# EDGAR Filing Document

**Accession Number:** 0001286973
**File Stem:** 0001477932-26-001707
**Filing Date:** 2026-3
**Character Count:** 201034
**Document Hash:** 3347852fb1c0ceda1c8a692df2fe2d88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-001707.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001477932-26-001707

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**EFFECTIVENESS DATE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Americas Gold & Silver Corp
- **CENTRAL INDEX KEY:** 0001286973
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294734
- **FILM NUMBER:** 26814310

**BUSINESS ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8
- **BUSINESS PHONE:** 604-678-9639

**MAIL ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Americas Silver Corp
- **DATE OF NAME CHANGE:** 20150910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCORPIO MINING CORP
- **DATE OF NAME CHANGE:** 20040414

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM S-8** <br> **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** <br>

---

| |
|:---|
| **AMERICAS GOLD AND SILVER CORPORATION**  |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| **Canada** | **Not Applicable** |
| (Province or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization) |  |

---

**145 King Street West, Suite 2870** 

**Toronto, Ontario**

**<u>Canada, M5H 1J8</u>** 

(Address of principal executive offices)

**<u>Americas Gold and Silver Corporation Deferred Share Unit Plan Amended & Restated Effective May 7, 2025</u>**

**<u>Americas Gold and Silver Corporation Share Unit Plan Amended & Restated Effective May 7, 2025</u>**

**<u>Americas Gold and Silver Corporation Amended and Restated Stock Option Plan Effective May 7, 2025</u>**

(Full title of plan)

**Registered Agent Solutions, Inc.**

**99 Washington Avenue, Suite 1008**

**<u>Albany, New York 12260</u>**

(Name and address of agent for service)

**<u>(888) 705-7274</u>**

(Telephone number, including area code, of agent for service)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company" in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer ☐ Accelerated Filer ☒ <br> Non-Accelerated Filer ☐ Smaller Reporting Company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(b) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement on Form S-8 (the "***Registration Statement***") registers the offer and sale of common shares (the "***Common Shares***") of Americas Gold and Silver Corporation (the "***Registrant***" or "***USAS***") pursuant to the Registrant's (1) Americas Gold and Silver Corporation Deferred Share Unit Plan Amended & Restated Effective May 7, 2025, (2) Americas Gold and Silver Corporation Share Unit Plan Amended & Restated Effective May 7, 2025 and (3) Americas Gold and Silver Corporation Amended and Restated Stock Option Plan Effective May 7, 2025.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information**

Information required by Part I to be contained in the Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule 428 under the Act and Note 1 to Part I of Form S-8.

**Item 2**. **Registrant Information and Employee Plan Annual Information**

Information required by Part I to be contained in the Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule 428 under the Act and Note 1 to Part I of Form S-8.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents By Reference.**

The following documents which have been and will in the future be filed by the Registrant with the SEC are incorporated into this Registration Statement by reference:

(a) Our Annual Report on Form 40-F as filed with the SEC on [March 30, 2026](http://www.sec.gov/Archives/edgar/data/1286973/000106299326001679/form40f.htm) ;

(b) All other reports filed by the Registrant under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "  ***Exchange Act***") since December 31, 2025; and

(c) The description of our common shares contained in the Annual Information Form included as [Exhibit 99.3](http://www.sec.gov/Archives/edgar/data/1286973/000106299317000127/exhibit99-3.htm) to our Registration Statement on Form 40-F filed with the SEC on [January 11, 2017](http://www.sec.gov/Archives/edgar/data/1286973/000106299317000127/form40fr12b.htm) .

In addition, all reports and documents filed by us under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities being offered have been sold or which deregisters all securities then remaining unsold, and any Form 6-K furnished by us during such period or portions thereof that are identified in such Form 6-K as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in and to be part of this Registration Statement from the date of filing of each such document.

**Item 4**. **Description of Securities.**

Not applicable.

**Item 5**. **Interests of Named Experts and Counsel.**

None.

**Item 6**. **Indemnification of Directors and Officers.** 

Under the *Canada Business Corporations Act* (the "***CBCA***"), the Registrant may indemnify a present or former director or officer of the Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Registrant or other entity. The Registrant may not indemnify such an individual unless the individual acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. With approval of a court and subject to the sentence above, the Registrant may indemnify such individuals in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual is made a party because of the individual's association with the Registrant or other entity as described above. The Registrant may advance moneys to an individual described above for the costs, charges and expenses of a proceeding described above; however, the individual shall repay the moneys if the individual does not fulfill the conditions set out above in the second sentence under this heading. The aforementioned individuals are entitled to indemnification from the Registrant in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual's association with the Registrant or other entity as described above if the individual seeking indemnity was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual described above ought to have done and provided the individual fulfills the conditions set out above in the second sentence under this heading.

The by-laws of the Registrant provide that, subject to the limitations contained in section 124 of the CBCA, the Registrant shall, to the maximum extent permitted by law, indemnify a director or officer, a former director or officer, or an individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, , against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Corporation or other entity The by-laws of the Registrant provide that the Registrant may purchase and maintain insurance for the benefit of a director or officer, a former director or officer, or an individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against any liabilities incurred by the individual in that individual's capacity as a director or officer of the Registrant or in that individual's capacity as a director or officer, or similar capacity, of another entity, if the individual acts or has acted in the capacity at the Registrant's request, subject to the provisions of the CBCA. The indemnity provisions of the by-laws shall be in addition to and not in substitution for or limitation of any rights, immunities and protections to which a person is otherwise entitled.

Insofar as indemnification for liabilities arising under the U.S. Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the U.S. Securities Act and is therefore unenforceable.

**Item 7**. **Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| <u>Number</u> | <u>Exhibit</u> |
| [4.1](usas_ex41.htm) | [Americas Gold and Silver Corporation Amended and Restated Deferred Share Unit Plan, as amended by the Board on May 7, 2025](usas_ex41.htm) |
| [4.2](usas_ex42.htm) | [Americas Gold and Silver Corporation Amended and Restated Share Unit Plan, as amended by the Board on May 7, 2025](usas_ex42.htm) |
| [4.3](usas_ex43.htm) | [Americas Gold and Silver Corporation Amended and Restated Stock Option Plan, as amended by the Board on May 7, 2025](usas_ex43.htm) |
| [5.1](usas_ex51.htm) | [Opinion of Blake, Cassels & Graydon LLP](usas_ex51.htm) |
| [23.1](usas_ex51.htm) | [Consent of Blake, Cassels & Graydon LLP (Included in Exhibit 5.1)](usas_ex51.htm) |
| [23.2](usas_ex232.htm) | [Consent of PricewaterhouseCoopers LLP](usas_ex232.htm) |
| [23.3](usas_ex233.htm) | [Consent of James R. Atkinson](usas_ex233.htm) |
| [23.4](usas_ex234.htm) | [Consent of Daren Dell](usas_ex234.htm) |
| [23.5](usas_ex235.htm) | [Consent of Neil de Bruin](usas_ex235.htm) |
| [23.6](usas_ex236.htm) | [Consent of Daniel Hussey](usas_ex236.htm) |
| [23.7](usas_ex237.htm) | [Consent of James Stonehouse](usas_ex237.htm) |
| [23.8](usas_ex238.htm) | [Consent of Shawn Wilson](usas_ex238.htm) |
| [23.9](usas_ex239.htm) | [Consent of Rick Streiff](usas_ex239.htm) |
| [24.1](#poa) | [Power of Attorney (See Signature Pages)](#poa) |
| [107](usas_ex107.htm) | [Filing Fee Table](usas_ex107.htm) |

---

**Item 9**. **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933 if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; *provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, on the 30<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| By: | */s/ Paul Andre Huet* |
| Name: | Paul Andre Huet |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Paul Andre Huet and Warren Varga as his or her attorney-in-fact, with the power of substitution, for them in any and all capacities, to sign any amendments to this Registration Statement, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact, or their substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| */s/ Paul Andre Huet* | Chief Executive Officer and Chairman of the Board | March 30, 2026 |
| Paul Andre Huet |  |  |
| */s/ Warren Varga* | Chief Financial Officer | March 30, 2026 |
| Warren Varga |  |  |
| */s/ Scott Hand* | Lead Director | March 30, 2026 |
| Scott Hand |  |  |
| */s/ Peter Goudie* | Director | March 30, 2026 |
| Peter Goudie |  |  |
| */s/ Tara Hassan* | Director | March 30, 2026 |
| Tara Hassan |  |  |
| */s/ Gordon Pridham* | Director | March 30, 2026 |
| Gordon Pridham |  |  |
| */s/ Bradley R. Kipp* | Director | March 30, 2026 |
| Bradley R. Kipp |  |  |
| */s/ Meri Verli* | Director | March 30, 2026 |
| Meri Verli |  |  |
| */s/ Shirley In't Veld* | Director | March 30, 2026 |
| Shirley In't Veld |  |  |

---

**AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, the authorized representative has duly caused this Registration Statement to be signed on its behalf by the undersigned, solely in his capacity as the duly authorized representative of the Registrant in the United States, on the 30<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| Puglisi & Associates  | Puglisi & Associates  |
| By: | */s/ Donald J. Puglisi* |
|  | Name: Donald J. Puglisi |
|  | Title: Authorized Representative in the United States |

---

## Exhibit 4.1

**EXHIBIT 4.1**

**AMERICAS GOLD AND SILVER CORPORATION**

**DEFERRED SHARE UNIT PLAN**

**Amended & Restated Effective May 7, 2025**

<u> Americas Gold and Silver Corporation</u> <u> DSU Plan </u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| 1.  | PURPOSE | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1  | &nbsp;&nbsp;&nbsp;&nbsp; Purpose | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2  | &nbsp;&nbsp;&nbsp;&nbsp; Effective Date | 4 |
| 2.  | DEFINITIONS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1  | &nbsp;&nbsp;&nbsp;&nbsp; Definitions | 4 |
| 3.  | ADMINISTRATION | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1  | &nbsp;&nbsp;&nbsp;&nbsp; General | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2  | &nbsp;&nbsp;&nbsp;&nbsp; Delegation of Administration | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3  | &nbsp;&nbsp;&nbsp;&nbsp; Limitation of Liability | 7 |
| 4.  | DEFERRED SHARE UNIT AWARDS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1  | &nbsp;&nbsp;&nbsp;&nbsp; Grants of DSUs | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2  | &nbsp;&nbsp;&nbsp;&nbsp; Terms of DSUs | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3  | &nbsp;&nbsp;&nbsp;&nbsp; Maximum Number of Common Shares and Limitations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4  | &nbsp;&nbsp;&nbsp;&nbsp; Redemption of DSUs | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5  | &nbsp;&nbsp;&nbsp;&nbsp; Blackout Periods | 9 |
| 5.  | PAYMENT OF BENEFITS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1  | &nbsp;&nbsp;&nbsp;&nbsp; Settlement Date | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2  | &nbsp;&nbsp;&nbsp;&nbsp; Payment of Benefits | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3  | &nbsp;&nbsp;&nbsp;&nbsp; Settlements of DSUs with Common Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4  | &nbsp;&nbsp;&nbsp;&nbsp; Death of a Participant | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5  | &nbsp;&nbsp;&nbsp;&nbsp; Clawback | 10 |
| 6.  | PARTICIPANT'S ACCOUNT | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1  | &nbsp;&nbsp;&nbsp;&nbsp; Participant Accounts | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2  | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.  | &nbsp;&nbsp;&nbsp;&nbsp; RIGHTS OF PARTICIPANTS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1  | &nbsp;&nbsp;&nbsp;&nbsp; No Right to Employment or Service | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2  | &nbsp;&nbsp;&nbsp;&nbsp; Legal Ownership of Common Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3  | &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Transfer of Rights | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4  | &nbsp;&nbsp;&nbsp;&nbsp; DSU Settlement Not to Impact Other Benefits | 11 |
| 8.  | AMENDMENT, SUSPENSION AND TERMINATION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1  | &nbsp;&nbsp;&nbsp;&nbsp; Amendment of Plan | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2  | &nbsp;&nbsp;&nbsp;&nbsp; Amendments without Shareholder Approval | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3  | &nbsp;&nbsp;&nbsp;&nbsp; Amendments Requiring Shareholder Approval | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4  | &nbsp;&nbsp;&nbsp;&nbsp; Termination of Plan | 12 |

---

---

| | | |
|:---|:---|:---|
| 9 | ADJUSTMENTS, REORGANIZATIONS AND DIVIDENDS  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1  | &nbsp;&nbsp;&nbsp;&nbsp; Capital Adjustments | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2  | &nbsp;&nbsp;&nbsp;&nbsp; Fluctuation in Common Share Price | 13 |
| 10 | DESIGNATION OF BENEFICIARIES  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1  | &nbsp;&nbsp;&nbsp;&nbsp; Designation of Beneficiaries | 13 |
| 11 | TAX  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1  | &nbsp;&nbsp;&nbsp;&nbsp; Tax Consequences  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2  | &nbsp;&nbsp;&nbsp;&nbsp; Applicable Withholding Taxes | 13 |
| 12 | UNSECURED PLAN | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1  | &nbsp;&nbsp;&nbsp;&nbsp; Unsecured Plan | 13 |
| 13 | COMPLIANCE WITH APPLICABLE LAWS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.1  | &nbsp;&nbsp;&nbsp;&nbsp; Compliance with Applicable Laws | 14 |
| 14 | GENERAL  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.1  | &nbsp;&nbsp;&nbsp;&nbsp; No Representation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.2  | &nbsp;&nbsp;&nbsp;&nbsp; Governing Law | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.3  | &nbsp;&nbsp;&nbsp;&nbsp; Severability | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.4  | &nbsp;&nbsp;&nbsp;&nbsp; Headings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.5  | &nbsp;&nbsp;&nbsp;&nbsp; Successors and Assigns | 14 |

---

SCHEDULE A AMERICAS GOLD AND SILVER CORPORATION DEFERRED SHARE UNIT AGREEMENT A-1 <br>SCHEDULE B ADDENDUM FOR DSUs GRANTED TO A U.S. GRANTEE B-1

<u> Americas Gold and Silver Corporation</u> <u> DSU Plan </u>

**DEFERRED SHARE UNIT PLAN**

---

| | |
|:---|:---|
| **1.**  | **PURPOSE** |
|  | **1.1 Purpose**. The purpose of the Plan is to advance the interests of the Company and its Affiliates by attracting and retaining highly competent persons as Directors, to allow such persons to participate in the long term success of the company and to promote a greater alignment of interests between the participants designated under this Plan and the shareholders of the Company. |
|  | **1.2 Effective Date**. This Plan shall become effective upon receipt of Board approval and any requisite regulatory approvals, as applicable. |
| **2.**  | **DEFINITIONS** |
|  | **2.1 Definitions**. In this Plan, unless the context otherwise requires, the following terms shall have the following meanings: |

---

(a) "**Account**" means an account maintained for each Participant on the books of the Company, which will be credited with DSUs in accordance with the terms of this Plan;

(b) "**Adjustment Factor**" means such multiplier as the Board determines appropriate from time-to-time with respect to calculating the number of DSUs to be granted in lieu of earned amounts that would otherwise be payable in cash but are to be deferred through the issuance of DSUs as set out from time-to-time by the Board in the applicable DSU Award Agreement;

(c) "**Administrator**" means the Company's Chief Financial Officer or any other person or persons appointed from time to time by the Board to administer this Plan;

(d) "**Applicable Law**" includes, without limitation, all applicable securities, corporate, tax and other laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars, procedures and policies including, without limitation, the policies and by-laws of the TSX;

(e) "**Applicable Withholding Taxes**" has the meaning attributed to that term in Section 11.2;

(f) "**Affiliate**" means (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, in each case as determined by the Board;

(g) "**Annual Board Retainer**" means the annual retainer paid by the Company to a Director in a fiscal year for service on the Board, together with Board committee fees, attendance fees and additional fees and retainers to committee chairs;

(h) "**Award**" means a grant of DSUs to a Participant in accordance with Article 4 of this Plan;

(i) "**Beneficiaries**" means such individuals who, on the date of a Participant's death, are a dependent or relation of such Participant and are designated in accordance with this Plan and applicable laws to receive the value of the DSUs credited to the Participant on the date of death, or where no such individuals have been validly designated by the Participant, or where the individuals so designated do not survive the Participant, the Participant's legal representative;

(j) "**Board**" means the board of directors of the Company, as constituted from time to time;

(k) "**business day**" means a day, other than Saturday, Sunday or a day on which the principal commercial banking institutions in Toronto, Ontario are, or the Exchange is, closed;

(l) "**Committee**" means the Compensation and Corporate Governance Committee of the Company;

(m) "**Common Shares**" means the common shares of the Company as currently constituted or, in the event of an adjustment as contemplated by Article 9, such other shares or securities to which a Participant may be entitled or on which the value of an Award may be based, as a result of such adjustment;

(n) "**Company**" means Americas Gold and Silver Corporation and includes any successor thereof;

