Americas Gold And Silver Corporation Reports First Quarter 2020 Results

TORONTO, May 15, 2020

This earnings release should be read in conjunction with the Company's Management's Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, on its EDGAR profile at www.sec.gov, and are also available on the Company's website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.

Operational and First Quarter Financial Highlights

• Relief Canyon continues to ramp-up following first gold pour in February and the Company is focused on achieving commercial production by late Q2-2020 or early Q3-2020.
• Subsequent to Q1-2020, the Company closed a bought deal public offering for gross proceeds of approximately C$28.75 million which provides the Company with available capital to address working capital needs including bringing Relief Canyon into commercial production, particularly in the COVID-19 environment.
• As a result of Relief Canyon being in pre-commercial production, the Cosalá Operations producing for less than a month during the quarter, and the exclusion of operating metrics from the Galena Complex during the Galena recapitalization plan ("Recapitalization Plan"), Q1-2020 revenue was $7.3 million resulting in a net loss of $4.1 million or ($0.03) per share.
• Cosalá production for the first 26 days of Q1-2020 yielded 420 gold equivalent ounces¹ or 0.3 million silver equivalent ounces² at cost of sales of $7.19/oz equivalent silver, by-product cash cost³ of negative ($11.32/oz) silver, and all-in sustaining cost³ of negative ($0.83/oz) silver.
• The Galena Recapitalization Plan is proceeding better than expected with the Company seeing both increased production and encouraging exploration results.
• Outlook for 2021 continues to be 90,000 to 110,000 gold equivalent ounces at expected all-in sustaining costs⁴ of $900 to $1,100 per gold equivalent ounce.
• At March 31, 2020, the Company had a cash balance of approximately $16.4 million.
• The Company has chosen not to host a conference call to discuss the Q1-2020 results given the limited production and the extensive operations update released on May 4, 2020. The Company will resume the quarterly conference calls following its Q2-2020 results.

"The Company is in a great position to benefit from the strong gold price environment moving forward as we addressed common start-up challenges at Relief Canyon and it continues to ramp-up," said Americas President & CEO Darren Blasutti.  "All operating aspects at Relief Canyon are trending positively, the Cosalá Operations should be able to resume production early in the second half of 2020 as we have had several encouraging developments in Mexico and the Galena Recapitalization Plan is proceeding better than expected.  The recently completed financing provides the Company with sufficient working capital to bring Relief Canyon to commercial production."

Relief Canyon

The Company issued a press release on May 4, 2020 providing details of the Relief Canyon ramp-up.  The Company continues to target commercial production by late Q2-2020 or early Q3-2020 and will be providing more regular updates regarding the operation between now and then.