Announcement • Jan 23

Americas Gold and Silver Corporation Provides Update on Galena Exploration

Americas Gold and Silver Corporation provided update to Galena Complex exploration results. The Galena Complex has been actively drilling near mine exploration targets with exciting results including an area between the 4600 Level and 4900 Level which had previously been a gap in drilling and has been consistently returning high-grade intercepts of attractive Ag-Cu veins. A drill campaign was completed from the 4600 Level to infill a gap in the 360 Complex and this program was successful in proving the continuity of the 360 Complex mineralization between 4600 and 4900 Level. Active drilling on the 4300 level has been critical to defining the upper extents of the 360 Complex and has also led to the eastward extension of the 360 Complex which contains several intercepts of wide veins contained within a larger package of disseminated mineralization. Recent drilling from the 5200 Level targeting the 55 Vein has uncovered high-grade intercepts of previously unknown veins which are close to existing infrastructure. Two programs were active in the period from a drill platform near the 4600 Level. The first infill drill program above the 4600 Level targeting the Lower Country Lead Zone has been completed and added confidence to near-term mine plans of this area. The second program, which remains active, has intercepted impressive grades of Ag-Cu veins in the Central Zone in an area that currently contains no mineral resources. This drilling has shown down dip extensions of veins previously mined above the 4600 Level and the proximity to existing infrastructure on 4600 and 4900 Levels gives these early results a high potential to add near-term mineable resources to the Galena Complex with additional infill drilling. Hole 49-641: 307 g/t silver and 15.5% lead (770 g/t silver equivalent) over 2.2 m and: 1,407 g/t silver, 0.2% copper and 43.4% lead (2,712 g/t silver equivalent) over 1.1 m Hole 49-658: 435 g/t silver and 20.4% lead (1,042 g/t silver equivalent) over 1.4 m and: 270 g/t silver and 11.1% lead (601 g/t silver equivalent) over 3.0 m and: 905 g/t silver, 0.7% copper and 0.5% lead (1,000 g/t silver equivalent) over 1.1 m Hole 49-661: 295 g/t silver, 0.1% copper and 4.1% lead (433 g/t silver equivalent) over 2.3 m and: 920 g/t silver, 0.1% copper and 42.8% lead (2,200 g/t silver equivalent) over 0.6 m and: 526 g/t silver, 0.1% copper and 26.3% lead (1,313 g/t silver equivalent) over 0.7 m and: 453 g/t silver, 0.1% copper and 13.3% lead (856 g/t silver equivalent) over 3.4 m Hole 49-662: 304 g/t silver and 12.4% lead (673 g/t silver equivalent) over 1.1 m and: 323 g/t silver, 0.1% copper and 6.8% lead (538 g/t silver equivalent) over 3.7 m including: 1,235 g/t silver, 0.8% copper and 6.8% lead (1,533 g/t silver equivalent) over 0.4 m including: 631 g/t silver, 0.0% copper and 20.1% lead (1,231 g/t silver equivalent) over 0.4 m including: 343 g/t silver, 0.1% copper and 14.5% lead (784 g/t silver equivalent) over 0.4 m Hole 49-664: 3,172 g/t silver, 3.8% copper and 2.6% lead (3,692 g/t silver equivalent) over 1.4 m and: 410 g/t silver, 0.1% copper and 0.2% lead (430 g/t silver equivalent) over 2.3 m Hole 49-666: 858 g/t silver, 0.5% copper and 0.2% lead (922 g/t silver equivalent) over 1.2 m and: 754 g/t silver, 0.7% copper and 0.1% lead (840 g/t silver equivalent) over 1.1 m Hole 49-667: 