Slide 1: Americas Gold and Silver
TSX: USA | NYSE American: USAS Americas Gold and Silver Scaling High-Grade Silver & Antimony Production in Idaho's Silver Valley October 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor & Other Disclosures This presentation contains “forward-looking information” within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by forward-looking words such as “anticipate”, “believe”, “expect
Slide 3: Forward-Looking Statements
Forward-Looking Statements Safe Harbor & Other Disclosures No Investment Advice: This presentation is not, and is not intended to be, an advertisement, prospectus or offering memorandum, and is made available on the express understanding that it does not contain all information that may be required
Slide 4: Americas Gold & Silver At A Glance
Americas Gold & Silver At A Glance DISTRICT-SCALE ~80% CONSOLIDATION SILVER EXPOSURE BY REVENUE 80% Silver Idaho in Idaho’s Silver Valley + Domestic U.S. Antimony Production 100% ownership of the Galena Complex ~80% of revenue derived from silver Acquired nearby Crescent Silver Mine to drive growth
Slide 5: Leadership Team With Proven Track Record
Leadership Team With Proven Track Record Decades of operational, capital markets, and value creation experience Paul Andre Huet Mike Doolin Chairman & CEO COO 35+ Years Leadership 35+ Years Operations Chair & CEO of Karora Resources → Increased throughput 340Ktpa → merged with Westgold 1.6Mtpa at Ka
Slide 6: The Next Big Turnaround Story
The Next Big Turnaround Story Proven success from the team behind Karora & Klondex. ↑490% ↑804% ↑412.1% vs. GDXJ vs. GDXJ vs. GDXJ PH & Team PH & Team PH & Team Join Klondex Join Karora Join Americas C$740M Sale to HCLA C$2.1B Merger With WGX GDXJ Relative Performance GDXJ* Relative Performance GDXJ
Slide 7: Americas Portfolio
Americas Portfolio GALENA COMPLEX Idaho ze INCLUDES CRESCENT MINE rf MM RELIEF CANYON Nevada UNITED STATES @ | SAN FELIPE Sonora © Production @ Development COSALA OPERATIONS Sinaloa (© Care & Maintenance Y AMERICAS GOLD AND SILVER
Slide 8: Coeur D'Alene Mining District
Coeur D’Alene Mining District Galena Complex & Crescent Mine are neighboring mines located in the heart of Idaho’s Silver Valley. 8
Slide 9: Galena Complex Historical Production
Galena Complex Historical Production Silver production since 2000 (Moz Ag): Galena (2025) - a top-5 highest-grade silver mine: 6 6,000,000 Rank Project Company Avg. Ag Head Grade Year: 2002 1 Keno Hill Hecla Mining 994 (g/t) 700 Ag production: 5.2 Moz 2 Galena Complex Americas Silver 473 (g/t) 5 5
Slide 10: Major Galena Complex Mineral Resource Growth
Major Galena Complex Mineral Resource Growth ↑19% ↑21% (as at October 31, 2025) M&I OUNCES M&I GRADE Galena Complex 2025 vs. 2024 MRE Proven & Probable 16.3 Moz ↑2% @ 482 g/t Ag ↑21% Galena Complex 5 Year Mineral Resource Growth1,2,3,4 Measured & Indicated 87.9 Moz ↑19% @ 501 g/t Ag ↑21% 500 Inferre
Slide 11: Consolidated Reserve & Resource Estimate
Consolidated Reserve & Resource Estimate (as at October 31, 2025) Significant Resource growth at record grades: Proven & Probable Reserves Consolidated M&I Silver Resources to 116 Moz ↑10% at SILVER 240 g/t Ag ↑30% Tonnes (kt) Grade (g/t) Ounces (koz) Galena Complex M&I Silver Resources to 87.9 Moz
Slide 12: 2026 Consolidated Production & Cost Guidance
2026 Consolidated Production & Cost Guidance ~30% production increase compared to 2025 production of 2.65 million ounces. Production & Costs 2026 Guidance Silver Production1 Moz 3.2 – 3.6 All-in Sustaining Cost (AISC)2,3,4 US$/oz 30 – 35 Capital Investments 2026 Guidance 2026 YTD Results Sustaining
Slide 13: The 100%-Owned Galena Complex
Significant exploration potential The 100%-Owned Galena Complex at surface, depth & to the east- long section view. Coeur Mill2 Galena Mill Hoist Upgrades ~500 tpd ~750 tpd Completed *1st time ever with redundant motors No. 3 Coeur Up-Dip Potential: Untested Shaft1 Caladay Shaft Shaft 1,000ft Galen
Slide 14: Galena Complex & Crescent - Further Opportunity at Depth
Galena Complex & Crescent - Further Opportunity at Depth Among the shallowest mines in the Silver Valleywith significant depth potential remaining. Depth of development at Galena was not impacted by faulting or other geologic structures, but rather halted due to lack of capital to drill amid extend
Slide 15: Galena Complex: Mechanized Mining to Scale Production
