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| PRELIMINARY NOTES                                                     | 3      |
|-----------------------------------------------------------------------|--------|
|                                                                  |   |
| CORPORATE STRUCTURE                                                   | 5      |
|                                                                  |   |
| GENERAL DEVELOPMENT OF THE BUSINESS                                   | 6      |
|                                                                  |   |
| DESCRIPTION OF THE BUSINESS                                           | 14     |
|                                                                  |   |
| MATERIAL PROJECTS                                                     | 19     |
|                                                                  |   |
| RISK FACTORS                                                          | 33     |
|                                                                  |   |
| DIVIDENDS                                                             | 45     |
|                                                                  |   |
| GENERAL DESCRIPTION OF CAPITAL STRUCTURE                              | 46     |
|                                                                  |   |
| MARKET FOR SECURITIES                                                 | 47     |
|                                                                  |   |
| DIRECTORS AND OFFICERS                                                | 48     |
|                                                                  |   |
| CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS              | 53     |
|                                                                  |   |
| CONFLICT OF INTEREST                                                  | 54     |
|                                                                  |   |
| LEGAL PROCEEDINGS AND REGULATORY ACTIONS                              | 54     |
|                                                                  |   |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS            | 54     |
|                                                                  |   |
| TRANSFER AGENT AND REGISTRAR                                          | 55     |
|                                                                  |   |
| MATERIAL CONTRACTS                                                    | 55     |
|                                                                  |   |
| INTEREST OF EXPERTS                                                   | 55     |
|                                                                  |   |
| AUDIT COMMITTEE INFORMATION                                           | 57     |
|                                                                  |   |
| APPENDIX A DEFINITIONS, TECHNICAL TERMS, ABBREVIATIONS AND CONVERSION | 59     |
|                                                                  |   |
| APPENDIX B AUDIT COMMITTEE CHARTER                                    | 66     |

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|   | Cosalá Operations | Galena Complex | Corporate | Total |
|--------|------------------------|----------------|-----------|-------|
| Hourly | 208                    | 196            | 1         | 405   |
| Salary | 98                     | 39             | 11        | 148   |
| TOTAL  | 306                    | 235            | 12        | 553   |

|  | * | The hourly employees at the Galena Complex are covered by a collective bargaining agreement with the United Steel Workers Union.  See “Changes to Contracts and Economic Dependence” also see “Risk Factors – Employee Recruitment, Retention, Pension Funding and Labour Relations”. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                        |   |   | Grade  | Contained Metal |
|-----------------------------|--------|--------|--------|-----------------|
|                        | Tonnes |   | Silver |            | Copper |   | Lead |   | Zinc |   | Silver |   | Copper |   | Lead |   | Zinc |
|                        | 000's  |   | g/t    |            | % |   | % |   | % |   | koz |   | Mlbs |   | Mlbs |   | Mlbs |
| Cosalá                 |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuestra Señora         |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                      | 86     |   | 81     |            | 0.12 |   | 0.68 |   | 1.44 |   | 223 |   | 0.2 |   | 1.3 |   | 2.7 |
| Probable                    | 507    |   | 100    |            | 0.20 |   | 0.83 |   | 1.73 |   | 1,639 |   | 2.3 |   | 9.3 |   | 19.3 |
| Nuestra Señora P&P | 593    |   | 98     |            | 0.19 |   | 0.81 |   | 1.69 |   | 1,862 |   | 2.5 |   | 10.6 |   | 22.1 |
| San Rafael                  |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                      | 1,284  |   | 123    |            |   |   | 1.94 |   | 4.32 |   | 5,062 |   |   |   | 55.0 |   | 122.4 |
| Probable                    | 1,944  |   | 102    |            |   |   | 1.69 |   | 4.22 |   | 6,386 |   |   |   | 72.2 |   | 180.8 |
| San Rafael P&P          | 3,229  |   | 110    |            |   |   | 1.79 |   | 4.26 |   | 11,448 |   |   |   | 127.2 |   | 303.2 |
| Total Cosalá P&P   | 3,822  |   | 108    |            | 0.03 |   | 1.64 |   | 3.86 |   | 13,310 |   | 2.5 |   | 137.8 |   | 325.3 |
| Galena                      |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Silver-Copper               |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                      | 231    |   | 494    |            | 0.43 |   |   |   |   |   | 3,660 |   | 2.2 |   |   |   |   |
| Probable                    | 407    |   | 545    |            | 0.48 |   |   |   |   |   | 7,127 |   | 4.3 |   |   |   |   |
| Silver-Copper P&P       | 637    |   | 526    |            | 0.46 |   |   |   |   |   | 10,787 |   | 6.4 |   |   |   |   |
| Silver-Lead                 |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                      | 244    |   | 288    |            |   |   | 9.82 |   |   |   | 2,254 |   |   |   | 52.7 |   |   |
| Probable                    | 522    |   | 284    |            |   |   | 9.21 |   |   |   | 4,765 |   |   |   | 105.9 |   |   |
| Silver-Lead P&P         | 765    |   | 285    |            |   |   | 9.40 |   |   |   | 7,019 |   |   |   | 158.6 |   |   |
| Total Galena P&P        | 1,402  |   | 395    |            | 0.21 |   | 5.13 |   |   |   | 17,806 |   | 6.4 |   | 158.6 |   |   |
| TOTAL P&P               | 5,224  |   | 185    |            | 0.08 |   | 2.57 |   | 2.82 |   | 31,116 |   | 9.0 |   | 296.5 |   | 325.3 |

| 1. | CIM Definition Standards were followed for Mineral Reserves. |
|----|--------------------------------------------------------------|

| 2. | Mineral Reserves are estimated at a Ag equivalent cut-off grade of 310 g/t for vein-style mineralization and 100 g/t for disseminated mineralization at Galena.  Mineral Reserves are estimated at Nuestra Senora using a NSR cut-off grade between US$25/t to US$40/t.  Mineral Reserves are estimated at San Rafael and Zone 120 using a NSR cut-off grade of US$54/t.  Silver equivalent and NSR cut-offs were calculated using recent or expected operating results for recoveries, off-site concentrate costs and on-site operating costs |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Mineral Reserves for Galena, Nuestra Senora, San Rafael and Zone 120 are estimated using a long-term silver price of US$16.00 per ounce, copper price of US$2.40 per pound, a lead price of US$0.85 per pound, a zinc price of US$0.85 per pound where applicable. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Numbers may not add due to rounding. |
|----|--------------------------------------|

