Galena complex in Idaho, a key infrastructure project supporting the company's planned production growth at both the Galena and Crescent mines. The No. 3 shaft serves as the primary production shaft for personnel, materials and ore at the Galena complex. The modernization program is a cornerstone of the company's previously announced growth capital program and represents a significant step toward increasing mining rates, improving operating efficiency, reducing operational risk and unlocking the long-term value of both the Galena and Crescent mines.

The company also reports that earlier this month a minor electrical fire was identified and rapidly contained at its Galena mine in Idaho, United States. The incident resulted in no injury to staff or significant damage to mine infrastructure. The electrical fire was an isolated incident and was the result of a short circuit in a ventilation fan on the 4900 Level of the mine. Galena has since resumed normal operations, with the exception of the 4900 Level, which is undergoing additional precautionary safety audits and evaluation for any necessary repairs to the ventilation infrastructure in the area. In addition, a regional wildfire occurred last week near the company's Crescent mine and has since been fully extinguished. There was no damage at the mine site, however the fire prevented mine personnel from accessing the mine for approximately two days due to regional and company safety mandates. Crews have since resumed normal development activities.

Paul Andre Huet, chairman and chief executive officer, commented: "First and foremost, I am thrilled that all our personnel are safe and that our safety protocols and systems were followed after an isolated electrical fire caused by a short circuit in a ventilation fan. I am proud that our crews performed in such a professional manner and utilized their extensive mine rescue training to quickly and safely deal with a situation of this nature. The professionalism of the response by our Galena team is no surprise to me: just last month, the Galena mine rescue team ranked first overall at the nationally recognized Central Mine Rescue Competition, held in Juneau, Alaska. The safety of our people will always be our highest priority, and I was very pleased to see that our mine rescue team was quickly deployed and confirmed that the situation was isolated and fully contained.

"The Galena mine resumed normal operations immediately following containment of the situation, apart from the 4900 Level, where mining activities remain paused while a full assessment of the situation and any necessary repairs are completed. This necessary assessment will delay mining activities in some of our higher-grade stopes on the 4900 Level into early Q3, however we do not anticipate any impact on our full-year 2026 production guidance as a result of this incident. At Crescent, the regional wildfire was extinguished over the course of two days and access to our development work at the mine quickly resumed thereafter. With both interruptions behind us, we look forward to a productive second half of 2026 as we maintain our full year guidance for the year with production continuing to be second half weighted."

Mr. Huet continued: "The No. 3 shaft is the backbone of the Galena complex, and these upgrades represent one of the most important infrastructure investments we have made to date to support the next phase of growth. Through increasing total hoisting capacity by approximately 150 per cent, expanding skip payloads by 40 per cent and significantly improving shaft reliability, we have materially derisked our growth plans and created the infrastructure necessary to support higher mining rates at the Galena mine. Our crews worked around the clock for 28 days to complete the phase 2 upgrade project, which included additional maintenance opportunities that were identified and addressed to set the mine up for success in the second half of the year."

Galena No. 3 shaft upgrades

The phase 1 and phase 2 upgrades to the No. 3 shaft have increased hoisting capacity from approximately 42 short tons per hour (stph) to as high as 105 stph during recent operating periods (a 150-per-cent increase over historical capacity), with 85 stph achieved on a regular basis.

Phase 2 upgrades focused on installing a new braking system capable of safely supporting the higher hoisting speeds enabled by the motor upgraded previously in phase 1. The work was extended by an additional two weeks over the 14-day planned shutdown period, and included all required mechanical, electrical and control-system modifications necessary to safely operate at higher throughput rates. Following commissioning, the upgraded system achieved average hoisting rates exceeding 85 stph over a 15-day operating period, representing an increase of more than 100 per cent compared with historical performance. Final optimization of the shaft, expected to maintain hoisting rates at the designed 105 stph, will include:

• Adjustments to guide alignment;
• Installation of new and lighter cages and skips increasing ore payload capacity;
• Optimization of shaft schedules as throughput rates increase;
• Optimize load measuring in skips to ensure maximum payload;
• Upgrade in-shaft communication network (leaky feeder and fibre optics) for future automation.

None of this work will require additional downtime to the shaft as the work will be performed during planned weekly downtime periods. Phase 2 capital expenditures totalled approximately $1.1-million (U.S.), representing a highly capital-efficient investment that materially expands hoisting capacity and supports future production growth.

As previously reported (see Americas news releases dated Sept. 16, 2025, and April 27, 2026), AGS completed the phase 1 upgrades in the first quarter of 2026 to increase skipping capacity from five tons to seven tons, a 40-per-cent increase in payload per trip, while the installation of a new 2,250-horsepower hoist motor increased available hoisting power by approximately 29 per cent. The company has secured and installed an additional hoist motor as a critical spare, significantly improving operational reliability and reducing downtime risk.

The upgraded No. 3 shaft is expected to provide approximately 1,350 tons per day of total hoisting capacity. This increased capacity is designed to support planned ore production rates averaging approximately 650 tons per day (an approximately 50-per-cent increase) by the end of 2026 while providing the operational flexibility necessary to support future production growth across the broader Galena complex.

About Americas Gold and Silver Corp.

Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper and antimony from high-grade operations in the United States and Mexico. In December, 2024, Americas acquired 100-per-cent ownership of the Galena complex (Idaho) in a transaction with Eric Sprott, former 40-per-cent Galena owner, in exchange becoming Americas' largest shareholder at approximately 14 per cent. This unitized Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In December, 2025, Americas acquired the fully permitted, past-producing Crescent silver mine (nine miles from Galena), creating significant potential future synergies through shared infrastructure and processing. Americas also owns and operates the Cosala Ops in Mexico. Americas is fully financed to aggressively grow production at the Galena complex, Crescent and in Mexico with an aim to be a leading North American silver producer and a key source of U.S.-produced antimony.

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