Americas Silver Corporation Provides First Quarter Production and Cost Update

TORONTO–(BUSINESS WIRE)–Americas Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas
Silver” or the “Company”) today announced production and operating cost
results for the first quarter of 2019 on a consolidated basis and
individually for its Cosalá Operations and Galena Complex. All figures
are in U.S. dollars unless otherwise indicated.

First Quarter Highlights

• Consolidated silver production of approximately 1.8 million silver
  equivalent¹ ounces, an increase of 9% year-over-year, and
  395,000 silver ounces consistent with prior year.
• Consolidated cash costs² were approximately negative
  ($0.50) per silver ounce, a decrease of 144%, when compared to prior
  quarter. Consolidated all-in sustaining costs² (“AISC”)
  were approximately $5.54 per silver ounce, a decrease of 53%, when
  compared to Q4 2018.
• Milled tonnage at the Cosalá Operations increased by 24%
  year-over-year, with the San Rafael mine sustaining an average milling
  rate of approximately 1,750 tonnes per operating day. Production of
  approximately 1.3 million silver equivalent ounces including
  approximately 170,000 silver ounces, representing increases of 39% and
  118%, respectively, year-over-year. Cash costs were approximately
  negative ($30.48) per silver ounce and AISC were approximately
  negative ($25.85) per silver ounce representing decreases of 21% and
  130%, respectively, when compared to prior quarter.
• Continuing operational challenges limited production at the Galena
  Complex to approximately 430,000 silver equivalent ounces including
  approximately 220,000 silver ounces, representing decreases of 15% and
  1%, respectively, when compared to prior quarter. Cash costs were
  approximately $23.03 per silver ounce and AISC were approximately
  $30.17 per silver ounce representing increases of 8% and 2%,
  respectively, when compared to prior quarter.
• Subsequent to quarter end, the acquisition of Pershing Gold
  Corporation (“Pershing”) closed on April 3, 2019 after the Committee
  on Foreign Investment in the United States (“CFIUS”) completed its
  review. The Company announced concurrent financing signed with
  Sandstorm Gold Ltd. for gross proceeds of approximately US$42.5
  million to completely fund production at the Relief Canyon Project.
• Guidance for 2019 remains unchanged at 1.6 – 2.0 million silver ounces
  and 6.6 – 7.0 million silver equivalent ounces at cash costs of $4.00
  to $6.00 per silver ounce and AISC of $10.00 to $12.00 per silver
  ounce. The Company expects to release its first quarter financial
  results on or before May 14, 2019.

“The Cosalá Operations had an excellent quarter mining and processing an
average of approximately 1,750 tonnes per operating day, resulting in
greater silver and by-product metal production, with lower cash costs
and AISC,” said Americas Silver President and CEO Darren Blasutti.
“Construction activity at Relief Canyon is ramping up and orders for
long-lead items have been placed as the Company advances this project
towards pouring gold before the end of the year. With the addition of
this new mine, the Company expects to increase precious metal production
by over 500% by 2021.”

Consolidated First Quarter Production Details

Consolidated silver production for the first quarter of 2019 was 393,824
ounces, which was largely consistent with both the prior quarter and
year-over-year. Silver equivalent production was approximately 1.8
million ounces, an increase of 9% year-over-year. Consolidated cash
costs decreased 144% to negative ($0.50) per silver ounce compared to
the prior quarter and increased 82% year-over-year, and AISC decreased
53% to $5.54 per silver ounce compared to the prior quarter and
decreased 10% year-over-year. Consolidated zinc production increased by
10% compared to the prior quarter and 54% year-over-year, while
consolidated lead production decreased by 10% compared to the prior
quarter and increased by 8% year-over-year.

Cosalá Operations Production Details

The Cosalá Operations produced 173,169 ounces of silver during the first
quarter of 2019 and 1,322,045 ounces of silver equivalent during the
same period at cash costs of negative ($30.48) per silver ounce and AISC
of negative ($25.85) per silver ounce. Silver production increased by
118% year-over-year and consistent with the fourth quarter 2018, while
silver equivalent production increased by 39% year-over-year and 3% over
the prior quarter. Cash costs and AISC improved by 21% and 130%,
respectively, compared to the Q4 2018.

Strong results were driven by sustained improvements in grade, mill
throughput and metal recovery to concentrate. Site expenditures tracked
expectations. Development of the incline ramp toward San Rafael’s Upper
Zone has resumed and is advancing ahead of plan. Ore production from the
Main Zone benefited from the additional working headings providing
operational flexibility. Further, mined head grades exceeded budgeted
head grades during the quarter. Any potential reduction in head grades
over the remainder of the year are expected to be largely offset by
further gains in mill throughput and metal recovery as additional
flotation capacity is installed during the second quarter.

Galena Complex Production Details

Unplanned mill downtime due to problems with the mill pinion bearing at
the Galena mine in January set the year off on a challenging note
however the underlying issues were successfully resolved during the
quarter. Performance trended back up until two separate ground falls
delayed production from two high-tonnage stopes. The cumulative impact
was the loss of nearly one month’s production during the quarter.
Performance is slowly improving and should return to expected levels by
the end of Q2 2019. Management remains committed to returning the
operation to an acceptable level of performance.

As a result of these unexpected incidents, the Galena Complex produced
220,655 ounces of silver during Q1 2019 and 432,794 ounces of silver
equivalent at cash costs of $23.03 per silver ounce and AISC of $30.17
per silver ounce. Silver and silver equivalent production decreased by
1% and 15%, respectively, compared to the prior quarter, and 31% and
35%, respectively, year-over-year. Cash costs and AISC increased by 8%
and 2%, respectively, due to the noted operational challenges.

