Americas Gold and Silver (USA) investor relations material

Executive summary

• Achieved record consolidated silver production of 787,000 ounces and sales of 830,000 ounces in Q1 2026, driven by operational improvements at Galena and commercial production at Cosalá's EC120.

• Significant safety milestones at both Galena and Cosalá, with over one year without a lost time accident.

• Advanced major growth initiatives at Galena, including shaft upgrades, Paste Backfill Plant progress, and digital infrastructure investments.

• Exploration success at both Galena and Cosalá, with new high-grade discoveries and a 19% year-over-year increase in measured and indicated silver resources at Galena.

• Signed a joint venture with United States Antimony for a new antimony processing facility in Idaho.

Financial highlights

• Q1 2026 revenue was $68 million, up 84% sequentially and 189% year-over-year, with consolidated revenue at $67.8 million, a 187% increase year-over-year, driven by higher silver production and realized prices.

• Net income of $10 million ($0.03/share) versus a net loss of $20 million ($0.08/share) in Q1 2025.

• Adjusted earnings of $20 million ($0.06/share) and adjusted EBITDA of $34 million ($0.10/share), both significant improvements over prior year.

• Cash and cash equivalents stood at $122 million, with working capital of $67 million at quarter-end.

• Capital expenditures totaled $23 million in Q1, mainly for Galena development.

Outlook and guidance

• On track to achieve 2026 consolidated production guidance of 3.2–3.6 million silver ounces at an average all-in sustaining cost of $30–$35/oz.

• Total 2026 capital expenditures targeted at $90–$120 million, including $30–$40 million for Crescent Mine.

• Largest exploration budget in company history ($15–$20 million) with over 64,000 meters of drilling planned.