Slide 1: Americas Gold & Silver June 2025
AMERICAS GOLD AND SILVER TSX: USA | NYSE American: USAS Americas Gold & Silver June 2025
Slide 2: Disclosures
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”, “goal”, “plan”, “intend”, “potential’, “esti
Slide 3: Key Highlights Summary
AMERICAS GOLD AND SILVER ae Wy Key Highlights Summary Transformational Galena Transaction Optimizing Galena’s Operations « Galena Complex fully consolidated to 100% ownership under Americas from 60% previously in October 2024. ¢ Eric Sprott ended in his 40% ownership of the Galena mine to become USA
Slide 4: Balance Sheet Transformed & Strategic Partnership Inked
Balance Sheet Transformed & Strategic Partnership Inked Phase | - October 2024 - Consolidation Transaction C$50M Bought Deal Financing Proceeds Used To Resolve Immediate Issues & Invest into Galena: Heavily Oversubscribed, introducing top-tier former Karora Resources institutional investors. Reduced
Slide 5: Leadership Team
Leadership Team Paul Andre Huet - Chairman & CEO 35+ years of senior leadership and mining experience, he has _ held prominent roles including Chairman & CEO of Karora Resources (TSX: KRR), which merged with Westgold Resources (ASX: WGX), and President & CEO of Klondex Mines (TSX: KDX), acquired by
Slide 6: The Next Big Turnaround Story
The Next Big Turnaround Story Proven success from the team behind Karora & Klondex. WAN AMERICAS GOLD AND SILVER $9 $9 $2.0 KARORA YAY AMERICAS $8 KLONDEX K D4 $8 RESOURCES $18 WN GOLD AND SILVER $7 PH & Team $7 PH & Team $16 PH & Team Join Klondex Join Karora $14 Join Americas $6 $6 : a $1.2 O$s $5
Slide 7: What's Changed In The Last Six Months?
What's Changed In The Last Six Months? Corporate transformation timeline of the creation of the new Americas Gold & Silver. Paul Named 100% Eric’s Technical Consolidation Advisor & Transaction Due Diligence Announced Initiated October, 2023 October 9, 2024 Due Diligence Period 40% Asset-Level Owners
Slide 8: Americas Portfolio
Americas Portfolio Production C) @ Development Care & Maintenance LEGEND QQ coera snot Q cocere ma 8 Galena Toilings Z) Other Mines © Historical Mines Roads Bh Landhoidings a . orl " o/s GALENA TAILINGS ny dey GALENA SHAFT IM CALENQ MLC It SAN RAPAEL MINE (a) B® Sal BB) EL CAJON MINE Chilic \ ? —@.
Slide 9: Coeur D'Alene Mining District
MERICAS D AND SILVER Coeur D’Alene Mining District Galena Complex is located in the heart of Idaho’s Silver Valley. Silver Valley Galena of e . : ae ow NN Um Gold } gy Castle Rock & Wallace "SP % ig ye 6 Lucky Friday * Boise AMERICAS GOLD AND'SILVER
Slide 10: Silver Production (Moz)
Silver Production (Moz) GOLD AND SILVER . . . GH AMERICAS Galena Complex Historical Production Galena Complex silver production since 2000 (Moz Ag): 800 6 7 lon! En > | H | Year: 2002 700 5 I [ | ag production: 5.6 Moz | | “| Ag grade: 729 g/t | 600 H | H Throughput: 592 tpd 1 i) Ke = | 4 | + H | Fo
Slide 11: The Galena Gameplan
WAN AMERICAS GOLD AND SILVER The Galena Gameplan Mine Optimization Unitize ownership of the historic Galena Complex in Idaho. Evaluate potential for LHS vs. underhand cut & fill to better suit ore body, improving safety, productivity & reducing costs. Evaluate productivity rates and implementing ‘lo
Slide 12: Galena Complex - An Underground Gem
AMERICAS &H GOLD AND SILVER Galena Complex - An Underground Gem Significant exploration potential at surface, depth and to the east. Coeur Mill? Galena Mill ~500 tpd ~750 tpd €seur) Up-Dip Potential: Untested Shaft Drifts End In Ore | ee “Infill Drilling: ____ Pending Shaft Depth: 4,500ft < : = = 2
Slide 13: Galena Complex - An Underground Gem
GOLD AND SILVER GH AMERICAS Galena Complex - An Underground Gem Among shallowest mines in the Silver Valley with 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 e
Slide 14: Galena Complex Upgrades & Enhancements
Galena Complex Upgrades & Enhancements YY AMERICAS Planned Primary (No. 3) Hoist Shaft Operational Upgrades in 2025 New Mobile Equipment Deliveries Hoist motor upgrades from 1,750hp to 2,250hp to increase skip loading from deeper levels. Brake upgrades to improve creep times in loading and dump zone
Slide 15: New Vein Discovery - g/t Silver Over 3.4m
New 034 Vein Discovery - 983 g/t Silver Over 3.4m WAN AMERICAS GOLD AND SILVER Drilling from 5200L defined new silver-copper vein adjacent to existing infrastructure. Key intercepts from the campaign, reported with true widths, are listed below: e 52-529: 1,624 g/t Ag and 1.23% Cu over 0.53 m e 52-5
Slide 16: 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 17: Galena: A Key Potential U.S. Antimony Supplier
WAN AMERICAS GOLD AND SILVER Galena: A Key Potential U.S. Antimony Supplier Breakthrough testwork could position Americas as a key U.S. antimony producer. Galena’s Antimony Legacy & Opportunity: Metallurgical Test Highlights: ¢ Galena Complex: Produced 18 Mibs of antimony « Antimony Recovery: 90-96%
