Americas Gold and Silver (USA) Corporate presentation summary

Strategic transformation and growth initiatives

• Achieved 100% ownership of the Galena Complex and acquired the Crescent Silver Mine to drive growth in Idaho's Silver Valley, with ~80% of revenue derived from silver and strengthened balance sheet through $300M+ in financings and $76M in liability reductions.

• Leadership team with proven track record in operational turnarounds and value creation, including successful asset sales and production scaling at previous companies.

• Major upgrades at Galena Complex, including doubling hoisting capacity, new equipment, and transitioning to mechanized mining, resulting in a 300% productivity increase since 2024.

• Integration of Crescent Mine, located 9 miles from Galena, expected to add ~1.5 Moz Ag/year and maximize processing capacity, with significant infrastructure and exploration upside.

• Launched largest-ever exploration program with 64,000 meters of drilling across Idaho and Mexico, targeting high-grade Ag-Cu-Sb zones and resource conversion.

Financial performance and guidance

• 2026 production guidance targets 3.2–3.6 Moz silver, a ~30% increase over 2025, with all-in sustaining costs (AISC) of $30–35/oz and capital investments of $90–120M.

• Eliminated $76M in future variable metal price-linked obligations and $28M+ in annual debt service, improving earnings visibility and leverage to silver prices.

• Q2 2026 revenue up 71% to $46.3M, with record silver production and $88.9M cash balance.

• Americas is valued at 0.75x average broker NAV/sh, below the peer average of ~1.17x, indicating attractive valuation relative to silver producers.

• ~60% of shares are held by management, institutions, and insiders, with Eric Sprott as a significant shareholder at 14%.

Operational highlights and resource growth

• Galena Complex reported 19% growth in measured & indicated (M&I) ounces and 21% increase in grade, with 87.9 Moz M&I at 501 g/t Ag as of October 31, 2025.

• Consolidated M&I silver resources reached 116 Moz (+10%) at 240 g/t Ag (+30%), with inferred resources at 133 Moz (+15%) at 264 g/t Ag.

• Major high-grade discoveries at Galena, including the 034, 149, 520, and 43L-TJ vein complexes, with intercepts up to 24,913 g/t Ag and 16.9% Cu.

• Galena is the largest active antimony mine in the U.S., producing ~561,000 lbs Sb in 2025, and operates a JV with U.S. Antimony for downstream processing.

• Cosalá Operations in Mexico achieved record 1.2 Moz Ag production in 2025, with high-grade drilling results and strong exploration potential identified.