(o) "**Deferred Share Units**" or "**DSUs**" means a unit credited by means of a bookkeeping entry to the account of an Eligible Participant in accordance with the provisions hereof, the value of which, on a particular date, shall be equal to the Fair Market Value of one Common Share;

(p) "**Director**" means a member of the board of directors of the Company or any of its Related Entities;

(q) "**Disability**" means a Participant's long-term disability, as determined by the Board;

(r) "**DSU Award Agreement**" means the agreement in writing evidencing the terms and conditions under which an Award has been granted under this Plan, substantially in the form attached hereto as **Schedule A**;

(s) "**Exchange**" means the Toronto Stock Exchange or the NYSE American LLC, as applicable, or if the Common Shares are not listed on the Toronto Stock Exchange or the NYSE American LLC, such other stock exchange on which the Common Shares are listed, or if the Common Shares are not listed on any stock exchange, then on the over-the-counter market;

(t) "**Eligible Participant**" means a Director who is not an Employee or an Officer of the Company or any Affiliate, and includes any non-executive chairperson of the Board;

(u) "**Employee**" means an individual (other than a director or Officer) who:

(i) works for the Company or an Affiliate on a continuing and regular basis for a minimum amount of time per week providing services specified by the Company or the Affiliate and is subject to the control and direction of the Company or the Affiliate regarding both the method of performing or executing the services and the result to be effected,

(ii) works full-time for the Company or an Affiliate providing services normally provided by an employee and who is subject to the same control and direction by the Company or the Affiliate over the details and method of work as an employee of the Company or the Affiliate, and for whom income tax deductions are made at source, or

(iii) works for the Company or an Affiliate on a continuing and regular basis for a minimum amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by the Company or the Affiliate over the details and method of work as an employee of the Company or the Affiliate, but for whom income tax deductions are not made at source;

(v) "**Exchange**" means the TSX or, if the Common Shares are not then listed and posted for trading on the TSX, such stock exchange in Canada on which such Common Shares are listed and posted for trading as may be selected for such purpose by the Board;

(w) "**Fair Market Value**" means, with respect to a Common Share on any date, the weighted average price of the Common Shares on the TSX for the five days on which Common Shares were traded immediately preceding that date; provided that if the Common Shares are not listed for trading on a stock exchange on such date, the Fair Market Value shall be the price per Common Share as the Board, acting in good faith, may determine; provided, further, that the Board may designate in any DSU Award Agreement that Fair Market Value is to be determined using either Canadian currency or U.S. currency;

(x) "**Officer**" means a senior officer of the Company or an Affiliate;

(y) "**Participant**" means an Eligible Participant who holds an Award under the terms of this Plan;

(z) "**Plan**" means this Deferred Share Unit Plan, as the same may be amended from time to time;

(aa) "**Quarterly Conversion Date**" means with respect to any fiscal quarter, the date used to determine the Fair Market Value of a Common Share for the purposes of determining the number of Deferred Share Units to be credited with respect of that fiscal quarter to a Director's account; which shall be, unless otherwise determined by the Board, the last business day of the fiscal quarter in respect of which the Deferred Share Units are credited;

(bb) "**Regulations**" means the *Income Tax Regulations* as amended from time to time;

(cc) "**Securities Act**" means the *Securities Act* (Ontario) as amended from time to time;

(dd) "**Settlement Date**" has the meaning ascribed to it in Section 5.1 hereto;

(ee) "**Tax Act**" means the *Income Tax Act* (Canada) as amended from time to time;

(ff) "**Termination Date**" means the date on which for any reason a Participant ceases to be a Director (and is not otherwise an Employee of the Company), Officer or Employeeof the Company, excluding any notice period awarded by the Company, or required by employment law or by court judgments and includes termination from the Board, termination of employment, voluntary resignation, retirement from the workforce, Disability or death of a Participant;

(gg) "**TSX**" means the Toronto Stock Exchange or, if the Common Shares are not then listed and posted for trading on the Toronto Stock Exchange, on such stock exchange in Canada on which such Common Shares are listed and posted for trading as may be selected for such purpose by the Board;

(hh) "**U.S. Addendum**" has the meaning ascribed thereto in Section 4.1; and

(ii) "**U.S. Grantee**" has the meaning ascribed thereto in Section 4.1;

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|:---|:---|
| **3.**  | <u>**ADMINISTRATION**</u> |
|  | **3.1 General**. |

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(a) The Plan shall be administered as required by the Board. Subject to the limitations of the Plan and any required approval(s) of the Exchange, the Board has full and complete authority to interpret, construe and administer the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations and perform all other acts that it deems necessary or desirable for the administration of the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Board deems necessary or desirable. Any decision of the Board in the interpretation, construction and administration of the Plan, or any action, all as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned for all purposes.

(b) Notwithstanding the foregoing, all actions of the Board shall be such that the Plan continuously meets the requirements of any applicable tax laws and regulations, and shall be subject to all requisite Exchange, regulatory and/or shareholder approvals, as required from time to time.

**3.2 Delegation of Administration**. The Board may delegate to the Committee, one or more of its members, or an Administrator such administrative duties as it may deem advisable, including without limitation delegation to an Administrator of the authority to acquire Common Shares through the facilities of the Exchange for delivery to Participants in settlement of DSUs in accordance with the Plan; provided, however, that the Board may not delegate such authority in such a manner as would contravene the mandatory requirements of the Exchange or any applicable limitations under Applicable Law. Any Administrator to whom duties have been delegated as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or any Administrator may have under the Plan.<br>**3.3 Limitation of Liability**. No member of the Board or the Committee shall be liable for any action or determination made in good faith pursuant to the Plan. To the full extent permitted by law, the Company shall indemnify and save harmless each person made, or threatened to be made, a party to any action or proceeding by reason of the fact that such person is or was a member of the Board or is or was a member of the Committee and, as such, is or was required or entitled to take action pursuant to the terms of the Plan. The expenses of administering the Plan shall be borne by the Company.<br>

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|:---|:---|
| **4.**  | **DEFERRED SHARE UNIT AWARDS** |
|  | **4.1 Grants of DSUs**. Subject to the provisions of this Plan, the Board may grant DSUs to Eligible Participants. The award of DSUs to an Eligible Participant who is subject to taxation in the United States on employment or business income (a "**U.S. Grantee**") shall be subject to the terms and conditions set forth in Schedule B (the "**U.S. Addendum**"). The Plan and the U.S. Addendum are complementary to each other and shall, with respect to an award of DSUs to a U.S. Grantee, be read and deemed as one. In the event of any contradiction, whether explicit or implied, between the provisions of the U.S. Addendum and the Plan, the provisions of the U.S. Addendum shall prevail with respect to an award of DSUs to a U.S. Grantee.<br>The provisions specified in the U.S. Addendum shall apply solely to DSUs granted or credited to U.S. Grantees and shall form an integral part of the Plan with respect to such DSUs, subject to any applicable restrictions or limitations as provided in applicable law.<br>**4.2 Terms of DSUs**. |

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(a) Deferred Share Units granted pursuant to the Plan shall be credited to an account maintained for the Participant by the Company. In the case of DSUs granted in lieu of a Director's Annual Board Retainer, the number of DSUs granted shall be determined on a quarterly basis by the Company's CFO and equal to, the product of the Annual Board Retainer to be deferred multiplied by the applicable Adjustment Factor, divided by the Fair Market Value per Common Share on the Quarterly Conversion Date with the resulting number of DSUs to be credited effective the first business day following the last day of each fiscal quarter for which the Annual Board Retainer is payable.

(b) DSUs may also be granted on such terms as shall be determined by the Board and set out in a DSU Award Agreement, a form of which is attached hereto as **Schedule A**. Without limiting the generality of the foregoing, subject to the provisions of this Plan, the Board shall, in its sole discretion and from time to time, determine the Eligible Participants to whom Awards will be made based on its assessment, for each Participant, of the anticipated contribution of such Eligible Participant to the success of the Company. At such time, the Board shall also determine, in connection with each Award, the effective date thereof, the number of DSUs to be allocated, the terms and conditions of vesting, if any, and such other terms and conditions which the Board considers appropriate to the Award in question, and which terms and conditions need not be identical as between any two Awards, whether or not contemporaneous.

**4.3 Maximum Number of Common Shares and Limitations**. The number of Common Shares issuable under the Plan combined with the number of Common Shares issuable under all full-value security-based compensation arrangements of the Company and all security-based compensation arrangements of the Company, shall not exceed 5% and 10%, respectively, of the issued and outstanding Common Shares as at the date of such Award. <br>The maximum aggregate value of Awards granted under the Plan to any non-employee Director in a one- year period combined with the value of all grants under other security-based compensation arrangements of the Company in such one-year period shall not exceed $150,000. The foregoing limitations do not apply to grants made *in lieu* of directors' fees payable in cash.<br>Notwithstanding anything else contained herein, the number of Common Shares of the Company which are (i) issuable at any time, and (ii) issued within any one year period, to insiders (as such term is defined in Part 1 of the TSX Company Manual) of the Company pursuant to the terms of the Plan and under any other security-based compensation arrangement, shall not exceed 10% of the Company's total issued and outstanding Common Shares (subject to the aforesaid 5% sub-limit applicable under all full-value security-based compensation arrangements of the Company) (the "**Insider Participation Limit**").<br>

**4.4 Redemption of DSUs**. Subject to the provisions of this Plan and any DSU Award Agreement, a DSU held by a Participant shall be redeemed by the Company with settlement to occur on the Settlement Date, as described in Section 5.1 hereof, unless otherwise determined by the Board or agreed to between the Company and the Participant, but subject to Section 3.1 hereof. <br>**4.5 Blackout Periods**. The Company may from time to time impose trading blackouts during which some or all Directors, Officers and Employees may not trade in the securities of the Company. In the event that a trading blackout is imposed by management or the Board in accordance with any insider trading policy that the Company may adopt from time to time, Participants subject to the blackout are prohibited from buying, selling or otherwise trading in securities of the Company until such time as notice is formally given by the Company that trading may resume. For the avoidance of doubt, such blackout periods are not intended to restrict the ordinary course issuance DSUs as contemplated by Section 4.2(a).<br>Notwithstanding this Section 4.5 hereof, if the Settlement Date of any Award of DSUs falls within such a blackout period, it shall be automatically extended to the date which is ten (10) Business Days following the end of such blackout period.<br>

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|:---|:---|
| **5.**  | **PAYMENT OF BENEFITS** |
|  | **5.1 Settlement Date**. All of the DSUs credited to the Participant's Account, as may be adjusted pursuant to Section 9.1 hereof, shall be redeemed by the Company, in the form and manner specified by the Board, following such Participant's Termination Date, but in no event later than December 15 of the calendar year following the calendar year which includes the Termination Date (the "**Settlement Date**").<br>**5.2 Payment of Benefits**. Subject to the provisions of this ARTICLE 5, after the Termination Date with respect to a Participant, the Company shall, in satisfaction of its obligations hereunder and in its sole discretion, either: |

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(a) pay to the Participant, or Participant's Beneficiaries, on the Settlement Date a lump sum cash payment, net of any applicable withholdings, equal to the number of DSUs credited to his or her Participant Account as of the Settlement Date multiplied by the Fair Market Value of one Common Share on the Settlement Date; or

(b) subject to Section 5.3 herein, deliver to the Participant, or to the Participant's Beneficiaries, on the Settlement Date that number of Common Shares equal to the whole number of DSUs credited to his or her Participant Account as of the Settlement Date, plus a cash settlement of any fraction of a DSU, provided that the Company shall be entitled to sell a portion of the Common Shares to fund payment of any Applicable Withholding Taxes. The Participant shall have no further entitlement under the Plan upon receipt of the lump sum cash payment referred to in Section 5.2(a) or Common Shares (and where applicable, cash in lieu of fractional Common Shares) under Section 5.2(b).

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|:---|:---|
| **5.3 Settlements of DSUs with Common Shares**. | **5.3 Settlements of DSUs with Common Shares**. |
| (a) | In order to satisfy its settlement obligation where the Company has, subject to Exchange approval, elected to deliver Common Shares on a Settlement Date, the Company, at the discretion of the Board may elect to obtain Common Shares in respect of a Participant's entitlement through the facilities of the Exchange in accordance with the by-laws, regulations and policies of the Exchange or issue such Common Shares from treasury. |
| (b) | Any entitlement to fractional Common Shares shall be paid in cash based on the Fair Market Value of one Common Share on the Settlement Date, less any applicable withholdings. |
| (c) | If the Company elects to deliver Common Shares on a Settlement Date, the Company shall pay all brokerage fees and commissions arising in connection with the purchase of such Common Shares by the Company. |
| **5.4 Death of a Participant**. In the event of the death of a Participant prior to the settlement of the DSUs credited to his or her Account, the Board shall, on the Settlement Date, cause to be delivered to the estate of the Participant or such Participant's Beneficiary, the cash payment or number of Common Shares such Participant would have been entitled to.<br>**5.5 Clawback**. Notwithstanding anything in this Plan to the contrary, all DSUs granted under this Plan, and any Common Shares issued or payments made under this Plan in respect of any DSUs shall be subject to clawback or recoupment as permitted or mandated by Applicable Law, rules, regulations or any Company policy as enacted, adopted or modified from time to time. | **5.4 Death of a Participant**. In the event of the death of a Participant prior to the settlement of the DSUs credited to his or her Account, the Board shall, on the Settlement Date, cause to be delivered to the estate of the Participant or such Participant's Beneficiary, the cash payment or number of Common Shares such Participant would have been entitled to.<br>**5.5 Clawback**. Notwithstanding anything in this Plan to the contrary, all DSUs granted under this Plan, and any Common Shares issued or payments made under this Plan in respect of any DSUs shall be subject to clawback or recoupment as permitted or mandated by Applicable Law, rules, regulations or any Company policy as enacted, adopted or modified from time to time. |

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|:---|:---|
| **6.**  | **PARTICIPANT'S ACCOUNT** |
|  | **6.1 Participant Accounts**. The Company shall maintain or cause to be maintained in its records an Account for each Participant recording at all times the number of DSUs credited to the Participant's Account. Upon payment in satisfaction of DSUs in accordance with Article 5 above, the Participant's entitlement to receive any and all amounts in respect of DSUs so paid shall be fully discharged and satisfied and such DSUs shall be cancelled and thereupon deleted from the Account of such Participant. |
|  | **6.2 Quarterly Notice**. The Company shall deliver to each Participant a quarterly written notification of the balance of DSUs in the Participant's Account. |
| **7.**  | **RIGHTS OF PARTICIPANTS** |
|  | **7.1 No Right to Employment or Service**. Nothing in this Plan nor any action taken hereunder shall be construed as giving a Participant the right to be retained as a Director, Officer or Employee of the Company, or giving any Participant or any other person the right to receive any benefits not expressly provided in this Plan, nor shall it interfere in any way with any other right of the Company to terminate the employment or service of any Participant at any time. |
|  | **7.2 Legal Ownership of Common Shares**. Under no circumstances shall DSUs be considered Common Shares nor shall they entitle any Participant to exercise voting rights or any other rights attaching to the ownership or control of Common Shares, including, without limitation, rights on liquidation, nor shall any Participant be considered the owner of any Common Shares to be delivered under this Plan until the date of purchase or issuance of such Common Shares, as determined by the Board, for the Account of such Participant as specifically provided herein. |

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|:---|:---|
|  | **7.3 Prohibition on Transfer of Rights**. The rights or interests of a Participant under this Plan, including the DSUs, shall not be assignable or transferable, otherwise than in case of death as set out in this Plan, and such rights or interests shall not be encumbered by any means. Any attempt to so assign, transfer or encumber any such amount, whether presently or thereafter payable, shall be void and of no force or effect. |
|  | **7.4 DSU Settlement Not to Impact Other Benefits**. The amount of any compensation received by a Participant as a result of the settlement of any DSU will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, unless otherwise determined by the Board or specified in the other plan. |
| **8.**  | **AMENDMENT, SUSPENSION AND TERMINATION** |
|  | **8.1 Amendment of Plan**. This Plan may be amended at any time by the Board in its sole discretion, subject to applicable regulatory approval, (including, approval of the TSX), and the terms of this Plan; provided that, no such amendment shall, unless required by law, adversely affect the rights of any Participant with respect to DSUs to which the Participant is then entitled under this Plan, without the consent of the Participant, and any amendment shall be such that this Plan continuously meets the conditions and requirements of paragraph 6801(d) of the Regulations and any applicable provincial tax laws and regulations or any successor provisions thereto. |
|  | **8.2 Amendments without Shareholder Approval** |
|  | <br> Without limiting the generality of the foregoing, the Board may make the following amendments to the Plan, without obtaining shareholder approval: |

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(a) amendments to the vesting provisions of the Plan and any DSU Award Agreement;

(b) amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with the applicable laws, regulations, rules, orders of governmental or regulatory authorities or the requirements of the Exchange in place from time to time;

(c) amendments to the provisions of the Plan respecting administration of the Plan;

(d) amendments to the provisions of the Plan respecting the terms and conditions on which Awards may be made pursuant to the Plan;

(e) amendments to the Plan that are of a "housekeeping" nature; and

(f) any other amendments, fundamental or otherwise, not requiring shareholder approval under applicable laws or applicable policies of the Exchange.

