Americas Silver Corporation - Reserves and Resources

Operations

Reserves and Resources

September 18, 2017

Mineral Reserve and Mineral Resource Estimates

Americas Silver's reserves and resources have been calculated as at June 30, 2017 in accordance with definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum and incorporated into National Instrument 43-101.

For further detail regarding the extent to which estimates of Mineral Resources and Reserves may be materially affected by external factors, including metallurgical, environmental, permitting, title and other risks and relevant issues, please refer to the Company's Annual Information Form.

Proven and Probable Mineral Reserves June 30, 2017

	Grade					Contained Metal
	Tonnes	Silver	Copper	Lead	Zinc	Silver	Copper	Lead	Zinc
	000s	g/t	%	%	%	koz	Mlbs	Mlbs	Mlbs
Cosal�
� Nuestra Se�ora
�� Proven	34	79	0.20	0.80	1.43	87	0.2	0.6	1.1
�� Probable	228	96	0.27	0.90	1.74	708	1.3	4.5	8.8
� Nuestra Se�ora P&P	263	94	0.26	0.89	1.70	794	1.5	5.1	9.9
� San Rafael
�� Proven	1,585	110	--	1.83	4.15	5,623	--	63.9	145.0
�� Probable	2,156	93	--	1.59	4.05	6,476	--	75.7	192.6
� San Rafael P&P	3,741	101	--	1.69	4.09	12,100	--	139.6	337.6
Total Cosal� P&P	4,004	100	0.02	1.64	3.94	12,894	1.5	144.8	347.5
Galena
� Silver-Copper
�� Proven	162	506	0.44	--	--	2,635	1.6	--	--
�� Probable	237	584	0.42	--	--	4,453	2.2	--	--
� Silver-Copper P&P	399	552	0.43	--	--	7,088	3.8	--	--
� Silver-Lead
�� Proven	443	268	--	8.35	--	3,817	--	81.5	--
�� Probable	512	273	--	8.48	--	4,491	--	95.6	--
� Silver-Lead P&P	954	271	--	8.42	--	8,308	--	177.1	--
Total Galena P&P	1,354	354	0.13	5.93	--	15,396	3.8	177.1	--
Total P&P	5,358	164	0.04	2.73	2.94	28,290	5.2	321.9	347.5

Measured and Indicated Mineral Resources (Exclusive of Mineral Reserves) June 30, 2017

	Grade					Contained Metal
	Tonnes	Silver	Copper	Lead	Zinc	Silver	Copper	Lead	Zinc
	000s	g/t	%	%	%	koz	Mlbs	Mlbs	Mlbs
Cosal�
� Nuestra Se�ora
�� Measured	257	85	0.16	0.84	1.76	700	0.9	4.8	10.0
�� Indicated	1,779	89	0.20	0.81	1.74	5,069	7.7	31.9	68.1
� Nuestra Se�ora M&I	2,036	88	0.19	0.82	1.74	5,769	8.6	36.7	78.0
� San Rafael
�� Measured	1,233	110	--	0.95	2.15	4,345	--	25.7	58.3
�� Indicated	1,641	88	--	0.93	2.08	4,628	--	33.5	75.3
� San Rafael M&I	2,874	97	--	0.93	2.11	8,973	--	59.2	133.6
� Zone 120
�� Measured
�� Indicated	2,090	187	0.48	--	--	12,569	22.3	--	--
� Zone 120 M&I	2,090	187	0.48	--	--	12,569	22.3	--	--
� El Caj�n
�� Measured
�� Indicated	1,003	177	0.55	--	--	5,719	12.2	--	--
� El Caj�n M&I	1,003	177	0.55	--	--	5,719	12.2	--	--
Total Cosal� M&I	8,003	128	0.24	0.54	1.20	33,030	43.1	95.9	211.6
Galena
� Silver-Copper
�� Measured	220	583	0.70	--	--	4,117	3.4	--	--
�� Indicated	502	626	0.61	--	--	10,115	6.7	--	--
� Silver-Copper M&I	722	613	0.63	--	--	14,231	10.1	--	--
� Silver-Lead
�� Measured	437	282	--	9.18	--	3,962	--	88.3	--
�� Indicated	750	276	--	9.01	--	6,661	--	149.0	--
� Silver-Lead M&I	1,187	278	--	9.07	--	10,623	--	237.3	--
Total Galena M&I	1,909	405	0.24	5.64		24,854	10.1	237.3
Total M&I	9,912	182	0.24	1.52	0.97	57,884	53.1	333.2	211.6

