This press release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 17, 2021, to its short form base shelf prospectus dated January 29, 2021.

Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, is pleased to report production for the second quarter ended June 30, 2022. Production results, outlook and costs throughout this release production results are based on the Company’s 100% interest in the Cosalá Operations and 60% interest in the Galena Complex.

Highlights

• For Q2-2022, consolidated attributable production totalled approximately 300,000 silver ounces and 1,343,000 silver equivalent¹ ounces. Silver production was unchanged quarter-over-quarter and increased 115% year-over-year. Silver equivalent production increased by over 5% quarter-over-quarter and over 475% year-over-year.
• The Company estimates consolidated Q2-2022 cash cost² per silver ounce of negative $0.12 per ounce and consolidated Q2-2022 all-in sustaining cost² per silver ounce of $7.96 per ounce.
• Silver production is expected to increase into the second half of 2022 as production ramps-up into the higher-silver grade Upper Zone of the San Rafael deposit at the Cosalá Operations and the Galena Hoist project at the Galena Complex is completed.
• Year-to-date, consolidated attributable production totalled approximately 600,000 silver ounces and 2,618,000 silver equivalent ounces at a YTD cash cost per silver ounce of approximately negative $4.84 per ounce and consolidated YTD all-in sustaining cost per silver ounce of $2.64 per ounce.
• The Company’s silver equivalent production guidance remains at 4.8 to 5.2 million ounces in 2022 with further increases forecast at 7.0 to 7.4 million ounces in 2024, increases of approximately 240% and 375%, respectively, compared with 2021.
• The Company has a cash and cash equivalents balance of $8.8 million as of June 30, 2022, compared with a cash and cash equivalents balance of $2.9 million as of December 31, 2021.

“The Company had a strong operating quarter which we expect to continue for the remainder of 2022,” stated Americas President and CEO Darren Blasutti. “The second quarter production plan in Mexico focused on mining the Main Zone at San Rafael to maximize revenue given the strong zinc prices. We expect to see an appreciable increase in silver production over the second half of the year as the Galena Complex plan begins to mine more higher-grade silver stopes and San Rafael sees increased contribution from the high-grade silver Upper Zone. As a result of these factors, the Company expects to be at the higher end of its 2022 guidance of 4.8 to 5.2 million silver equivalent ounces. The balance sheet continues to improve with a stable cash balance and reduced debt.”

Consolidated Quarterly Attributable Production*

Cosalá Operations

The Cosalá Operations produced 128,000 ounces of silver, 3.9 million pounds of lead and 9.9 million pounds of zinc in Q2-2022. Cash costs per silver ounce and all-in sustaining costs per silver at the Cosalá Operations have continued to benefit from strong current zinc and lead prices.

With the strong zinc and lead prices during the quarter coupled with the decreasing silver price, the Company focused on mining the higher-grade zinc and lower-grade silver areas of the Main Zone to maximize the revenue mix generated from the Cosalá Operations. The Company expects silver production to increase in H2-2022 with a growing contribution from higher-grade silver areas in the Upper Zone of the San Rafael mine. Silver production from the Cosalá Operations for the year is expected to be towards the bottom end of the forecasted range of 0.7 to 0.9 million silver ounces with the change in focus to continue to mine the higher-grade zinc Main Zone and delay mining the higher-grade silver Upper Zone. Zinc production from the Cosalá Operations is expected to be towards the upper end of the forecasted range of 36 to 40 million pounds while lead production is also expected to be towards the upper end of the forecasted range of 13 to 15 million pounds.

Galena Complex

The Galena Complex attributable production was approximately 171,000 ounces of silver and 2.5 million pounds of lead in Q2-2022. Silver production is estimated to increase in H2-2022 from a combination of mining higher tonnage in higher-grade silver copper stopes. The Company aims to complete the Galena Hoist project in Q4-2022 which will increase hoisting capacity at the operation in Q4-2022 and beyond. Cash costs per ounce and all-in sustaining costs per ounce at the Galena Complex are also anticipated to improve with the completion of the Galena Hoist project as most of the operations costs are fixed and are expected to decrease on a per silver ounce basis assuming expected higher silver and lead production beyond 2022.

The outlook for expected attributable metal production from the Galena Complex in fiscal 2022 remains unchanged and is estimated to be 0.7 to 0.9 million silver ounces and 9 to 11 million pounds of lead.

