AMERICAS SILVER CORPORATION TECHNICAL REPORT ON THE SAN RAFAEL MINE AND THE EC120 PRELIMINARY FEASIBILITY STUDY, SINALOA, MEXICO NI 43-101 Report Qualified Persons: Daren Dell, P.Eng. Shawn Wilson, P.Eng. Niel de Bruin, P.Geo. James Stonehouse, SME (RM) Effective Date: April 3, 2019 Report Date: May 17, 2019 Americas Silver Corporation – San Rafael and EC120 Technical Report NI 43-101 – May 17, 2019 Table of Contents PAGE 1 SUMMARY ........................................................................................................... 1 EXECUTIVE SUMMARY .................................................................................................... 1 TECHNICAL SUMMARY .................................................................................................... 7 2 INTRODUCTION .................................................................................................20 QUALIFIED PERSONS AND SITE VISITS ...........................................................................21 SOURCES OF INFORMATION ...........................................................................................21 LIST OF ABBREVIATIONS ................................................................................................22 3 RELIANCE ON OTHER EXPERTS ......................................................................23 4 PROPERTY DESCRIPTION AND LOCATION ....................................................24 MINERAL RIGHTS ..........................................................................................................24 SURFACE RIGHTS .........................................................................................................25 ENVIRONMENTAL LIABILITIES AND WORK PERMITS ..........................................................25 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .....................................................................................................................29 ACCESSIBILITY .............................................................................................................29 CLIMATE ......................................................................................................................29 LOCAL RESOURCES ......................................................................................................29 INFRASTRUCTURE .........................................................................................................29 PHYSIOGRAPHY ............................................................................................................30 6 HISTORY .............................................................................................................31 SAN RAFAEL AREA PRIOR TO 2004 ................................................................................31 SAN RAFAEL – EL CAJÓN AREA 2004 - 2010 ..................................................................34 DRILLING BY PLATTE RIVER GOLD .................................................................................34 GEOPHYSICAL SURVEYS BY PLATTE RIVER GOLD ...........................................................35 OTHER EXPLORATION AND PRODUCTION HISTORY .........................................................36 HISTORICAL MINERAL RESOURCE ESTIMATES ................................................................38 7 GEOLOGICAL SETTING AND MINERALIZATION ..............................................40 REGIONAL GEOLOGY ....................................................................................................40 LOCAL AND PROPERTY GEOLOGY ..................................................................................41 MINERALIZATION ...........................................................................................................44 8 DEPOSIT TYPES ................................................................................................48 9 EXPLORATION ...................................................................................................49 10 DRILLING ............................................................................................................50 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ....................................55 SAMPLING METHODOLOGY AND APPROACH ....................................................................55 SAMPLE PREPARATION AND ANALYSIS ...........................................................................56 SAMPLE SECURITY .......................................................................................................57 Page i Americas Silver Corporation – San Rafael and EC120 Technical Report NI 43-101 – May 17, 2019 QUALITY ASSURANCE/QUALITY CONTROL ......................................................................57 12 DATA VERIFICATION .........................................................................................76 OVERVIEW OF THE DATABASES .....................................................................................76 DATABASE VERIFICATION ..............................................................................................76 13 MINERAL PROCESSING AND METALLURGICAL TESTING .............................78 ZONE 120 METALLURGICAL TESTING .............................................................................78 EL CAJÓN METALLURGICAL TESTING .............................................................................81 EC120 METALLURGY SUMMARY ....................................................................................82 PRODUCTION METALLURGICAL PERFORMANCE ..............................................................82 14 MINERAL RESOURCE ESTIMATES ...................................................................84 DOMAIN MODELS ..........................................................................................................85 BLOCK MODEL..............................................................................................................91 SAMPLE CODING AND COMPOSITING ..............................................................................91 GRADE INTERPOLATION ................................................................................................96 BULK DENSITY ..............................................................................................................98 NSR CUT-OFF VALUE ...................................................................................................99 RESOURCE CLASSIFICATION CRITERIA .........................................................................100 BLOCK MODEL VALIDATION .........................................................................................104 MINERAL RESOURCE CHANGES ...................................................................................105 15 MINERAL RESERVE ESTIMATES ....................................................................108 MINERAL RESERVE ESTIMATION ..................................................................................109 DILUTION ...................................................................................................................110 EXTRACTION ..............................................................................................................110 NSR CUT-OFF VALUE ................................................................................................. 111 CLASSIFICATION .........................................................................................................113 16 MINING METHODS ...........................................................................................114 SAN RAFAEL BACKGROUND .........................................................................................114 EC120 MINE DESIGN AND ACCESS ..............................................................................116 EC120 MINING METHOD .............................................................................................121 EC120 LIFE OF MINE PLAN .........................................................................................122 GEOTECHNICAL ASSESSMENT .....................................................................................124 EC120 VENTILATION ..................................................................................................126 MINE DEWATERING .....................................................................................................128 EC120 MINING EQUIPMENT ........................................................................................128 17 RECOVERY METHODS ....................................................................................130 SAN RAFAEL PROCESSING .......................................................................................... 130 EC120 PROCESSING ..................................................................................................132 TAILINGS DISPOSAL ....................................................................................................133 18 PROJECT INFRASTRUCTURE.........................................................................134 19 MARKET STUDIES AND CONTRACTS ............................................................138 20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ..........................................................................................................................139 Page ii Americas Silver Corporation – San Rafael and EC120 Technical Report NI 43-101 – May 17, 2019 ENVIRONMENTAL STUDIES ..........................................................................................139