<SEC-DOCUMENT>0001279569-14-000262.txt : 20140224
<SEC-HEADER>0001279569-14-000262.hdr.sgml : 20140224
<ACCEPTANCE-DATETIME>20140221174801
ACCESSION NUMBER:		0001279569-14-000262
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140220
FILED AS OF DATE:		20140224
DATE AS OF CHANGE:		20140221

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:		14634934

	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
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<!-- 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>

<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: 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, 2014</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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <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:    February 20, 2014</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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>EXHIBIT LIST</B></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: 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><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release dated February 20, 2014 - Pan American Silver reports on fourth quarter and full year 2013 financial results</FONT></TD></TR></TABLE>

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



<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"><TR><TD></TD></TR></TABLE>

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



<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"><TR><TD></TD></TR></TABLE>

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



<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"><TR><TD> </TD></TR>
</TABLE>
<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">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 20, 2014
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: right">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial,sans-serif; margin: 0"><B>Pan American Silver reports on fourth quarter and full year 2013 financial
results</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>(Unaudited Results.&nbsp; All amounts in US$ unless otherwise stated.&nbsp;
Approximate production figures.)</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">VANCOUVER, Feb. 20, 2014 /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 $293.1 million, or $1.94 per share
during the fourth quarter of 2013, which included a non-cash impairment charge of $218.1 million (net of tax) on the carrying value
of the Dolores mine, due to lower assumed long-term metal prices and increased taxes, and a non-cash deferred tax charge of $86.0
million, &nbsp;due to the recent tax changes in Mexico. &nbsp;Net cash flow from operating activities during the current quarter
was $46.2 million or $0.30 per share, reflecting the excellent fourth quarter production results and continued cost control efforts.&nbsp;
Cash and short term investments increased over the previous quarter to $422.7 million at December 31, 2013 even after the payment
of our normal quarterly dividend of $18.9 million in early December, clearly exhibiting Pan American's ability to continue to generate
positive cash flows at current silver prices.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman,serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Fourth Quarter 2013 Highlights (unaudited)<SUP>(1) </SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Silver production of 6.8 million ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Record gold production of 46,200 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Consolidated cash costs<SUP>(2)</SUP> of $9.56 per silver ounce, net of by-product
        credits, down 19% year-on-year </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">All-in sustaining costs per silver ounce sold (&quot;AISCSOS&quot;)<SUP>(3)</SUP>
        of $17.03, net of by-product credits, 33% down year-on-year </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Revenue of $192.4 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Mine operating earnings<SUP>(4)</SUP> of $19.0 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Net loss of $293.1 million or $1.94 per share, including a non-cash impairment
        charge of $218.1 million (net of tax) on the Dolores mine and a $86 million deferred tax charge due to tax rate changes in Mexico
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Net cash generated from operating activities was $46.2 million, or $0.30 per share
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Quarterly dividend of $0.125 per share maintained </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman,serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Full-year 2013 Highlights (unaudited)<SUP>(1) </SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Record silver production of 26 million ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Record gold production of 149,800 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Consolidated cash costs<SUP>(2)</SUP> of $10.81 per silver ounce, net of by-product
        credits, down 10% year-on-year </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">AISCSOS<SUP>(3)</SUP> of $18.33, net of by-product credits, down 18% year-on-year
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Revenue of $824.5 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Mine operating earnings<SUP>(4)</SUP> of $131.5 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Net loss<SUP>(5)</SUP> of $445.8 million, including non-cash impairment charges
        of $420.4 million for Dolores (net of taxes) and a non-cash $86.8 million deferred tax charge due to tax rate change in Mexico
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Net cash generated from operating activities of $119.6 million or $0.79 per share
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Completed construction and commissioned the phase 1 of the leach pad 3 at the
        Dolores mine </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Approved the La Colorada production expansion project </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Total dividends paid to common shareholders of $75.8 million, representing $0.50