Relief Canyon Update

On April 3, 2019, the Company announced the closing of the Pershing
acquisition after receiving notification that CFIUS completed its
review. The Company also announced a financing package of $42.5 million
secured from Sandstorm Gold Ltd. to fully fund the development of Relief
Canyon and Board approval for construction commencement at the Project
with the intention of pouring gold before year end. Since that time,
orders have been placed for long-lead items such as the mill liners,
crusher and conveyor system and negotiations have commenced on the leach
pad construction and mining contracts. Expected start dates are mid-May
and mid-June respectively. Further information on the Relief Canyon
development will be made available periodically on the Company’s website
as construction progresses at www.americassilvercorp.com.

Americas Silver Annual and Special Meeting

The annual and special meeting of Americas Silver is scheduled for 3pm
(EDT) on Wednesday May 15, 2019 at Vantage Venues, 150 King St. West,
Toronto, Ontario.

Your vote is important. Please vote before the proxy vote deadline on
May 13, 2019 at 3pm (EDT).

Additional information concerning the annual and special meeting can be
found in the Management Information Circular dated April 18, 2019. An
electronic copy of the Circular is available online under the Company’s
profile at www.sedar.com
or at www.americassilvercorp.com.

About Americas Silver Corporation

Americas Silver is a precious metal mining company focused on growth
from its existing asset base and execution of targeted accretive
acquisitions. It owns and operates the Cosalá Operations in Sinaloa,
Mexico and the Galena Complex in Idaho, USA. The Company expects to
begin producing gold in the fourth quarter of 2019 at its fully-funded
Relief Canyon Project, in Nevada, USA which is currently in
construction. For further information, please see SEDAR or
americassilvercorp.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information” within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, Americas Silver’s expectations,
intentions, plans, assumptions and beliefs with respect to, among other
things, Americas Silver’s financing efforts; construction, production,
and development plans at the Relief Canyon Project and performance
expectations for the Relief Canyon Project and impact on Americas
Silver’s financial performance; and the estimated construction timeline
and costs for the Relief Canyon Project; the estimated timeline for
environmental approvals for the second phase of the Relief Canyon
Project; and the impact of the Transaction on the liquidity of the
Company’s shares. Often, but not always, forward-looking information can
be identified by forward-looking words such as “anticipate”, “believe”,
“expect”, “goal”, “plan”, “intend”, “potential’, “estimate”, “may”,
“assume” and “will” or similar words suggesting future outcomes, or
other expectations, beliefs, plans, objectives, assumptions, intentions,
or statements about future events or performance. Forward-looking
information is based on the opinions and estimates of Americas Silver as
of the date such information is provided and is subject to known and
unknown risks, uncertainties, and other factors that may cause the
actual results, level of activity, performance, or achievements of
Americas Silver to be materially different from those expressed or
implied by such forward-looking information. With respect to the
Sandstorm financing, risks and uncertainties include the ability of the
Company and its subsidiaries to fulfill the conditions to drawing all
the available funds under the purchase agreement and convertible
debenture and the potential for, and consequences of, default
thereunder. With respect to the business of Americas Silver, these risks
and uncertainties include interpretations or reinterpretations of
geologic information; unfavorable exploration results; inability to
obtain permits required for future exploration, development or
production; general economic conditions and conditions affecting the
industries in which the Company operates; the uncertainty of regulatory
requirements and approvals; fluctuating mineral and commodity prices;
the ability to obtain necessary future financing on acceptable terms or
at all; the ability to develop, complete construction and operate the
Relief Canyon Project; and risks associated with the mining industry
such as economic factors (including future commodity prices, currency
fluctuations and energy prices), ground conditions and other factors
limiting mine access, failure of plant, equipment, processes and
transportation services to operate as anticipated, environmental risks,
government regulation, actual results of current exploration and
production activities, possible variations in ore grade or recovery
rates, permitting timelines, capital and construction expenditures,
reclamation activities, labor relations, social and political
developments and other risks of the mining industry. Although the
Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, or intended. Readers are
cautioned not to place undue reliance on such information. Additional
information regarding the factors that may cause actual results to
differ materially from this forward‐looking information is available in
Pershing Gold’s filings with the SEC, including the Annual Report on
Form 10‐K for the year ended December 31, 2017 and the Proxy Statement
of Pershing Gold dated November 29, 2018, and in Americas Silver’s
filings with the Canadian Securities Administrators on SEDAR and with
the SEC, including the management information circular of Americas
Silver dated December 4, 2018. Americas Silver does not undertake any
obligation to update publicly or otherwise revise any forward-looking
information whether as a result of new information, future events or
other such factors which affect this information, except as required by
law. Americas Silver does not give any assurance (1) that Americas
Silver will achieve its expectations, or (2) concerning the result or
timing thereof. All subsequent written and oral forward‐looking
information concerning Americas Silver, the Transaction, the Sandstorm
financing package, the combined Company or other matters attributable to
Americas Silver or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements above.

¹ Silver equivalent production throughout this press release
was calculated based on silver, zinc, and lead realized prices during
each respective period.

² Cash cost per ounce and all-in sustaining cost per ounce
are non-IFRS performance measures with no standardized definition. For
further information and detailed reconciliations, please refer to the
Company’s 2018 year-end and quarterly MD&A. The performance measures for
the quarter ended March 31, 2019 are preliminary throughout this press
release subject to refinement from the Company’s first quarter financial
results to be released on or before May 14, 2019.

Contacts

Darren Blasutti
President and CEO
Americas Silver Corporation
416‐848‐9503