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|                        |   | Grade  | Contained Metal |
|-----------------------------|--------|--------|-----------------|
|                        | Tonnes |   | Silver          |   | Copper |   | Lead |   | Zinc |   | Silver |   | Copper |   | Lead |   | Zinc |
|                        | 000's  |   | g/t             |   | % |   | % |   | % |   | koz |   | Mlbs |   | Mlbs |   | Mlbs |
| Cosalá                 |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuestra Señora         |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                    | 267    |   | 85              |   | 0.17 |   | 0.84 |   | 1.77 |   | 729 |   | 1.0 |   | 5.0 |   | 10.5 |
| Indicated                   | 1,851  |   | 92              |   | 0.20 |   | 0.83 |   | 1.75 |   | 5,453 |   | 8.2 |   | 33.9 |   | 71.5 |
| Nuestra Señora M&I | 2,118  |   | 91              |   | 0.20 |   | 0.83 |   | 1.75 |   | 6,182 |   | 9.2 |   | 38.8 |   | 81.9 |
| San Rafael                  |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                    | 1,918  |   | 87              |   |   |   | 0.81 |   | 1.85 |   | 5,362 |   |   |   | 34.3 |   | 78.2 |
| Indicated                   | 2,952  |   | 69              |   |   |   | 0.80 |   | 1.82 |   | 6,568 |   |   |   | 52.4 |   | 118.3 |
| San Rafael M&I          | 4,870  |   | 76              |   |   |   | 0.81 |   | 1.83 |   | 11,930 |   |   |   | 86.7 |   | 196.6 |
| Zone 120                    |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                    | 0      |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Indicated                   | 1,784  |   | 128             |   | 0.35 |   | 0.15 |   | 0.45 |   | 7,329 |   | 13.7 |   | 6.1 |   | 17.6 |
| Zone 120 M&I            | 1,784  |   | 128             |   | 0.35 |   | 0.15 |   | 0.45 |   | 7,329 |   | 13.7 |   | 6.1 |   | 17.6 |
| Total Cosalá M&I   | 8,772  |   | 90              |   | 0.12 |   | 0.68 |   | 1.53 |   | 25,441 |   | 22.9 |   | 131.6 |   | 296.1 |
| Galena                      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Silver-Copper               |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                    | 319    |   | 415             |   | 0.65 |   |   |   |   |   | 4,250 |   | 4.6 |   |   |   |   |
| Indicated                   | 782    |   | 455             |   | 0.57 |   |   |   |   |   | 11,456 |   | 9.8 |   |   |   |   |
| Silver-Copper M&I       | 1,101  |   | 444             |   | 0.59 |   |   |   |   |   | 15,706 |   | 14.4 |   |   |   |   |
| Silver-Lead                 |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                    | 72     |   | 321             |   |   |   | 8.70 |   |   |   | 744 |   |   |   | 13.8 |   |   |
| Indicated                   | 1,455  |   | 176             |   |   |   | 5.44 |   |   |   | 8,219 |   |   |   | 174.5 |   |   |
| Silver-Lead M&I         | 1,527  |   | 183             |   |   |   | 5.59 |   |   |   | 8,964 |   |   |   | 188.3 |   |   |
| Total Galena M&I        | 2,628  |   | 292             |   | 0.25 |   | 3.25 |   |   |   | 24,670 |   | 14.4 |   | 188.3 |   |   |
| TOTAL M&I               | 11,401 |   | 137             |   | 0.15 |   | 1.27 |   | 1.18 |   | 50,111 |   | 37.3 |   | 319.9 |   | 296.1 |

| 1. | CIM Definition Standards were followed for Mineral Resources. |
|----|---------------------------------------------------------------|

| 2. | Mineral Resources are estimated at a Ag equivalent cut-off grade of 310 g/t for vein-style mineralization and 100g/t for disseminated mineralization at Galena.  Mineral Resources are estimated at a Ag equivalent cut-off grade of 90 g/t for Nuestra Senora.  Mineral Resources are estimated at a Zn equivalent cut-off grade of 2.5% for San Rafael and Zone 120. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Mineral Resources for Galena and Nuestra Senora are estimated using a long-term silver price of US$16.00 per ounce, copper price of US$2.40 per pound, zinc price of US$0.85 per pound and a lead price of US$0.85 per pound.  Mineral Resources for San Rafael and Zone 120 are estimated using a long-term silver price of US$16.00 per ounce, copper price of US$2.80 per pound, zinc price of US$0.95 per pound, lead price of US$0.90 per pound and a gold price of US$1,200 per ounce. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Mineral Resources are exclusive of Mineral Reserves. |
|----|------------------------------------------------------|

| 5. | Numbers may not add due to rounding. |
|----|--------------------------------------|

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|                       |   |   | Grade  | Contained Metal |
|----------------------------|--------|--------|--------|-----------------|
|                       | Tonnes |   | Silver |            | Copper |   | Lead |   | Zinc |   | Silver |   | Copper |   | Lead |   | Zinc |
|                       | 000's  |   | g/t    |            | % |   | % |   | % |   | koz |   | Mlbs |   | Mlbs |   | Mlbs |
| Cosalá                |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nuestra Señora        | 2,025  |   | 101    |            | 0.26 |   | 0.83 |   | 1.90 |   | 6,585 |   | 11.4 |   | 37.3 |   | 84.9 |
| San Rafael                 | 849    |   | 111    |            |   |   | 1.52 |   | 0.31 |   | 3,028 |   |   |   | 28.4 |   | 5.7 |
| Zone 120                   | 196    |   | 109    |            | 0.26 |   | 0.05 |   | 0.13 |   | 690 |   | 1.1 |   | 0.2 |   | 0.6 |
| Total Cosalá Inferred | 3,070  |   | 104    |            | 0.19 |   | 0.97 |   | 1.35 |   | 10,303 |   | 12.6 |   | 65.9 |   | 91.2 |
| Galena                     |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inferred Silver-Copper     | 460    |   | 459    |            | 0.83 |   |   |   |   |   | 6,783 |   | 8.4 |   |   |   |   |
| Inferred Silver-Lead       | 1,620  |   | 186    |            |   |   | 5.82 |   |   |   | 9,685 |   |   |   | 207.8 |   |   |
| Total Galena Inferred      | 2,080  |   | 246    |            | 0.18 |   | 4.53 |   |   |   | 16,468 |   | 8.4 |   | 207.8 |   |   |
| TOTAL INFERRED             | 5,150  |   | 162    |            | 0.18 |   | 2.41 |   | 0.80 |   | 26,771 |   | 21.0 |   | 273.6 |   | 91.2 |

