Americas Gold and Silver (USA) investor relations material

Turnaround strategy and management

• New management injected $50M equity and $100M debt, focusing on operational expertise and asset revitalization.

• Leadership team has a proven track record with successful turnarounds at Klondex Mines and Karora Resources.

• Eric Sprott became a 20% owner after vetting his 40% Galena stake into the company.

• Institutional ownership increased from 7% to 63% in nine months, reflecting strong investor confidence.

• The team is following a playbook of acquiring underperforming assets, injecting capital, and driving operational improvements.

Galena mine transformation

• Galena mine in Idaho is being restored to its historical production level of 5M+ silver ounces per year.

• Major bottlenecks addressed by upgrading the No. 3 shaft and introducing long-hole stoping mining methods.

• New equipment and mining methods are increasing productivity and safety, aiming to fill both mills to 1,200 tons/day.

• High-grade discoveries (e.g., 34 and 149 veins) are expected to boost profitability with grades up to 983g/ton.

• Galena is the only producing antimony mine in the U.S., with new agreements ensuring payment for all byproducts.

Growth, byproducts, and future outlook

• Antimony, copper, lead, and gold are now all payable byproducts, enhancing revenue streams.

• No additional capital required for antimony expansion; recovery rates are high and product is in demand.

• Cosalá Operations in Mexico is ramping up to 2M silver ounces/year, with significant exploration potential.

• Combined, the company targets over 7M silver ounces/year, positioning itself as a leading silver producer.

• Trading at a strong multiple, with significant value potential from silver and byproduct growth, and high exposure to silver prices.