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| **8.3 Amendments Requiring Shareholder Approval** |
| Without limiting the generality of the foregoing, the Board may not, without the approval of the Company's shareholders, make the following amendments to the Plan: |

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|:---|:---|
| (a) | an increase to the Plan maximum or the number of Common Shares issuable under the Plan (including specifically to grants to non-employee Directors); |
| (b) | any amendment to the amendment provisions in Sections 8.2 and 8.3 of the Plan; |
| (c) | extension of the termination or expiry of an Award; |
| (d) | the removal or increase of Insider Participation Limits; |
| (e) | any change that would materially modify the eligibility requirements for participation in this Plan; and |
| (f) | any amendment that permits the assignment or transfer of a DSU other than for normal estate planning purposes. |
| **8.4 Termination of Plan**. The Board may, in its sole discretion and without the consent of any Participant, terminate the Plan at any time by giving written notice thereof to each Participant. Following termination of the Plan, additional DSUs shall not be credited to the Accounts of Participants except pursuant to ARTICLE 4 hereof. Notwithstanding the termination of the Plan, all amounts distributable under the Plan shall be paid to the persons entitled thereto on the date on which such distributions would have been made had the Plan not been terminated. | **8.4 Termination of Plan**. The Board may, in its sole discretion and without the consent of any Participant, terminate the Plan at any time by giving written notice thereof to each Participant. Following termination of the Plan, additional DSUs shall not be credited to the Accounts of Participants except pursuant to ARTICLE 4 hereof. Notwithstanding the termination of the Plan, all amounts distributable under the Plan shall be paid to the persons entitled thereto on the date on which such distributions would have been made had the Plan not been terminated. |

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|:---|:---|
| **9.**  | **ADJUSTMENTS, REORGANIZATIONS AND DIVIDENDS** |
|  | **9.1 Capital Adjustments**. |

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(a) The existence of DSUs shall not affect in any way the right or power of the Company or its shareholders to make or authorize any stock dividend, stock split, combination or exchange of shares, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin-off or other distribution of the Company's assets to shareholders or any other change affecting the Common Shares. However, such adjustments as are required to reflect such change shall be made with respect to each Participant's Account, as the Board in its discretion may deem appropriate to reflect such change.

(b) In the event that the Company has paid any dividends on the Common Shares since the credit of a DSU to a Participant Account (other than a dividend payable in Common Shares), there shall be credited to the Participant Account that number of additional DSUs equal to: (a) the product of the aggregate number of DSUs credited to the Participant Account prior to the payment of the dividend multiplied by the per share amount of such dividend (or, in the case of any dividend payable in property other than cash, the per share value of such dividend, as determined by the Board), divided by (b) the average of the bid and ask prices in respect of a Common Share on the date the dividend is declared.

(c) In the event that the Company has paid any dividends on the Common Shares in additional Common Shares since the credit of a DSU to a Participant Account (other than a cash dividend payable in Common Shares at the election of the holder), the number of DSUs credited to the Participant Account shall be increased by a number equal to the product of (a) the aggregate number of DSUs credited to the Participant Account prior to the payment of the dividend, multiplied by (b) the number of Common Shares (including any fraction thereof) payable as a dividend on one Common Share.

Any additional DSU's granted pursuant to these Sections 9.1(b) and (c) shall be settled in the same manner as determined in Article 5.<br>**9.2 Fluctuation in Common Share Price**. No amount will be paid to, or in respect of, a Participant under this Plan or pursuant to any other arrangement, and no other DSUs will be granted to such Participants to compensate for a downward fluctuation in the price of a Common Share, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose.<br>

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| **10.**  | **<u>DESIGNATION OF BENEFICIARIES</u>** |
|  | **10.1 Designation of Beneficiaries**. Subject to applicable law, a Participant may designate in writing one or more persons who are dependents or relations as Beneficiaries to receive any amount payable under this Plan on the death of such Participant, and may change such designations from time to time. Such designations shall be in such form and executed and filed in such manner as the Board or the Administrator may from time to time determine. If no Beneficiaries are designated, the Participant's legal representative will receive any amount payable under this Plan. |
| **11.**  | **<u>TAX</u>** |
|  | **11.1 Tax Consequences**. It is the responsibility of the Participant to complete and file any tax returns which may be required under any applicable tax laws within the periods specified in those laws as a result of the Participant's participation in this Plan. The Company shall not be responsible for any tax consequences to the Participant as a result of the Participant's participation in this Plan. The Participant shall remain responsible at all times for paying any federal, provincial, local and foreign income or employment tax due with respect to any Award, and the Company shall not be liable for any interest or penalty that a Participant incurs by failing to make timely payments of tax. |
|  | **11.2 Applicable Withholding Taxes**. Prior to the delivery of any Common Shares or cash under this Plan, the Company shall have the power and the right to deduct or withhold, or to require a Participant to remit to the Company, an amount sufficient to satisfy any federal, provincial, local and foreign taxes, pension plan contributions, employment insurance premiums and any other required deductions (collectively referred to herein as "**Applicable Withholding Taxes**") that the Company determines is required to be withheld to comply with applicable laws. The Company shall make any withholdings or deductions in respect of Applicable Withholding Taxes as required by law or the interpretation or administration thereof. The Company shall be entitled to make arrangements to sell a sufficient number of Common Shares to be issued pursuant to the Plan to fund the payment and remittance of Applicable Withholding Taxes that are required to be deducted or withheld and any associated costs (including fees). |
| **12.**  | **<u>UNSECURED PLAN</u>** |
|  | **12.1 Unsecured Plan**. Unless otherwise determined by the Board, this Plan will at all times remain unfunded and the obligations of the Company under this Plan shall be general unsecured obligations of the Company and any amounts due to Participants under this Plan shall be paid out of the general assets of the Company. The Company shall not segregate any assets for the purpose of funding its obligations with respect to DSUs credited hereunder. Neither the Company nor the Board shall be deemed to be a trustee of any amounts to be distributed or paid pursuant to the Plan. No liability or obligation of the Company pursuant to the Plan shall be deemed to be secured by any pledge of, or encumbrance on, any property of the Company or any Affiliate. |

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|:---|:---|
| **13.**  | **<u>COMPLIANCE WITH APPLICABLE LAWS</u>** |
|  | **13.1 Compliance with Applicable Laws**. Any obligation of the Company with respect to the Common Shares in accordance with the terms of this Plan is subject to compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities and the requirements of the Exchange. Notwithstanding any other provision of this Plan, if the Company, in its sole discretion, determines that it is not desirable or feasible to provide for the settlement of DSUs in Common Shares in accordance with Section 5.3 above, including by reason of any such laws, regulations, rules, orders or requirements, such obligation shall be satisfied by means of a cash payment determined in accordance with subsection 5.2(a) above, net of applicable withholdings. Each Participant shall comply with all such laws, regulations, rules, orders and requirements, and shall furnish the Company with any and all information and undertakings as may be required to ensure compliance therewith. |
| **14.**  | **<u>GENERAL</u>** |
|  | **14.1 No Representation**. The Company makes no representation or warranty as to the future market of the Common Shares. |
|  | **14.2 Governing Law**. This Plan shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. The Participants and Company hereby attorn to the jurisdiction of the courts of the Province of Ontario with respect to any and all actions in relation thereto. |
|  | **14.3 Severability**. If any provision of this Plan is determined to be void or unenforceable in whole or in part, such void or unenforceable provision shall be severed from the remainder of this Plan and such determination shall not affect the validity or enforceability of any other provision. |
|  | **14.4 Headings**. Headings are for ease of reference only and shall not affect the interpretation or construction of the provisions hereof. |
|  | **14.5 Successors and Assigns**. This Plan shall be binding on all successors and assigns of the Company and any Participant, including without limitation, the estate of such Participant and the executor, liquidator, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant's creditors. |

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**\*\*\***

<u> Americas Gold and Silver Corporation</u> <u> DSU Plan </u>

**SCHEDULE A**

**AMERICAS GOLD AND SILVER CORPORATION** 

**DEFERRED SHARE UNIT AGREEMENT**

This **DEFERRED SHARE UNIT AGREEMENT** is made effective as of the day of _____________, 20__ between **AMERICAS SILVER CORPORATION** (the "**Company**") and the undersigned (the "**Participant**"), being a director who is not an employee or an officer of the Company or an Affiliate of the Company designated pursuant to the terms of the Deferred Share Unit Plan of the Company, as may be amended from time to time (the "**Plan**"). Capitalized terms used herein and not otherwise defined have the meaning given to such terms in the Plan.

In consideration for the grant of DSUs made to the Participant pursuant to the Plan (the receipt and sufficiency of which are hereby acknowledged), the Participant hereby agrees and confirms that:

1. The Participant has received a copy of the Plan and has read, understands and agrees to be bound by the provisions of the Plan. The Participant acknowledges, among other things, that the Plan contains provisions relating to termination and restricting the transfer of rights or interests of Participants under the Plan.

2. The Participant accepts and consents to and shall be deemed conclusively to have accepted and consented to, and agreed to be bound by, the provisions and all terms of the Plan and all *bona fide* actions or decisions made by the Board, the Committee, or any person to whom the Board may delegate administrative duties and powers in relation to the Plan, which terms and content shall also apply to and be binding on all successors and assigns of the Company and the Participant, including the estate of such Participant and the executor, liquidator, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant's creditors.

3. [The Participant hereby elects to receive 100% of his/her Annual Board Retainer for the remainder of the Company's current fiscal year in the form of DSUs. For U.S. Grantees, the deferral election will be effective only with respect to remuneration payable in respect of services performed after the date the election is effective. This election shall continue to apply for all subsequent fiscal years, unless and until the Board resolves that the Annual Board Retainer not be paid in the form of DSUs. The DSUs granted hereunder will be calculated in accordance with Section 4.2(a) of the Plan with an Adjustment Factor of 1.25 to be applied to the Annual Board Retainer.]

4. This Agreement shall be considered as part of and an amendment to the employment or service agreement between the Participant and the Company and the Participant hereby agrees that the Participant will not make any claim under that employment or service agreement for any rights or entitlement under the Plan or damages in lieu thereof, except as expressly provided in the Plan.

5. Participants who are "insiders" of the Company are required to file an insider report under Canadian securities laws in respect of the grant of DSUs and upon future conversion of these DSUs into DSU Shares and any subsequent sales of such DSU Shares.

6. Participant should consult his or her own tax advisor regarding the U.S. or Canadian federal, state and local, and foreign tax consequences of participation in the Plan.

7. Should any provision of this Agreement be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall be unaffected and shall continue in full force and effect, and the invalid, void or unenforceable provision(s) shall be deemed not to be part of this Agreement.

A-1<br>

8. This Agreement shall be governed by, and shall be construed and administered according to, the laws of the Province of Ontario, without reference to principles of conflicts of law. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

9. In the event of any inconsistency between the terms of this Agreement and the Plan, the terms of this Agreement shall prevail to the extent that it is not inconsistent with the requirements of the Exchange.

This Agreement shall be determined in accordance with the laws of Ontario and the laws of Canada applicable therein.

Words used herein which are defined in the Plan shall have the respective meanings ascribed to them in the Plan.

IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| By: |  |
|  | Name: |
|  | Title:<br> (Authorized Signing Officer) |

---

---

| | |
|:---|:---|
| Accepted | , 20_ |
| *[Name]* | *[Name]* |

---

A-2<br>

<u> Americas Gold and Silver Corporation</u> <u> DSU Plan </u>

**SCHEDULE B** 

**ADDENDUM FOR DSUs GRANTED TO A U.S. GRANTEE**

1. The procedures regarding the Settlement Date outlined in Section 5.1 of the Plan do not apply to Eligible Participants to whom this U.S. Addendum applies (i.e., Eligible Participants who are U.S. Grantees). For the avoidance of doubt, U.S. Grantees are not permitted to select a redemption date under the Plan. All vested DSUs credited to a U.S. Grantee will be redeemed and paid in accordance with the Plan between a date at least six months and one day following the date that the Eligible Participant ceases to be an Eligible Participant as a result of a termination of employment and/or service as contemplated in Section 5.1, of the Plan (including as a result of a termination of employment and/or service due to long-term disability or retirement), and a date that is the earliest of (i) December 31<sup>st</sup> of the calendar year that includes the Termination Date and (ii) the 15<sup>th</sup> day of the third calendar month following the month that includes the Termination Date; based on the Fair Market Value of the Common Shares on such date multiplied by the number of DSUs so redeemed.

2. For the purposes of clarity of the intent to comply with paragraph 6801(d) of the Regulations made pursuant to the *Income Tax Act* (Canada), in no event will any payment under the Plan be made later than the end of the first calendar year commencing after such U.S. Grantee's death, retirement, or cessation of service.

3. For purposes of U.S. Grantees subject to this Schedule B, references to cessation or termination of employment shall be construed as requiring a separation from service within the meaning of U.S. Treasury Regulation §1.409A-1(h).

4. References to "Affiliated Entities" shall be interpreted in a manner that complies with the definitions of "service recipient" and "employer", as applicable, under the U.S. Treasury Regulations under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the "**Code** ").

5. The Company shall withhold from any award and/or payment under the Plan all Applicable Withholding Taxes.

6. This Schedule B, and the Plan as it relates to U.S. Grantees, shall be interpreted and applied in a manner that complies with the requirements of Section 409A of the Code.

7. All other provisions of the Plan shall continue to apply to the U.S. Grantees to the extent they have not been specifically modified by this U.S. Addendum.

**\*\*\***

B-1<br>

## Exhibit 4.2

**EXHIBIT 4.2**

**AMERICAS GOLD AND SILVER CORPORATION**

**SHARE UNIT PLAN**

**Amended & Restated Effective May 7, 2025**

<u> Americas Gold and Silver Corporation </u> <u> Share Unit Plan</u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| 1 | OBJECTIVES AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp; Objectives and Definitions | 1 |
| 2 | GRANT OF AWARDS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp; Grant of Awards | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp; Forfeited RSUs and PSUs | 5 |
| 3 | RESTRICTED SHARE UNITS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp; Restricted Share Unit Grants and Accounts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp; Vesting and Forfeiture | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp; Payment of Benefits in Respect of Restricted Share Units  | 6 |
| 4 | Performance share units | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp; Performance Share Unit Grants and Accounts | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp; Performance Period | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp; Vesting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;&nbsp; Payment of Benefits in Respect of Performance Share Units | 8 |
| 5 | Dividends Paid on Shares  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | &nbsp;&nbsp;&nbsp;&nbsp; Cash Dividends | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | &nbsp;&nbsp;&nbsp;&nbsp; Dividends In Kind | 9 |
| 6 | Termination of Employment or Engagement  | 10 |
| 7 | Clawback | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;&nbsp; Clawback | 11 |
| 8 | Common Shares Subject to this Plan  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum Number of Common Shares and Limitations | 11 |
| 9 | ADJUSTMENTS AND MERGER AND ACQUISITION TRANSACTIONS  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp; Adjustments | 11 |
| 10 | ADMINISTRATION  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp; Administration  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp; Amendments | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;&nbsp; Termination | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp; Applicable Withholding Taxes | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;&nbsp; Currency | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp; Beneficiaries and Claims for Benefits | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | &nbsp;&nbsp;&nbsp;&nbsp; General | 15 |

---

<u> Americas Gold and Silver Corporation </u> <u> Share Unit Plan</u>

**AMERICAS GOLD AND SILVER CORPORATION** 

**(the "Company")**

**AMENDED & RESTATED SHARE UNIT PLAN**

**WHEREAS** effective January 30, 2015, in connection with the closing of the merger with U.S. Silver & Gold Inc., the Company adopted a Restricted Share Unit Plan which allowed for the settlement of RSUs in accordance with the Plan and Applicable Award Agreements to be made in cash; and

**WHEREAS** the Board determined that (i) the Plan, in addition to RSUs, should also permit the grants of PSUs, (ii) in each of a case of a grant of a RSU or PSU, the applicable Award should be settled in either cash or Common Shares of the Company and (iii) the Plan should be amended and restated to reflect this and other required amendments.

**1.**  **<u>OBJECTIVES AND DEFINITIONS</u>** 

NOW THEREFORE:

**1.1** **Objectives and Definitions** 

1.1.1 The Plan is intended as an incentive to enable the Company:

(a) to attract and retain qualified Eligible Persons, particularly at the projects of the Company and its Affiliates who may or may not participate in the Company's stock option plan or to defer other forms of incentive compensation awarded to executives of the Company;

(b) promote a proprietary interest in the Company and its Affiliates among such Eligible Persons; and

(c) stimulate the active interest of such Eligible Persons in the development and financial success of the Company and its Affiliates.

