<SEC-DOCUMENT>0001279569-13-000204.txt : 20130221
<SEC-HEADER>0001279569-13-000204.hdr.sgml : 20130221
<ACCEPTANCE-DATETIME>20130221124725
ACCESSION NUMBER:		0001279569-13-000204
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130220
FILED AS OF DATE:		20130221
DATE AS OF CHANGE:		20130221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		13629551

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
6-K&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 20, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">1500-625
HOWE STREET</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VANCOUVER BC CANADA V6C 2T6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">000-13727</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right">&nbsp;Form 20-F</TD>
    <TD STYLE="width: 21%; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;Form 40-F</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note: Regulation S-T Rule
    101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
    holders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%">Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
    Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make
    public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s
    &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s securities are
    traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
    to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K
    submission or other Commission filing on EDGAR.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right">&nbsp;Yes</TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;No</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If &quot;Yes&quot; is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b):&nbsp;<B>______</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;February 20, 2013</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;<B><I>ROBERT PIROOZ</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Pirooz</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT LIST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid">Description</TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;99.1</TD>
    <TD></TD>
    <TD>News Release dated February 20, 2013 - Pan American Silver's 2012 annual revenue soars on record silver and gold production</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver's 2012 annual revenue soars on record silver
and gold production</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company Generated Annual Adjusted Earnings of $1.26 per
Share</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">(Unaudited Results - All amounts in US dollars unless otherwise
stated and all production figures are approximate)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 20, 2013 /CNW/ - <B>Pan American Silver Corp.</B>
(NASDAQ: PAAS; TSX: PAA) (the &quot;Company&quot;, or &quot;Pan American&quot;), posted a net loss of $29.4 million during the
fourth quarter of 2012, including a non-cash after-tax $100 million impairment charge on the carrying value of the Navidad deposit.
Excluding the impairment charge and a $14.2 million gain on derivatives, the Company generated adjusted earnings<SUP>(1)</SUP>
for the quarter of $55.8 million, or $0.37 per share. For the full year 2012, adjusted earnings were $177.9 million or $1.26 per
share.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="border: black 1pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><I>&nbsp; </I><B>Fourth Quarter 2012 Highlights (unaudited) <SUP>(2)</SUP></B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver production of 6.9 million ounces, an increase of 29%.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold production of 32,400 ounces, an increase of 88%.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated cash costs<SUP>(3)</SUP> of $11.75<B><SUP> </SUP></B>per ounce of silver, net of by-product credits.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine operating earnings<SUP>(4)<B> </B></SUP>of $85 million.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recorded a $100 million non-cash impairment charge on the carrying value of the Navidad project.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss of ($29.4) million or ($0.19) per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings<SUP>(1)</SUP> of $55.8 million or $0.37 per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows before changes in non-cash operating working capital<SUP>(5) </SUP>of $86.1 million or $0.57 per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue of $247.3 million. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012 Year-End Highlights</B> <B>(unaudited) <SUP>(2)</SUP></B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record silver production of 25.1 million ounces.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record gold production of 112,300 ounces.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record revenue of $928.6 million.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated cash costs<SUP>(3)</SUP> of $12.03 per ounce of silver, net of by-product credits.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine operating earnings<SUP>(4)</SUP> of $311.4 million.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings of $87.5 million, or $0.62 per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings<SUP>(1)</SUP> of $177.9 million, or $1.26 per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows before changes in non-cash operating working capital<SUP>(5)</SUP> of $215.5 million or $1.53 per share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and short term investments of $542.3 million at December 31, 2012.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital of $779 million at December 31, 2012.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invested $41.7 million to repurchase approximately 2.4 million shares of the Company under the Company's normal course issuer bid.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid total cash dividends of $24.9 million, or $0.20 per common share.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completed the acquisition of Minefinders Corporation Ltd. (&quot;Minefinders&quot;) and integrated the Dolores mine into our portfolio of assets.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested the high-cost Quiruvilca mine in Peru.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produced the best safety record in the Company's history. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013 Forecast and Plans</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produce 25.0 to 26.0 million ounces of silver at cash costs of $11.80 to $12.80 per ounce, net of by-product credits.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complete a mill development study for the Dolores mine.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complete a Preliminary Economic Assessment for an expansion of the La Colorada mine.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complete confirmation drilling campaign and publish a new Mineral Resource estimate for the Waterloo deposit. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: super">
    <TD STYLE="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP> Adjusted earnings&nbsp; is a non-GAAP measure calculated as net earnings for the period adjusting for the gain or loss recorded on fair market value adjustments on the Company's outstanding warrants. The Company considers this measure to better reflect normalized earnings as it does not include unrealized gains or losses from outstanding warrants, which may be volatile from period to period.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2)</SUP> Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results are unaudited; percentages compare period-on-period.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(3) </SUP>Cash costs per payable ounce of silver is a non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash costs per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flow and is well understood and widely reported in the silver mining industry.&nbsp; However, cash costs per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance.&nbsp; Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce may not be comparable to similarly titled measures used by other entities.&nbsp; See &quot;Financial and Operating Highlights&quot; below for a reconciliation of this measure to the Company's production costs, depreciation and amortization, and royalties.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(4)</SUP> Mine operating earnings is a non-GAAP measure used by the Company to assess the performance of its silver mining operations.&nbsp; Mine operating earnings is calculated as revenue less production costs, depreciation and amortization and royalties.&nbsp; The Company and certain investors use this information to evaluate the Company's performance.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(5)</SUP> Operating cash flows before changes in non-cash operating working capital is a non-GAAP measure. This non-GAAP measure is used by the Company to manage and evaluate operating performance and the Company considers this measure to better reflect normalized cash flow generated by operations. Cash flow from operations per share is a non-GAAP measure. Cash flow from operations before changes in working capital per share is used as a measure of return on capital and is calculated using cash flow from operations, before working capital changes, divided by basic weighted average shares outstanding. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Geoff Burns, President &amp; CEO commented on the fourth quarter
and fiscal 2012 results; &quot;As I said when we released our production results several weeks ago, 2012 was an excellent production
year.&nbsp; We met our targets for silver production and cash costs during the fourth quarter for the full year, and in the process
we set new quarterly and annual production records for silver and gold.&nbsp; It is rewarding to deliver financial results that
echo our production performance.&nbsp; Adjusted earnings for the year were a very healthy $1.26 per share and operating cash flow
was also robust at $1.53 per share.&nbsp; As a consequence of our expected continued excellent financial performance, the Board
has agreed to decisively increase our quarterly dividend from $0.05 to $0.125 per share, a clear testament to the strength and
profitability of Pan American.&nbsp; We are expecting 2013 to be even better, as we are forecasting increases in both our silver
and gold production, while our cash costs per ounce should remain basically unchanged&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Financial Results </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American generated revenue of $247.3 million during the
fourth quarter of 2012, which was 16% higher year-on-year.&nbsp; The increase resulted primarily from higher quantities of silver
and gold sold, combined with modest price increases for all the metals produced by the Company.&nbsp; Annual revenue for 2012 rose
9% from the previous year to a record $928.6 million, driven by significantly higher quantities of precious metals sold, partially
offset by lower realized prices for all metals produced by the Company, with the exception of gold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2012, Pan American realized average prices for silver and
gold of $31.26 per ounce and $1,672.30 per ounce, respectively.&nbsp; Average realized prices for zinc, lead and copper were $1,971
per tonne, $2,071 per tonne and $7,879 per tonne, respectively.&nbsp; On an annualized basis, silver accounted for 71% and gold
accounted for 18% of the Company's revenue, while zinc, lead and copper contributed 6%, 2% and 3% of total revenue, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the fourth quarter of 2012, Pan American recorded a
net loss of ($29.4) million or ($0.19) per share, primarily due to the Company's decision to incur a $100 million non-cash impairment
charge on the Navidad deposit, thereby decreasing the carrying value from $570 million to $470 million.&nbsp; The impairment charge
was taken in recognition of the deterioration of business conditions in Argentina and the uncertainty the current environment has
created. The Company remains committed to the development of Navidad; however, as previously disclosed, the project will remain
on care and maintenance until conditions improve.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Adjusted earnings for the fourth quarter of 2012 were $55.8