Galena Complex: Mechanized Mining to Scale Production Conventional Mining Mechanized Mining Underhand Cut & Fill Long Hole Stoping Underhand Cut & Fill +300% / 1 m. .3 ft . Productivity ~3 h W i d t Improvement 12X Faster *Note: The width of the stope in the image is an approximation as the width va
Slide 16: Galena Complex: Major Upgrades & Enhancements
Galena Complex: Major Upgrades & Enhancements COMPLETED upgrades include significant hoisting, mining fleet & communications improvements. 2 X Hoisting Capacity 1 2 + New Equipment Units Underground Infrastructure & Equipment Operational Impact Fibre optics enabling automation + real-time tracking I
Slide 17: Galena Complex: Major Upgrades & Enhancements
Galena Complex: Major Upgrades & Enhancements See Americas news releases dated April 27, 2026, PLANNED capital investments advancing hoisting, milling, & mining effciency across 2026. available on the website. 1 , 2 0 0 stpd Mill Target Unlocking Next Phase of Growth Galena Mill Expansions & Optimiz
Slide 18: Exploration Delivering: 2025-26 Discoveries & Record 2026 Drill Plan
Exploration Delivering: 2025-26 Discoveries & Record 2026 Drill Plan Largest-ever 2026 exploration drilling program of ~64,000m initiated across Idaho & Mexico operations. Galena Complex Assay Highlights & 2026 Drill Plan Coeur Caladay Shaft Shaft 2026Discovery Galena 9-Vein Shaft 2 4-4 07 &No.3 0.4
Slide 19: 034 High-grade Vein Discovery: 3.4m at 983 g/t Ag
034 High-grade Vein Discovery: 3.4m at 983 g/t Ag Drilling from 5200L defined a silver-copper vein with 8 splay veins adjacent to existing infrastructure. Key intercepts from the campaign, reported in estimated true widths, are listed below: 52-5831: 983 g/t Ag and 0.74% Cu over 3.44 m 52-534: 4,458
Slide 20: 520 High-grade Vein Discovery
520 High-grade Vein Discovery: 1.1 m of 619 g/t Ag, 1.1% Cu & 0.65% Sb Feet Drilling at the Galena Complex intersected multiple Infill Drilling new high-grade Ag-Cu-Sb veins. Exploration Drilling Exploration drilling from the 4300 Level has identified up to seven new high-grade mineralized veins wit
Slide 21: 149 High-grade Vein Discovery: 0.21 m at 24,913 g/t Ag & 16.9% Cu
149 High-grade Vein Discovery: 0.21 m at 24,913 g/t Ag & 16.9% Cu Drilling from 4300L identified a high-grade copper-silver-antimony vein extension. Key intercepts from the campaign, reported with true widths, are listed below: 43-317: 24,913 g/t Ag and 16.9% Cu over 0.21 m 4300L 43-304: 2,816 g/t A
Slide 22: 43L-TJ Vein Complex High-grade Discovery
43L-TJ Vein Complex High-grade Discovery: 1.9 m of 1,392 g/t Ag, 1.5% Cu & 1.5% Sb Drilling at the Galena Complex intersected multiple new high-grade Ag-Cu-Sb veins. Exploration drilling from the 4300 Level has identified up to six new high-grade mineralized veins within the newly defined 43L-TJ Vei
Slide 23: Galena Complex: Largest Active Antimony Mine in the United States
Galena Complex: Largest Active Antimony Mine in the United States JV with U.S. Antimony unlocks downstream value to bolster U.S. critical mineral security. Largest U.S. Producer Produced ~561,000 lbs of Sb in 2025 Copper:Antimony 99%+ Antimony Recovery to Production Ratio1 concentrate grading 90–96%
Slide 24: Crescent Mine: Significant Infrastructure & Exploration Upside
Crescent Mine: Significant Infrastructure & Exploration Upside 000 tpd Maximize use of available Crescent at a glance: Extensive Underground Development: processing capacity: Fully permitted & 9 miles from Galena ~12,000 ft. of drifts 200 tpd 500 tpd Potential to add ~1.5 Moz Ag/yr through Countess
Slide 25: Crescent Drilling Returns 1,891 g/t Ag, 0.3% Cu over 1.3 Meters
Crescent Drilling Returns 1,891 g/t Ag, 0.3% Cu over 1.3 Meters Drilling Confirms Multiple New High-Grade Ag-Cu-Sb Veins at the Galena Complex Drilling at Crescent has confirmed high-grade mineralization within the Alhambra and South Veins and identified two promising new veins nearby. With 33 assay
Slide 26: Cosalá Operations: Record 2025 Year & 2026 Growth
Cosalá Operations: Record 2025 Year & 2026 Growth A cash-flow positive operation with an experienced operations team. Entered commercial production at EC120 with ~1,550 tpd. Produced a record 1.2 Moz Ag in 2025, despite production ramp to enter commercial production at EC120. 2025 AISC of US$26.52 p
Slide 27: Cosalá Operations: High-Grade Drilling Upside
Cosalá Operations: High-Grade Drilling Upside San Rafael & 120 Zone Resource Infill - Highlight Drill Results Resource conversion drilling at San Rafael Upper and the 120 zones is averaging 2–3x the previously reported Inferred Mineral Resource grades. Hole SR568 returned 14.0 metres at 599.8 g/t A