1.1.2 In this Plan, the following terms have the following meanings:

(a) "**Affiliate**" means (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, in each case as determined by the Board;

(b) "**Applicable Law**" includes, without limitation, all applicable securities, corporate, tax and other laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars, procedures and policies including, without limitation, the policies and by-laws of the TSX;

(c) "**Applicable Withholding Taxes**" has the meaning attributed to that term in Section 10.4.1;

(d) "**Award**" means any Restricted Share Units or Performance Share Units granted under this Plan;

(e) "**Award Agreement**" means the agreement in writing evidencing the terms and conditions under which an Award has been granted under this Plan;

(f) "**Beneficiary**" means, subject to Applicable Law, any person designated by a Participant to receive any amount payable under the Plan in the event of a Participant's death or, failing designation, the Participant's estate;

(g) "**Board**" means the board of directors of the Company;

(h) "**Blackout Period**" means the period during which the relevant Participant is prohibited from trading in any securities of the Company due to trading restrictions imposed by the Company in accordance with its trading policies;

(i) "**Cause**" means in respect of a Participant, unless otherwise defined in a Participant's Award Agreement or employment or consulting agreement, in which case such definition shall apply, (i) any act or omission that constitutes a "Serious Reason" or "cause" for termination within the meaning of Article 2094 of the *Civil Code of Québec* (as amended from time to time) and applicable jurisprudence in respect of Participants in Québec or (ii) "cause" within the meaning of the common law in respect of Participants outside of Québec;

(j) "**Code**" means the United States Internal Revenue Code of 1986, as amended, and any applicable United States Treasury Regulations and other binding regulatory guidance thereunder;

(k) "**Common Share**" means a common share without par value in the capital stock of the Company as the same are presently constituted;

(l) "**Company**" means Americas Gold and Silver Corporation and its successor corporations;

(m) "**Committee**" means the Corporate Governance and Compensation Committee of the Company;

(n) "**Consultant**" means an individual (including an individual whose services are contracted through a personal holding corporation) with whom the Company or any of its Subsidiaries has a contract for services who is approved for participation in the Plan by the Board and for whom there exists an exemption from applicable prospectus requirements permitting the granting of an Award;

(o) "**Date of Grant**" means the date an Award is granted to a Participant under the Plan, as evidenced by an Award Agreement between the Company and the Participant;

(p) "**Director**" means a member of the Board;

(q) "**Disability**" means a Participant's long-term disability, as determined by the Board;

(r) "**Exchange**" means the Toronto Stock Exchange or the NYSE American LLC, as applicable, or if the Common Shares are not listed on the Toronto Stock Exchange or the NYSE American LLC, such other stock exchange on which the Common Shares are listed, or if the Common Shares are not listed on any stock exchange, then on the over-the-counter market;

(s) "**Eligible Person**" means, subject to all applicable laws, any Director, officer, employee (whether part-time or full-time), or Consultant of the Company or any of its Subsidiaries;

(t) "**Fair Market Value**" means, with respect to a Common Share on any date, the weighted average price of the Common Shares on the TSX for the five days on which Common Shares were traded immediately preceding that date; provided that if the Common Shares are not listed for trading on a stock exchange on such date, the Fair Market Value shall be the price per Common Share as the Board, acting in good faith, may determine; provided, further, that the Board may designate in any Award Agreement that Fair Market Value is to be determined using either Canadian currency or U.S. currency;

(u) "**Final Vesting Date**" means, with respect to an Award granted to a Participant, December 31 of the calendar year which is three (3) years after the calendar year in which the service was performed in respect of which the particular Award was made;

(v) "**Insider Participation Limited**" has the meaning attributed to that term in Section 8.1.2;

(w) "**Original Share Units**" has the meaning attributed to that term in Section 5.1.1;

(x) "**Participant**" means an Eligible Person to whom an Award has been granted;

(y) "**Performance Goals**" means the goals established by the Board (based on one or more Performance Measures) as part of the terms of an Award;

(z) "**Performance Measures**" means the measures (other than the mere continuation of employment or passage of time) established by the Board to determine the Performance Goals to be achieved in respect of an Award, which may include, inter alia, measures related to financial or operational matters at the Company, a Subsidiary of the Company, or the Company and one or more of its Subsidiaries, shareholder returns and individual performance criteria;

(aa) "**Performance Period**" means the period established by the Board for which the achievement of Performance Goals is assessed or determined;

(bb) "**Performance Share Unit**" or "**PSU**" means a bookkeeping entry on the books of the Company whereby a notional unit equivalent in value to one Common Share, and designated as a Performance Share Unit, is credited to a Participant's Performance Share Unit Account in accordance with the terms set forth in the Plan;

(cc) "**Performance Share Unit Account**" has the meaning set forth in Section 4.1.1;

(dd) "**Performance Vesting Conditions**" means any Performance Goals established by the Board as conditions to the vesting of Awards;

(ee) "**Plan**" means this Share Unit Plan, as the same may be amended from time to time;

(ff) "**Performance Share Unit Account**" has the meaning attributed to that term in Section 4.1.1;

(gg) "**Redemption Date**" means the Final Vesting Date as applicable to an Award granted under this Plan;

(hh) "**Restricted Share Unit Account**" has the meaning set forth in Section 3.1.1;

(ii) "**Restricted Share Unit**" or "**RSU**" means a bookkeeping entry on the books of the Company whereby a notional unit equivalent in value to one Common Share, and designated as a Restricted Share Unit, is credited to a Participant's Restricted Share Unit Account in accordance with the terms set forth in the Plan;

(jj) "**Restricted Share Unit Account**" has the meaning set forth in Section 3.1.1;

(kk) "**Vesting Date**" means, with respect to a Restricted Share Unit or Performance Share Unit granted to a Participant, the date a Restricted Share Unit becomes a Vested Restricted Share Unit or a Performance Share Unit becomes a Vested Performance Share Unit, as applicable, in accordance with the Plan and the applicable Award Agreement;

(ll) "**Section 409A**" means section 409A of the Code;

(mm) "**Share Unit**" means a RSU or PSU granted under this Plan;

(nn) "**Subsidiary**" means an issuer that is controlled by another issuer, within the meaning of subsections 1(3) and 1(4) of the *Securities Act* (Ontario);

(oo) "**Tax Act**" means the *Income Tax Act* (Canada), as amended;

(pp) "**Termination Date**" means (i) in the case of a Participant (other than a Consultant), the last day on which the Participant actively renders services to the Company or any of its Subsidiaries, including by reason of death or Disability, excluding any period of contractual or reasonable notice of termination of employment or any period of salary or benefits continuance or deemed employment, except as otherwise expressly required by applicable employment or labour standards legislation, but, for greater certainty, a Participant's absence from active work during a period of vacation, temporary illness, authorized leave of absence, maternity or parental leave or leave on account of Disability shall not be considered to result in a Termination Date, and (ii) in the case of a Consultant who is a Participant, the effective date of termination of the agreement governing its services as a consultant;

(qq) "**TSX**" means the Toronto Stock Exchange or, if the Common Shares are not then listed and posted for trading on the Toronto Stock Exchange, on such stock exchange in Canada on which such Common Shares are listed and posted for trading as may be selected for such purpose by the Board;

(rr) "**US Taxpayer**" means a Participant whose compensation from the Company is subject to Section 409A;

(ss) "**Vested Performance Share Unit**" or "**Vested PSU**" has the meaning attributed to that term in Section 4.3.3; and

(tt) "**Vested Restricted Share Unit**" or "**Vested RSU**" has the meaning attributed to that term in Section 3.2.3.

In this Plan, unless the context requires otherwise, words importing the singular number may be construed to extend to and include the plural number, and words importing the plural number may be construed to extend to and include the singular number.

**2.**  **<u>GRANT OF AWARDS</u>**

**2.1** **Grant of Awards** 

2.1.1 Subject to the terms of the Plan, the Board may make grants of Awards to Eligible Persons who are, in the opinion of the Board, in a position to contribute to the success of the Company or any of its Affiliates or who, by virtue of their service to the Company or any predecessors thereof or to any of its Affiliates, are in the opinion of the Board, worthy of special recognition, or as a means of cash conservation by granting such Eligible Persons Awards in lieu of incentive cash compensation. Except as may be otherwise set out in this Plan, the granting of an Award is entirely discretionary. Nothing in this Plan shall be deemed to give any person any right to participate in this Plan or to be granted an Award and the designation of any Award in any year or at any time shall not require the designation of such person to receive an Award in any other year or at any other time. The Committee and/or the Board shall consider such factors as it deems pertinent in selecting participants and in determining the amounts and terms of their respective Awards.

2.1.2 All grants of Awards under this Plan will be evidenced by Award Agreements. Any one executive officer of the Company is authorized and empowered to execute and deliver, for and on behalf of the Company, an Award Agreement to each Participant.

**2.2** **Forfeited RSUs and PSUs** 

2.2.1 Unless otherwise approved by the Board and provided for in the applicable Award Agreement, no Participant shall have any entitlement to receive any payment in respect of any RSUs or PSUs, as applicable, which have been forfeited under this Plan, by way of damages, payment in lieu or otherwise.

**3.**  **<u>RESTRICTED SHARE UNITS</u>**

**3.1** **Restricted Share Unit Grants and Accounts** 

3.1.1 An account, to be known as a "**Restricted Share Unit Account** ", shall be maintained by the Company for each Participant who has been granted Restricted Share Units by way of a bookkeeping entry in the books of the Company. On each Date of Grant, the Restricted Share Unit Account will be credited with the Restricted Share Units granted to a Participant on that date. The Restricted Share Units credited to the Participant's Restricted Share Unit Account will be cancelled as of the applicable Redemption Date.

3.1.2 The establishment of the Plan in respect of Restricted Share Units shall be an unfunded obligation of the Company. Neither the establishment of the Plan in respect of Restricted Share Units nor the grant of any Restricted Share Units shall be deemed to create a trust. Amounts payable to any Participant under the Plan in respect of Restricted Share Units shall be a general, unsecured obligation of the Company. The right of the Participant or Beneficiary to receive payment pursuant to the Plan in respect of Restricted Share Units shall be no greater than the right of other unsecured creditors of the Company.

**3.2** **Vesting and Forfeiture** 

3.2.1 Subject to Section 3.2.2 and unless otherwise approved by the Board and provided for in the applicable Award Agreement, a Restricted Share Unit granted under this Plan shall vest on the third anniversary of the Date of Grant provided; however, that all Restricted Share Units granted under a particular Award carrying a different vesting schedule shall vest on or before the Final Vesting Date for such Restricted Share Units. It being understood the value of both Vested RSUs and unvested RSUs shall fluctuate with the value of the underlying Common Shares, nothing in this Plan shall be construed to give any Participant any right to a guaranteed minimum value of a particular RSU, whether at the time of grant, vesting, payment or any other time.

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| | |
|:---|:---|
| 3.2.2  | If any Blackout Period, would apply at any particular time to prevent payment in respect of a Restricted Share Unit pursuant to Section 3.3.1 to be made on or before the Final Vesting Date for such Restricted Share Unit, then the Vesting Date for such Restricted Share Unit will be accelerated by the Board by up to ten (10) business days after the lifting of the relevant Blackout Period provided such payment is made on or before the Final Vesting Date for such Restricted Share Unit. |
| 3.2.3  | All Restricted Share Units recorded in a Participant's Restricted Share Unit Account which have vested in accordance with this Plan or as provided for in the applicable respective Award Agreement and are not forfeited hereunder by the Participant are referred to herein as "**Vested Restricted Share Units**" or "**Vested RSUs**". |
| 3.2.4  | For greater certainty, no Participant nor any Beneficiary or other person claiming through a Participant shall be entitled to any benefit hereunder in respect of any Restricted Share Units that are not Vested Restricted Share Units and each Participant expressly waives any claims to damages in respect thereof whether related or attributable to any contractual or common law entitlement or otherwise. |
| **3.3**  | **Payment of Benefits in Respect of Restricted Share Units** |
| 3.3.1  | Unless otherwise approved by the Board and provided for in the applicable Award Agreement, payment in redemption of an Award of a Restricted Share Unit granted to a Participant shall become payable on each Vesting Date for such Restricted Share Unit and redeemed in accordance with Section 3.3.2; provided, however that all payments under a particular Award shall be made on or before the Redemption Date for such Restricted Share Unit. |
| 3.3.2  | Subject to the provisions of this Article 3, on the Redemption Date with respect to a Participant, the Company shall, in satisfaction of its obligations hereunder and in its sole discretion, either: |
| (a)  | pay to the Participant, or Participant's Beneficiaries, on the Redemption Date a lump sum cash payment, net of any Applicable Withholding Taxes, equal to the number of Vested RSUs credited to his or her Restricted Share Unit Account as of the Redemption Date multiplied by the Fair Market Value of one Common Share on the Redemption Date; or |
| (b)  | subject to Section 3.3.3 herein, deliver to the Participant, or to the Participant's Beneficiaries, on the Redemption Date that number of Common Shares equal to the whole number of Vested RSUs credited to his or her Restricted Share Unit Account as of the Redemption Date, plus a cash settlement of any fraction of a Vested RSU, provided that the Company shall be entitled to sell a portion of the Common Shares to fund payment of any Applicable Withholding Taxes. |
|  | The Participant shall have no further entitlement under the Plan upon receipt of the lump sum cash payment referred to in Section 3.3.2(a) or Common Shares (and, where applicable, cash in lieu of fractional Common Shares) under Section 3.3.2(b). |

---

3.3.3 Settlement of RSUs with Common Shares:

(a) In order to satisfy its settlement obligation where the Company has, subject to TSX approval, elected to deliver Common Shares on a Redemption Date, the Company, at the discretion of the Board may elect to obtain Common Shares in respect of a Participant's entitlement through the facilities of the TSX in accordance with the by-laws, regulations and policies of the TSX and Applicable Law or issue such Common Shares from treasury.

(b) Any entitlement to fractional Common Shares shall be paid in cash based on the Fair Market Value of one Common Share on the Redemption Date, less any Applicable Withholding Taxes.

(c) If the Company elects to deliver Common Shares on a Redemption Date, the Company shall pay all fees and commissions arising in connection with the purchase of such Common Shares by the Company.

3.3.4 If a payment in respect of a Restricted Share Unit granted to a Participant shall become payable to any US Taxpayer, the payment in redemption of such Award shall be made no later than two and a half months after the end of the Participant's first taxable year in which the right to the payment is no longer subject to a substantial risk of forfeiture, such that all payments are exempt from application of Section 409A.

**4.**  **<u>PERFORMANCE SHARE UNITS</u>**

**4.1** **Performance Share Unit Grants and Accounts** 

4.1.1 An account, to be known as a "**Performance Share Unit Account** ", shall be maintained by the Company for each Participant who has been granted Performance Share Units by way of a bookkeeping entry in the books of the Company. On each Date of Grant, the Performance Share Unit Account will be credited with the Performance Share Units granted to a Participant on that date. The Performance Share Units credited to the Participant's Performance Share Unit Account will be cancelled as of the applicable Redemption Date.

4.1.2 The establishment of the Plan in respect of Performance Share Units shall be an unfunded obligation of the Company. Neither the establishment of the Plan in respect of Performance Share Units nor the grant of any Performance Share Units shall be deemed to create a trust. Amounts payable to any Participant under the Plan in respect of Performance Share Units shall be a general, unsecured obligation of the Company. The right of the Participant or Beneficiary to receive payment pursuant to the Plan in respect of Performance Share Units granted to such Participant shall be no greater than the right of other unsecured creditors of the Company.