million or $0.37 per share, after adjusting for the $100 million impairment charge, a $14.2 million non-cash gain on the valuation
of the Company's derivatives, and a $0.6 million unrealized gain on foreign exchange.&nbsp; Quarterly adjusted earnings further
benefited from a $2.5 million gain on the sale of investment shares in Orko Silver, $2.5 million realized from option payments
on the company's Peruvian exploration properties, and $0.8 million in silver option payments from the Quiruvilca property.&nbsp;
For the full year 2012, Pan American generated consolidated net earnings of $87.5 million or $0.62 per share, and adjusted earnings
of $177.9 million or $1.26 per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mine operating earnings generated during the last quarter
of 2012 were $85 million, 4% lower year-on-year.&nbsp; The decline was mainly the result of higher operating costs resulting from
higher labour, consumables and energy expenses at the Peruvian, Argentinean and Bolivian operations.&nbsp; Mine operating earnings
for the year 2012 were $311.4 million, a decline of 24% as compared to 2011, predominantly due to lower realized metal prices in
2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Operating cash flows before changes in non-cash operating
working capital during the fourth quarter of 2012 was $86.1 million, or $0.57 per share, 11% less than in the same period of 2011.&nbsp;
Operating cash flows before changes in non-cash operating working capital for the year 2012 was $215.5 million, or $1.53 per share,
a decline of 46% from the previous year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Cash and short term investments at December 31, 2012 rose
to $542.3 million from $491.2 million at year-end 2011.&nbsp; The Company's working capital rose to $779 million, 37% more than
at year-end 2011.&nbsp; The Company maintains one of the cleanest balance sheets in the industry, with minimal debt consisting
of $36.9 million in capital lease obligations and $41.1 million in convertible notes acquired in connection with the Minefinders'
transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the last quarter of 2012 the Company repurchased approximately
598,000 shares under the current normal course issuer bid for total consideration of approximately $10.7 million.&nbsp; In 2012,
the Company spent $41.7 million to purchase approximately 2.4 million shares.&nbsp; At December 31, 2012, Pan American had 151,820,635
issued and outstanding common shares.&nbsp; In addition, Pan American distributed a total of $7.6 million and $24.9 million in
cash dividends to shareholders during the fourth quarter of and full year 2012, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company's effective tax rates for the fourth quarter and
full year 2012 were 25% and 34%, respectively using adjusted earnings.&nbsp; Effective rates vary considerably between periods
and from the amounts that would result from applying the Canadian statutory income tax rates to earnings before income taxes.&nbsp;&nbsp;
The main factors that have affected the effective tax rate for 2012 and the comparable period were the non-taxable portion of unrealized
gains and losses on the Company's derivatives, foreign income tax rate differentials, foreign exchange and non-recognition of certain
deferred tax assets.&nbsp; In addition, the Company took a non-cash impairment charge on its Navidad asset. The Company expects
that these and other factors will continue to cause volatility in effective tax rates in the future and that the effective tax
rate for 2013 would be 30% to 35%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Production and Operations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the last quarter of 2012, the Company produced a record
6.9 million ounces of silver and 32,400 ounces of gold, an increase of 29% and 88%, respectively year-on-year.&nbsp; The production
increase resulted from the addition of silver and gold production from Dolores, and higher silver production at Alamo Dorado, Manantial
Espejo, Morococha and San Vicente due to higher throughput and grades.&nbsp; Annual consolidated silver production in 2012 was
also a record at 25.1 million ounces, as expected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Over half of the Company's silver is now being produced at
its three Mexican operations.&nbsp; During the fourth quarter of 2012, La Colorada produced 1.1 million ounces, 3% higher year-on-year
primarily due to higher grades.&nbsp; Alamo Dorado produced 1.6 million ounces of silver, which was 26% higher than in the fourth
quarter of 2011 due to higher grades and recoveries.&nbsp; In addition, Dolores produced 0.9 million ounces of silver, a 16% improvement
from the previous quarter.&nbsp; During the full year 2012, La Colorada produced a total of 4.4 million ounces of silver and Alamo
Dorado produced 5.4 million ounces of silver, while Dolores contributed 2.7 million ounces of silver from April 1 until December
31, 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's Peruvian operations had a good fourth quarter
of 2012 with Huaron and Morococha producing 0.8 million ounces and 0.6 million ounces of silver, respectively. Huaron's production
was slightly lower year-on-year on lower grades; whereas Morococha's silver production rose 38% year-on-year on higher throughput
and grades.&nbsp; For the full year 2012, the Company's Peruvian operations produced a combined total of 5.3 million ounces of
silver: 2.9 million at Huaron, 2.1 million at Morococha, and 0.3 million at Quiruvilca before the Company divested the mine effective
June 1, 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In Bolivia, higher throughput and grades at San Vicente boosted
production to 1 million ounces of silver during the last quarter of 2012, 15% higher year-on-year and to 3.7 million ounces during
the full year 2012, or 19% greater than the previous year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In Argentina, better throughput, grades and recoveries at
Manantial Espejo drove a 25% increase in quarterly silver production compared to the last quarter of 2011 to 1 million ounces.&nbsp;
Silver production for the year was 3.6 million ounces, slightly lower than the 3.8 million ounces produced in 2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's consolidated 2012 gold production was a record
112,300 ounces, a 43% increase from 2011 due to the addition of production from Dolores, which contributed 43,500 ounces and more
gold ounces produced at Alamo Dorado and Morococha, partially offset by less ounces produced at Manantial Espejo and La Colorada
and the divestiture of Quiruvilca.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At 36,900 tonnes of zinc, 12,300 tonnes of lead and 4,200
tonnes of copper, the Company's annual consolidated base metals production exceeded our expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American posted consolidated cash costs of $11.75 per
ounce of silver, net of by-product credits, during the last quarter of 2012, a 5% increase year-on-year.&nbsp; 2012 annual consolidated
cash costs of $12.03 per ounce of silver, net of by-product credits were well within Company guidance and represent an increase
of 28% compared to 2011.&nbsp; The cash costs escalation was driven mainly by industry-wide escalation for the cost of supplies
and consumables like cyanide, labour cost increases in all jurisdictions where Pan American operates, higher underground mine development
rates at the Company's Peruvian operations, the strengthening of the Peruvian Sol against the US Dollar, higher smelting and refining
costs and the increase in royalties paid to COMIBOL, Pan American's joint venture partner at the San Vicente mine in Bolivia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2012, Pan American spent $129 million in sustaining capital
at its seven operations primarily for exploration activities, particularly at La Colorada; open pit mine pre-stripping at Dolores,
Manantial Espejo and Alamo Dorado; underground mine development at Morococha and Huaron; mobile mine equipment repair and replacements
across all mines; significant tailings dam expansions at Huaron and La Colorada; and ancillary facility and infrastructure upgrades
across all mines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2012, Pan American spent $50 million on major projects,
$21 million were spent for advancing the Navidad project engineering and design, including preparation of an Environmental Impact
Assessment; $5.6 million to complete the Morococha ancillary facility relocation project; and $23.5 million at the Dolores mine
to conduct preliminary studies to assess the potential to enhance long-term value with the addition of a milling circuit and/or
underground mine and to advance leach pad stabilization and construction efforts to insure sustainability of heap leach production.&nbsp;
In addition, Pan American spent a total of $25 million in its exploration programs, including $16.3 million in mine-site exploration
at its seven operations and $8.7 million in greenfield exploration activities at selected properties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2013 Outlook&nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As indicated in the news release dated January 22, 2013, the
Company plans to make $157 million in capital investments this year. Of this, approximately $127 million will be invested in sustaining
capital for the seven operating mines, primarily for near-mine exploration activities; open pit mine pre-stripping at Dolores,
Manantial Espejo and Alamo Dorado; underground mine development at Morococha and Huaron; and mobile mine equipment repair and replacements
across all mines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, the Company plans to invest $30 million at the
Dolores mine on leach pad stabilization, expansion and construction, to complete a mill scoping analysis and to initiate a power
line project to connect the mine to the national power grid.&nbsp; Pan American is examining the potential economic benefits of
increasing Dolores' production with the installation of a grinding circuit to treat part of the higher grade ore currently being
mined and treated. &nbsp;The Company has launched preliminary engineering, as well as capital and operating cost studies required
to construct and operate a high grade ore grinding and treatment circuit, which will culminate in a scoping study to be completed
during the third quarter of 2013<I>.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At La Colorada, given the mine's enormous exploration discovery
success over the last few years and the favorable geometry of the mineral distribution of those discoveries, the Company has initiated
engineering studies to determine the viability of expanding the mine's production and expects to complete a Preliminary Economic
Assessment by year-end 2013 to define the magnitude, the capital investment and the economic benefit of a potential expansion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company also plans to spend $3.6 million to complete a
confirmation drilling campaign at the Waterloo deposit in San Bernardino County, California, and to conduct additional metallurgical
evaluations, project scoping and a Mineral Resource estimate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">A further $14.7 million is expected to be spent in selected
greenfield exploration activities and another $6.5 million in holding costs for other exploration properties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Company's operating results, Steve Busby,
Chief Operating Officer, said; &quot;Without a doubt, our greatest accomplishment during 2012 for Pan American was our excellent
safety performance, the prevention of lost time accidents and a reduction in accident severity among all of our employees and contractors.&nbsp;
In addition, in 2012, we completed the Minefinder's acquisition providing a significant boost of low-cost silver and gold production
from the Dolores mine in Mexico.&nbsp; We look forward to having an excellent year in 2013 and are excited to advance the evaluation
of the milling circuit at Dolores and the potential expansion of our La Colorada mine in Mexico with the goal of increasing the
Company's consolidated silver production.&nbsp;&nbsp;I'd like to extend my personal thanks to all of our dedicated and hardworking
employees and contractors throughout the Company who have again proven their superior ability to successfully overcome the challenges
we face in running our business and achieving consolidated operating performance firmly within our production and cost guidance
