Americas Gold and Silver Announces Some of the Best Grade-Widths Drilled to Date at the Cosala Complex Including High-Grade Drill Results of 654.7 g/t Ag, 1.5% Cu over 20.5 Meters and 409.3 g/t Ag, 0.8% Cu over 14.1 Meters

High-grade 2026 drilling at Cosalá suggests materially higher silver-copper grades and supports future mine plan optimization and potential resource growth.

Rhea-AI Summary

Americas Gold and Silver (USAS) reported high-grade silver-copper drill results from 44 holes in its 2026 resource conversion program at the Cosalá Complex, focused on the San Rafael Upper, 120 Upper and 120 Lower deposits.

Highlights include hole SR583, intersecting a true thickness of 20.5 meters grading 654.7 g/t Ag and 1.5% Cu, located about 30 meters outside the 2025 inferred resource boundary. Additional key intercepts include 14.1 meters at 409.3 g/t Ag and 0.8% Cu in hole 120-26-G141, and multiple intervals above 300 g/t Ag across the 120 zones. Management said grades from resource conversion drilling are averaging 2–3 times previously reported inferred Mineral Resource grades.

All intercepts are adjacent to existing infrastructure, with parts of San Rafael already in production. An optimized mine plan for the Upper and Lower 120 deposit is in progress, and mine development access is anticipated in the second half of 2027.

Positive

• SR583 intercept: 20.5 m true width at 654.7 g/t Ag and 1.5% Cu, ~30 m outside 2025 inferred resource boundary
• High-grade 120 zone: 14.1 m at 409.3 g/t Ag and 0.8% Cu in hole 120-26-G141
• Multiple intercepts above ~300 g/t Ag across San Rafael Upper and 120 zones in 44 reported holes
• Drill grades in resource conversion program averaging 2–3x previously reported inferred Mineral Resource grades, according to the company
• Near-infrastructure ounces: all reported intercepts lie adjacent to existing Cosalá infrastructure, with parts of San Rafael already producing
• Mine plan work: optimized plan for Upper and Lower 120 deposit underway with development access targeted for H2 2027

Negative

• None.

Market Context

The Jun 01 Cosalá drilling release reported 599.8 g/t silver over 14.0 meters; this announcement con...

Analysis

The Jun 01 Cosalá drilling release reported 599.8 g/t silver over 14.0 meters; this announcement continued the same resource-conversion program with additional high-grade intercepts, linking the current release to an earlier Cosalá drilling progression.

Key Figures

SR583 drill intercept: 654.7 g/t Ag and 1.5% Cu over 20.5 meters 120 Lower drill intercept: 409.3 g/t Ag and 0.8% Cu over 14.1 meters Reported drillholes: 44 reported drillholes (55 total) +3 more

SR583 drill intercept

654.7 g/t Ag and 1.5% Cu over 20.5 meters

San Rafael Upper zone; true thickness

120 Lower drill intercept

409.3 g/t Ag and 0.8% Cu over 14.1 meters

Hole 120-26-G141

Reported drillholes

44 reported drillholes (55 total)

Q1-Q2 2026 resource infill drilling

Grade comparison

2-3x previously reported inferred Mineral Resource grades

San Rafael Upper and 120 zones

Resource boundary distance

30 meters

SR583 outside the 2025 inferred resource boundary

Mine development timing

H2 2027

Anticipated access to the Upper and Lower 120 deposit

Historical Context

1 past event · Latest: Jun 01

1 event

1. Jun 01

   Cosalá drill results

   24h Move

   +0.0%

   Earlier Cosalá drilling found 599.8 g/t silver over 14.0 meters with copper.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

true thickness, inferred mineral resource, ni 43-101, fire assay, +1 more

5 terms

true thickness technical

"true thickness of 20.5 meters grading 654.7 g/t Ag and 1.5% Cu"

True thickness is the actual width of a geological layer or mineralized zone measured perpendicular to its planes, not the longer or shorter slice produced when a drill hole cuts it at an angle. For investors, true thickness tells you how much rock or ore is really present in a deposit—like comparing the real thickness of a loaf to the length of a diagonal slice—so it affects volume estimates, grade calculations and the economic value of a resource.

inferred mineral resource technical

"2-3x the previously reported inferred Mineral Resource grades"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

ni 43-101 regulatory

"National Instrument 43-101 - Standards of Disclosure for Mineral Projects"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

fire assay technical

"re-analyzed by fire assay with a gravimetric finish"

Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.

qa/qc technical

"The Company's standard QA/QC practices are utilized"

QA/QC stands for Quality Assurance and Quality Control, processes used to ensure products or services meet certain standards. Think of it as a way to check that a product is safe and works properly before reaching consumers, similar to how a chef tastes food before serving it. For investors, strong QA/QC practices indicate a company's commitment to delivering reliable, high-quality offerings, reducing risks and building trust.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Toronto, Ontario--(Newsfile Corp. - September 17, 2026) - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company") a North American producer of silver and other critical minerals supporting artificial intelligence ("AI"), electrification, national security and advanced manufacturing, is pleased to announce high-grade Ag-Cu drill results from the Company's ongoing resource conversion drilling program at the Cosalá Complex. 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).

Paul Andre Huet, Chairman and CEO, commented: "The Cosalá operation continues to significantly exceed expectations, and I'd like to congratulate the entire team in Mexico for their commitment to mining excellence at all levels of the operation.

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.

Figure 1: (L) Long section of Cosalá Complex with highlighted drill results at the San Rafael Upper and 120 Zones

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5082/314719_d573b0b8340d28a8_002full.jpg

Table 1: Key Intercepts returned from Q1-Q2 2026 resource infill drilling at the Cosalá Mine Complex

Hole #	Width (m)*	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Au (g/t)	Zone
SR576	2.2	503.9	0.2	0.3	0.1	0.7	San Rafael Upper
SR581	9.5	566.6	1.7	0.1	0.2	0.8
and	4.6	369.2	1.0	0.1	0.2	0.4
SR583	20.5	654.7	1.5	NSV	0.1	0.5
120-26-G109	17.3	404.1	0.9	0.2	0.3	0.4	120 Upper
and	2.4	322.3	0.6	NSV	NSV	0.3
120-26-G118	2.6	421.6	0.7	1.6	2.2	0.8
120-26-G120	13.0	291.5	0.8	0.3	0.6	0.4
120-26-G123	2.0	754.9	0.5	0.5	0.3	1.1
120-26-G134	9.8	507.6	1.6	0.1	0.2	0.6
120-26-G141	14.1	409.3	0.8	0.2	0.3	0.3	120 Lower
120-26-G143	22.0	392.3	1.1	0.1	0.2	0.5
120-26-G144	10.9	353.9	1.0	0.1	0.2	0.5
120-26-G147	16.6	311.4	0.7	0.1	0.3	0.3

 

*Note: Reported intercepts are estimated true widths | NSV = No Significant Values
a collar and full assay table can be found at: https://americas-gold.com/site/assets/files/4295/dr20260917.pdf

About Americas Gold and Silver Corporation

Americas Gold and Silver Corporation is a rapidly growing North American producer of silver and other critical minerals supporting the growth of AI, electrification, advanced manufacturing, and national security. The Company owns a portfolio of high-grade mining assets in the United States and Mexico and is executing a strategy to become one of North America's leading silver producers while establishing a secure domestic supply of antimony.

The Company's flagship Galena Complex in Idaho is one of the United States' premier silver mining districts and includes the nation's largest antimony mine. Nearby, the fully permitted Crescent Silver Mine hosts one of the world's highest-grade silver resources and offers significant future growth potential through shared infrastructure and processing. Through a 51/49 joint venture, the Company is developing a fully integrated domestic antimony supply chain-from mine to finished product-to help strengthen America's critical mineral independence.

Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico, where EC120, a high grade silver-copper mine, is currently being scaled. With a strong balance sheet and multiple high-quality growth projects, the Company is well positioned to increase silver and antimony production while supplying the critical minerals needed to support the next generation of AI infrastructure, energy systems, and advanced industrial technologies.

For more information:

Miranda Powell
Manager, Investor Relations and Communications
M: +1-775-771-8832
E: ir@americas-gold.com
W: americas-gold.com

Technical Information and Qualified Persons
The scientific and technical information contained herein has been reviewed and approved by Rick Streiff, Certified Professional Geologist (CPG#11108), and consultant to the Company. Mr. Streiff has reviewed all logging, sampling and QA/QC procedures completed by mine site technical staff to ensure industry best practices are observed. The Company's current Annual Information Form and the NI 43-101 Technical Reports for its material mineral properties, all of which are available on SEDAR at www.sedar.com, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company's material mineral properties, including a breakdown by category.

