AMERICAS SILVER CORPORATION TECHNICAL REPORT ON THE GALENA COMPLEX, SHOSHONE COUNTY, IDAHO, USA NI 43-101 Report Qualified Persons: James R. Atkinson, P.Geo. Daniel H. Hussey, CPG Daren Dell, P.Eng. December 23, 2016 TABLE OF CONTENTS PAGE 1 SUMMARY ........................................................................................................1 1.1 EXECUTIVE SUMMARY ............................................................................................... 1 1.2 TECHNICAL SUMMARY ............................................................................................... 2 1.2.1 PROPERTY DESCRIPTION AND LOCATION ................................................................ 2 1.2.2 LAND TENURE AND OWNERSHIP ............................................................................. 2 1.2.3 PHYSIOGRAPHY ..................................................................................................... 3 1.2.4 EXISTING INFRASTRUCTURE ................................................................................... 3 1.2.5 HISTORY ............................................................................................................... 3 1.2.6 GEOLOGY AND MINERALIZATION ............................................................................. 5 1.2.7 MINERAL RESOURCES ............................................................................................ 5 1.2.8 MINERAL RESERVES .............................................................................................. 8 1.2.9 MINING METHODS .................................................................................................. 9 1.2.10 MINERAL PROCESSING ........................................................................................... 9 1.2.11 PROJECT INFRASTRUCTURE ................................................................................. 10 1.2.12 MARKETS ............................................................................................................ 10 1.2.13 ENVIRONMENTAL, PERMITTING AND SOCIAL CONSIDERATIONS ............................... 10 1.2.14 CAPITAL AND OPERATING COST ESTIMATES .......................................................... 10 1.2.15 CONCLUSIONS ..................................................................................................... 11 1.2.16 RECOMMENDATIONS ............................................................................................ 12 2 INTRODUCTION ............................................................................................. 13 2.1 QUALIFIED PERSONS ............................................................................................... 13 2.2 SOURCES OF INFORMATION ..................................................................................... 14 2.3 LIST OF ABBREVIATIONS .......................................................................................... 15 3 RELIANCE ON OTHER EXPERTS ................................................................. 16 4 PROPERTY DESCRIPTION AND LOCATION ................................................ 17 4.1 PROPERTY LOCATION .............................................................................................. 17 4.2 OWNERSHIP ............................................................................................................ 19 4.3 PROPERTY DESCRIPTION ......................................................................................... 20 4.4 PROPERTY PARCELS ............................................................................................... 21 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ................................................................................................................. 24 5.1 ACCESS .................................................................................................................. 24 5.2 CLIMATE ................................................................................................................. 24 5.3 LOCAL RESOURCES ................................................................................................. 24 5.4 INFRASTRUCTURE ................................................................................................... 24 5.5 PHYSIOGRAPHY....................................................................................................... 25 6 HISTORY ........................................................................................................ 26 6.1 GALENA MINE HISTORY ........................................................................................... 26 6.2 COEUR MINE HISTORY............................................................................................. 27 6.3 CALADAY PROPERTY HISTORY ................................................................................. 28 7 GEOLOGICAL SETTING AND MINERALIZATION .......................................... 29 7.1 REGIONAL GEOLOGY ............................................................................................... 29 7.2 LOCAL AND PROPERTY GEOLOGY ............................................................................ 30 7.3 MINERALIZATION ..................................................................................................... 35 7.4 EXPLORATION POTENTIAL ........................................................................................ 41 8 DEPOSIT TYPES ............................................................................................ 42 9 EXPLORATION ............................................................................................... 43 9.1 GEOLOGIC MAPPING ............................................................................................... 43 9.2 CHIP SAMPLES ........................................................................................................ 43 9.3 EXPLORATION PROGRAM ......................................................................................... 43 10 DRILLING ........................................................................................................ 44 10.1 DRILLING PROGRESS ............................................................................................... 44 10.2 DRILLING PROCEDURES ........................................................................................... 45 10.3 DRILLING RESULTS .................................................................................................. 46 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................ 47 11.1 CHANNEL SAMPLES ................................................................................................. 47 11.2 DIAMOND DRILL SAMPLES ........................................................................................ 48 11.3 BULK DENSITY DETERMINATION ............................................................................... 48 11.4 ANALYTICAL FACILITIES ........................................................................................... 53 11.5 SAMPLE PREPARATION ............................................................................................ 54 11.6 ASSAYING ............................................................................................................... 54 11.7 QUALITY ASSURANCE/QUALITY CONTROL ................................................................. 55 11.8 SUMMARY AND RECOMMENDATIONS FOR SAMPLING, PREPARATION, AND ASSAYING ... 64 12 DATA VERIFICATION ..................................................................................... 66 13 MINERAL PROCESSING AND METALLURGICAL TESTING ........................ 67 14 MINERAL RESOURCE ESTIMATES .............................................................. 68 14.1 BASIS ..................................................................................................................... 68 14.2 MINERAL RESOURCE DEFINITIONS............................................................................ 68 14.3 RESOURCE CLASSIFICATION CRITERIA FOR THE GALENA COMPLEX ............................ 69 14.4 GEOLOGIC INTERPRETATION .................................................................................... 70 14.5 GRADE AND TONNAGE ESTIMATION .......................................................................... 70 14.6 TONNAGE ESTIMATION............................................................................................. 72 14.7 TABULATION OF MINERAL RESOURCES ..................................................................... 73 14.8 COMPARISON WITH PREVIOUS RESOURCE ESTIMATES .............................................. 75 15 MINERAL RESERVE ESTIMATES.................................................................. 76 15.1 BASIS ..................................................................................................................... 76 15.2 MINERAL RESERVE DEFINITIONS .............................................................................. 76 15.3 CUT-OFF PARAMETERS ............................................................................................ 77 15.4 TABULATION OF MINERAL RESERVES ........................................................................ 79 16 MINING METHODS ......................................................................................... 81 16.1 BACKGROUND ......................................................................................................... 81 16.2 MINING METHODS ..................................................................................................