for 2012.&nbsp; Thanks to these efforts, our business is exceptionally strong and sustainable and I see 2013 shaping-up to be another
good year.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>About Pan American </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's mission is to be the world's pre-eminent silver
producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development.&nbsp; The Company
has seven operating mines in Mexico, Peru, Argentina and Bolivia, including the recently acquired Dolores gold/silver mine in Chihuahua,
Mexico.&nbsp; Pan American also owns the La Virginia development project in Sonora, Mexico,&nbsp; the Waterloo silver project in
California, USA as well as both the Navidad silver project and Calcatreu gold project in Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Technical information contained in this news release with
respect to Pan American has been reviewed by Michael Steinmann, P.Geo., Executive VP Corporate Development &amp; Geology, and Martin
Wafforn, P.Eng., VP Technical Services, who are the Company's Qualified Persons</I> <I>for the purposes of NI 43-101. </I></P>

<TABLE CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Pan American will host a conference call to discuss the results on Thursday, February 21, 2013 at 11:00 am ET (08:00 am PT).&nbsp; To access the conference, North American participants dial toll free 1-888-390-0546.&nbsp; International participants dial 1-416-764-8688, or 778-383-7413.&nbsp; A live audio webcast can be accessed at http://www.newswire.ca/en/webcast/detail/1098699/1197127 Listeners may also gain access by logging on at http://www.panamericansilver.com/category/events/.&nbsp; The call will be available for replay for one week after the call by dialing 1-416-764-8677, or 1-888-390-0541 and entering PIN # 638671. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING NON-IFRS MEASURE - CASH COSTS
PER OUNCE</I></B><BR>
<I>THIS NEWS RELEASE PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION OF AN OUNCE OF SILVER FOR OUR OPERATING MINES.&nbsp;
CASH COSTS PER OUNCE PRODUCED IS CALCULATED AS FOLLOWS:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>EXCEPT AS OTHERWISE NOTED, CASH COSTS PER OUNCE PRODUCED IS CALCULATED
BY DIVIDING TOTAL CASH COSTS BY TOTAL SILVER OUNCES PRODUCED AT THE RELEVANT MINE OR MINES</I> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS MINING, PROCESSING,
ADMINISTRATION, ROYALTIES AND OPERATING TAXES, BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND CAPITAL DEVELOPMENT
AND EXPLORATION.&nbsp; CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL</I> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CASH COST PER OUNCE OF SILVER PRODUCED IS INCLUDED IN THIS
NEWS RELEASE BECAUSE CERTAIN INVESTORS USE THIS INFORMATION TO ASSESS OUR PERFORMANCE AND ALSO TO DETERMINE OUR ABILITY TO GENERATE
CASH FLOW FOR USE IN INVESTING AND OTHER ACTIVITIES.&nbsp; THE INCLUSION OF CASH COSTS PER OUNCE PRODUCED MAY ENABLE INVESTORS
TO BETTER UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH FLOW.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CASH COSTS PER OUNCE PRODUCED DOES NOT HAVE A STANDARDIZED
MEANING OR A CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS.&nbsp; INVESTORS ARE CAUTIONED THAT CASH
COSTS PER OUNCE PRODUCED SHOULD NOT BE CONSIDERED IN ISOLATION OR CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN ACCORDANCE WITH
CANADIAN ACCOUNTING STANDARDS AS PRESCRIBED UNDER IFRS AS AN INDICATOR OF PERFORMANCE.&nbsp; OUR METHOD OF CALCULATING CASH COSTS
PER OUNCE PRODUCED MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER OUNCE PRODUCED MAY NOT
BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY OTHER ENTITIES.&nbsp; SEE OUR MD&amp;A FOR THE YEAR ENDED DECEMBER&nbsp;31,
2011 FILED ON SEDAR AT WWW.SEDAR.COM FOR A RECONCILIATION OF CASH COSTS PER OUNCE PRODUCED TO THE MOST DIRECTLY COMPARABLE ACCOUNTING
MEASURE UNDER IFRS.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS.&nbsp; ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.&nbsp; WHEN USED IN THIS NEWS
RELEASE THE WORDS, &quot;BELIEVES&quot;, &quot;EXPECTS&quot;, &quot;INTENDS&quot;, &quot;PLANS&quot;, &quot;FORECAST&quot;, &quot;OBJECTIVE&quot;,
&quot;OUTLOOK&quot;, &quot;POSITIONING&quot;, &quot;POTENTIAL&quot;, &quot;ANTICIPATED&quot;, &quot;BUDGET&quot;, AND OTHER SIMILAR
WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; THESE FORWARD-LOOKING STATEMENTS OR INFORMATION
RELATE TO, AMONG OTHER THINGS: FUTURE PRODUCTION OF SILVER, GOLD AND OTHER METALS AND THE TIMING OF SUCH PRODUCTION; FUTURE CASH
COSTS PER OUNCE OF SILVER; THE PRICE OF SILVER AND OTHER METALS; THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT POLICIES AFFECTING
PAN AMERICAN'S OPERATIONS OR POTENTIAL FUTURE OPERATIONS INCLUDING, BUT NOT LIMITED TO, THE LAWS IN THE PROVINCE OF CHUBUT, ARGENTINA,
WHICH CURRENTLY HAVE SIGNIFICANT RESTRICTIONS ON MINING, AND RECENT AMENDMENTS TO THE LABOUR LAWS IN MEXICO; THE CONTINUING NATURE
OF HIGH INFLATION, RISING CAPITAL AND OPERATING COSTS, CAPITAL RESTRICTIONS AND RISKS OF EXPROPRIATION IN ARGENTINA AND, IN PARTICULAR,
IN THE PROVINCE OF CHUBUT AND THEIR EFFECTS ON THE COMPANY AND ITS ASSETS; THE DEVELOPMENT OF THE NAVIDAD PROJECT AND OTHER&nbsp;
DEVELOPMENT PROJECTS OF THE COMPANY; THE TIMING OF PRODUCTION AND THE CASH AND TOTAL COSTS OF PRODUCTION AT EACH OF THE COMPANY'S
PROPERTIES; THE SUFFICIENCY OF THE COMPANY'S CURRENT WORKING CAPITAL, ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY
FUNDS; TIMING OF RELEASE OF TECHNICAL OR OTHER REPORTS, INCLUDING ENVIRONMENTAL IMPACT ASSESSMENTS; THE ABILITY OF THE COMPANY
TO ACHIEVE&nbsp; ANY PLANNED EXPANSIONS AND DEVELOPMENT, INCLUDING BUT NOT LIMITED TO, POTENTIAL OPPORTUNITIES AND ADVANCEMENTS
AT THE DOLORES MINE, AND THE TIMING FOR THE SAME; THE ESTIMATES OF EXPECTED OR ANTICIPATED ECONOMIC RETURNS FROM THE COMPANY'S
MINING PROJECTS; FORECAST CAPITAL AND NON-OPERATING SPENDING; FUTURE SALES OF THE METALS, CONCENTRATES OR OTHER PRODUCTS PRODUCED
BY THE COMPANY; AND THE COMPANY'S PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE
BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.&nbsp;
MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE
RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS
NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS.&nbsp; SUCH FACTORS
INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES
(SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN
PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE
OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS INCLUDING AMONG
OTHERS, CHANGES TO IMPORT AND EXPORT REGULATIONS AND LAWS RELATING TO THE REPATRIATION OF CAPITAL AND FOREIGN CURRENCY CONTROLS;
POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE
COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT
AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES,
CAVE-INS AND FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES
WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS;
EMPLOYEE RELATIONS AND THE EFFECTS OF LABOUR LAWS IN THOSE COUNTRIES IN WHICH THE COMPANY OPERATES; RELATIONSHIPS WITH AND CLAIMS
BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE
SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND
THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT,
ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; THE COMPANY'S
ABILITY TO COMPLETE AND SUCCESSFULLY INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS; CHALLENGES TO, OR
DIFFICULTY IN MAINTAINING, THE COMPANY'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION
ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER
FACTORS; INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE
FACTORS IDENTIFIED UNDER THE CAPTION &quot;RISKS RELATED TO PAN AMERICAN'S BUSINESS&quot; IN THE COMPANY'S MOST RECENT FORM 40-F
AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES
REGULATORY AUTHORITIES.&nbsp; INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.&nbsp;
ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY
BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED.&nbsp; THE COMPANY DOES NOT INTEND,
AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS
OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE
LAW. </I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Pan American Silver Corp</B>. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Financial &amp; Operating Highlights</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Financial Highlights </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. Dollars) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Loss) earnings per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(0.19)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.89 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.62</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.31 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjusted earnings for the period<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>55,777</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">55,775 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>177,859</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">251,247 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjusted earnings per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.37</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.52 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1.26</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.36 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mine operating earnings </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>85,011</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">88,270 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>311,363</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">409,125 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net cash generated from operating activities </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>81,603</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">104,967 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>193,305</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">359,455 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Operating cash flows before changes in non-cash operating working capital<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86,076</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">96,485 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>215,529</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">398,890 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Capital spending </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(65,269)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(38,788) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(159,915)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(118,933) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dividends Paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7,618</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,639 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,919</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,732 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Shares repurchased </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,719</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp; 66,093 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,749</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,034 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash and short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>542,324</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">491,222 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>542,324</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">491,222 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Working capital<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>778,669</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">566,430 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>778,669</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">566,430 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Metals Recovered </B><SUP>(4)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,894,166</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,334,537 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>25,075,298</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">21,853,582 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>32,381</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,239 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>112,283</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">78,426 