Americas Gold and Silver Continues Track Record of Significant Discoveries at the Galena Complex with a New Galena Mine Vein Discovery Grading 1,062 g/t Ag, 0.7% Cu over 1.3 Meters While Crescent Drilling Returns 1,891 g/t Ag, 0.3% Cu over 1.3 Meters and

Americas Gold and Silver Corporation (USA) released results on September 18, 2026, from its largest-ever exploration and resource-conversion program at the Galena Complex, which includes the operating Galena Mine, the restart-stage Coeur Mine, and the adjacent Crescent Mine. The program involved approximately 64,000 meters of drilling in 2026.

At the Galena and Coeur operations, 88 drillholes were reported, covering infill of past discoveries at the 43L-TJ, 117, and 9 Veins, plus one new vein on the 49 level. While Table 1 in the release displays only approximately 13 holes with 17 intercepts, the remaining data is contained in an external collar and assay PDF not reproduced here.

Key intercepts, reported with true widths, include: * 37-336: 0.4 m @ 3,608.0 g/t Ag / 3.1% Cu and 0.8 m @ 3,054.4 g/t Ag / 2.8% Cu * 37-337: 0.1 m @ 9,611 g/t Ag / 9.7% Cu / 7.0% Sb * 43-357: 1.9 m @ 1,391.6 g/t Ag / 1.5% Cu / 1.5% Sb / 1.9% Pb * 43-358: 1.7 m @ 832.0 g/t Ag / 1.4% Cu / 1.6% Sb * 43-365: 2.3 m @ 935.9 g/t Ag plus 1.6 m @ 2,390.9 g/t Ag / 1.6% Cu * 43-366: 1.0 m @ 1,312.6 g/t Ag and 0.9 m @ 1,365.1 g/t Ag * 43-369: 0.2 m @ 20,124 g/t Ag / 8.3% Cu / 7.1% Sb / 3.0% Pb * 49-811: 0.7 m @ 2,783.8 g/t Ag * 49-812: 1.8 m @ 1,031.7 g/t Ag / 18.0% Pb * CO34-166: 1.1 m @ 619.0 g/t Ag / 1.1% Cu * CO34-183: 0.1 m @ 4,323.0 g/t Ag / 9.0% Cu / 4.5% Sb

The company identified a new vein on the operating 49 level, hole 49-817, which returned 1.2 m @ 1,061 g/t Ag / 0.7% Cu / 0.6% Sb, described as "very close to our minimum mining width." Additionally, the 9 Vein was intersected in hole 24-407 with 0.4 m @ 7,123 g/t Ag / 3.24% Cu / 1.81% Sb. This discovery was made in an area with no historical vein projections by a mine service drift, with roughly 85 m of drifting along strike and multiple drill bays established.

At the Coeur Mine, the 520 Vein is now measured at 200 m along strike by 200 m vertical and remains open in all directions. Hole C034-188 extended the vein 45 m up-dip of C034-166.

At the Crescent Mine, 45 surface and underground holes have been drilled to date, with only 12 reported and 33 pending. Results include two new veins near Alhambra plus Alhambra/South Vein infill: * SF-002: 1.1 m @ 1,109.5 g/t Ag (Alhambra) * SF-003: 0.8 m @ 939.3 g/t Ag (new vein) * SF-013: 1.3 m @ 1,891.1 g/t Ag and 1.1 m @ 1,559.5 g/t Ag * SF-014: 0.3 m @ 1,533.4 g/t Ag (new vein) * SF-017: 0.2 m @ 3,514.7 g/t Ag / 4.1% Cu (new vein) * SV-041: 0.6 m @ 762.0 g/t Ag

The release did not provide from/to downhole depths, disclosing only true width, grade, and vein type. No cutoff grade was disclosed. These results are not included in the 2025 Mineral Resource and Reserve statement, which was announced on March 30, 2026.