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|                       |   | K USD |    |   | $/t Processed |   |
|----------------------------|--------|-------|---------|--------|---------------|--------|
| UG Mine Operations         |   | $     | 68,295  |   |          | $      | 21.15 |   |
| Plant Operations           |   | $     | 44,125  |   |          | $      | 13.67 |   |
| Technical Services         |   | $     | 5,819   |   |          | $      | 1.80 |   |
| Safety & Environmental |   | $     | 4,572   |   |          | $      | 1.42 |   |
| Administration             |   | $     | 15,021  |   |          | $      | 4.65 |   |
| Total Operating Cost       |   | $     | 137,833 |   |          | $      | 42.69 |   |

|              | Units |   | Initial |   |   | Sustaining |   | Total LOM |   |
|-------------------|-------|--------|---------|--------|--------|------------|--------|-----------|--------|
| Mine Development  | K USD |   | $       | 6,072  |   |       | $      | 20,704    |   |   | $ | 26,776 |   |
| UG Mining Capital | K USD |   | $       | 7,855  |   |       | $      | 14,678    |   |   | $ | 22,533 |   |
| Process Capital   | K USD |   | $       | 2,011  |   |       | $      | 1,777     |   |   | $ | 3,788 |   |
| Other             | K USD |   | $       | 340    |   |       | $      | 1,883     |   |   | $ | 2,223 |   |
| Contingency 10%   | K USD |   | $       | 1,021  |   |       | $      | 370       |   |   | $ | 1,391 |   |
| Working Capital   | K USD |   | $       | 4,154  |   |       | $      | (4,154    | )      |   | ‐ |   |
| Total Capital     | K USD |   | $       | 21,452 |   |       | $      | 35,259    |   |   | $ | 56,711 |   |

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|  | • | Galena processing facility |
|--|---------|----------------------------|

|  | • | Galena and #3 shafts equipped for hoisting |
|--|---------|--------------------------------------------|

|  | • | Coeur processing facility |
|--|---------|---------------------------|

|  | • | Coeur shaft equipped for hoisting |
|--|---------|-----------------------------------|

|  | • | Caladay shaft for ventilation only |
|--|---------|------------------------------------|

|  | • | A tailings storage facility located near the town of Osburn |
|--|---------|-------------------------------------------------------------|

|  | • | Shops, offices, warehouse facilities and a mine dry |
|--|---------|-----------------------------------------------------|

|  | • | Inter-connected level development connecting the 4 shafts |
|--|---------|-----------------------------------------------------------|

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| Item        | Units        |   | LOMP Average |   |
|-------------|--------------|--------|--------------|--------|
| Mining      | $/ton milled |   |         | 80.00  |   |
| Processing  | $/ton milled |   |         | 12.00  |   |
| Exploration | $/ton milled |   |         | 2.00   |   |
| G&A     | $/ton milled |   |         | 53.00  |   |
| Total       | $/ton milled |   |         | 147.00 |   |

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| • | The Mineral Resource estimates have been prepared using acceptable estimation methodologies. The classification of Measured, Indicated and Inferred Resources conform to Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (“CIM Definition Standards”). |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The Mineral Reserve estimates have been prepared using acceptable estimation methodologies and the classification of Proven and Probable Reserves conform to CIM Definition Standards. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Protocols for drilling, sampling, analysis, security, and database management meet industry accepted practices. The drillhole databases were verified and are reasonable for supporting a resource model for use in Mineral Resource and Mineral Reserve estimation. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The Company is not aware of any environmental, permitting, legal, tile, taxation, socio-economic, marketing, political or other modifying factors which could materially affect the underground Mineral Resource estimates. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, for silver- lead zones total 1.7 million tons, grading 5.3 opt Ag and 5.59% Pb, containing 9.0 million ounces Ag and 188.3 million pounds Pb. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Measured and Indicated Mineral Resources, exclusive of Mineral Reserves for silver- copper zones total 1.2 million tons, grading 12.9 opt Ag and 0.59% Cu, containing 15.7 million ounces Ag and 14.4 million pounds Cu. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Inferred Mineral Resources for silver-lead zones total 1.8 million tons, grading 5.4 opt Ag and 5.82% Pb, containing 9.7 million ounces Ag and 207.8 million pounds Pb. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Inferred Mineral Resources for silver-copper zones total 0.5 million tons, grading 13.4 opt Ag and 0.83% Cu, containing 6.8 million ounces Ag and 8.4 million pounds Cu. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Proven and Probable Reserves for silver-lead zones total 0.8 million tons, grading 8.3 opt Ag and 9.40% Pb, containing 7 million ounces Ag and 158.6 million pounds Pb. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Proven and Probable Reserves for silver-copper zones total 0.7 million tons, grading 15.4 opt Ag and 0.46% Cu, containing 10.8 million ounces Ag and 6.4 million pound Cu. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Mineral Reserves are estimated at metal prices of US$16.00 per ounce Ag, US$2.40 per pound Cu and US$0.85 per pound Pb. |
|---------|-------------------------------------------------------------------------------------------------------------------------|

| • | Recovery and cost estimates are based on actual operating data and engineering estimates. |
|---------|-------------------------------------------------------------------------------------------|