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>8,886</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,730 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>36,848</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">37,234 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,805</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,400 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>12,266</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">12,701 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,137</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,173 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,162</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,544 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Average Price Realized</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver metal ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>33.41</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">32.49 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>31.26</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">35.03 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold metal&nbsp; ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,728</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,683 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,672</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,567 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B><SUP> (4),(5)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11.75</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11.18 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>12.03</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.44 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.12</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16.74 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.88</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.51 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver (used in cost per ounce calculations) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,558,268</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,020,804 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>23,746,108</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,753,040 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="text-align: left; padding: 1.5pt; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP> </FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;Adjusted earnings and adjusted earnings per share attributable to common shareholders are non-GAAP measures.&nbsp; Adjusted earnings is calculated as net earnings</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, unrealized foreign</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">exchange gains or losses, unrealized gain or loss on commodity contracts, the transaction costs arising from the Minefinders transaction, write-down of mining assets,</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">and gains on the disposition of mineral interests.&nbsp; The Company considers this measure to better reflect normalized earnings as it does not include items which may</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">be volatile from period to period. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Adjusted Earnings Reconciliation</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust derivative (gains) losses </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(14,203)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(30,994) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(24,159)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(101,828) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust unrealized foreign exchange (gains) losses </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(584)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(9,627) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,124</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,071) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust unrealized (gains) losses of commodity contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(34)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">929 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(25)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust acquisition costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16,162</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust gain on sale of mineral property </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(7,765)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust write-down of mining assets </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>100,009</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>100,009</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Adjusted earnings for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>55,777</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">55,775 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>177,859</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">251,247 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;Operating cash flows before changes in non-cash operating working capital is a non-GAAP measure used by the Company to manage and evaluate operating</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">performance.&nbsp; The Company considers this measure to better reflect normalized cash flow generated by operations. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(3)</SUP>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">whether the Company is able to meet its current obligations using its current assets. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(4)</SUP> </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;Includes Quiruvilca mine operating results through May 2012. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(5)</SUP> </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;Consolidated cost per ounce of silver is a non-GAAP measure.&nbsp; The Company believes that in addition to production costs, depreciation and amortization, and</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">royalties, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">flows and is well understood and widely reported in the silver mining industry.&nbsp; However, cash cost per ounce does not have a standardized meaning prescribed</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">by IFRS as an indicator of performance.&nbsp; Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs,</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance.&nbsp; The Company's method of calculating cash</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">costs per ounce may differ from the methods used by other entities.&nbsp; See &quot;Cash Costs and Total Operating Costs per Ounce of Payable Silver&quot; below for a</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">reconciliation of this measure to the Company's production costs, depreciation and amortization and royalties. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Mine Operations Highlights</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>La Colorada Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>106,396</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">105,500 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>419,591</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">404,533 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>377</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">352 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>374</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">369 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>90.0</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89.6 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>89.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,096,603</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,068,800 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,431,111</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,295,783 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>737</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,043 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,578</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,104 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,511</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,129 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,599</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,466 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>726</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">610 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,766</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,388 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>8.50</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.26 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>8.64</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7.74 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>9.94</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11.45 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>9.96</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.99 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,043,125</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,018,608 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,215,075</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,093,851 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
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    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
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    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Alamo Dorado Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>429,544</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">436,251 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,697,941</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,848,230 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>128</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">102 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>116</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">105 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.35</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.34 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.38</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.33 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87.2</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">83.8 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>85.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">83.6 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,556,689</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,233,181 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,364,011</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,299,841 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,564</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,966 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>17,966</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,607 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>49</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>117</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">66 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4.67</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5.45 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5.05</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.80 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7.65</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.76 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7.95</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.29 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,551,171</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,229,021 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,345,677</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,278,892 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Nine months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Dolores Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes processed </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,508,506</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,346,595</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>46</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>42</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.38</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.40</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>41.