1,317 g/t silver, 1.0% copper and 0.1% lead (1,436 g/t silver equivalent) over 0.8 m Hole 49-668: 5,663 g/t silver, 1.1% copper and 0.2% lead (5,793 g/t silver equivalent) over 0.8 m and: 1,012 g/t silver and 0.6% copper (1,087 g/t silver equivalent) over 1.1 m and: 5,598 g/t silver, 2.3% copper and 4.0% lead (5,982 g/t silver equivalent) over 1.2 m Hole 49-670: 1,499 g/t silver, 1.83% copper & 0.65% lead (1,732 g/t silver equivalent) over 1.9 m Drilling from the 4300 level has targeted the upper levels of the 360 Complex and recent drilling to the east has encountered several promising thick intercepts of veins within a larger package of stacked veins and disseminated mineralization beyond the known mineral resource in the area. The wide intercepts of economic grades create the potential of extraction via more productive bulk mining methods if future infill drilling programs are successful in defining this area as a mineral resource. Due to limitations of the Termite drill and the existing drilling platform, this new vein package is open along strike to the east and plans are being developed to add additional drilling with a Hagby drill from platforms from the 4300 Level and 4600 Level to build upon current understanding of this zone and define the lateral and vertical extents of the mineralization. Hole 43-278: 154 g/t silver and 10.0% lead (450 g/t silver equivalent) over 37.3 m including: 288 g/t silver and 16.3% lead (772 g/t silver equivalent) over 1.5 m including: 302 g/t silver and 19.7% lead (888 g/t silver equivalent) over 2.6 m including: 176 g/t silver and 12.2% lead (538 g/t silver equivalent) over 2.1 m including: 230 g/t silver and 18.7% lead (786 g/t silver equivalent) over 5.2 m Hole 43-280: 130 g/t silver and 8.4% lead (380 g/t silver equivalent) over 10.7 m and: 230 g/t silver and 14.1% lead (654 g/t silver equivalent) over 32.8 m including: 246 g/t silver and 14.8% lead (684 g/t silver equivalent) over 2.4 m including: 455 g/t silver and 38.6% lead (1,603 g/t silver equivalent) over 2.1 m including: 294 g/t silver and 27.0% lead (1,094 g/t silver equivalent) over 5.2 m including: 812 g/t silver, 0.4% copper and 31.3% lead (1,785 g/t silver equivalent) over 2.2 m Hole 43-281: 155 g/t silver and 10.9% lead (480 g/t silver equivalent) over 18.6 m and: 206 g/t silver and 17.4% lead (722 g/t silver equivalent) over 1.5 m and: 446 g/t silver and 11.6% lead (793 g/t silver equivalent) over 0.9 m and: 274 g/t silver and 6.9% lead (480 g/t silver equivalent) over 1.5 m and: 213 g/t silver and 7.5% lead (436 g/t silver equivalent) over 1.2 m Hole 43-283: 133 g/t silver and 10.2% lead (437 g/t silver equivalent) over 53.3 m including: 324 g/t silver and 23.8% lead (1,033 g/t silver equivalent) over 0.9 m including: 222 g/t silver and 17.9% lead (753 g/t silver equivalent) over 5.2 m including: 247 g/t silver and 19.0% lead (812 g/t silver equivalent) over 4.5 m including: 227 g/t silver and 17.4% lead (747 g/t silver equivalent) over 1.1 m including: 226 g/t silver and 14.7% lead (663 g/t silver equivalent) over 7.8 m Drilling from the 4600 level and targeting the 360 Complex successfully infilled an area that lacked drilling and mineral resources and provided critical data required to model and estimate mineral resources in the 360 Complex between 4600 and 4900 Levels. The results of this drilling campaign are critical to near term extraction of the 360 Complex.