| • | Economic analysis of the Galena LOMP generates a positive cash flow and meets the requirements for statement of Mineral Reserves. In addition to the Mineral Reserves in the LOMP, there are Mineral Resources that represent opportunities for the future. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | All requisite permits have been obtained and/or renewed in the ordinary course for mining and continued development of the Galena Property as currently contemplated and are in good standing in all material respects. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | New 7.5% mining royalty. This royalty is deductible for tax purposes and is calculated as 7.5% of a royalty base which is computed as taxable revenues (except interest and inflationary adjustments), less allowable deductions for income tax purposes (except interest, inflationary adjustment, depreciation and mining fees), less prospecting and exploration expenses for the year; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | New environmental duty of 0.5% of gross income arising from the sale of gold and silver; |
|--------|------------------------------------------------------------------------------------------|

| · | Corporate income tax rate to remain at 30%, eliminating the scheduled reduction to 29% in 2014 and to 28% in 2015; |
|--------|--------------------------------------------------------------------------------------------------------------------|

| · | Elimination of the IETU; |
|--------|--------------------------|

| · | Elimination of the option for depreciation of capital assets on an accelerated basis; |
|--------|---------------------------------------------------------------------------------------|

| · | Elimination of 100% deduction on exploration expenses for locating and quantifying new deposits in pre-operating periods. These exploration costs will be amortized on a straight-line basis over 10 years; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Reduction of deductibility for various employee fringe benefits; and imposes a 10% withholding tax on dividends distributed to resident individuals or foreign residents (including foreign corporations). According to the Mexico-Canada tax treaty, this dividend withholding tax rate may be reduced to 5%. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Number ofwarrants |   | Exerciseprice (CAD) |   | Issuancedate | Expirydate |
|-------------------|--------|---------------------|--------|--------------|------------|
| 802,595           |   |                | 4.68   |         | Jul 2016   | Jun 14, 2021 |
| 224,728           |   |                | 4.20   |         | Jul 2016   | Jun 14, 2018 |
| 1,388,883         |   |                | 4.68   |         | Jun 2016   | Jun 9, 2021 |
| 388,886           |   |                | 4.20   |         | Jun 2016   | Jun 9, 2018 |
| 2,306,248         |   |                | 1.20   |         | Feb 2016   | Feb 10, 2019 |
| 307,777           |   |                | 1.20   |         | Nov 2015   | Nov 10, 2018 |
| 29,166            |   |                | 1.56   |         | Aug 2015   | Aug 26, 2018 |
| 231,481           |   |                | 1.20   |         | Aug 2015   | Aug 26, 2018 |
| 227,988           |   |                | 3.00   |         | Aug 2015   | Aug 26, 2018 |
| 445,553           |   |                | 1.56   |         | May 2015   | May 27, 2018 |
| 509,203           |   |                | 2.76   |         | Dec 2014   | Dec 22, 2017 |
| 6,862,508         |   |                |   |         |       |     |

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| Period          |   | High (C$) |   |   | Low (C$) |   |   | Total Volume |   |
|-----------------|--------|-----------|--------|--------|----------|--------|--------|--------------|--------|
| December, 2016  |   | $         | 3.96   |   |     | $      | 2.76   |         |   |   | 1,716,141 |   |
| November, 2016  |   | $         | 4.02   |   |     | $      | 2.70   |         |   |   | 1,711,338 |   |
| October, 2016   |   | $         | 4.08   |   |     | $      | 3.42   |         |   |   | 1,320,816 |   |
| September, 2016 |   | $         | 4.86   |   |     | $      | 3.72   |         |   |   | 992,926 |   |
| August, 2016    |   | $         | 5.76   |   |     | $      | 3.54   |         |   |   | 2,034,354 |   |
| July, 2016      |   | $         | 5.34   |   |     | $      | 4.02   |         |   |   | 2,310,528 |   |
| June, 2016      |   | $         | 4.50   |   |     | $      | 3.60   |         |   |   | 2,355,407 |   |
| May, 2016       |   | $         | 4.74   |   |     | $      | 3.24   |         |   |   | 2,529,066 |   |
| April, 2016     |   | $         | 4.68   |   |     | $      | 2.64   |         |   |   | 2,705,448 |   |
| March, 2016     |   | $         | 2.94   |   |     | $      | 1.92   |         |   |   | 878,240 |   |
| February, 2016  |   | $         | 2.16   |   |     | $      | 0.66   |         |   |   | 1,474,477 |   |
| January, 2016   |   | $         | 1.14   |   |     | $      | 0.66   |         |   |   | 1,060,924 |   |

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| Name and Residence andPosition with the Company                   | Principal Occupation For Five Preceding Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Number and Percentageof Company Shares Owned |
|-------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|
| DIRECTORS                                                         |
| Darren BlasuttiOntario, CanadaDirector and ChiefExecutive Officer | Mr. Blasutti is currently the President and Chief Executive Officer of the Company.  He was formerly the President and Chief Executive Officer of U.S. Silver & Gold Inc., and prior to that, the President and Chief Executive Officer of RX Gold & Silver Inc. (“RX Gold”), and former Senior Vice President of Corporate Development for Barrick Gold Corporation (“Barrick”) until January 2011. At Barrick, he reported to the Chief Executive Officer and played a lead role in the strategic development of Barrick for over 13 years, during which time he executed over 25 gold mining transactions including the acquisition of Homestake Mining Company and Placer Dome Inc. and the consolidation of the world class Cortez property from Rio Tinto. Mr. Blasutti also led the creation of Barrick Energy Inc. to hedge Barrick’s exposure to energy prices and was integral to the initial public offering of African Barrick Gold. During his tenure at Barrick, he also led the Investor Relations function. Mr. Blasutti was previously at PricewaterhouseCoopers LLP where he planned, supervised and managed audits for a variety of clients. Mr. Blasutti is a member of the Canadian Institute of Chartered Accountants and is a director of Noront Resources Ltd. and Chantrell Ventures Corp. | 75,714 (0.19%)                               |