Inferred Mineral Resources June 30, 2017

	Grade					Contained Metal
	Tonnes	Silver	Copper	Lead	Zinc	Silver	Copper	Lead	Zinc
	000s	g/t	%	%	%	koz	Mlbs	Mlbs	Mlbs
Cosal�
�� Nuestra Se�ora	2,009	101	0.26	0.83	1.90	6,539	11.3	37.0	84.3
�� San Rafael	461	166	--	2.20	0.39	2,455	--	22.4	4.0
�� Zone 120	1,379	216	0.59	--	--	9,590	17.9	--	--
�� El Caj�n	278	103	0.18	--	--	923	1.1	--	--
Total Cosal� Inferred	4,127	147	0.33	0.65	0.97	19,507	30.3	59.4	88.3
Galena
�� Silver-Copper	316	671	0.74	--	--	6,815	5.1	--	--
�� Silver-Lead	1,351	240	--	9.24	--	10,409	--	275.3	--
Total Galena Inferred	1,667	321	0.14	7.49	0.00	17,224	5.1	275.3	0.0
Total Inferred	5,794	197	0.28	2.62	0.69	36,731	35.4	334.7	88.3

Notes for Mineral Reserve and Mineral Resource Estimates:

CIM Definitions and Standards were followed for Mineral Reserve and Mineral Resource Estimates.
Mineral Reserves are estimated at a NSR cut-off value of US$40/tonne at Nuestra Se�ora, US$54/tonne at San Rafael and US$190/tonne at Galena.� The NSR cut-off is calculated using recent operating results for recoveries, off-site concentrate costs, and on-site operating costs.
Mineral Resources are estimated at a NSR cut-off value of US$34/tonne at San Rafael, US$40/tonne at Zone 120, US$30/tonne at El Caj�n and US$190/tonne at Galena.� Mineral Resources at Nuestra Se�ora are estimated at a 90g/tonne silver equivalent cut-off grade.� NSR and silver equivalent cut-offs were calculated using recent or expected operating results for recoveries, off-site concentrate costs, and on-site operating costs.
Mineral Reserves are estimated using metal prices of US$16.00/oz Ag, $2.50/lb Cu, $0.90/lb Pb and $0.90/lb Zn.
Mineral Resources are estimated using metal prices of US$18.00/oz Ag, $3.00/lb Cu, $1.05/lb Pb and $1.05/lb Zn.
Mineral Resources are exclusive of Mineral Reserves and as such the Mineral Resources do not have demonstrated economic viability
A minimum mining width of 4.5 feet was used for estimating Galena Reserves, with a minimum additional dilution of 0.5 feet from both the hangingwall and footwall.� A mining recovery of 95% was used to reflect the selective nature of the mining methods used at the operation.
A mining recovery of 90% was used for estimating Mineral Reserves at Nuestra Se�ora and San Rafael to reflect the mining methods used at the operations.
Numbers may not add or multiply accurately due to rounding.
The Mineral Resource estimate for the Cosal� Operations is based on block models prepared by independent mineral resource consultants. The Nuestra Se�ora Mineral Reserve and Resource estimate was prepared by Company personnel under the supervision of James Stonehouse, a Qualified Person for the purpose of NI 43-101.� The San Rafael, Zone 120 and El Caj�n Mineral Resource estimates were prepared by� Paul Tietz, C.P.G.� who is all independent consultants and Qualified Persons for the purpose of NI 43-101.� The San Rafael Mineral Reserve estimate was prepared by company personnel under the supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43-101.
The Mineral Resource estimate for the Galena Complex was prepared using a combination of block modelling and the accumulation method. The Mineral Resource estimate was prepared by Company personnel under the supervision of Aaron Gross, C.P.G., a Qualified Person for the purpose of NI 43-101.� The Mineral Reserve estimate was prepared by Company personnel under the supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43-101.