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>45.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average gold recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>80.2</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>78.0</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>930,113</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,652,851</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,698</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>43,476</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3.78</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4.05</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10.80</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.88</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>927,788</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,646,219</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 1.5pt; font-style: italic"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><I>* Production and cost figures represent nine months in Pan American ownership in 2012.</I> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Huaron Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>173,895</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">166,544 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>683,483</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">614,437 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>163</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">179 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>162</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">177 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average zinc grade - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.46</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.67 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.54</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.46 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>83.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">80.4 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>81.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">79.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>753,373</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">770,128 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,909,890</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,768,768 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>185</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">280 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>655</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,339 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,990</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,947 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11,824</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,555 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,127</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,548 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,727</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,865 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>622</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">355 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,257</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,278 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>21.81</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14.84 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>17.51</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14.03 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>24.74</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">21.01 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>21.02</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16.89 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>643,351</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">688,276 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,506,481</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,491,190 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Morococha Mine*</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>141,954</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">122,834 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>535,086</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">483,104 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>141</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">118 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>143</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">128 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average zinc grade - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.69</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.31 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.83</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.74 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">86.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>84.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">86.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>551,760</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">401,354 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,083,726</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,711,668 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>694</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">445 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,840</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,691 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,089</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,244 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11,925</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,676 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>859</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">641 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,601</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,050 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>467</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">377 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,502</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,522 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>25.96</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">24.92 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>23.48</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16.11 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>32.01</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">40.07 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>29.75</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22.19 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>472,490</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">349,617 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,776,333</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,520,702 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding: 1.5pt; font-style: italic"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><I>* Production and cost figures are of Pan American's share only. Pan American's ownership is 92.2%</I> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>San Vicente Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>79,613</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">77,760 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>306,063</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">282,960 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>422</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">368 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>419</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">382 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average zinc grade - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.23</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.44 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.15</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.26 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>91.1</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">91.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>90.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">90.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>971,031</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">842,157 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,726,024</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,130,145 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,296</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,501 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,918</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,792 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">210 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">649 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>93</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>432</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>19.84</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.35 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18.92</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.48 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>22.86</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">15.67 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>22.05</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.14 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>887,816</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">752,514 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,390,683</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,849,243 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding: 1.5pt; font-style: italic"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><I>* Production and cost figures are of Pan American's share only. Pan American's ownership is 95%</I> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2011</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Manantial Espejo Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>187,790</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">166,567 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>734,335</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">697,205 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>182</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">167 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>170</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">185 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2.09</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.27 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1.94</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.48 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average silver recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>91.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89.3% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>89.8</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">90.2 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Average gold recovery - percent </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>95.0</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94.6% </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>94.2</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>%</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">% </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,034,596</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">829,553 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,632,550</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,766,504 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11,503</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11,114 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>43,339</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">52,998 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>13.08</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7.85 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14.65</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7.36 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce <SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>21.41</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">18.34 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>22.73</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">15.89 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,032,527</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">827,894 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,625,285</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,758,971 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1) </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash costs per payable ounce of silver is a non-GAAP measure. The Company believes that, in addition to production costs,</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">depreciation and amortization and royalties, cash cost per ounce is a useful and complementary benchmark that investors use</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">to evaluate the Company's performance and ability to generate cash flow and is well understood and widely reported in the</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">silver mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by IFRS (&quot;International</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Financial Reporting Standards&quot;) as an indicator of performance. A reconciliation is shown below. