The assays released are a result of infill and step-out drilling conducted in 1H 2026 at the San Rafael Upper, 120 Upper and 120 Lower deposits with multiple holes at all three zones returning substantially higher silver grades than the currently modeled resource. These results represent significant upside potential to the future mine plan as they were not included in the Company's 2025 Mineral Resource and Reserve statement (see Americas news release dated March 30, 2026).

Resource conversion drilling at the San Rafael Upper and 120 zones is consistently averaging 2-3x the previously reported inferred Mineral Resource grades. Today's results are highlighted by hole SR583, which intersected a true thickness of 20.5 meters grading 654.7 g/t Ag and 1.5% Cu. It's important to note that this intercept is located just 30 meters outside of the 2025 inferred resource boundary and is expected to contribute new, high-grade silver ounces to the Cosalá mine plan. On a gram-meter basis these intercepts are comparable with some of the best silver intercepts drilled anywhere in Mexico over the past year.

Overall, the tremendous exploration success being delivered at Cosalá in 2026 is a demonstration of the significant value still to be captured by a robust exploration program. As a reminder, Cosalá has not received a material exploration budget for many years and we are truly excited at the growth potential of this asset, both in terms of higher grades, as demonstrated today, and potential improvements to the existing mine plan. Over the remainder of 2026 and into 2027, we will continue unlocking value with the drill bit at Cosalá and are looking forward to incorporating these results into our next resource estimate and mine plan in 2027. As the results have demonstrated this year, Cosalá is certainly an exciting and meaningful contributor to our multi-asset growth strategy underway at Americas Gold & Silver."

The 44 reported drillholes (55 total) continue to confirm the modeled thickness of the Mineral Resource and represent a potential opportunity to increase the average silver grades in the San Rafael Upper and 120 zones versus the 2025 reported Mineral Resource grades. All reported drill intercepts are directly adjacent to existing infrastructure with portions of the San Rafael deposit already in production. The Company is in the process of creating an optimized mine plan for the Upper and Lower 120 deposit and anticipates mine development to access this high-priority zone in H2 2027.