The diamond drilling program used HQ and NQ-size core with core stored in a secure facility, photographed, logged and sampled based on lithologic and mineralogical interpretations. The Company's standard QA/QC practices are utilized with standards of certified reference materials, field duplicates and blanks inserted into the sample stream prior to shipment to the ALS Chemex de Mexico prep lab in Hermosillo, Sonora, Mexico. ALS Chemex de Mexico is a ISO/IEC 17025-accredited laboratory, which utilizes industry standard sample preparation procedures, including crushing, pulverizing, and internal quality control protocols. Following preparation, 150 gram pulp aliquots are shipped to ALS Vancouver, Canada, for analysis.

Gold analyses is performed by atomic absorption spectrometry (AA). Silver, copper, lead, and zinc are analyzed following four-acid digestion with an ICP-AES finish (method ME-OG62). Samples returning silver values above the upper detection limit of 1,500 ppm Ag are re-analyzed by fire assay with a gravimetric finish (method AG-GRA21). All mining terms used herein have the meanings set forth in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC's reporting and disclosure requirements.

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, Americas' expectations, intentions, plans, assumptions, and beliefs with respect to, among other things, the potential for significant potential upside to the future mine plan at Cosalá, the potential for increase in average silver grades in the San Rafael Upper and 120 zones and the optimization of the mine plan at Cosalá for the second half of 2026, the potential upgrade to the grades at the Cosalá Complex, the incorporation of results into the Company's optimized mine planning process, , statements with respect to drill programs, assay results and the interpretation of the results of such drill programs, the upside potential to future mine plans, and statements about the Company's exploration strategy (including its 2026 drilling campaign) and are 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 Americas 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 to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to the risk factors relating to the Company found under the heading "Risk Factors" in the Company's Annual Information Form dated March 27, 2026 or the Company's MD&A for the three months ended March 31, 2026 dated May 14, 2026; 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 mining industry; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; risks associated with the mining industry generally, such as economic factors (including future commodity prices, currency fluctuations, and energy prices), ground conditions, 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 grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, labor relations; and risks related to changing global economic conditions and market volatility. 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. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas' filings with the Canadian Securities Administrators on SEDAR+ and with the SEC. Americas 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. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314719

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Which zones at the Cosalá Complex were targeted by the 2026 drilling program?

The 2026 resource conversion drilling program targeted the San Rafael Upper, 120 Upper, and 120 Lower deposits within the Cosalá Complex. The reported 44 drillholes (55 total) confirm modeled resource thicknesses and indicate a potential opportunity to increase average silver grades in these zones versus the 2025 Mineral Resource grades.

How might these drill results affect the Cosalá mine plan and timing of new development?

The company is creating an optimized mine plan for the Upper and Lower 120 deposit using the new drilling information. It anticipates mine development to access this high-priority zone in H2 2027. The new intercepts, which were not included in the 2025 Mineral Resource and Reserve statement, are expected to be incorporated into the next resource estimate and mine plan in 2027.

Where can investors find the full collar and assay data for the reported drillholes?

The company states that a collar and full assay table for the reported holes is available at: https://americas-gold.com/site/assets/files/4295/dr20260917.pdf.

What quality assurance and quality control (QA/QC) procedures were used for this drilling program?

The diamond drilling used HQ and NQ-size core stored in a secure facility, photographed, logged and sampled based on lithologic and mineralogical interpretations. The company’s standard QA/QC practices include inserting certified reference materials, field duplicates and blanks into the sample stream before shipment to ALS Chemex de Mexico in Hermosillo for preparation. Prepared pulps are then sent to ALS Vancouver for analysis, with silver, copper, lead and zinc analyzed by four-acid digestion and ICP-AES, and high-silver samples re-analyzed by fire assay with gravimetric finish.

Who is the qualified person responsible for the technical information in this release?

The technical information has been reviewed and approved by Rick Streiff, a Certified Professional Geologist (CPG#11108) and consultant to the company. He reviewed logging, sampling and QA/QC procedures completed by mine site technical staff to ensure industry best practices were observed.

Under which reporting standard are the mineral resources and reserves for Cosalá disclosed?

The company reports mineral reserves and mineral resources in accordance with National Instrument 43-101 (NI 43-101). It notes that these standards differ from SEC requirements for U.S. domestic reporting companies, and mineral reserves and resources reported under NI 43-101 may not qualify as such under SEC standards.