CEO salary percentage	20.78%
CEO tenure	1.5yrs
CEO ownership	2.4%
Management average tenure	1.5yrs
Board average tenure	1.4yrs

Date	Total Compensation	Salary	Company Earnings
Mar 31 2026	n/a	n/a	-US$58m
Dec 31 2025	US$3m	US$550k	-US$87m
Sep 30 2025	n/a	n/a	-US$62m
Jun 30 2025	n/a	n/a	-US$61m
Mar 31 2025	n/a	n/a	-US$50m
Dec 31 2024	US$2m	US$70k	-US$45m

Name	Position	Tenure	Compensation	Ownership
Joseph Paul Huet	CEO & Chairman of the Board	1.5yrs	US$2.65m	2.35% $ 42.7m
Warren Varga	Chief Financial Officer	11.4yrs	US$803.24k	0.40% $ 7.3m
Michael Doolin	Chief Operating Officer	1.4yrs	US$1.08m	0% $ 0
Peter McRae	Senior VP of Corporate Affairs & Chief Legal Officer	9.7yrs	US$747.01k	0.26% $ 4.8m
Rob Buchanan	Vice President of Sustainability & Communications	1.3yrs	no data	no data
James Stonehouse	Vice President of Exploration	14.3yrs	US$214.41k	no data
Oliver Turner	Executive VP of Corporate Development	less than a year	no data	no data

Name	Position	Tenure	Compensation	Ownership
Joseph Paul Huet	CEO & Chairman of the Board	1.4yrs	US$2.65m	2.35% $ 42.7m
Scott Hand	Independent Lead Director	1.4yrs	US$229.98k	0.18% $ 3.3m
Peter Goudie	Independent Lead Director	1.4yrs	US$185.53k	0.23% $ 4.1m
Bradley Kipp	Independent Director	11.9yrs	US$190.93k	0.0035% $ 63.9k
Gordon Pridham	Independent Director	17.5yrs	US$188.31k	0.021% $ 377.2k
Shirley In't Veld	Director	less than a year	US$72.19k	no data
Tara Hassan	Independent Director	1.1yrs	US$111.19k	0.0031% $ 55.9k
Merushe Verli	Independent Director	less than a year	US$84.89k	no data

Data	Last Updated (UTC time)
Company Analysis	2026/05/21 14:31
End of Day Share Price	2026/05/21 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Nicolas Dion	ATB Cormark
Kevin O'Halloran	BMO Capital Markets Equity Research
Brian Quast	BMO Capital Markets Equity Research

Americas Gold and Silver Management

Management criteria checks 1/4

Key information

Recent management updates

Americas Gold and Silver Corporation, Annual General Meeting, Jun 23, 2026

Independent Lead Director recently sold US$1.0m worth of stock

CEO & Chairman of the Board recently sold US$3.1m worth of stock

Insider recently sold US$25m worth of stock

CEO & Chairman of the Board recently sold US$5.9m worth of stock

Americas Gold and Silver Corporation Appoints Shirley In't Veld to its Board of Directors, Effective August 11, 2025

Recent updates

First quarter 2026 earnings: EPS and revenues miss analyst expectations

Americas Gold and Silver Corporation to Report Q1, 2026 Results on May 14, 2026

Americas Gold and Silver Corporation, Annual General Meeting, Jun 23, 2026

Full year 2025 earnings: EPS and revenues miss analyst expectations

Americas Gold and Silver Corporation to Report Q4, 2025 Results on Mar 30, 2026

Americas Gold and Silver Corporation Announces Largest Ever Exploration Program in 2026 Following Discovery of Ten New High-Grade Silver-Copper-Antimony and Silver-Lead Veins At Galena

Independent Lead Director recently sold US$1.0m worth of stock

CEO & Chairman of the Board recently sold US$3.1m worth of stock

New major risk - Shareholder dilution

Americas Gold and Silver Corporation Announces Cosalá Production Results in 2025

Americas Gold and Silver Corporation Expands 034 Vein Completed with Discovery of Multiple New High-Grade Silver-Copper-Antimony Veins Intercepting 4,458 G/T Ag, 3.34% Cc and 1.50% Sb over 034 Vein

Now 21% undervalued

Americas Gold and Silver Corporation Provides Update on Rapid Progress At Newly Acquired Crescent Silver Mine in Idaho

Now 28% undervalued

Insider recently sold US$25m worth of stock

CEO & Chairman of the Board recently sold US$5.9m worth of stock

Americas Gold and Silver Corporation announced that it has received $115 million in funding

Americas Gold and Silver Corporation (TSX:USA) entered into a binding purchase agreement to acquire Crescent Silver, Llc from Hale Capital Management, L.P. for approximately $65 million.