About Americas Gold and Silver Corporation

Americas Gold and Silver Corporation is a growing precious metals mining company with multiple assets in North America. The Company owns and operates the Cosalá Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho, USA, and is re-evaluating the Relief Canyon mine in Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR or www.americas-gold.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, the Company’s expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; the Company’s production guidance and anticipated production results for the full year of 2022; the recapitalization plan at the Galena Complex, including the expected production levels and potential additional mineral resources thereat; the expected timing and completion of the Galena Hoist project and the anticipated benefits thereof including increased hoisting capacity at the operations and expected improvements to cash costs per ounce and all-in sustaining costs per ounce following such completion; the expected continuity of full production levels at the Cosalá Operations and the continuity of legal access for employees and contractors; the expectations regarding the level of support from the Mexican government with respect to the long-term stability of Cosalá Operations, and its ability to maintain such support in the near- and long-term. Guidance and outlook contained in this press release was prepared based on current mine plan assumptions with respect to production, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no adverse impacts to operations from the COVID 19 pandemic, no further adverse impacts to the Cosalá Operations from blockades, and completion of the Galena Hoist project on its expected schedule and the realization of the anticipated benefits therefrom, and is subject to the risks and uncertainties outlined below. Often, but not always, forward-looking information can be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “potential’, “estimate”, “may”, “assume” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of the Company as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas Gold and Silver to be materially different from those expressed or implied by such forward-looking information. With respect to the business of the Company, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic; interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments and other risks of the mining industry. The potential effects of the COVID-19 pandemic on our business and operations are unknown at this time, including the Company’s ability to manage challenges and restrictions arising from COVID-19 in the communities in which the Company operates and our ability to continue to safely operate and to safely return our business to normal operations. The impact of COVID-19 on the Company is dependent on a number of factors outside of its control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of the disease, global economic uncertainties and outlook due to the disease, and the evolving restrictions relating to mining activities and to travel in certain jurisdictions in which it operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information.

The 2022 and 2024 production outlook expectations set out in this press release are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of the date hereof. Outlook is based upon certain assumptions, including, but not limited to, metal prices, certain exchange rates, the completion of the Recapitalization Plan at the Galena Complex on time and on budget, including the completion of the Galena hoist project and related engineering by Q4-2022, the Cosalá Operations remaining at full production and not experiencing any unanticipated work stoppages or interruptions, the Cosalá Operations accessing higher-grade silver areas in the Upper Zone of the San Rafael mine staring in the second half of 2022 and other assumptions. For example, 2022 production outlook includes actual results through [June 30], 2022. Production estimates include the Galena Complex and assumes the completion of the Recapitalization Plan on time and on budget. Assumptions used for purposes of production outlook may prove to be incorrect and actual results may differ from those anticipated. Production outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon production outlook and forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur.

Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in the Company’s filings with the Canadian Securities Administrators on SEDAR and with the SEC. The Company does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. The Company does not give any assurance (1) that the Company will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward‐looking information concerning the Company are expressly qualified in their entirety by the cautionary statements above.

Non-IFRS Financial Measures

This press release makes reference to certain non-IFRS measures, including certain metrics specific to the industry in which we operate. These measures are not recognized measures under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures are not intended to represent, and should not be considered as alternatives to net income or other performance measures derived in accordance with IFRS as measures of operating performance or operating cash flows or as a measure of liquidity. In addition to our results determined in accordance with IFRS, we use non-IFRS measures including cash costs per ounce, all in sustaining costs per ounce and average realized silver, zinc and lead prices. We believe these non-IFRS measures provide useful information to both management and investors in measuring our financial performance and condition and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. For further information regarding these non-IFRS measures, please refer to “Non-GAAP and Other Financial Measures” in our management’s discussion and analysis for the financial year ended December 31, 2021, which is incorporated by reference herein and is available on our SEDAR profile at www.SEDAR.com or the Company’s website at www.americas-gold.com.

¹Silver equivalent ounces for the 2022 guidance, and 2023 and 2024 outlook references were calculated based on $22.00/oz silver, $0.95/lbs lead and $1.30/lbs zinc throughout this press release. Silver equivalent ounces for Q2-2022, Q1-2022, Q1-2021 and YTD 2022 were calculated based on silver, zinc and lead realized prices during each respective period throughout this press release.

²This metric is a non-GAAP financial measure or ratio. The Company uses the financial measures “Cash Cost”, “Cash Cost/Ag Oz Produced”, “All-In Sustaining Cost”, and “All-In Sustaining Cost/Ag Oz Produced” in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying cash costs and total costs of operations. Cash cost is determined on a mine-by-mine basis and include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, while all-in sustaining cost is the cash cost plus all development, capital expenditures, and exploration spending. A full reconciliation of these non-GAAP financial measures will be provided when the Company reports its quarterly results on or before August 15, 2022.

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