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash Costs and Total Operating Costs per Ounce of Payable Silver</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. dollars) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Production costs</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>124,389</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,818 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>474,001</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">341,363 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Add/(Subtract) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Royalties </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,693</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,810 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>35,077</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22,031 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Smelting, refining, and transportation charges </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18,746</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,076 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>68,097</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">64,132 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">By-product credits </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(84,652)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(59,437) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(303,035)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(255,820) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Worker's participation and voluntary payments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(407)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(181) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,573)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(5,632) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Change in inventories </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>13,758</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(4,698) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>22,521</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">30,103 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,479</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,993 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(2,475)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,765 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Not controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,968)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,268) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(6,914)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(4,099) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash Operating Costs</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>A</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>77,038</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">56,113 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>285,699</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">195,843 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Add/(Subtract) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Depreciation and amortization </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>32,242</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23,463 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>108,153</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">82,756 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Closure and decommissioning provision </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>655</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">896 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,999</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,268 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Change in inventories </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(3,857)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,361 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,273</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">659 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(240) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(746)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(815) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Not-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(384)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(541) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,504)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,334) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Production Costs</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>B</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>105,694</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">84,052 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>400,874</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">280,377 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Payable Silver Production (oz)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>C</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,558,268</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,020,804 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>23,746,108</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,753,040 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Cash costs per ounce</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(A*$1000)/C</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11.75</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11.18 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>12.03</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.44 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Production Costs per ounce</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(B*$1000)/C</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.12</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16.74 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.88</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.51 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 12pt"><BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Pan American Silver Corp.</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Statements of Financial Position</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">As at December 31, 2012 and 2011</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31, </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">December 31,</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Assets</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Current assets</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>346,208</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">262,901 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>196,116</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">228,321 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Trade and other receivables&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>134,612</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">103,433 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Income taxes receivable </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>18,671</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,542 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inventories </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>270,089</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">135,696 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>25</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Prepaids and other current assets </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>9,546</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,343 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>975,267</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">742,236 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Non-current assets</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mineral property, plant and equipment, net </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>2,182,742</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,189,708 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Long-term refundable tax </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>9,937</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,253 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Deferred tax assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>1,450</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,170 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>7,291</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,429 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Goodwill </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>211,292</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Assets</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,387,979</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,951,796 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Liabilities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Current liabilities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Accounts payable and accrued liabilities </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>136,757</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">78,258 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Provisions </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>7,022</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,341 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Current portion of finance lease </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>12,473</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20,841 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Current income tax liabilities </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>40,346</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">74,366 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>196,598</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">175,806 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Non-current liabilities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Provisions </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>45,661</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">59,052 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Deferred tax liabilities </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>321,630</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">54,919 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Share purchase warrants </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>8,594</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23,651 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Long-term portion of finance lease </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>24,377</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,824 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Long-term debt </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>41,134</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other long-term liabilities </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>23,256</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25,457 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Liabilities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>661,250</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">349,709 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Equity</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Capital and reserves </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Issued capital </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,300,517</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,243,241 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Share option reserve </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>20,560</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8,631 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Investment revaluation reserve </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>964</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,146 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Retained earnings </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; <B>397,360</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">339,821 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Equity attributable to equity holders of the Company</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,719,401</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,593,839 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Non-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7,328</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8,248 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Equity</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,726,279</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,602,087 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total Liabilities and Equity</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,387,979</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,951,796 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 12pt"><BR>