Americas Gold and Silver Corporation (USA) is a producer with operating assets at Galena/Coeur and Cosalá, while the Crescent site is in restart. For fiscal year 2025, the company reported 2.65 moz of silver at an all-in sustaining cost (AISC) of US$32.95/oz, with 2026 guidance set for 3.2-3.6 moz Ag at an AISC of US$30-35/oz. Reserves stand at 16.3 moz Ag @ 482 g/t P&P, and Galena’s measured and indicated resources total 87.9 moz Ag @ 501 g/t, per the 2025 statement which has not been updated for the new drill holes.

The current release does not change the reserve or resource line; the intercepts are explicitly excluded from the 2025 statement and will feed the 2027 resource update and mine plan. The incremental scale implied by comparable prior work is modest. The 034 Vein complex exploration target was 550-650 kt at 290-310 g/t Ag, containing roughly 5-6 moz, which represents a few percent of Galena’s 87.9 moz M&I and around 1.5-2 years of feed at the planned 1,200 stpd mill rate.

The anchor for Galena high-grade vein discoveries is the 2026-04-30 release, which reported 43-357 at 1.9 m @ ~1,392 g/t Ag, and the 2026-03-12 release, which identified ten new veins including 4,896 g/t Ag over 1.3 m. The stock closed at US$10.96 on 2026-03-12 and US$7.78 on 2026-04-30, and currently sits at US$7.09. It has round-tripped roughly 48% from the 2026-03-02 high of US$13.72. The market is not currently paying up for the vein-discovery narrative. The release is not materially better than what has already been demonstrated: the best new grade x width, 43-365’s 3,826 g.m, is only modestly above the existing anchor, one of the "new" holes is literally the anchor re-reported, and no tonnage is quantified.

The equity is currently priced on the H2-weighted production ramp to 3.2-3.6 moz Ag, an AISC of US$30-35/oz, a US$90-120M capital programme against US$88.9M of cash, and the FY2025 going-concern disclosure, rather than on a single vein. High-grade, near-infrastructure intercepts at or above mineable width (43-357, 43-365, 49-812, SF-013) that sit two to three times above the current 482 g/t reserve grade could lower AISC and improve the mine plan if they convert into stopes.

Americas Gold and Silver Corporation (TSX: USA / NYSE American: USAS) is a North American silver and critical-minerals producer with a dual listing and a stated ambition to become a leading North American silver producer and a secure domestic antimony supplier.

The company’s Galena Complex, located in Idaho’s Silver Valley, serves as its flagship and primary producing asset. The Galena Mine is described as the largest antimony mine in the United States, while the Coeur Mine is in the restart stage. Operations include a mill being expanded from approximately 750 to 1,200 short tons per day by the end of 2026, and a No. 3 Shaft currently hoisting at approximately 85 short tons per hour, with a peak of 105. A paste fill plant is under construction, and the company holds a 51/49 antimony processing joint venture with US Antimony.

In December 2025, Americas Gold and Silver acquired the Crescent Mine for US$20 million in cash plus approximately 11.1 million shares. Located approximately nine miles from Galena, the fully permitted, past-producing site yielded over 25 million ounces of silver at an average grade of 891 grams per tonne between 1917 and 1981. Historical measured and indicated resources from 2015 totaled 182,000 tonnes at 654 grams per tonne of silver, though this is not a current estimate. The company is targeting a mid-2026 restart for the mine.

In Sinaloa, Mexico, the Cosalá Operations include the San Rafael mine, the Los Braceros plant, and the EC120 mine, which was declared commercial on January 1, 2026. This complex is characterized as higher-grade and lower-cost than the company’s other operating assets.

Other assets include the Relief Canyon project in Nevada, which is in development or care and maintenance; the San Felipe project in Sonora, Mexico, in care and maintenance; and the dormant Nuestra Señora site.

Financially, prior-period context indicates that fiscal year 2025 revenue was US$117.9 million, with a net loss of US$87.4 million and a going-concern disclosure. For the first quarter of 2026, revenue was US$67.8 million and net income was US$10.0 million. In the second quarter of 2026, revenue was US$46.3 million, resulting in a net loss of US$5.0 million. As of that period, the company held US$88.9 million in cash, US$48.6 million in working capital, and US$51.1 million in total debt. First half 2026 operating cash flow was US$47.2 million against US$63.7 million in capital expenditures.