Slide 28: Cosalá Operations: Strong Exploration Potential
Cosalá Operations: Strong Exploration Potential El Alacrán Discovery 200 Meters EAS26-001: 27.6m of 69.0 g/t Ag, 0.2 g/t Au and 0.2% Cu; including: 11.2m of 91.0 g/t Ag, 0.1 g/t Au and 0.3% Cu 4.6m of 69.0 g/t Ag, 0.1 g/t Au New exploration focusing on 7 significant targets identified based on geop
Slide 29: World-class Leverage to North American Silver
World-class Leverage to North American Silver Silver share as a percentage of H1-2026 revenue: 100% 96% Americas generates 94% ~90% of its revenue from silver as of H1 2026. 80% 77% 68% 68% 65% 63% 63% 60% 58% 56% 54% 40% 35% 33% 31% 20% 0% d ild la n an o llo z er er r rp er tic eu ru ol in ea ec l
Slide 30: Continued Balance Sheet Transformation: Eliminating Variable Liabilities
Continued Balance Sheet Transformation: Eliminating Variable Liabilities US $76M Future Obligations Removed US$28M+ Annual Debt Service Eliminated ~3.3% dilution | Improved earnings visibility & silver leverage Combined Financial Impact US$76M future variable metal price-linked obligations removed U
Slide 31: A Combination of Value & Growth
USAS-NYSE/USA-TSX: A Combination of Value & Growth Americas’ relative positioning versus silver peers: Attractive current valuation compared to silver producing peers. Americas is valued at 0.75x of the average broker research NAV/sh. Intermediate to senior silver producers trade at an average of
Slide 32: Supportive Long-term Shareholder Base
Supportive Long-term Shareholder Base Mgmt. & Directors 5% Covering Firm PT (CAD) Analyst Eric Sprott 14% $13.00 Dalton Baretto Other 31% $15.00 Justin Chan ~60% of shares $14.00 Nicolas Dion are held by Basic management, $13.50 Allison Carson Ownership institutions & insiders. $12.50 Jamie Spratt $
Slide 33: Thank You
Thank You Miranda Powell Manager, Communications +1 (775) 771 8832 ir@americas-gold.com americas-gold.com 33
Slide 34: Americas' Strategic Direction (2023-2025)
Americas’ Strategic Direction (2023-2025) Corporate transformation timeline of the creation of the new Americas Gold & Silver. 2023 2024 2025 Paul Named C$50M US$100M US$65M 100% Eric’s Technical Concurrent Debt Deal & Crescent Consolidation Advisor & Bought Deal Consolidation US$11.5M Equity Silver
Slide 35: Board of Directors
Board of Directors Peter Goudie – Director Bradley R. Kipp – Director Served as a Karora Director from 2008 until its 20+ years in mining, specializing in operations, 2024 merger. EVP, Marketing at Inco from 1997-08 corporate finance & public company reporting. when it was sold to Vale for C$19 bi
Slide 36: Coeur Mine Infill Exploration Drilling Targeting High Grades
Coeur Mine Infill Exploration Drilling Targeting High Grades Drilling underway, targeting three veins below the 3400 Level. The Coeur Mine, part of the Galena Complex, developed down to the 3700 Level, has seen very limited mining despite significant silver-copper mineralization in veins 356, 400 &
Slide 37: Crescent Mine Historical Mineral Resource
Crescent Mine Historical Mineral Resource (as at August 15, 2015) SILVER Tonnes (kt) Grade (g/t) Ounces (koz) COPPER Tonnes (kt) Grade (%) Pounds (Mlbs) Measured 35 754 851 Measured 35 0.57 0.4 Indicated 147 630 2,981 Indicated 147 0.37 1.2 Measured & Indicated 182 654 3,832 Measured & Indicated 182
Slide 38: Notes for Mineral Reserves & Resources Estimates
Notes for Mineral Reserves & Resources Estimates CIM (2014) Definitions and Standards were followed for Mineral Reserve and Mineral Resource Estimates. Technical Reports: The Mineral Resource and Reserve estimates as at October 31, 2025 will be detailed in technical reports prepared in accordance w
Slide 39: Success Checklist
Success Checklist Q4 2024 New team & board members appointed; closing of C$50 million financing & Galena consolidation. December 28th, 2024 Ordered new equipment to improve productivity & enable long hole stoping at Galena. April 22nd, 2025 Intersected 983 g/t over 3.4m at Galena, opening new mining
Slide 40: Success Checklist
Success Checklist March 30th, 2026 Issued 2026 production guidance of 3.2-3.6 Moz Ag with a US$30-35 AISC & US$90-120M Capex. March 30th, 2026 Updated MRR as of Oct. 31, 2025 with 2P, MI & Inferred of 26, 116 & 133 Moz Ag, respectively. March 30th, 2026 Discovered 520 vein at Coeur Mine, including 6