New minor risk - Financial position

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

Now 27% undervalued

Americas Gold and Silver Corporation Achieves Breakthrough with 99%+ Antimony Extraction from Its Copper Concentrate, Supporting Potential Primary Production in the United States

New minor risk - Share price stability

Americas Gold and Silver Corporation Reports High-Grade 149 Vein Extension Including 24,913 G/T Silver and 16.9% Copper At Galena Complex

Second quarter 2025 earnings: EPS and revenues miss analyst expectations

Americas Gold and Silver Corporation Appoints Shirley In't Veld to its Board of Directors, Effective August 11, 2025

Americas Gold and Silver Corporation announced that it has received CAD 15.96 million in funding from Ocean Partners USA Inc.

High number of new directors

Americas Gold and Silver Corporation Elects Meri Verli as Director

Americas Gold and Silver Corporation announced that it expects to receive CAD 15.96 million in funding from Ocean Partners USA Inc.

Americas Gold and Silver Corporation Announces Promising Results from Recent Metallurgical Testing At Its Galena Complex in Idaho

First quarter 2025 earnings released: US$0.031 loss per share (vs US$0.065 loss in 1Q 2024)

Americas Gold and Silver Corporation Announces Strong Exploration Results At the Galena Complex and the Significant Growth of the Recently Discovered High-Grade 034 Vein

Americas Gold and Silver Corporation, Annual General Meeting, Jun 24, 2025

Price target increased by 11% to US$1.00

Full year 2024 earnings: EPS and revenues miss analyst expectations

Price target decreased by 10.0% to US$0.90

Americas Gold and Silver Corporation Provides Galena Complex Operational and Exploration Update

New major risk - Shareholder dilution

Americas Gold and Silver Corporation (TSX:USA) completed the acquisition of the remaining 40% stake in Galena Complex in Idaho, USA from Eric Sprott and Paul Andre Huet.

Culico Metals Inc. (TSXV:CLCO) acquired 3.6% stake in Americas Gold and Silver Corporation (TSX:USA) for CAD 4 million.

Americas Gold and Silver Corporation Announces the Appointment of Paul Huet as Chief Executive Officer, Effective November 11, 2024

Price target increased by 18% to US$1.00

Third quarter 2024 earnings: EPS and revenues miss analyst expectations

Americas Gold and Silver Corporation announced that it has received CAD 45 million in funding

Americas Gold and Silver Corporation (TSX:USA) agreed to acquire remaining 40% stake in Galena Complex in Idaho, USA from Eric Sprott and Paul Andre Huet for $59.6 million.

Americas Gold and Silver Corporation announced that it expects to receive CAD 40 million in funding

Price target increased by 13% to US$0.90

Americas Gold and Silver Signs Credit and Off-Take Agreement for EC120 Project

New major risk - Financial position

First quarter 2024 earnings released: US$0.065 loss per share (vs US$0.047 loss in 1Q 2023)

New major risk - Revenue and earnings growth

Americas Gold and Silver Corporation Appoints Jim Currie as Chief Operating Officer, Effective May 6, 2024

Americas Gold and Silver Corporation, Annual General Meeting, Jun 18, 2024

Full year 2023 earnings released: US$0.16 loss per share (vs US$0.23 loss in FY 2022)

Americas Gold and Silver Corporation announced that it has received CAD 7.5 million in funding

Americas Gold and Silver Corporation Drills Bonanza Grade at Galena Complex

New major risk - Financial position

New major risk - Financial position

Americas Gold and Silver Corporation Provides Update on Galena Exploration

Price target increased by 15% to US$1.50

New major risk - Revenue and earnings growth

Americas Gold and Silver Corporation Announces Resignation of Darren Dell as COO

Americas Gold and Silver Corporation Provides Production Guidance for 2023

New major risk - Financial position

Third quarter 2023 earnings: EPS and revenues miss analyst expectations

New minor risk - Share price stability

Price target decreased by 9.3% to US$1.13

New minor risk - Profitability