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| Alex DavidsonOntario, CanadaChairman | Mr. Davidson is currently a corporate director and was formerly Executive Vice President, Exploration and Corporate Development at Barrick, with responsibility for Barrick’s international exploration programs and corporate development activities. Mr. Davidson was instrumental in Barrick’s acquisition of Lac Minerals, Sutton Resources, Arequipa Resources, Pangea Goldfields, Homestake Mining and Placer Dome Inc.  Mr. Davidson joined Barrick in 1993 as Vice President Exploration with responsibility for Barrick’s expanding exploration program. He initiated Barrick’s expansion out of North America and into Latin America and beyond and retired from Barrick in 2009. Prior to joining Barrick, Mr. Davidson was Vice President, Exploration, for Metall Mining Corporation. Mr. Davidson has over 40 years’ of experience in designing, implementing and managing gold and base metal exploration and acquisition programs throughout the world. In 2005, Mr. Davidson was presented the A.O. Dufresne Award by the Canadian Institute of Mining, Metallurgy and Petroleum to recognize exceptional achievement and distinguished contributions to mining exploration in Canada.  In 2003, Mr. Davidson was named the Prospector of the Year by the Prospectors and Developers Association of Canada in recognition of his team’s discovery of the Lagunas Norte Project in the Alto Chicama District in Peru.  Mr. Davidson received his B.Sc. and his M.Sc. in Economic Geology from McGill University. His extensive experience in the mining industry and his background in precious metal exploration and corporate development allows him to provide valuable industry insight and perspective to the Board and management. Mr. Davidson also has extensive board level experience and has sat on or has chaired a number of health, safety & environment, technical, sustainability, audit, and compensation committees. Mr. Davidson is also a director of Perseus Mining Ltd., NuLegacy Gold Corporation, Orca Gold Inc., Capital Drilling Limited and Yamana Gold Inc. | 27,706 (0.07%) |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|

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| Alan EdwardsColorado, United StatesDirector  | Mr. Edwards serves on the board of directors and is President of AE Resources Corp.  He also serves on the board of directors for Entrée Gold Inc. and Orvana Minerals Corp.  From May 2010 to July 2013 he was a director of AuRico Gold Inc. and from July 2013 to July 2015 he was Chairman of the Board, from October 2011 to January 2017, he was Chairman of the Board of AQM Copper Inc., from August 2013 to February 2015 he was Chairman of the Board of Oracle Mining Corp., from September 2012 to July 2013, he was Chief Executive Officer of Oracle Mining Corp., from 2009 to May 2011, he was President and Chief Executive Officer of Copper One Inc., from 2007 to 2009, he was President and Chief Executive Officer of Frontera Copper Corporation.  Mr. Edwards holds an MBA from the University of Arizona and a B.S. Mining Engineering also from the University of Arizona.                                                                                              | 20,597 (0.05%)  |
|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
| Peter HawleyQuebec, CanadaDirector           | Mr. Hawley is the founder of the Company and is currently the Chairman of Scorpio Gold Corporation.  Formerly he was President and CEO of the Company from July 20, 2012 to April 21, 2013 and prior to December 2010.  Mr. Hawley has over 35 years’ experience in the exploration and mining industry and has worked as a consulting geologist to a large number of intermediate and senior mining companies including Teck Corp, Noranda Inc., Placer Dome Inc. and Barrick Gold.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 153,619 (0.39%) |
| Bradley R. KippOntario, CanadaDirector  | Mr. Kipp is currently the Executive Vice-President and Director of AR3 Capital Partners Inc. (commodity trading and fund management) since August 2015; Vice-President Finance of Summit Resource Management Limited (venture capital) since 1997; Director of Equity Financial Holdings Inc. since June 2008; Chief Financial Officer and Director of Blackshire Capital Corp. since February 2017.  Previously he was Chief Financial Officer and Director of African Copper PLC (mining and exploration) from September 2004 to July 2015.    Mr. Kipp has over 20 years’ experience specializing in operations, corporate finance and public company reporting in the mining sector.  As part of these activities he has been Chief Financial Officer and/or a Director of several public companies listed on the Toronto and London AIM exchanges. Mr. Kipp is a member of the Chartered Professional Accountants of Canada and a member of the Chartered Financial Analyst Institute. | NIL             |

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| Gordon E. PridhamOntario, CanadaDirector | Mr. Pridham is currently Principal of Edgewater Capital and sits on the public company boards of Newalta Corporation (Chairman), CHC Student Housing Inc. (Chairman) and Orvanna Minerals Inc.  Formerly Chairman of the Board of U.S. Silver & Gold Inc. He is on the advisory board for Enertech Capital a Clean Tech Venture Fund. Recent activities include merger of US Silver with RX Gold as Chairman, sale of Norock Realty to Partners REIT as Chairman of the Special Committee, and sale of Western Prospector to CNNC as Chairman of the Special Committee. Mr. Pridham has over 35 years of experience financing and advising public and private companies in a cross section of industries, particularly in the resource sector. He has worked in New York, Calgary, Toronto and Hong Kong for global financial institutions in Corporate Banking, Investment Banking and Capital Markets. Mr. Pridham is a graduate of the University of Toronto and the Institute of Corporate Directors program. | 30,102 (0.08%) |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| Lorie WaisbergOntario, CanadaDirector    | Mr. Waisberg is a corporate director currently serving as Chairman and a director of Chemtrade Logistics Income Fund and a director of Chantrell Ventures Corp., Metalex Ventures Ltd. and Tembec Inc. Prior to retirement, Mr. Waisberg served as Executive Vice President, Finance and Administration of Co-Steel Inc., a steel manufacturer. Prior thereto, Mr. Waisberg practiced law with a major Canadian law firm. Mr. Waisberg is accredited as ICD.D by the Institute of Corporate Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 7,485 (0.02%)  |