---

| | |
|:---|:---|
| **4.2**  | **Performance Period** |
| 4.2.1  | Subject to Section 4.3, the Board will determine the Performance Period applicable to an Award of Performance Share Units, but it may not be more than three years after the Date of Grant unless specified otherwise in the applicable Award Agreement. |
| **4.3**  | **Vesting** |
| 4.3.1  | Performance Share Units will vest on the achievement of the applicable Performance Vesting Conditions at the end of the applicable Performance Period unless specified otherwise in the applicable Award Agreement, provided that the Participant's Termination Date has not occurred prior to the Vesting Date. |
| 4.3.2  | If any Blackout Period, would apply at any particular time to prevent payment in respect of a Performance Share Unit pursuant to Section 4.4.1 to be made on or before the Final Vesting Date for such Performance Share Unit, then the Vesting Date for such Performance Share Unit will be accelerated by the Board by up to ten (10) business days after the lifting of the relevant Blackout Period provided such payment is made on or before the Final Vesting Date for such Performance Share Unit. |
| 4.3.3  | All Performance Share Units recorded in a Participant's Performance Share Unit Account which have vested in accordance with this Plan or as provided for in the applicable respective Award Agreement and are not forfeited hereunder by the Participant are referred to herein as "**Vested Performance Share Units**" or "**Vested PSUs**". |
| 4.3.4  | For greater certainty, no Participant nor any Beneficiary or other person claiming through a Participant shall be entitled to any benefit hereunder in respect of any Performance Share Units that are not Vested Performance Share Units and each Participant expressly waives any claims to damages in respect thereof whether related or attributable to any contractual or common law entitlement or otherwise. |
| **4.4**  | **Payment of Benefits in Respect of Performance Share Units** |
| 4.4.1  | Unless otherwise approved by the Board and provided for in the applicable Award Agreement, payment in redemption of an Award of a Performance Share Unit granted to a Participant shall become payable on each Vesting Date for such Performance Share Unit and redeemed in accordance with Section 4.4.2; provided, however that all payments under a particular Award shall be made on or before the Redemption Date for such Performance Share Unit. |
| 4.4.2  | Subject to the provisions of this Article 4, on the Redemption Date with respect to a Participant, the Company shall, in satisfaction of its obligations hereunder and in its sole discretion, either: |
| (a)  | pay to the Participant, or Participant's Beneficiaries, on the Redemption Date a lump sum cash payment, net of any Applicable Withholding Taxes, equal to the number of Vested PSUs credited to his or her Performance Share Unit Account as of the Redemption Date multiplied by the Fair Market Value of one Common Share on the Redemption Date; or |
| (b)  | subject to Section 4.4.3 herein, deliver to the Participant, or to the Participant's Beneficiaries, on the Redemption Date that number of Common Shares equal to the whole number of Vested PSUs credited to his or her Performance Share Unit Account as of the Redemption Date, plus a cash settlement of any fraction of a Vested PSU, provided that the Company shall be entitled to sell a portion of the Common Shares to fund payment of any Applicable Withholding Taxes. |
|  | The Participant shall have no further entitlement under the Plan upon receipt of the lump sum cash payment referred to in Section 4.4.2(a) or Common Shares (and, where applicable, cash in lieu of fractional Common Shares) under Section 4.4.2(b). |

---

4.4.3 Settlement of PSUs with Common Shares:

(a) In order to satisfy its settlement obligation where the Company has, subject to TSX approval, elected to deliver Common Shares on a Redemption Date, the Company, at the discretion of the Board may elect to obtain Common Shares in respect of a Participant's entitlement through the facilities of the TSX in accordance with the by-laws, regulations and policies of the TSX and Applicable Law or issue such Common Shares from treasury.

(b) Any entitlement to fractional Common Shares shall be paid in cash based on the Fair Market Value of one Common Share on the Redemption Date, less any Applicable Withholding Taxes.

(c) If the Company elects to deliver Common Shares on a Redemption Date, the Company shall pay all fees and commissions arising in connection with the purchase of such Common Shares by the Company.

4.4.4 If a payment in respect of a Performance Share Unit granted to a Participant shall become payable to any US Taxpayer, the payment in redemption of such Award shall be made no later than two and a half months after the end of the Participant's first taxable year in which the right to the payment is no longer subject to a substantial risk of forfeiture, such that all payments are exempt from application of Section 409A.

**5.**  **<u>DIVIDENDS PAID ON SHARES</u>**

**5.1** **Cash Dividends** 

5.1.1 Subject to Section 5.2.1, in the event the Company pays a dividend on the Common Shares subsequent to the granting of an Award, the number of Restricted Share Units or Performance Share Units, as applicable, relating to such Award (the "**Original Share Units**") shall be increased by an amount equal to:

(a) the product of: (i) the aggregate number of Original Share Units held by the Participant on the record date for such dividend; and (ii) the per Common Share amount of such dividend (or, in the case of any dividend payable in property other than cash, the per Common Share Fair Market Value of such property as determined by the Board); divided by

(b) the Fair Market Value of a Common Share calculated as of the date on which the dividend is declared.

**5.2** **Dividends In Kind** 

5.2.1 In the event that the Company pays a dividend on the Common Shares in additional Common Shares, the number of Original Share Units shall be increased by a number equal to the product of: (a) the aggregate number of Original Share Units held by the Participant on the record date of such dividend; and (b) the number of Common Shares (including any fraction thereof) payable as a dividend on one Common Share.

**6.**  **<u>TERMINATION OF EMPLOYMENTOR ENGAGEMENT</u>**

6.1.1 **Termination Other Than for Cause** 

(a) Except as otherwise determined by the Board or unless otherwise specified in the Award Agreement, the employment agreement of the applicable Participant or as may otherwise be required to satisfy the minimum requirements of applicable employment or labour standards legislation, if a Participant's Termination Date occurs for any reason whatsoever other than a termination for Cause:

(i) all Restricted Share Units previously credited to such Participant's Restricted Share Unit Account which are Vested Restricted Share Units on the Participant's Termination Date and all Performance Share Units previously credited to such Participant's Performance Share Unit Account which are Vested Performance Share Units on the Participant's Termination Date shall remain outstanding and be settled in accordance with the terms and conditions of the Plan; and

(ii) all Restricted Share Units previously credited to such Participant's Restricted Share Unit Account which are not Vested Restricted Share Units and all Performance Share Units previously credited to such Participant's Performance Share Unit Account which are not Vested Performance Share Units on such Participant's Termination Date shall, in each case, automatically be terminated and forfeited as of such Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlement or otherwise.

6.1.2 **Termination For Cause** 

(a) Except as otherwise determined by the Board or unless otherwise specified in the Award Agreement, the employment agreement of the applicable Participant or as may otherwise be required to satisfy the minimum requirements of applicable employment or labour standards legislation, if a Participant's Termination Date occurs because of the Participant's termination for Cause (as determined by the Board), all Restricted Share Units previously credited to such Participant's Restricted Share Unit Account, that are not Vested Restricted Share Units, and all Performance Share Units previously credited to such Participant's Performance Share Unit Account, that are not Vested Performance Share Units, shall, in each case, automatically be terminated and forfeited as of such Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlement or otherwise.

6.1.3 **No Eligibility for Additional Awards** 

(a) Except as otherwise determined by the Board or unless otherwise specified in the Award Agreement, the employment agreement of the applicable Participant or as may otherwise be required to satisfy the minimum requirements of applicable employment or labour standards legislation, the Participant's eligibility to receive further grants of Awards under this Plan in the event of the Participant's Termination Date ceases as of the Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual, common law or civil law termination entitlement or otherwise.

**7.**  **<u>CLAWBACK</u>**

**7.1** **Clawback** 

7.1.1 Notwithstanding anything in this Plan to the contrary, all RSUs granted under this Plan, and any Common Shares issued or payments made under this Plan in respect of any RSUs shall be subject to clawback or recoupment as permitted or mandated by Applicable Law, rules, regulations or any Company policy as enacted, adopted or modified from time to time.

**8.**  **<u>COMMON SHARES SUBJECT TO THIS PLAN</u>**

**8.1** **Maximum Number of Common Shares and Limitations.** 

8.1.1 The number of Common Shares issuable under the Plan combined with the number of Common Shares issuable under all full-value security-based compensation arrangements of the Company and all security-based compensation arrangements of the Company, shall not exceed 5% and 10%, respectively, of the issued and outstanding Common Shares as at the date of such Award.

8.1.2 Notwithstanding anything else contained herein, the number of Common Shares of the Company which are (a) issuable at any time, and (b) issued within any one year period, to insiders (as such term is defined in Part 1 of the TSX Company Manual) of the Company pursuant to the terms of the Plan and under any other security-based compensation arrangement, shall not exceed 10% of the Company's total issued and outstanding Common Shares (subject to the aforesaid 5% sub-limit applicable under all full-value security-based compensation arrangements of the Company) (the "**Insider Participation Limit** ").

**9.** <u>**ADJUSTMENTS AND MERGER AND ACQUISITION TRANSACTIONS**</u>

**9.1** **Adjustments** 

9.1.1 Appropriate adjustments to this Plan and to Awards shall be made, and shall be conclusively determined, by the Board to give effect to adjustments in the number of Common Shares resulting from subdivisions, consolidations, reorganizations or reclassifications of the Common Shares, the payment of stock dividends by the Company (other than dividends in the ordinary course) or other changes in the capital of the Company. Any dispute that arises at any time with respect to any such adjustment will be conclusively determined by the Board, and any such determination will be binding on the Company, the Participant and all other affected parties.

9.1.2 The grant of any Awards under this Plan will in no way affect the Company's right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, amalgamate, reorganize, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets or engage in any like transaction. For avoidance of doubt, in the event of any reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Shares or other securities of the Company or any other similar corporate transaction or event involving the Company (or the Company shall enter into a written agreement to undergo such a transaction or event), the Committee or the Board may, in its sole discretion, provide for any of the following to be effective upon the consummation of the event (or effective immediately prior to the consummation of the event, provided that the consummation of the event subsequently occurs):

(a) either (i) termination of any such Award, whether or not vested, in exchange for an amount of cash and/or other property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant's rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or event, the Committee or the Board determines in good faith that no amount would have been attained upon the realization of the Participant's rights, then such Award may be terminated by the Company without any payment) or (ii) the replacement of such Award with other rights or property selected by the Committee or the Board, in its sole discretion; or

(b) that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices.

9.1.3 No adjustment provided for in this Article 9 will require the Company to issue a fractional share in respect of any or other Awards and the adjustment with respect to each Award will be limited accordingly.

**10.**  **<u>ADMINISTRATION</u>**

**10.1** **Administration** 

10.1.1 The Plan will be administered by the Board.

(a) Subject to the limitations of the Plan and any required approval(s) of the Exchange, the Board has the sole and absolute discretion and authority to administer and interpret this Plan, the Award Agreements and the Awards, including:

---

| | |
|:---|:---|
| (i)  | to determine the Eligible Persons to whom Awards may be granted; |
| (ii) | to grant Awards and determine their terms, including (i) the number of Awards to be granted, (ii) the timing of grants, including the Date of Grant, (iii) the Performance Goals, Performance Measures, Performance Periods and Performance Vesting Conditions, (iv) restrictions on transfer, (v) any other vesting schedule, terms, limitations, restrictions and conditions applicable to Awards, (vi) the form of any Award Agreement (not inconsistent with this Plan) to evidence an Award; |
| (iii) | to waive or amend any terms of any Awards, including accelerating the vesting of any Awards, changing the Performance Vesting Conditions or, subject to the approval of the Exchange where required, substituting other property on the payment or settlement of any Awards; |
| (iv) | to establish, amend and rescind any regulations, rules or guidelines relating to this Plan; and  |
| (v)  | to make any other determinations, settle any disputes or take any other action necessary or desirable for the administration of this Plan or any Award Agreement or Award, |
| all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of the Plan.  | all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of the Plan.  |

---

(b) The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent the Board deems necessary or desirable to carry it into effect. Any decision of the Board in the interpretation and administration of the Plan shall lie within its absolute discretion and shall be final, conclusive and binding on all parties concerned. No individual shall be liable for anything done or omitted to be done by such individual or any other individual, in connection with the performance of any duties under the Plan, except those which arise from such individual's own willful misconduct or as expressly provided by statute.

(c) The determination by the Board of any question which may arise as to the interpretation or implementation of the Plan or any of the Awards granted hereunder shall be final and binding on all Participants and other persons claiming or deriving rights through any of them.

10.1.2 The Board may delegate to (i) one or more officers or Directors of the Company or (ii) the Committee, subject to such terms, conditions and limitations as the Board may establish in its sole discretion, the authority to grant Awards; provided, however, that the Board shall not delegate such authority in such a manner as would contravene the mandatory requirements of the Exchange or any applicable limitations under Applicable Law.

10.1.3 All costs and expenses of administering the Plan will be paid by the Company.

**10.2** **Amendments** 

10.2.1 This Plan may be amended at any time by the Board in its sole discretion, subject to applicable regulatory approval, (including, approval of the TSX), and the terms of this Plan; provided that, no such amendment shall, unless required by law, adversely affect the rights of any Participant with respect to an Award previously granted to the affected Participant, without the consent of the Participant, and any amendment shall be such that this Plan continuously meets the conditions and requirements of Applicable Law.

10.2.2 Without limiting the generality of the foregoing, the Board may make the following amendments to the Plan, without obtaining shareholder approval:

(a) amendments to the vesting provisions of the Plan and any Award Agreement;

(b) amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with the Applicable Laws, regulations, rules, orders of governmental or regulatory authorities or the requirements of the TSX in place from time to time;

(c) amendments to the provisions of the Plan respecting administration of the Plan;

(d) amendments to the provisions of the Plan respecting the terms and conditions on which Awards may be made pursuant to the Plan;

(e) amendments to the Plan that are of a "housekeeping" nature; and

(f) any other amendments, fundamental or otherwise, not requiring shareholder approval under Section 10.2.3, Applicable Laws or applicable policies of the TSX.

10.2.3 Without limiting the generality of the foregoing, the Board may not, without the approval of the Company's shareholders, make the following amendments to the Plan:

(a) an increase to the Plan maximum or the number of Common Shares issuable under the Plan;

(b) any amendment to the amendment provisions in Sections 10.2.2 and 10.2.3 of the Plan;

(c) extension of the termination or expiry of an Award;

(d) the removal or increase of Insider Participation Limits;

(e) any change that would materially modify the eligibility requirements for participation in this Plan; and

(f) any amendment that permits the assignment or transfer of an Award (or a portion thereof) other than for normal estate planning purposes.

**10.3** **Termination** 

10.3.1 The Board may, in its sole discretion and without the consent of any Participant, terminate the Plan at any time by giving written notice thereof to each Participant. Following termination of the Plan, additional Share Units shall not be credited to the Performance Share Unit Accounts and Restricted Share Unit Accounts of Participants except pursuant to Article 3 or Article 4, as applicable, hereof. Notwithstanding the termination of the Plan, all amounts distributable under the Plan shall be paid to the persons entitled thereto on the date on which such distributions would have been made had the Plan not been terminated.

**10.4** **Applicable Withholding Taxes** 

10.4.1 Prior to the delivery of any Common Shares or cash under this Plan, the Company shall have the power and the right to deduct or withhold, or to require a Participant to remit to the Company, an amount sufficient to satisfy any federal, provincial, local and foreign taxes, pension plan contributions, employment insurance premiums and any other required deductions (collectively referred to herein as "**Applicable Withholding Taxes**") that the Company determines is required to be withheld to comply with applicable laws. The Company shall make any withholdings or deductions in respect of Applicable Withholding Taxes as required by law or the interpretation or administration thereof. The Company shall be entitled to make arrangements to sell a sufficient number of Common Shares to be issued pursuant to the Plan to fund the payment and remittance of Applicable Withholding Taxes that are required to be deducted or withheld and any associated costs (including fees).

**10.5** **Currency** 

10.5.1 All payments and benefits under the Plan shall be determined and paid in the lawful currency of Canada.

**10.6** **Beneficiaries and Claims for Benefits** 

10.6.1 Subject to the requirements of Applicable Law, a Participant shall designate in writing a Beneficiary to receive any benefits that are payable under the Plan upon the death of such Participant. The Participant may, subject to Applicable Law, change such designation from time to time. Such designation or change shall be in such form and executed and filed in such manner as the Committee or the Board may from time to time determine.

**10.7** **General** 

10.7.1 Nothing contained in the Plan shall prevent the Company or any of its Affiliates from adopting or continuing in effect other compensation arrangements (subject to shareholder approval if such approval is required by TSX) and such arrangements may be either generally applicable or applicable only in specific cases.

10.7.2 The validity, construction and effect of the Plan, the grants of Awards, any rules and regulations relating to the Plan and Award Agreement, and all determinations made and actions taken pursuant to the Plan, shall be governed by and determined in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

10.7.3 If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person, or Share Unit and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.

10.7.4 Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates and a Participant or any other person.

10.7.5 Headings are given to the sections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

10.7.6 The Plan shall enure to the benefit of and be binding upon the Company and its successors and assigns. The interest of any Participant under the Plan in any RSU shall not be transferable or alienable by the Participant either by pledge, assignment or in any other manner whatever, otherwise than by testamentary disposition or in accordance with the laws governing the devolution of property in the event of death; and after the Participant's lifetime shall enure to the benefit of and be binding upon the Participant's Beneficiary.

10.7.7 Nothing herein or otherwise shall be construed so as to confer on any Participant any rights as a shareholder of the Company with respect to any Common Shares reserved for the purpose of any Award, including for greater certainty, no Award shall confer any entitlement as to dividends or voting rights on a Participant until the date of purchase or issuance of such Common Shares, as determined by the Board, for the account of such Participant as specifically provided herein.

10.7.8 Nothing contained in this Plan or any Award shall confer upon any Participant any right with respect to continuance as a Director, Consultant, or officer or employee of the Company or its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate the Participant's employment or engagement at any time.

10.7.9 Nothing contained in this Plan or any Award shall confer on any Participant who is not a Director, Consultant, or officer or employee of the Company or its Subsidiaries any right to continue providing ongoing services to the Company or its Subsidiaries or affect in any way the right of the Company or its Subsidiaries to determine to terminate his, her or its contract at any time.

10.7.10 Neither designation as a Participant nor the grant of any Award to any Participant entitles any Participant to any additional grant of any Award under the Plan. Neither the Plan nor any action taken hereunder shall interfere with the right of the Company to terminate a Participant's employment, if applicable, at any time. Neither any period of notice, if any, nor any payment in lieu thereof, upon termination of employment shall be considered as extending the period of employment for the purposes of the Plan.

10.7.11 The amount of any compensation received by a Participant as a result of the settlement of any Award will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, unless otherwise determined by the Board or specified in the other plan.