Slide 18: Cosala Operations - A Strong Financial Pillar
Cosald Operations - A Strong Financial Pillar ¢ Operating San Rafael mine at full production rate of ~1,800 tpd. Completed agreement in 2024 with Trafigura for up to US$15M to develop EC120 - US$10M drawn. Full EC120 Mine production expected in Q4 2025. ¢ Plans to increase annual silver production t
Slide 19: EC120 Mine - The Next Chapter at Cosala
EC120 Mine - The Next Chapter at Cosala ° of 157 g/t Ag and 0.42% Cu in a Probable Mineral Reserve of 2.9 Mt of ore, containing 14.5 Moz of silver and 26.5 Mlbs copper™!, ° with expected cash costs" of approximately $9.60 per silver ounce and average all-in sustaining costs" of $10.80 per silver oun
Slide 20: World-class Leverage to North American Silver
AY AMERIGAS World-class Leverage to North American Silver Silver share as a percentage of 2024 revenue: 100% Americas is expected to generate 80% ~80% of its revenue from silver in 2025+, representing top-tier silver 67% exposure amongst the peer group. 62% 52% 46% 43% 39% 32% 30% 27% Yili oY — 1 19
Slide 21: Attractive Value Proposition
GOLD AND SILVER . ene GH AMERICAS Attractive Value Proposition Americas’ relative positioning versus silver peers: e Attractive current valuation compared to silver producing peers. e Americas is valued at 0.69x of the average broker research NAV/sh. ¢ Intermediate to senior silver producers trade a
Slide 22: Supportive Long-term Shareholder Base
Supportive Long-term Shareholder Base WAN AMERICAS GOLD AND SILVER >60% of shares are held by Eric Sprott, management, directors & institutions. Shares Outstanding: Common Shares Outstanding | (+) Options (+) Warrants 24M (+) DSUs & RSUs 27M Fully Diluted Shares Outstanding 729M Management & Directo
Slide 23: Thank You
YA\ AMERICAS GOLD AND SILVER Thank You Maxim Kouxenko Manager, Investor Relations EGP +1 (647) 888-6458 2 wm ir@americas-gold.com americas-gold.com
Slide 24: Volume Growth Post-Transaction Announcement
WAN AMERICAS GOLD AND SILVER Volume Growth Post-Transaction Announcement Average weekly volume has quadrupled Average weekly volume leading up to transaction announcement (Jun. 1 - Oct. 8, 2024): 4,209,593 Average weekly volume after new team joined (Jan. 1- Apr. 30, 2025): 16,792,207 Change In Week
Slide 25: Board of Directors
| © & GOLD AND SILVER Board of Directors Scott Hand - Lead Director Served as Karora’s Chairman from 2008 until its 2024 merger. Previously, he was Chairman & CEO of Inco from 2002-07, culminating in its sale to Vale for US$19B, following a distinguished career at Inco that began in 1973. He is curr
Slide 26: Success Checklist
WAN AMERICAS GOLD AND SILVER Success Checklist Some of the recent accomplishments under the new team. October 30", 2024 Closing of C$50 million subscription receipt financing. November 11°", 2024 Paul Huet appointed CEO and new key executives selected. Key Galena hires, including: VP Operations, Min
Slide 27: Galena Complex
WAN AMERICAS GOLD AND SILVER Galena Complex ¢ Significant infrastructure in place with 2 mills, 4 shafts and 55 miles of underground development. « Long-term cornerstone asset supported by a robust reserve and resource base. ¢ High processing capacity with consolidated throughput potential of ~1,130
Slide 28: Cosala Operations
Cosald Operations 23
Slide 29: Silver: The Ultimate Blend Of Utility & Value
GOLD AND SILVER 8A) AMERICAS Silver: The Ultimate Blend Of Utility & Value ~ Silver's Industrial Applications & Rising Demand 2024 (Est) ¢ Solar Energy: Silver is integral to photovoltaic (PV) cells due to its superior electrical conductivity with demand growing to an estimated 232 Moz in 2024. ¢ El
Slide 30: Antimony Market & Uses
GOLD AND SILVER . GH AMERICAS Antimony Market & Uses Breakthrough testwork demonstrates Americas’ potential to be a key U.S. producer. $e0k Rotterdam Antimony Price (US$ / Tonne) Current U.S. Antimony Supply: $50k ¢ Zero operating primary $40k antimony mines. $30k ¢ >90% imported (mainly from $20k C
Slide 31: Pro Forma Mineral Reserves & Resources
Pro Forma Mineral Reserves & Resources Proven and Probable Mineral Reserves Silver Mineral Reserves WAN AMERICAS GOLD AND SILVER Proven Probable Proven and Probable Tonnes Grade Ounces _—— Tonnes Grade Ounces Tonnes Grade Ounces (Kt) (g/t) (koz) (Kt) (git) (koz) (Kt) (g/t) (koz) Total Silver 783 254
Slide 32: Notes for Mineral Reserves and Resources Estimates
Notes for Mineral Reserves and Resources Estimates The scientific and technical information relating to the operation of the Company's material operating mining properties contained herein has been reviewed and approved by Chris McCann, P.Eng., VP Technical Services of the Company. The Company's cur