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| Officers                                                                                 |
|-----------------------------------------------------------------------------------------------|
| Darren BlasuttiOntario, CanadaPresident and ChiefExecutive Officer                            | See information for Mr. Blasutti set forth above in the Directors section of this table. | See above  |
| Warren VargaOntario, CanadaChief Financial Officer                                            | Mr. Varga is currently the Chief Financial Officer, of the Company; former Chief Financial Officer of U.S. Silver & Gold; Chief Financial Officer, RX Gold; Senior Director, Corporate Development, Barrick Gold Corporation | 1,526 (0%) |
| Peter J. McRaeOntario, CanadaSenior Vice President,Corporate Affairs &Chief Legal Officer | Mr. McRae is currently the Senior Vice President, Corporate Affairs & General Counsel of the Company; former Vice President, General Counsel of U.S. Silver & Gold; Vice President, Corporate Counsel, RX Gold; attorney at Weil, Gotshal & Manges LLP in New York. | 381 (0%)  |
| Daren DellOntario, CanadaChief Operating Officer                                              | Mr. Dell is currently the Chief Operating Officer of the Company; former Vice President, Technical Services of U.S. Silver & Gold; Director, Corporate Development and Director, Technical Evaluations at Barrick Gold | 1400 (0%) |
| Board Committee                            | Committee Members                                 |
|-------------------------------------------------|---------------------------------------------------|
| Audit Committee                                 | Bradley Kipp (Chair)Lorie WaisbergGordon Pridham  |
| Compensation and Corporate Governance Committee | Lorie Waisberg (Chair)Alex DavidsonGordon Pridham |
| Sustainability & Technical Committee        | Alan Edwards (Chair)Alex DavidsonPeter Hawley     |

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| (i) | was subject to an order that was issued while the director was acting in the capacity as director, chief executive officer or chief financial officer, or  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | is, as at the date hereof, or has been, within 10 years before the date hereof, a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver-manager or trustee appointed to hold its assets; or  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | has, within 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver-manager or trustee appointed to hold the assets of the director or executive officer. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | The Credit Facility with Royal Capital Management Corporation dated August 7, 2013 as amended June 30, 2015 as described under “General Development of the Business – Financing Arrangements”.  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Collective Bargaining Agreement with the United Steel Workers Union that is in effect from June 29, 2014 to June 28, 2017 and covers all of the hourly employees at the Galena Complex as described under “Other Developments”.  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Pre-Payment Facility with Metagri S.A. de C.V., a subsidiary of Glencore PLC that is in effect from January 2017 as described under “General Development of the Business – Financing Arrangements”. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

| Member            | Relevant Education and Experience                                                                                                                                                                                                                                                                                                                  |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bradley R. Kipp(Chair) | ·    Over 20 years’ experience in the mining sector specializing in operations, corporate finance and public reporting·    Has been Chief Financial Officer and/or director of several public companies listed on both the Toronto and London      AIM stock exchanges3     |
| Lorie Waisberg         | ·    Corporate director who has served on the audit committees of several public companies·    Former Executive Vice President, Finance and Administration of Co-Steel Inc.                                                                                                                                |
| Gordon Pridham         | ·    More than 25 years’ experience in investment banking, capital markets and corporate finance·    Has worked in New York, Calgary, Toronto and Hong Kong for global financial institutions and has financed and      advised companies in the public and private markets |

----

----

| Financial Year |   | Audit Fees (C$) |    | Audit Related Fees (C$) |   | Tax Fees (C$) |   | All Other Fees (C$) |
|----------------|--------|-----------------|---------|-------------------------|--------|---------------|--------|---------------------|
| 2015           |   | $               | 185,000 |                    | Nil    |          | Nil    |                | Nil |
| 2016           |   | $               | 412,000 |                    | Nil    |          | $      | 18,685              |   | Nil |

----

| Ag        | silver                                                                 |
|-----------|------------------------------------------------------------------------|
| Au        | gold                                                                   |
| Cu        | copper                                                                 |
| g         | grams                                                                  |
| NI 43-101 | National Instrument 43-101 Standardsof Disclosure for Mineral Projects |
| km        | kilometres                                                             |
| NSR       | net smelter return                                                     |
| m         | metres                                                                 |
| oz        | ounce(s)                                                               |
| Pb        | lead                                                                   |
| Zn        | zinc                                                                   |

| Imperial             | Converts to | Metric              |
|---------------------------|-------------|---------------------|
| 1 in                      | =           | 2.54 cm             |
| 1 ft (12 in)              | =           | 0.3048 m            |
| 1 yd (3ft)                | =           | 0.9144 m            |
| 1 mile (1760 yd)          | =           | 1.6093 km           |
| 1 square in (in2)         | =           | 6.4516 cm2          |
| 1 square ft (ft2)         | =           | 0.0929 m2           |
| 1 square yd (yd2)         | =           | 0.8361 m2           |
| 1 acre (4840 yd2)         | =           | 0.4047 ha           |
| 1 square mile (640 acres) | =           | 2.59 km2            |
| short ton                 | =           | 0.907 metric tonnes |

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| 1. | Role of the Audit Committee  |
|----|-----------------------------------|

| (a) | The role of the Audit Committee is to assist the Board of Directors (the “Board”) in its oversight and evaluation of the following matters in respect of Americas Silver Corporation and its subsidiaries (the “Company”):  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | The quality and integrity of the financial statements of the Company;  |
|-----|-----------------------------------------------------------------------------|

| (ii) | The compliance by the Company with legal and regulatory requirements in respect of financial disclosure;  |
|------|----------------------------------------------------------------------------------------------------------------|

| (iii) | The Company’s internal control over financial reporting;  |
|-------|----------------------------------------------------------------------|

| (iv) | The        qualification,independenceandperformanceoftheCompany’s independent auditor;  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | The assessment, monitoring and management of the financial risks of the Company’s business;  |
|-----|---------------------------------------------------------------------------------------------------------|

| (vi) | The performance of the Company’s Chief Financial Officer (the “CFO”); and  |
|------|---------------------------------------------------------------------------------------------------|

| (vii) | Such other matters as assigned to it by the Board from time-to-time.  |
|-------|----------------------------------------------------------------------------|

| (b) | In addition, the Audit Committee provides an avenue for communication between the independent auditor, the Company’s CFO and other senior management, other employees and the Board concerning accounting, auditing and financial risk management matters.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Audit Committee is directly responsible for the recommendation of the appointment and retention (and termination) and for the compensation and the oversight of the work of the independent auditor for the purpose of preparing audit reports or performing other audit, review or attest services for the Company.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The Audit Committee is not responsible for:  |
|-----|---------------------------------------------------|