10.7.12 The invalidity or unenforceability of any provision of this Plan will not affect the validity or enforceability of any other provision and any invalid or unenforceable provision will be severed from this Plan.

\* \* \*

## Exhibit 4.3

**EXHIBIT 4.3**

**AMERICAS GOLD AND SILVER CORPORATION**

**AMENDED AND RESTATED STOCK OPTION PLAN**

**Effective May 7, 2025**

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

**1 GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Interpretation**

For the purpose of this Plan, the following terms shall have the following meanings:

(a) "**Administrator**" means such Director, officer or employee of the Corporation as may be designated from time to time, as Administrator by the Board or an authorized committee of the Board;

(b) "**Associate**" has the meaning ascribed to that term under subsection 1(1) of the *Securities Act* (Ontario);

(c) "**Blackout Period**" means a period of time when, pursuant to any policies of the Corporation or other periods as designated by the Corporation, designated Persons may not trade in securities of the Corporation;

(d) "**Board**" means the board of directors of the Corporation;

(e) "**Cashless Exercise**" has the meaning ascribed to that term under Section 2.6(c);

(f) "**Cause**" means in respect of a Participant, unless otherwise defined in a Participant's Option Agreement or employment or consulting agreement, in which case such definition shall apply, (i) any act or omission that constitutes a "Serious Reason" or "cause" for termination within the meaning of Article 2094 of the *Civil Code of Québec* (as amended from time to time) and applicable jurisprudence in respect of Participants in Québec or (ii) "cause" within the meaning of the common law in respect of Participants outside of Québec;

(g) "**Change of Control**" means:

(i) the acquisition by any "offeror" (as defined in the *Securities Act* (Ontario)) of beneficial ownership of more than 50% of the outstanding voting securities of the Corporation, by means of a take-over bid or otherwise;

(ii) any consolidation, reorganization, merger, amalgamation or statutory amalgamation or arrangement of the Corporation with or into another corporation, a separation of the business of the Corporation into two or more entities, or pursuant to which Common Shares would be converted into cash, securities or other property, other than a merger of the Corporation in which shareholders immediately prior to the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger;

(iii) any sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Corporation;

(iv) the approval by the shareholders of any plan of liquidation or dissolution of the Corporation;

(v) the replacement by way of election or appointment at any time of one-half or more of the total number of the then incumbent members of the Board, unless such election or appointment is approved by 50% or more of the Board in office immediately preceding such election or appointment in circumstances where such election or appointment is to be made other than as a result of a dissident public proxy solicitation, whether actual or threatened; or

(vi) the completion of any transaction or series of transactions which would have the same or similar effect as any transaction or series of transactions referred to in clauses (i), (ii), (iii) or (iv), referred to immediately above;

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

(h) "**Common Shares**" means the common shares without par value of the Corporation as currently constituted;

(i) "**Consultant**" means an individual (including an individual whose services are contracted through a personal holding corporation) with whom the Corporation or any of its Subsidiaries has a contract for services who is approved for participation in the Plan by the Board and for whom there exists an exemption from applicable prospectus requirements permitting the granting of an Option;

(j) "**Corporation**" means Americas Gold and Silver Corporation;

(k) "**Date of Grant**" means the effective date of grant of an Option as set out in the Option Agreement, provided that, such date shall not be earlier than the date on which the grant of the Option was approved by the Board or a committee of the Board duly authorized in accordance with Section 1.3(a);

(l) "**Director**" means a member of the Board;

(m) "**Disability**" means a Participant's long-term disability, as determined by the Board;

(n) "**Effective Date**" means May 7, 2025;

(o) "**Eligible Person**" means, subject to all applicable laws, any Director, officer, employee (whether part-time or full-time), or Consultant of the Corporation or any of its Subsidiaries;

(p) "**Exchange**" means the Toronto Stock Exchange or the NYSE American LLC, as applicable, or if the Common Shares are not listed on the Toronto Stock Exchange or the NYSE American LLC, such other stock exchange on which the Common Shares are listed, or if the Common Shares are not listed on any stock exchange, then on the over-the-counter market;

(q) "**Exchange Day**" means any day on which the Exchange is open for trading;

(r) "**Exercise Notice**" means the notice respecting the exercise of an Option, in substantially the form set out as Schedule "B" hereto, duly executed by the Option Holder;

(s) "**Fair Market Value**" on any date of a Common Share means:

(i) if the Common Shares are listed on an Exchange, the volume-weighted average trading price of the Common Shares on the Exchange with the greatest volume of trading over the applicable period, for the five trading days before the relevant date or, if there is no reported sale price at which the Common Shares traded on an Exchange during such period, the average of the closing bid and ask prices (on the Exchange with the narrowest such bid-ask spread) for the trading day immediately before the relevant date; and<sup></sup>

(ii) if the Common Shares are not listed on an Exchange, the value of a Common Share as determined by the Board in good faith;

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

(t) "**Insider**" means:

(i) an insider as defined under subsection 1(1) of the *Securities Act* (Ontario), other than a person who falls within that definition solely by virtue of being a director or senior officer of a subsidiary of the Corporation, and

(ii) an Associate of any person who is an insider by virtue of (i) above:

(u) "**Non-Executive Director**" means any Director of the Corporation who is not an employee or officer of the Corporation or any Affiliate;

(v) "**Option**" means an option to purchase Common Shares granted pursuant to the terms of the Plan;

(w) "**Option Agreement**" means an agreement, substantially in the form of Schedule "A", evidencing an award of Options;

(x) "**Option Exercise Price**" means the price at which a Common Share may be acquired on exercise of an Option;

(y) "**Participant**" means Eligible Persons to whom Options have been granted;

(z) "**Person**" means an individual, corporation, company, cooperative, sole proprietorship, partnership, limited partnership, limited liability partnership, joint venture, venture capital fund, limited liability company, unlimited liability company, trust, trustee, executor, administrator, legal personal representative, estate, unincorporated association, organization or syndicate, entity with juridical personality or governmental authority or body, or other entity, whether or not having legal status, however designated or constituted, and pronouns which refer to a Person shall have a similarly extended meaning;

(aa) "**Personal Representative**" means:

(i) in the case of a deceased Participant, the executor or administrator of the deceased duly appointed by a court or public authority having jurisdiction to do so; and

(ii) in the case of a Participant who for any reason is unable to manage his or her affairs, the person entitled by law to act on behalf of such Participant;

(bb) "**Plan**" means this Amended and Restated Stock Option Plan of the Corporation;

(cc) "**Share Compensation Arrangement**" means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares to Eligible Persons, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

(dd) "**Subsidiary**" means an issuer that is controlled by another issuer, within the meaning of subsections 1(3) and 1(4) of the *Securities Act* (Ontario); and

(ee) "**Termination Date**" means (i) in the case of a Participant (other than a Consultant), the last day on which the Participant actively renders services to the Corporation or any of its Subsidiaries, including by reason of death or Disability, excluding any period of contractual or reasonable notice of termination of employment or any period of salary or benefits continuance or deemed employment, except as otherwise expressly required by applicable employment or labour standards legislation, but, for greater certainty, a Participant's absence from active work during a period of vacation, temporary illness, authorized leave of absence, maternity or parental leave or leave on account of Disability shall not be considered to result in a Termination Date, and (ii) in the case of a Consultant who is a Participant, the effective date of termination of the agreement governing its services as a consultant.

Words importing the singular number only shall include the plural and vice versa and words importing the masculine shall include the feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Purpose**

The purpose of the Plan is to advance the interests of the Corporation by (i) providing Eligible Persons with additional incentive, (ii) encouraging stock ownership by such Eligible Persons, (iii) increasing the proprietary interest of Eligible Persons in the success of the Corporation, (iv) encouraging the Eligible Persons to remain with the Corporation or its Subsidiary Companies, and (v) attracting new Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall be administered by the Board or a committee of the Board duly authorized for this purpose by the Board and consisting of not less than three Directors, as assisted by the Administrator. If a committee is authorized for this purpose, all references to the Board will be deemed to be references to the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations of the Plan and any required approval(s) of the Exchange, the Board shall have the authority:

(i) to determine the Eligible Persons to whom Options may be granted;

(ii) to grant Options and determine their terms, including (A) the number of Common Shares subject to the applicable Option, (B) the timing of grants, including the Date of Grant, (C) the Exercise Price, (D) restrictions on transfer, (E) the vesting schedule, limitations, restrictions and conditions applicable to Options, (F) the form of any Option Agreement (not inconsistent with this Plan) to evidence the grant of an Option;

(iii) to interpret the Plan and to adopt, amend and rescind such administrative guidelines and other rules and regulations relating to the Plan as it shall from time to time deem advisable; and

(iv) to make all other determinations, settle any disputes or take any other action in connection with the implementation and administration of the Plan including, without limitation, for the purpose of ensuring compliance with Section 1.6 hereof, as it may deem necessary or advisable.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting Section 1.3(b), the Board or an authorized committee of the Board, in its discretion, may correct any defect or omission or reconcile any inconsistencies in this Plan or any Option Agreement or Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The interpretation by the Board or an authorized committee of the Board of any of the provisions of the Plan and any determination by it pursuant thereto shall be final and conclusive and shall not be subject to any dispute by any Participant. No member of the Board or any person acting pursuant to authority delegated by the Board hereunder shall be liable for any action or determination in connection with the Plan made or taken in good faith and each member of the Board and each such person shall be entitled to indemnification with respect to any such action or determination in the manner provided for by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board may prescribe terms for Option Agreements in respect of Eligible Persons who are subject to the laws of a jurisdiction other than Canada in connection with their participation in this Plan that are different than the terms of the Option Agreements for Eligible Persons who are subject to the laws of Canada in connection with their participation in this Plan, and/or deviate from the terms of this Plan set out herein, for purposes of compliance with applicable law in such other jurisdiction or where, in the Board's opinion, such terms or deviations are necessary or desirable to obtain more advantageous treatment for the Corporation, a Subsidiary of the Corporation or the Eligible Person in respect of this Plan under the law of the other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Board's discretion and authority is subject to any mandatory requirements of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Shares Reserved**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The number of Common Shares issuable under the Plan combined with the number of Common Shares issuable under all security-based compensation arrangements of the Corporation shall not exceed 10% of the issued and outstanding Common Shares as at the date of such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The maximum aggregate number of Common Shares reserved for issuance to all Non- Executive Directors under the Plan and all other security-based compensation arrangements of the Corporation shall not exceed 1% of the total number of Common Shares then issued and outstanding; (ii) the aggregate Fair Market Value of the Common Shares covered by Options granted under this Plan to any Non-Executive Director in a one-year period shall not exceed $100,000, and (iii) the maximum aggregate value of all awards granted under the Plan to any Non- Executive Director in a one-year period combined with the value of all grants under other security-based compensation arrangements of the Corporation in such one-year period shall not exceed $150,000. The foregoing limitations do not apply to grants made *in lieu* of Directors' fees payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else contained herein, the number of Common Shares of the Corporation which are (i) issuable at any time, and (ii) issued within any one year period, to insiders (as such term is defined in Part 1 of the TSX Company Manual) (each, an "**Insider**") of the Corporation pursuant to the terms of the Plan and under any other security-based compensation arrangement, shall not exceed 10% of the Corporation's total issued and outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Plan is an "evergreen" plan. Accordingly, Common Shares covered by Options that are exercised or settled or that expire or are forfeited, surrendered, cancelled or otherwise terminated or lapse for any reason without having been exercised or settled for Common Shares issued from treasury will be available for subsequent grant under this Plan and the number of Common Shares available for issuance under Section 1.4(a) will not be reduced. No fractional shares shall be issued. Reference should be made to Section 1.8(d) for the manner in which fractional share values shall be treated.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Amendment and Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may amend, suspend or terminate the Plan or any portion thereof at any time in accordance with applicable legislation, and subject to any required Exchange or shareholder approval. No such amendment, suspension or termination shall alter or impair any Options or any rights pursuant thereto granted previously to any Participant without the consent of such Participant. If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other rules and regulations adopted by the Board and in force at the time of the Plan, shall continue in effect during such time as an Option or any rights pursuant thereto remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may amend or modify any outstanding Option in any manner, to the extent that the Board would have had the authority to initially grant such Option as so modified or amended, including without limitation, to change the date or dates as of which an Option becomes exercisable, subject to the prior approval of the Exchange, if required; *provided* that the consent of the affected Participant is obtained if any such amendment or modification would materially impair an outstanding Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to the policies of the Exchange and without limiting the generality of the foregoing, the Board, subject to Section 1.5(d), may make the following amendments to the Plan or an Option granted under the Plan, as applicable, without obtaining approval of any shareholder of the Corporation:

(i) amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with applicable laws and regulatory requirements, including the requirements of the Exchange, in place from time to time;

(ii) amendments of a "housekeeping" or administrative nature, including any amendment to cure any ambiguity, error or omission in this Plan or any Option Agreement or to correct or supplement any provision of this Plan or any Option Agreement that is inconsistent with any other provision of this Plan or other Option Agreement provided such amendment does not alter the scope, nature and intent of the affected provisions;

(iii) amendments to the provisions of the Plan respecting the terms and conditions on which Options may be granted pursuant to the Plan, including the vesting schedule;

(iv) the addition of, and subsequent amendment to, any financial assistance provision;

(v) amendments to the termination provisions of Options or the Plan which do not entail an extension beyond the original expiry date;

(vi) the addition of a cashless exercise feature, payable in cash or securities;

(vii) amendments ensuring that the Options granted under the Plan will comply with any provisions respecting the income tax and other laws in force in any country or jurisdiction of which a Participant to whom an Option has been granted may from time to time be resident or a citizen; and

(viii) any other amendments not requiring shareholder approval under applicable laws or the requirements of the Exchange.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may not, without the approval of the Corporation's shareholders, make amendments to the Plan or an Option granted under the Plan with respect to the following:

(i) an increase to the maximum number or percentage of securities issuable under the Plan;

(ii) a reduction in the exercise price of an outstanding Option or other entitlements under the Plan;

(iii) amendments to remove or increase the Insider participation limits in Section 1.4(c);

(iv) any cancellation and reissue of Options or other entitlements;

(v) any change to the definition of "Eligible Person" set out in Section 1.1(o) where such change may permit Non-Executive Directors to participate on a discretionary basis under the Plan;

(vi) an amendment to the prohibition on transferring or assigning Options under the Plan set out in Section 2.7;

(vii) an amendment to the amendment provisions in this Section 1.5 so as to increase the ability of the Board to amend the Plan without the approval of the Corporation's shareholders;

(viii) an amendment that extends the term of Options beyond their Option Expiry Date, except in accordance with Section 2.4(b); and

(ix) any changes to the limits set out in Section 1.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Notwithstanding the foregoing, no amendment to the Plan which, pursuant to: (i) applicable securities laws and the regulations and rules promulgated thereunder; (ii) any rules and regulations of the Exchange or consolidated stock price reporting system on which prices for the Common Shares are quoted at any time; or (iii) any other applicable laws, rules and regulations of any jurisdiction requiring action by the shareholders, requiresactionbytheshareholdersmaybemadewithoutobtaining,orbeingconditioned upon, shareholderapproval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other rules and regulations adopted by the Board and in force at the time of the Plan shall continue in effect as long as any Option remains outstanding. However, notwithstanding the termination of the Plan, the Board may make any amendments to the Plan or to any outstanding Option that the Board would have been entitled to make if the Plan were still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 Compliance with Legislation**

The Plan, the grant and exercise of Options hereunder and the Corporation's obligation to issue and deliver Common Shares upon exercise of Options shall be subject to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulation of any stock exchange on which the Common Shares are listed for trading and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Corporation, be required. The Corporation shall not be obliged by any provision of the Plan or the grant of any Option hereunder to issue or sell Common Shares in violation of such laws, rules and regulations or any condition of such approvals. No Option shall be granted and no Common Shares issued or sold hereunder where such grant, issue or sale would require registration of the Plan or of Common Shares under the securities laws of any foreign jurisdiction and any purported grant of any Option or issue or sale of Common Shares hereunder in violation of this provision shall be void. In addition, the Corporation shall have no obligation to issue any Common Shares pursuant to the Plan unless such Common Shares shall have been duly listed, upon official notice of issuance, with all stock exchanges on which the Common Shares are listed for trading. Common Shares issued and sold to Participants pursuant to the exercise of Options may be subject to limitations on sale or resale under applicable securities laws and, if deemed necessary or expedient by the Board, the certificates representing the Common Shares issued upon the exercise of Options shall have a legend pertaining to such restriction.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Effective Date

This Plan is effective as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8 Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing contained herein shall prevent the Board from adopting other or additional compensation arrangements, subject to any required regulatory or shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in the Plan nor in any Option granted thereunder shall be deemed to give any Participant any interest or title in or to any Common Shares of the Corporation or any rights as a shareholder of the Corporation or any other legal or equitable right against the Corporation whatsoever other than as set forth in the Plan and pursuant to the exercise of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Plan does not give any Eligible Person the right or obligation to become or to continue to serve as a director, officer, Consultant, or employee, as the case may be, of the Corporation or any of its Subsidiaries. The awarding of Options to any Eligible Person is a matter to be determined solely in the discretion of the Board. The Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Common Shares or any other securities in the capital of the Corporation or any of its Subsidiaries other than as specifically provided for in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Common Shares shall be issued upon the exercise of Options and, accordingly, if a Participant would become entitled to a fractional Common Share upon the exercise of an Option, such Participant shall only have the right to purchase the next lowest whole number of Common Shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The grant of an Option shall be conditional upon the Eligible Person to whom the Option is granted completing, signing and delivering to the Corporation all documents as may be required by the regulatory authorities having jurisdiction.