<BR>
<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Pan American Silver Corp.</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Income Statements</B> </FONT></TD>
    <TD COLSPAN="11" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. dollars, except for share and per share amounts) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Revenue </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>247,335</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">212,361 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>928,594</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">855,275 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cost of sales </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Production costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(124,389)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(94,818) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(474,001)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(341,363) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Depreciation and amortization </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(32,242)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(23,463) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(108,153)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(82,756) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Royalties </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(5,693)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(5,810) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(35,077)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(22,031) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(162,324)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(124,091) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(617,231)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(446,150) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Mine operating earnings</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>85,011</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">88,270 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>311,363</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">409,125 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">General and administrative </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(4,638)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(5,068) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(20,790)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(18,291) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Exploration and project development </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(10,405)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(8,804) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(36,746)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(27,727) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Impairment charge </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(100,009)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(100,009)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Acquisition costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(16,162)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Foreign exchange gains (losses) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,883</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,366 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,577</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(8,126) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gains (losses) on commodity and foreign currency contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>279</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(272) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>421</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">681 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gain on sale of assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,466</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">136 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>9,652</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,190 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Other income </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10,079 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>5,370</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">15,728 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Loss) earnings from continuing operations </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(23,413)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">86,707 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>158,676</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">372,580 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gain on derivatives </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,203</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">30,994 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>24,159</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">101,828 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Investment income </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,032</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">936 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,178</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,055 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Interest and finance expense </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(3,326)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,920) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(7,678)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp; (6,199) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Loss) earnings before income taxes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(9,504)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">116,717 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>181,335</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">471,264 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Income tax expense </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(19,907)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(21,250) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(93,822)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(117,118) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net (loss) earnings for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Attributable to:</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Equity holders of the Company </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,060)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,356 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,359</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">352,494 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Non-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(351)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">111 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>154</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,652 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Earnings per share attributable to common shareholders</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Basic earnings per share </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(0.19)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.89 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.62</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.31 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Diluted earnings per share </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(0.24)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.89 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.55</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.31 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Weighted average shares outstanding (in 000's) Basic </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>152,332</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">106,563 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>140,883</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">106,434 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Weighted average shares outstanding (in 000's) Diluted </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>154,259</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">106,679 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>142,442</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">106,598 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="32" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Statements of Comprehensive Income</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD COLSPAN="19" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Unrealized net gains (loss) on available for sale securities</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(net of zero dollars tax) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,298</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(196) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,452</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(3,979) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Reclassification adjustment for net loss included in earnings </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(2,570)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(386) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(3,634)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,573) </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total comprehensive (loss) income for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(30,683)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,885 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86,331</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">348,594 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total comprehensive (loss) income attributable to:</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Equity holders of the Company </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(30,332)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,774 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86,177</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">346,942 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Non-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(351)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">111 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>154</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,652 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(30,683)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,885 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86,331</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">348,594 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Pan American Silver Corp</B>. </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Statements of Cash Flows</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2011 