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 May 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 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 Largest U.S
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% ↑1,362% vs. GDXJ vs. GDXJ vs. GDXJ PH & Team PH & Team PH & Team Join Klondex Join Karora Join Americas C$740M Sale to HCLA C$2.1B Merger With WGX GDXJ Relative Performance GDXJ* Relative Performance GDXJ
Slide 7: Americas Portfolio
Americas Portfolio GALENA COMPLEX Idaho INCLUDES CR NT MINE o- RELIEF CANYON Nevada — UNITED STATES 5 Kilometers © Production @ Development (> Care & Maintenance Y AMERICAS GOLD AND SILVER
Slide 8: Coeur D'Alene Mining District
Coeur D’Alene Mining District Galena Complex & Crescent Mine are neighboring mines located in the heart of Idaho’s Silver Valley. 8
Slide 9: Galena Complex Historical Production
Galena Complex Historical Production Silver production since 2000 (Moz Ag): Galena (2025) - a top-5 highest-grade silver mine: 6 6,000,000 Rank Project Company Avg. Ag Head Grade Year: 2002 1 Keno Hill Hecla Mining 994 (g/t) 700 Ag production: 5.2 Moz 2 Galena Complex Americas Silver 473 (g/t) 5 5
Slide 10: Major Galena Complex Mineral Resource Growth
Major Galena Complex Mineral Resource Growth ↑19% ↑21% (as at October 31, 2025) M&I OUNCES M&I GRADE Galena Complex 2025 vs. 2024 MRE Proven & Probable 16.3 Moz ↑2% @ 482 g/t Ag ↑21% Galena Complex 5 Year Mineral Resource Growth1,2,3,4 Measured & Indicated 87.9 Moz ↑19% @ 501 g/t Ag ↑21% 500 Inferre
Slide 11: Consolidated Reserve & Resource Estimate
Consolidated Reserve & Resource Estimate (as at October 31, 2025) Significant Resource growth at record grades: Proven & Probable Reserves Consolidated M&I Silver Resources to 116 Moz ↑10% at SILVER 240 g/t Ag ↑30% Tonnes (kt) Grade (g/t) Ounces (koz) Galena Complex M&I Silver Resources to 87.9 Moz
Slide 12: 2026 Consolidated Production & Cost Guidance
2026 Consolidated Production & Cost Guidance ~30% production increase compared to 2025 production of 2.65 million ounces. Production & Costs 2026 Guidance Silver Production1 Moz 3.2 – 3.6 All-in Sustaining Cost (AISC)2,3,4 US$/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 No. 3 Coeur Up-Dip Potential: Untested Shaft1 Caladay Shaft Shaft 1,000ft Galena Shaft Crescent Mine 2400L Recent Di
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% / 1m . f t . Productivity ~3.3 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 0 + 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. 2026 Discovery Infill Drilling Exploration Drilling 2026 Discovery 2025 Discovery 5 2025 Discovery 2026 Discovery 18
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: 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 26: 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 27: World-class Leverage to North American Silver
World-class Leverage to North American Silver Silver share as a percentage of 2025 revenue: 100% 100% Americas generates ~80% of its revenue from silver. 80% 78% 71% 67% 60% 57% 55% 55% 47% 44% 44% 41% 40% 28% 26% 20% 20% 0% d ld an n llo no g g z er er rp er tic ru ol ea in in i lv lv lv co ni ch i
Slide 28: 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 0.60x of the average broker research NAV/sh. Intermediate to senior silver producers trade at an average of
Slide 29: Supportive Long-term Shareholder Base
Supportive Long-term Shareholder Base Mgmt. & Directors Covering Firm PT (CAD) Analyst 7% Eric Sprott $10.00 Brian Quast 12% $17.00 Dalton Baretto Other 35% ~65% of shares $16.00 Nicolas Dion are held by $16.00 Allison Carson Basic management, Ownership institutions & $15.00 Jamie Spratt insiders. $
Slide 30: Thank You
Thank You Miranda Powell Manager, Communications +1 (775) 771 8832 ir@americas-gold.com americas-gold.com 30
Slide 31: High-grade Silver Resources & Production
High-grade Silver Resources & Production Top 10 silver assets by current 2P grade (g/t): 1,000 833 Operational 800 Americas’ Idaho Operations 655 600 500 492 482 405 400 377 Pending 339 329 Restart; 298 297 Not 2P 200 0 ec ill tu a ic a ur i ur i ic e em r ec k oe s ec ay ic x nt an vo ev ag ite cu
Slide 32: 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 33: Board of Directors
Gordon Pridham – Director Board of Directors Principal of Edgewater Capital & advisory board member for Enertech Capital, with 25+ years in Scott Hand – Lead Director investment & corp. banking & capital markets. Karora’s Chairman from 2008 until its 2024 merger. He’s advised companies globally ac
Slide 34: 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 35: 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 36: 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 37: 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 38: 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