**2 OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Nature of Options**

An Option is a right granted by the Corporation to an Eligible Person entitling the Eligible Person to acquire, for each Option issued, one Common Share from treasury at the Option Exercise Price.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Option Agreement

Each grant of an Option under this Plan will be evidenced by an Option Agreement. Any one executive officer of the Company is authorized and empowered to execute and deliver, for and on behalf of the Company, an Option Agreement to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Option Exercise Price**

The Board shall establish the Option Exercise Price of an Option on the Date of Grant, which shall in all cases be not less than the Fair Market Value as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Option Term; Blackout Period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Sections 2.4(b) and 2.8, unless otherwise specified in the applicable Option Agreement governing the Option, the date and time on which each Option will expire (the "**Option Expiry Date**") will be 4:30 p.m. (Toronto time) on the tenth anniversary of the Date of Grant, provided that the Option Expiry Date shall not be later than the tenth anniversary of the Date of Grant. The Corporation will cancel any unexercised Option immediately following the Option Expiry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Option Expiry Date would fall within a Blackout Period, the Option Expiry Date will automatically be extended to the date that is 10 Exchange Days after the date when the Blackout Period ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Vesting of Options**

Options will vest on the basis specified in the applicable Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Option Exercise**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Option may be exercised only by the Participant or the Personal Representative of any Participant, where applicable. Subject to the provisions of this Plan and the applicable Option Agreement, a Participant, or a Participant's Personal Representative, as applicable, may exercise a vested Option (in whole or in part) at any time (other than during a Blackout Period) by delivering to the Corporation a duly signed and completed Exercise Notice, the applicable Option Agreement and a certified cheque, bank draft or other means of payment acceptable to the Corporation in an amount equal to the aggregate Option Exercise Price of the Common Shares to be purchased pursuant to the exercise of the Option. The issuance of any Common Shares on the exercise of Options shall be subject to the satisfaction of any obligations in respect of the applicable Withholding Tax Amount in accordance with Section 2.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as practicable following the receipt of the Exercise Notice, the Administrator shall cause to be delivered to the Participant a certificate for the Common Shares so purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to any policies of the Exchange, in lieu of exercising any vested Option in the manner described in Section 2.6(a), a Participant may complete a cashless exercise with a properly completed notice of Net Exercise, in a form approved by the Board from time to time, and elect to receive that number of Common Shares determined in accordance with the following formula: (a "**Cashless Exercise**"):

A = (B\* (C – D))/C,

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

Where:

---

| | |
|:---|:---|
| A = | the number of Common Shares to be issued to the Participant upon exercising such Options, provided that if the foregoing calculation results in a negative number, then no Shares shall be issued |
| B = | the number of Shares underlying the Options subject to the Cashless Exercise |
| C = | subject to the policies of the Exchange, the volume weighted average trading price of the Shares on the Exchange calculated by dividing the total value by the total volume of the Shares traded for the five trading days immediately preceding the date of exercise of the Options subject to the Cashless Exercise |
| D = | the Option Exercise Price of the Options subject to the Cashless Exercise |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Transfers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant may not transfer or assign an Option, including by operation of law, excepton the death of the Participant, by will or applicable laws of succession, provided that, subject to applicable law, a Participant may designate in writing (on terms specified by the Corporation) a beneficiary to receive any benefits that are payable under this Plan and any Option on death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Participant may not grant a security interest in, pledge or otherwise encumber an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any breach of Sections 2.7(a) or 2.7(b) will result in the Award being void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Termination of Employment or Engagement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise determined by the Board or unless otherwise specified in the Option Agreement, the employment agreement of the applicable Participant or as may otherwise be required to satisfy the minimum requirements of applicable employment or labour standards legislation:

(i) if a Participant's Termination Date occurs for any reason whatsoever other than death, Disability or termination with Cause, then the Participant may exercise any of the Participant's Options to the extent that the Options have vested as at the Termination Date until the earlier of the Option Expiry Date of the particular Option and the date that is 90 days after the Termination Date, after which such Options expire and are cancelled. Any Options held by the Participant that have not vested as at the Participant's Termination Date shall immediately expire and are cancelled on the Participant's Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual, common law or civil law termination entitlement or otherwise;

(ii) if a Participant dies while an Eligible Person, the Personal Representative may exercise any of the Participant's Options to the extent that the Options have vested as at the Participant's death until the earlier of the Option Expiry Date of the particular Option and the date that is twelve months after the date of the Participant's death, after which such Options expire and are cancelled. Any Options held by the Participant that have not vested as at the date of the Participant's death shall immediately expire and are cancelled on the date of the Participant's death and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual, common law or civil law termination entitlement or otherwise;

(iii) if a Participant is determined to have a Disability while an Eligible Person, the Participant or Personal Representative, as applicable, may exercise any of the Participant's Options to the extent that the Options have vested as at the Participant's Disability until the earlier of the Option Expiry Date of the particular Option and the date that is twelve months after the date of the Participant's Disability, after which such Options expire and are cancelled. Any Options held by the Participant that have not vested as at the date of the Participant's Disability shall immediately expire and are cancelled on the date of the Participant's Disability and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual, common law or civil law termination entitlement or otherwise;

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

(iv) if Participant's Termination Date occurs because of the Participant's termination for Cause by the Company or a Subsidiary (as determined by the Board), then any Options held by the Participant, whether or not they have vested as at the Termination Date, immediately expire and are cancelled on the Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlement or otherwise; and

(v) the Participant's eligibility to receive further grants of Options under this Plan in the event of the Participant's Termination Date ceases as of the Termination Date and the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual, common law or civil law termination entitlement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Clawback**

Notwithstanding anything in this Plan to the contrary, all Options granted under this Plan, and any Shares issued or payments made under this Plan in respect of any Options shall be subject to clawback or recoupment as permitted or mandated by applicable law, rules, regulations or any Corporation policy as enacted, adopted or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Adjustment to Shares**

If there is any change in the capital of the Corporation affecting the Common Shares, including as a result of a stock split or consolidation, combination or exchange of shares, merger, arrangement, amalgamation, spin-off or other special distribution (other than distributions or cash dividends in the ordinary course) of the Corporation's assets to shareholders, the Board, in its discretion, may make any adjustments it determines to be appropriate to reflect that change (for the purpose of preserving the value of the Options or the rights of Participants) including to (i) the number or kind of shares or other securities reserved for issuance under this Plan, (ii) the number or kind of shares or other securities subject to unexercised Options previously granted and the Option Exercise Price of those Options and (iii) the number of Options held by the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 Effect of Change of Control**

In the event of a proposed Change of Control, any Option held by any Participant that is not fully vested on the date that the Change of Control occurs shall, subject to the approval of each applicable regulatory authority or Exchange and subject to the provisions of any other written agreement between the Participant and the Corporation, if applicable, vest immediately prior to the Change of Control, and all Options held by the Participant shall be immediately exercisable within a 30-day period following the Change of Control regardless of the expiry date. Upon expiration of such 30-day period, all rights of the Participant to the Option or to exercise same (to the extent not theretofore exercised) shall terminate and cease to have further force or effect whatsoever. Alternatively, the Corporation may also or instead determine in its sole discretion that all such outstanding Options may be purchased, including by the Corporation (or any of its affiliates), for an amount per Option equal to the Transaction Price (as defined below), less the applicable exercise price, as of the date such transaction is determined to have occurred or as of such other date prior to the transaction closing date as the Board may determine in its sole discretion. For purposes of this paragraph, "**Transaction Price**" means the fair market value of a Common Share based on the consideration payable in the applicable transaction as determined by the Board. For the purposes of this paragraph, if the cash and/or other consideration that the Participant is entitled to receive after deducting the amount that the Participant would have been required to pay to the Corporation on exercise of Options, if applicable, is not greater than zero, the Options shall be cancelled for no additional consideration.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Tax Consequences

It is the responsibility of the Participant to complete and file any tax returns which may be required under any applicable tax laws within the periods specified in those laws as a result of the Participant's participation in the Plan. The Corporation shall not be responsible for any tax consequences to the Participant as a result of the Participant's participation in the Plan. The Participant shall remain responsible at all times for paying any federal, provincial, local and foreign income or employment related taxes due, if and as applicable, with respect to any Option, and the Corporation shall not be liable for any interest or penalty that a Participant incurs by failing to make timely payments of tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 Withholding Tax Requirements**

Prior to the delivery of any Common Shares or cash pursuant to the, exercise or disposition of an Option, the Participant shall pay to the Corporation amounts necessary to satisfy applicable federal, state, provincial, local or other taxes of any kind required by law to be paid in connection with the exercise or disposition of Options or shall otherwise make arrangements satisfactory to the Corporation for such requirements. At its discretion, the Corporation may require a Participant receiving Common Shares to reimburse the Corporation for any such taxes required to be withheld by the Corporation and withhold any issuance and delivery of Common Shares to the Participant in whole or in part until the Corporation is so reimbursed. The issuance and delivery of Common Shares pursuant to the exercise or disposition of Options is contingent on the Participant reimbursing the Corporation for any applicable withholding tax requirements, and if the Participant fails to reimburse the Corporation for such amount, the Corporation may cancel such issuance and return such Common Shares to its treasury.

In order to satisfy the Corporation's or Subsidiaries' obligation, if any, to remit an amount to a taxation authority on account of such taxes in respect of the exercise or disposition of an Option (the "**Withholding Tax Amount**"), each of the Corporation and such Subsidiary shall have the right, as its discretion, to:

(i) retain and withhold amounts from any amount or amounts owing to the Participant, whether under this Plan or otherwise;

(ii) require the Participant to pay to the Corporation the Withholding Tax Amount as a condition of exercise of the Option by a Participant; and/or

(iii) to make arrangements to sell a sufficient number of Common Shares to be issued pursuant to the exercise of an Option to fund the payment and remittance of the Withholding Tax Amount and any associated costs (including brokerage fees).

Notwithstanding the foregoing, nothing shall preclude the Corporation and the Participant from agreeing to use a combination of the methods described in this Section 2.13 or some other method to fund the Withholding Tax Amount.

<u> Americas Gold and Silver Corporation</u> <u> Stock Option Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 No Rights as Shareholder

The Participant shall not have any rights as a shareholder of the Corporation with respect to any Common Shares covered by an Option until the Participant shall have exercised such Option and been issued Common Shares in accordance with the terms of the Plan and the Corporation shall issue such Common Shares to the Participant in accordance with the terms of the Plan in those circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 No Rights Conferred**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing contained in this Plan or any Option shall confer upon any Participant any right with respect to continuance as a Director, Consultant, or officer or employee of the Corporation or its Subsidiaries, or interfere in any way with the right of the Corporation or its Subsidiaries to terminate the Participant's employment or engagement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in this Plan or any Option shall confer on any Participant who is not a Director, Consultant, or officer or employee of the Corporation or its Subsidiaries any right to continue providing ongoing services to the Corporation or its Subsidiaries or affect in any way the right of the Corporation or its Subsidiaries to determine to terminate his, her or its contract at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 Successors and Assigns**

This Plan is binding on all successors and permitted assigns of the Corporation and its Subsidiaries and each Participant, including their Personal Representative, or any receiver or trustee in bankruptcy or representative of the creditors of the Corporation, any of its Subsidiaries or a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 Other Employee Benefits**

The amount of any compensation received by a Participant as a result of the exercise or settlement of any Option will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, unless otherwise determined by the Board or specified in the other plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 Governing Law**

This Plan shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19 Severability**

The invalidity or unenforceability of any provision of this Plan will not affect the validity or enforceability of any other provision and any invalid or unenforceable provision will be severed from this Plan.

**SCHEDULE** "**A**"

**AMERICAS GOLD AND SILVER CORPORATION STOCK OPTION PLAN**

**<u>OPTION AGREEMENT</u>**

**STOCK OPTION AGREEMENT**

**STOCK OPTION AGREEMENT** (the "**Agreement**") made as of •.

**B E T W E E N:**

**AMERICAS GOLD AND SILVER CORPORATION,**

a corporation existing under the laws of Canada,

(hereinafter called the "**Company**"),

**OF THE FIRST PART,**

- and -

• (hereinafter called the "**Optionee**"),

**OF THE SECOND PART**

**WHEREAS** the Company has established the Amended and Restated Stock Option Plan, as amended, supplemented or replaced from time to time (the "**Plan**") pursuant to which the board of directors of the Company may, in its discretion, grant from time to time options (the "**Options**") to purchase common shares of the Company (the "**Optioned Shares**") to eligible participants;

**AND WHEREAS**, to advance the interests of the Company by affording the Optionee the opportunity, through Options, to acquire an increased proprietary interest in the Company, the Company has agreed to issue to the Optionee, pursuant to and in accordance with the terms and conditions of the Plan, Options to purchase up to, in the aggregate, • Shares (the "**Optioned Shares**") on the terms and conditions set out in this Agreement;

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the mutual covenants and agreements hereinafter contained and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the parties) the parties hereto covenant and agree as follows:

**1 <u>DEFINED TERMS</u>**

Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan and grammatical variations of such terms shall have corresponding meanings.

**2 <u>GRANT OF OPTIONS</u>**

Subject to the terms and conditions set out in this Agreement and the Plan, the Company hereby, as of the date of this Agreement (the "**Date of Grant**"), grants to the Optionee • personal, non-assignable Options to purchase an aggregate of • Optioned Shares, each such Option being exercisable in accordance with the terms of this Agreement and the Plan to acquire one Optioned Share. The Optionee agrees to be bound by the terms and conditions of the Plan, which control in case of any conflict with this Agreement, except as otherwise specifically provided in the Plan.

**3 <u>OPTION EXERCISE PRICE</u>**

Subject to any adjustment in accordance with the terms of the Plan, the option exercise price at which each Optioned Share may be purchased upon the exercise of an Option (the "**Option Exercise Price**") shall be $• CAD.

**4 <u>VESTING, EXPIRY AND EXERCISE OF OPTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Except as otherwise provided in this Agreement or the Plan, the Options shall vest in accordance with the vesting schedule set forth in <u>Section 4.2</u> and the Optionee shall have the right to exercise the Options to purchase the Optioned Shares, in whole or in part, once vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** Subject to <u>Section 4.3</u> and <u>Section 4.4</u>, the Options shall vest and be exercisable with respect to the Optioned Shares in accordance with the following schedule, provided that, the Optionee's Termination Date has not occurred prior to the applicable vesting date:

---

| | |
|:---|:---|
| **Vesting Schedule - Options** | **Vesting Schedule - Options** |
| **Vesting Date** | **Vesting Quantity** |
| •  | •  |
| •  | •  |
| •  | •  |
| •  | • |

---

; provided, however, in the event of a Change of Control, any Option held that is not fully vested on the date the Change of Control occurs shall vest immediately prior to the Change of Control and all Options held by the Optionees shall be immediately exercisable in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** The Options shall be exercisable by the Optionee by delivery of a written, duly executed Exercise Notice, substantially in the form of <u>Schedule A</u> annexed hereto, as the same may be amended, supplemented or replaced by the Company from time to time, to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** The Options shall expire and terminate at the close of business in Toronto, Ontario on the 10<sup>th</sup> anniversary of the Date of Grant, being •, or on such earlier date as may be specified in this Agreement and the Plan, after which time the Options shall be of no further force or effect whatsoever as to those Optioned Shares in respect of which the Options have not then been exercised.

