Americas Gold and Silver (USA) Investor presentation summary

Strategic transformation and growth initiatives

• Achieved 100% ownership of the Galena Complex and acquired Crescent Mine to drive growth in Idaho's Silver Valley, with ~80% of revenue from silver and a 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 exits at Karora Resources and Klondex Mines.

• Major upgrades at Galena Complex, including doubling hoisting capacity, new mining fleet, and communications infrastructure, supporting scalable production growth.

• Integration of Crescent Mine, acquired for ~$65M, to supplement mill feed and leverage existing infrastructure, with significant exploration and development upside.

• Joint venture with U.S. Antimony to advance domestic antimony production and processing capabilities, enhancing critical mineral security.

Operational performance and production guidance

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

• Record 2025 production at Cosalá Operations with 1.2 Moz Ag and commercial production at EC120, maintaining positive cash flow and low AISC.

• Largest-ever exploration drilling campaign underway, targeting 64,000 meters across Idaho and Mexico, with multiple high-grade silver, copper, and antimony vein discoveries.

• Mechanized mining and long hole stoping at Galena Complex have increased productivity by 300% and reduced costs, with further upgrades targeting 1,200 stpd mill throughput.

• Significant infill and resource conversion drilling at Cosalá, with results averaging 2–3x previous inferred grades, supporting mine life extension.

Financial position and shareholder base

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

• Consolidated measured & indicated silver resources to 116 Moz (+10%) at 240 g/t Ag, with Galena Complex at 87.9 Moz (+19%) at 501 g/t Ag, and inferred resources at 133 Moz (+15%).

• Americas generates ~90% of revenue from silver, among the highest in North America, and is valued at 0.75x NAV, below peer average of 1.17x.

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

• Strong institutional support and analyst coverage, with price targets ranging from $8.50 to $15.00 CAD.