| (i) | Planning or conducting audits, or  |
|-----|-----------------------------------------|

| (ii) | Certifying or determining the completeness or accuracy of the Company's financial statements or that those financial statements are in accordance with generally accepted accounting principles (“GAAP”).  |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Each member of the Audit Committee shall be entitled to rely in good faith upon:  |
|-----|----------------------------------------------------------------------------------------|

| (i) | Financial statements of the Company represented to him or her by senior management of the Company or in a written report of the independent auditor to present fairly the financial position of the Company in accordance with GAAP; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| (ii) | Any report of a lawyer, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by any such person. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Membership  |
|----|------------------|

| (a) | Members of the Audit Committee shall be appointed by the Board, on the recommendation of the Compensation and Corporate Governance Committee, and shall be made up of at least three (3) members of the Board.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The appointment of members of the Audit Committee shall take place annually at the first meeting of the Board after a meeting of shareholders at which directors are elected, provided that if the appointment of members of the Audit Committee is not so made, the directors who are then serving as members of the Audit Committee shall continue as members of the Audit Committee until their successors are appointed. The Board may appoint a member to fill a vacancy that occurs in the Audit Committee between annual elections of directors.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any member of the Audit Committee may be removed from the Audit Committee by a resolution of the Board.  |
|-----|---------------------------------------------------------------------------------------------------------------|

| (d) | The Board shall appoint a Chair of the Audit Committee who shall be an independent non-executive director. In the absence of the Chair and/or an appointed deputy, the remaining members present shall elect one (1) of the members present to chair the meeting.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Each of the members of the Audit Committee shall (i) meet the standards of Director “independence” and (ii) shall be “financially literate”, in accordance with applicable legislation and stock exchange requirements, including Section 803 of the Company Guide and Rule 10A-3.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| (f) | At least one member of the Audit Committee shall be considered “financial sophisticated” as such term is used in the Company Guide and shall meet the requirements of an “Audit Committee Financial Expert” as defined by the United States Securities and Exchange Commission (the “SEC”).  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | No member of the Audit Committee shall:  |
|-----|-----------------------------------------------|

| (i) | Accept (directly or indirectly) any consulting, advisory or other compensatory fee from the Company or any of its subsidiaries (other than remuneration for acting in his or her capacity as a director or Committee member) or be an “affiliated person” of the Company or any of its subsidiaries; or  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Concurrently serve on the audit committee of more than three (3) other public companies without the prior approval of the Audit Committee, the Compensation and Corporate Governance Committee and the Board and their determination that such simultaneous service would not impair the ability of the member to effectively serve on the Audit Committee (which determination shall be disclosed in the Company’s annual management information circular).  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Meetings and Procedure  |
|----|------------------------------|

| (a) | The General Counsel/Corporate Secretary or such other appropriate designee shall act as the Secretary of the Audit Committee.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The quorum necessary for the transaction of business at any meeting of the Audit Committee shall be a majority of the number of members of the Audit Committee or such greater number as the Audit Committee shall by resolution determine.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The powers of the Audit Committee may be exercised at a duly convened meeting at which a quorum of the Audit Committee is present in person or by telephone or other electronic means or by a resolution signed by all members entitled to vote on that resolution at a meeting of the Audit Committee.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Each member (including the Chair) is entitled to one (but only one) vote in Audit Committee proceedings.  |
|-----|----------------------------------------------------------------------------------------------------------------|

| (e) | The Audit Committee shall meet at least quarterly and more frequently as circumstances require at such times and places as the Chair of the Audit Committee may determine.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | The Audit Committee shall meet separately, periodically, with senior management and the independent auditor and may request any member of the Company's senior management or the Company's independent auditor or outside counsel to attend meetings of the Audit Committee or with any members of, or advisors to, the Audit Committee. The Audit Committee will also meet in camera at each of its regularly scheduled meetings.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Meetings of the Audit Committee shall be summoned by the Secretary of the Audit Committee at the request of any of its members.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

----

| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| (h) | Unless otherwise agreed, notice of each meeting confirming the venue, time and date together with an agenda shall be forwarded to each member of the Audit Committee, the independent auditor and any other person requested or required to attend, no fewer than three (3) working days prior to the meeting, or such period as may be reasonably necessary in the circumstances as determined by the Chair. Supporting materials shall be sent to the members of the Audit Committee and to other attendees as appropriate, at the same time or at such time as is practicable to enable appropriate review.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | The Secretary of the Audit Committee or appropriate designee shall minute the proceedings and resolutions of all Audit Committee meetings. Minutes of the Audit Committee meetings shall be circulated to all members of the Audit Committee for their approval in due course.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Except as otherwise provided in this Charter, the Audit Committee may form and delegate authority to individual members and subcommittees of the Audit Committee where the Audit Committee determines it is appropriate to do so.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Responsibilities  |
|----|------------------------|

| 4.1 | Independent Auditor – The Audit Committee shall: |
|-----|--------------------------------------------------------|

| (a) | Recommend the appointment and the compensation of, and, if appropriate, the termination of the independent auditor, subject to such Board and shareholder approval as is required under applicable legislation and stock exchange requirements.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Obtain confirmation from the independent auditor that it ultimately is accountable, and will report directly, to the Audit Committee.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Pre-approve all audit and non-audit services (including any internal control-related services) provided by the independent auditor (subject to any restrictions on such non- audit services imposed by applicable legislation, regulatory requirements and applicable policies of securities administrators) and adopt policies as it determines appropriate for the pre-approval of such services including procedures for the delegation of authority to provide such approval to one or more members of the Audit Committee.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Review the experience and qualifications of the senior members of the independent auditor’s team.  |
|-----|---------------------------------------------------------------------------------------------------------------|

| (e) | Oversee the work of the independent auditor, including the resolution of any disagreements between senior management and the independent auditor regarding financial reporting.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Review with the independent auditor:  |
|-----|--------------------------------------------|

| (i) | The quality, as well as the acceptability of the accounting principles that have been applied; |
|-----|------------------------------------------------------------------------------------------------|