**5 <u>TERMINATION OF EMPLOYMENT OR ENGAGEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** The parties hereto acknowledge and agree that <u>Section 2.8</u> and <u>Section 2.9</u> of the Plan shall govern the Optionee's rights pursuant to the Options upon the termination of the Optionee's employment or engagement with the Company or any Subsidiary. In summary, the portion of the Options that has not vested as at the Optionee's Termination Date shall expire and be cancelled upon the Optionee's Termination Date (regardless of whether the termination is lawful or unlawful, with or without Cause, and whether the Optionee or the Company or Subsidiary initiates the termination), and if the Optionee is terminated for Cause, the vested portion of the Options will also, subject to the minimum requirements of applicable employment or labour standards legislation, expire and be cancelled immediately on the Optionee's Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** The Optionee understands and acknowledges that the foregoing is only a summary of the treatment of the Options upon the Optionee's termination of employment or engagement and the Optionee's rights are governed solely by the terms of <u>Section 2.8</u> and <u>Section 2.9</u> of the Plan. The Plan shall prevail to the extent of any inconsistency between this summary and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** Except as required to meet any minimum applicable requirements contained in applicable employment or labour standards legislation, the Optionee understands, agrees, and acknowledges that the Optionee will not be entitled to any compensation or damages pursuant to contract, common law or civil law in respect of any expiry, cancellation or forfeiture or in lieu of receiving any Option, Optioned Shares, payment or benefit under the Plan or this Agreement, including in respect of all or any portion of this Option that expires, is cancelled, does not vest, or is not awarded to due to the termination of the Optionee's employment, term of office, or engagement as of the Optionee's Termination Date, or for any other reason. The Optionee agrees that this Agreement and the Plan together displace any and all common law and civil law rights that the Optionee may have or claim to have in respect of the Options, including any right to claim damages. The foregoing shall apply, regardless of (i) the reason for the termination of the Optionee's employment, term of office or engagement; (ii) whether such termination is lawful or unlawful, with or without Cause; (iii) which party initiates the termination; and (iv) any fundamental changes, over time, to the terms and conditions applicable to the Optionee's employment, term of office or engagement.

**6 <u>ADJUSTMENTS</u>**

The number of Optioned Shares subject to the Options and/or the Option Exercise Price at which any Optioned Share may be purchased upon the exercise of each Option shall be subject to adjustment from time to time in accordance with <u>Article 2.10</u> of the Plan.

**7 <u>MISCELLANEOUS PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Nothing in the Plan, this Agreement or any Option shall confer upon the Optionee any right to continue in the employ of or to continue to provide services to the Company or any of its Subsidiaries or affect in any way the right of the Company or any of its Subsidiaries to terminate at any time his or her employment or any agreement or contract with the Optionee; nor shall anything in the Plan, this Agreement or any Option be deemed to be or construed as an agreement, or an expression of intent, on the part of the Company or any of its Subsidiaries to extend the employment of or the time for the provision of services by the Optionee beyond the time which he or she would normally be retired pursuant to the provisions of any present or future retirement plan or policy of the Company or any of its Subsidiaries, or beyond the time at which he or she would otherwise be retired pursuant to the provisions of any contract of employment or for services with the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** Upon exercise of an Option, the Optionee shall, upon notification of the amount due and prior to or concurrently with the delivery by the Company of the certificates representing the Optioned Shares issuable pursuant to the exercise of the Option, pay to the Company all amounts necessary to satisfy all applicable federal and provincial withholding tax requirements or shall otherwise make arrangements satisfactory to the Company for such requirements, in accordance with the Plan. In order to implement this provision, and without limiting the foregoing or the provisions of the Plan, the Company shall have the right to, among other things, retain and withhold from any payment or distribution of cash, Optioned Shares or any other amounts payable to an Optionee or the Holder the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect thereto, in accordance with <u>Section 2.13</u> of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** The grant of the Options and the issue of any Optioned Shares upon the exercise of any Options are subject to and conditional upon obtaining any regulatory authority approvals as may be required as a condition of, or in connection with, such grant or issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall be governed by, the laws of the Province of Ontario and the federal laws of Canada applicable therein in the Province. Each of the Company and the Optionee hereby attorns to the exclusive jurisdiction of the courts of the Province of Ontario and all courts competent to hear appeals therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** This Agreement and the Options granted to the Optionee hereunder are personal to the Optionee and are non-assignable and non-transferable, except in the manner contemplated herein and in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** The parties hereto covenant that they shall and will from time to time and at all times hereafter do and perform all such acts and things and execute all such additional documents as may be reasonably required to give effect to the terms and intention of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** This Agreement is subject to the Plan as the same is in effect on the date hereof, all of the terms and conditions of which are hereby incorporated by reference and deemed to be a part hereof, and all interpretations, determinations and rules and regulations relating thereto shall be made by the Board in accordance with the Plan. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall prevail. The Optionee hereby acknowledges receipt of a copy of the Plan and that he or she has read and understood the terms and conditions set out therein and further acknowledges and agrees that this Agreement and any Options (and the exercise thereof) are subject to and governed by the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** This Agreement, together with the Plan and the Exercise Notice delivered thereunder, supersedes all other agreements, documents, writings and verbal understandings among the parties relating to the subject matter hereof and represents the entire agreement between the parties relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** This Agreement shall enure to the benefit of and be binding upon the Company, its successors and assigns, the Optionee and his or her Permitted Assigns and, subject as is hereinbefore provided, the heirs, executors, administrators and permitted successors of the Optionee and his or her Permitted Assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** This Agreement, the Plan, and any Options granted hereunder may be amended by the Company or its shareholders, as applicable, in accordance with <u>Section 1.5</u> of the Plan. No amendment to this Agreement, the Plan or any Options granted hereunder by the Optionee shall be valid or binding on the Company unless in writing and duly executed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** This Agreement and all documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall be construed together to be an original and will constitute one and the same agreement.

**IN WITNESS WHEREOF** the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| By: |  |
|  | Name: •  |
|  | Title: •  |

---

---

| | |
|:---|:---|
| **•** | **•** |
| By: |  |
|  | Name: •  |

---

**SCHEDULE** "**B**"

**<u>EXERCISE NOTICE</u>**

To: The Administrator, Stock Option Plan Americas Gold and Silver Corporation 145 King St. W Suite 2870

Toronto, ON M5H 1J8

This Exercise Notice is delivered in respect of the option (the "**Option**") to purchase __________ common shares (each, a "**Share**") in the capital of Americas Gold and Silver Corporation (the "Corporation") at an exercise price of $________ per Share that was granted to the undersigned on ___________, 20__, pursuant to the Corporation's Amended and Restated Stock Option Plan (the "**Plan**") and the Option Agreement entered into between the Corporation and the undersigned.

Effective as of today, ___________, 20__, subject to the terms Plan, the undersigned hereby irrevocably elects to:

☐ exercise the Option to purchase the following number of Shares, and encloses a cheque or bank draft or has provided a wire transfer payable to Americas Gold and Silver Corporation (circle one) in the aggregate amount set out below, which is equal to the total exercise price for the Shares being purchased:

---

| | |
|:---|:---|
| <br> Number of Shares to be Purchased:<br>|  |
| <br> At an Exercise Price per Share of:<br>| <br> $|
| <br> For an aggregate Exercise Price of:<br>| <br> $|

---

The undersigned directs the Corporation to issue the share certificate evidencing the Shares purchased in the name of the undersigned to be mailed to the undersigned at the following address:

<br> Address:<br>

**<u>or</u>**

☐ exercise a right available to the undersigned under Section 2.6(c) of the Plan to a cashless exercise with respect to the Option with an exercise price of $<u> </u> per Share, and the undersigned directs the Corporation to issue the share certificate evidencing the Shares purchased in the name of the undersigned to be mailed to the undersigned at the following address: 

<br> Address:<br>

☐ By checking this box, I hereby confirm and acknowledge my responsibility for my personal income taxes related to the taxable benefit from exercising the Option (including the net exercise, as applicable).

DATED the<u> </u>day of <u>,</u> 20<u> </u>.

---

| | |
|:---|:---|
| Signature of Witness<br>| Signature of Participant<br>|
| Name of Witness *(please print)*<br>| Name of Witness *(please print)*<br>|

---

## Exhibit 5.1

**EXHIBIT 5.1**

---

| | |
|:---|:---|
| <br> ![](usas_ex51img1.jpg)<br>| ![](usas_ex51img2.jpg) |

---

March 30, 2026

Americas Gold and Silver Corporation

145 King Street West, Suite 2870

Toronto, Ontario

M5H 1J8

---

| | |
|:---|:---|
| **RE:**  | **Registration Statement on Form S-8 filed by Americas Gold and Silver Corporation (the "Company") with the Securities and Exchange Commission (the "SEC") on March 30, 2026 relating to the Deferred Share Unit Plan Amended & Restated Effective May 7, 2025 (the "DSU Plan"), Share Unit Plan Amended & Restated Effective May 7, 2025 (the "Share Unit Plan"), and Amended and Restated Stock Option Plan Effective May 7, 2025 (the "Option Plan", and together with the DSU Plan and Share Unit Plan, the "Plans") of the Company** |

---

Dear Sir or Madam:

Reference is made to the above-captioned Registration Statement on Form S-8 (the "**Registration Statement**") filed by the Company on the date hereof with the SEC under the United States Securities Act of 1933, as amended (the "**Securities Act**"), relating to the registration of 32,548,198 common shares in the capital of the Company reserved for issuance and delivery under (1) the DSU Plan, (2) the Share Unit Plan, and (3) the Option Plan (such total common shares, the "**Common Shares**").

We have acted as Canadian counsel to the Company in connection with the filing of the Registration Statement. We have examined, and are familiar with, and have relied as to factual matters solely upon, originals or copies certified or otherwise identified to our satisfaction of such documents, records, certificates and proceedings and have made such other investigations as we have deemed necessary or appropriate for the purpose of rendering this opinion, including:

(a) certified copies of the currently effective articles and by-laws of the Company;

(b) certified copies of the Plans;

(c) certified copies of certain resolutions of the board of directors of the Company (the "Board"); and

(e) a certificate of a senior officer of the Company dated March 30, 2026 as to certain factual matters affecting the Company, which we have not independently verified.

For purposes of this opinion, we have assumed with respect to all documents examined by us, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as certified, conformed, notarial, telecopied or photostatic copies and the legal capacity of all individuals who have executed any of such documents.

![](usas_ex51img5.jpg)

---

| | |
|:---|:---|
| ![](usas_ex51img3.jpg) | Page 2 |

---

We have also assumed the awards granted under the Plans will be or have been duly granted by the Board, a committee of the Board (a "**Committee**") or pursuant to a delegation of authority granted by the Board or a Committee, all in accordance with the terms of the Plans.

Based upon, and subject to, the foregoing and to the qualifications set forth herein, we are of the opinion that the Common Shares have been duly authorized and, upon the due settlement, exercise or redemption, as applicable, of awards granted pursuant to any of the Plans all in accordance with the respective terms of the Plans and any DSU Award Agreement (as defined in the DSU Plan), Award Agreement (as defined in the Share Unit Plan), and/or Option Agreement (as defined in the Option Plan), will be validly issued as fully paid and non-assessable common shares in the capital of the Company.

The foregoing opinion is limited to the laws of Ontario and the federal laws of Canada applicable therein and it is given as of the date hereof. We have no responsibility or obligation and disclaim any undertaking to (i) update this opinion letter; (ii) take into account or inform any person of any changes in law, facts or other developments subsequent to this date that do or may affect the opinion we express; or (iii) advise any person of any other change in any matter addressed in this opinion letter. Our opinion expressed herein does not take into account any proposed rules, policies or legislative changes that may come into force following the date hereof.

We hereby consent to the use of our name in the Registration Statement and to the filing of this opinion as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC thereunder.

---

| |
|:---|
| Yours truly, |
| **/s/ Blake, Cassels & Graydon LLP** |

---

![](usas_ex51img4.jpg)

## Exhibit 23.2

**EXHIBIT 23.2**

Consent of Independent Registered Public Accounting Firm

We hereby consent to the incorporation by reference in this registration statement on Form S-8 of Americas Gold and Silver Corporation (the "Company") of our report dated March 30, 2026 relating to the consolidated financial statements of the Company, which appears in Exhibit 99.2 to the Company's Annual Report on Form 40-F for the year ended December 31, 2025.

We also consent to references to us under the heading "Interest of Experts" in the Annual Information Form, filed as Exhibit 99.1 to the Company's Annual Report on Form 40-F which is incorporated by reference in this registration statement.

**/s/ PricewaterhouseCoopers LLP**

**Chartered Professional Accountants, Licensed Public Accountants**

Toronto, Canada

March 30, 2026

## Exhibit 23.3

**EXHIBIT 23.3**

**CONSENT OF JAMES R. ATKINSON** 

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, James R. Atkinson hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

· Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ James R. Atkinson* |
| James R. Atkinson |

---

## Exhibit 23.4

**EXHIBIT 23.4**

**CONSENT OF DAREN DELL**

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement to be filed by Americas Gold and Silver Corporation (the "Company")** |

---

I, Daren Dell hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical information (collectively, the "**Technical Information**"):

· Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

· Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

· the following estimates, each with an effective of December 31, 2024:

o Mineral reserve estimate for San Rafael;

o Mineral reserve estimate for El Cajón;

o Mineral reserve estimate for Zone 120;

o Mineral reserve estimate for the Galena Complex;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Daren Dell* |
| Daren Dell |

---

## Exhibit 23.5

**EXHIBIT 23.5**

**CONSENT OF NIEL DE BRUIN** 

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Niel de Bruin hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical information (the "**Technical Information**"):

· Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

· the following estimates:

o Mineral resource estimate for San Rafael;

o Mineral resource estimate for El Cajón;

o Mineral resource estimate for Zone 120;

o Mineral resource estimate for Nuestra Señora;

o Mineral resource estimate for Relief Canyon;

o Mineral resource estimate for San Felipe;

o Mineral resource estimate for the Galena Complex;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Niel de Bruin* |
| Niel de Bruin  |

---

## Exhibit 23.6

**EXHIBIT 23.6**

**CONSENT OF DANIEL H. HUSSEY** 

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Daniel H. Hussey hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

· Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ Daniel H. Hussey*  |
| Daniel H. Hussey  |

---

## Exhibit 23.7

**EXHIBIT 23.7**

**CONSENT OF JAMES STONEHOUSE** 

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, James Stonehouse hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

· Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ James Stonehouse* |
| James Stonehouse  |

---

## Exhibit 23.8

**EXHIBIT 23.8**

**CONSENT OF SHAWN WILSON**

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Shawn Wilson hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

· Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ Shawn Wilson* |
| Shawn Wilson  |

---

## Exhibit 23.9

**EXHIBIT 23.9**

**CONSENT OF RICK STREIFF**

March 30, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form S-8 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Rick Streiff hereby consent to the use of my name in connection with reference to my involvement in the preparation and review of the following technical information (collectively, the "**Technical Information**"):

· the scientific and technical information relating to the operation of the Company's material operating mining properties contained Company's Management's Discussion and Analysis for the year ended December 31, 2025;

· the scientific and technical information relating to the operation of the Company's material operating mining properties contained Company's Annual Information Form for the year ended December 31, 2025;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form S-8 of the Company being filed with the SEC, and any amendment thereto (the "**Form S-8**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form S-8.

I certify that I have read the Form S-8 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Rick Streiff* |
| Rick Streiff |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? usas_ex107.htm

**EXHIBIT 107**

**Calculation of Filing Fee Tables** 

**FORM S-8** 

(Form Type)

**AMERICAS GOLD AND SILVER CORPORATION** 

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security**<br>**Class**<br>**Title**  | **Fee**<br>**Calculation**<br>**Rule** | **Amount**<br>**Registered** | **Proposed**<br>**Maximum**<br>**Offering**<br>**Price Per** <br>**Share** | **Maximum**<br>**Aggregate**<br>**Offering**<br>**Price** | **Fee**<br>**Rate** | **Amount of Registration** <br>**Fee** |
| (1) | Equity | Common Shares, no par value per share | Rule 457(c) and Rule 457(h) | 25157860 | $5.51 | $138619808.60 | 0.00013810 | $19143.40 |
| (2) | Equity | Common Shares, no par value per share | Rule 457(c) and Rule 457(h) | 7390338 | $0.98 | $7242531.24 | 0.00013810 | $1000.20 |
|  |  | Total Offering Amounts | Total Offering Amounts |  |  | $145862339.84 |  | $20143.60 |
|  |  | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  | $0.00 |
|  |  | Total Fee Offsets | Total Fee Offsets |  |  |  |  | $N/A |
|  |  | Net Fee Due | Net Fee Due |  |  |  |  | $20143.60 |

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(1) Pursuant to Rule 416(a) under the United States Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 shall cover any additional common shares, no par value per share (the "Common Shares"), of Americas Gold and Silver Corporation (the "Company") that become issuable under the Americas Gold and Silver Corporation Amended and Restated Deferred Share Unit Plan and Amended and Restated Share Unit Plan (collectively, the "Plans") by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Company's receipt of consideration which would increase the number of outstanding Common Shares. Represents Common Shares issuable under the Plans that are not subject to outstanding Stock Options (as defined below). The proposed maximum price per offering share is estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and (h) of the Securities Act on the basis of the average of the high and low prices for the Common Shares as reported on the New York Stock Exchange on March 26, 2026. The proposed maximum aggregate offering price is multiplied with the fee rate of 0.00013810 to estimate the amount of registration fee, pursuant to Rule 457(o) under the Securities Act.

(2) Represents Common Shares issuable upon exercise of outstanding stock options ("Stock Options") as of the date of this Registration Statement under the Plan. The proposed maximum aggregate offering price per unit is estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and (h) of the Securities Act on the basis of the weighted average exercise price of the outstanding Stock Options. The proposed maximum aggregate offering price is multiplied with the fee rate of 0.00013810 to estimate the amount of registration fee, pursuant to Rule 457(o) under the Securities Act.