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash flow from operating activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (loss) earnings for the year </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(29,411)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">95,467 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>87,513</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">354,146 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Current income tax expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>34,270</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22,521 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>93,689</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">109,347 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Deferred income tax (recovery) expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(14,363)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,271) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>133</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7,771 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Depreciation and amortization </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>32,242</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23,463 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>108,153</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">82,756 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Impairment charge </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>100,009</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>100,009</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Accretion on closure and decommissioning provision </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>655</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">897 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,999</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,268 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Unrealized (gains) losses on foreign exchange </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(584)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(9,627) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,124</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,071) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Stock-based compensation expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(574)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">430 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,142</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,502 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Unrealized (gains) losses on commodity contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(34)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">929 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(25)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gain on derivatives </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(14,203)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(30,994) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(24,159)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(101,828) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gain on sale of assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,466)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(136) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(9,652)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(1,190) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Changes in non-cash operating working capital </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(4,473)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8,482 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(22,224)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(39,435) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Operating cash flows before interest and income taxes </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>102,068</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">110,161 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>346,702</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">417,266 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Interest paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,890)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(233) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(3,639)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(557) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Interest received </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>591</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">545 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,575</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,482 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Income taxes paid </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(19,166)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(5,506) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(152,333)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(58,736) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net cash generated from operating activities </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>81,603</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">104,967 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>193,305</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">359,455 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash flow from investing activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payments for mineral property, plant and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(65,269)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(38,788) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(159,915)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(118,933) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Purchase) maturity of short term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(77,083)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(36,583) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>30,383</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(51,071) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Acquisition of Minefinders, net of cash acquired </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>86,528</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proceeds from sale of mineral property, plant and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>410</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">152 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,692</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,297 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net refundable tax and other asset expenditures </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,072</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,859 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,989</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(3,915) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net cash used in investing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(140,870)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(71,360) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(39,323)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(172,622) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash flow from financing activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proceeds from issue of equity shares </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>514</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,047 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,195</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,453 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Shares repurchased and cancelled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(10,719)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(66,093) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(41,749)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(94,034) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dividends paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(7,618)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(2,639) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(24,919)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(10,732) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payments of construction and equipment leases </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,745)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(3,102) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(6,213)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(4,646) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (distributions to)/contributions from non-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(530)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(357) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,074)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">904 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Net cash used in financing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(20,098)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(71,144) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(70,760)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(104,055) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Effects of exchange rate changes on cash </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(828)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">950 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>85</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">202 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net (decrease) increase in cash </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(80,193)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(36,587) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>83,307</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">82,980 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash at the beginning of the period </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>426,401</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">299,488 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>262,901</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">179,921 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash at the end of the period </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>346,208</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">262,901 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>346,208</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">262,901 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Supplemental Cash Flow Information</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Significant Non-Cash Items</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Fair value of shares issued as part of Minefinders acquisition </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,088,104</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Replacement options issued as part of Minefinders acquisition </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,739</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Post acquisition - expenditures&nbsp; associated with the replacement options </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>699</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Fair value adjustment of warrants exercised </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,972 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,411 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Advances received for construction and equipment leases </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>4,021</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,462 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11,538</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">26,757 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Stock compensation issued to employees and directors </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>929</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,265 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,060</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,329 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Kettina Cordero<BR>
Manager, Investor Relations<BR>
(604) 684-1175<BR>
info@panamericansilver.com<BR>
www.panamericansilver.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 02:20e 21-FEB-13</P>



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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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