----

| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| (ii) | Any problems or difficulties the independent auditor may have encountered during the provision of its audit services, including any restrictions on the scope of activities or access to requested information and any significant  disagreements with senior management, any management letter provided by the independent auditor or other material communication (including any schedules of unadjusted differences) to senior management and the Company’s response to that letter or communication; and  |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Any changes to the Company’s significant auditing and accounting principles and practices suggested by the independent auditor or other members of senior management.  |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Obtain and review an annual report from the independent auditor regarding the independent auditor’s internal quality-control procedures outlining:  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Any material issues raised by the most recent internal quality-control review, or peer review, of the auditor, or by any inquiry or investigation by governmental  or professional authorities within the preceding five (5) years respecting one or more independent audits carried out by the firm;  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Any steps taken to deal with any such issues; and  |
|------|---------------------------------------------------------|

| (iii) | All relationships between the independent auditor and the Company.  |
|-------|--------------------------------------------------------------------------|

| (h) | Evaluate, annually, the qualifications, performance and independence of the independent auditor, including considering whether the auditor’s quality controls are adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Confirm with the independent auditor that it is in compliance with applicable legal, regulatory and professional standards relating to auditor independence.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Confirm with the independent auditor that it is a participating audit firm of the Canadian Public Accountability Board in compliance with all restrictions or sanctions imposed on it (if any).  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | Approve all engagements for accounting advice prepared to be provided by an accounting firm other than the independent auditor and review reports from senior management on tax advisory or other services provided by accounting firms other than the independent auditor.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | Review and approve the Company’s hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the issuer.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| 4.2 | Audit Process, Financial Statements and Related Disclosure and Internal Controls – The Audit Committee shall:  |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (a) | Meet with senior management and/or the independent auditor to review and discuss:  |
|-----|-----------------------------------------------------------------------------------------|

| (i) | The planning and staffing of the audit by the independent auditor;  |
|-----|--------------------------------------------------------------------------|

| (ii) | Before public disclosure, the Company’s annual audited financial statements and quarterly financial statements, the Company’s accompanying disclosure of Management’s Discussion and Analysis, earnings and related press releases, the Company’s annual report to be filed with the SEC, the Company’s annual information form, management information circular, and any prospectus or registration statement and make recommendations to the Board as to their approval and dissemination of those statements and disclosure;  |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Financial information and earnings guidance provided to analysts and rating agencies:  this review need not be done on a case by case basis but may be done generally (consisting of a discussion of the types of information disclosed and the types of presentations made) and need not take place in advance of the disclosure;  |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | Any significant financial reporting issues and judgments made in connection with the preparation of the Company’s financial statements, including any significant changes in the selection or application of accounting principles, any major issues regarding auditing principles and practices, and the adequacy of internal controls that could significantly affect the Company’s financial statements;  |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | All critical accounting policies and practices used;  |
|-----|------------------------------------------------------------|

| (vi) | All alternative treatments of financial information within GAAP that have been discussed with senior management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor;  |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii) | The use of “pro forma” or “adjusted” non-GAAP information, - the effect of new regulatory and accounting pronouncements;  |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii) | The effect of any material off-balance sheet structures, transactions, arrangements and obligations (contingent or otherwise) on the Company’s financial statements;  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix) | Any disclosures concerning any weaknesses or any deficiencies in the design or operation of internal controls or disclosure controls made to the Audit Committee in connection with certification of forms by the CEO and/or the CFO for filing with applicable securities regulators; |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| (x) | The adequacy of the Company’s internal accounting controls and management information systems and its financial, auditing and accounting organizations and personnel (including any fraud involving an individual with a significant role in internal controls or management information systems) and any special steps adopted in light of any material control deficiencies; and  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi) | The adequacy of the Company’s procedures for the disclosure of any financial information extracted or derived from the Company's financial statements.  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Financial Risks  –  The Audit Committee shall: |
|-----|----------------------------------------------------------------|

| 4.4 | Compliance – The Audit Committee shall:  |
|-----|-----------------------------------------------------|

| (a) | Review with senior management and the independent auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports, which raise material issues regarding the Company’s financial statements or accounting policies.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Review with the Company’s CFO and General Counsel legal matters that may have a material impact on the financial statements, the Company’s compliance policies and any material reports or inquiries received from regulators or governmental agencies.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Review for fairness to the Company proposed transactions, contracts and other arrangements between the Company and its subsidiaries and any insider, related party or affiliate (“Related Party Transactions”), and make recommendations to the Board whether any such transactions, contracts and other arrangements should be approved or continued.4   The foregoing shall not include any compensation payable pursuant to any plan, program, contract or arrangement subject to the authority of the Company’s Compensation and Corporate Governance Committee. To avoid any confusion, the Audit Committee responsibilities identified in this subsection are the sole responsibility of the Audit Committee and may not be allocated by the Board to a different committee without revisions to this Charter.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Establish procedures for:  |
|-----|---------------------------------|

| (i) | the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters; and  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | the confidential, anonymous submission by employees of the Company with concerns regarding any accounting or auditing matters. |
|------|--------------------------------------------------------------------------------------------------------------------------------|

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----

| Americas Silver Corporation | Audit Committee Charter |
|-----------------------------|-------------------------|

| 5. | Reporting  |
|----|-----------------|

| (a) | The Audit Committee shall report to the Board on a regular basis. The reports of the Audit Committee shall include any issues of which the Audit Committee is aware with respect to the quality or integrity of the Company’s financial statements, its compliance with legal or regulatory requirements, the performance and independence of the Company’s independent auditor and changes in financial risks.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Audit Committee also shall prepare, as required by applicable law, any audit committee report required for inclusion in the Company’s publicly filed documents.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Access to Management and Independent Advisors |
|----|-----------------------------------------------|

| 7. | Annual Evaluation |
|----|-------------------|

| (a) | Conduct a review and evaluation of the performance of the Audit Committee and its members, including the compliance of the Audit Committee with this Charter.  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Review and assess the adequacy of this Charter and any position description for its committee Chair and recommend to the Board any improvements to this Charter or the position description that the Audit Committee determines to be appropriate, except for minor technical amendments to this Charter, authority for which is delegated to the General Counsel/Corporate Secretary, who will report any such amendments to the Board at its next regular meeting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|