        per share annually </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Total share repurchases of $6.7 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Achieved the best annual safety record in the Company's history</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman,serif; padding: 1.5pt"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Financial Position at December 31, 2013 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Cash and short term investments of $422.7 million</FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Working capital of $689.0 million</FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial,sans-serif">Long term debt of $40.0 million </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">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></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash costs per payable ounce of silver, net of by-product credits, 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></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1)&nbsp;&nbsp; All-in sustaining costs per silver ounce sold (&quot;AISCSOS&quot;) is a non-GAAP measure. The Company has adopted the reporting of AISCSOS as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively.&nbsp; We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. This measure including its subcomponent Sustaining Capital are non - GAAP measures and readers should refer to the attached table in the section under Sustaining Capital for a reconciliation of this measure to the unaudited condensed interim consolidated financial statements. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">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></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Commenting on the Company's fourth quarter and full year 2013 performance,
Geoff Burns, President &amp; CEO said, &quot;With the rapid decline in the price of silver and gold, 2013 became one of the most
challenging years Pan American has faced.&nbsp; But I am proud of how we responded.&nbsp; We reduced our cash costs by 10% and
our all-in sustaining costs by 18% year over year.&nbsp; We reduced our G&amp;A expenses and our exploration expenditures, while
at the same time completing critical long-term projects and recording new company records for silver and gold production.&nbsp;
In short, we rebuilt Pan American to be a stronger company, able to continue to generate positive cash flows and pay meaningful
dividends at current silver price levels&quot;. &nbsp;Burns continued, &quot;Our fourth quarter financials were blemished by the
need to recognize an impairment on our Dolores mine and non-cash deferred tax charges related to increased tax rates in Mexico.
&nbsp;However, thanks to our excellent production and lower cost base we generated strong net operating cash flows of $0.40 per
share during the quarter and were able to increase our year-end cash position to over $422 million, even after paying our industry-leading
dividend.&nbsp; Our focus for 2014 is to again grow our silver and gold production, sustain the new cost levels we have achieved
and to advance the expansion of the La Colorada mine, setting the stage for yet another leg of production growth.&quot;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>Financial Results&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the fourth quarter of 2013 Pan American generated revenue of $192.4
million, 22% lower than in the last quarter of 2012, due mainly to sharply lower realized prices for silver and gold, partially
offset by greater quantities of metals sold.&nbsp; For the full-year 2013, the Company generated $824.5 million in revenue, or
11% less than in 2012.&nbsp; During 2013, the average realized price of silver declined 25% to $23.29 per ounce compared to the
previous year and the average realized price of gold declined 16% to $1,398 per ounce.&nbsp; The annual average prices of zinc,
lead and copper declined as well to $1,909 per tonne, $2,141 per tonne and $7,251 per tonne, respectively. For the full year 2013,
silver and gold contributed 71% and 19% of total revenue, respectively.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">In the last quarter of 2013, Pan American recorded a net loss of $293.1
million, or $1.94 per share, due mainly to an impairment charge of $218.1 million (net of tax impact) reducing the book value of
the Dolores mine and a deferred tax charge of $86.8 million relating to Mexican tax reforms that included new taxes and changes
to income tax rates.&nbsp; The impairment charge at Dolores was primarily driven by lower long-term precious metals price assumptions
of $22 per ounce of silver and $1,300 per ounce of gold used in the impairment test.&nbsp; For the full-year 2013, Pan American
generated a net loss of $445.8 million, or $2.94 per share.&nbsp; The net loss was mainly attributable to non-cash impairment charges
totaling $420.4 million (net of tax impact) on Dolores and a non-cash deferred tax charge of $86.8 million relating to Mexican
tax reforms that included new taxes and changes to income tax rates.&nbsp; Also included in the fourth quarter were realized foreign
exchange losses of $6.0 million on our treasury position due to the relative strengthening of the US dollar, offset by a gain of
$6.0 million on the sale of other assets.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Mine operating earnings generated in the fourth quarter of 2013 declined
to $19.0 million, which included a negative adjustment of $8.4 million for the net realizable value of in-process inventories.&nbsp;
For the full-year 2013, Pan American generated $131.5 million in mine operating earnings, 58% lower than in 2012.&nbsp; The decline
in annual and quarterly mine operating earnings was directly attributable to lower realized prices for silver and gold described
above, partially offset by increased volumes of silver and gold sold.&nbsp; Operating cash flows during the fourth quarter of 2013
were $46.2 million or $0.30 per share, 43% lower year-on-year.&nbsp; Operating cash flows for the full-year 2013 were $119.6 million,
or $0.79 per share, 38% lower than in 2012.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">At December 31, 2013, Pan American had $422.7 million in cash and short-term
investments, an increase from the previous quarter, and working capital of $689.0 million.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the fourth quarter of 2013, Pan American paid $18.9 million in
cash dividends to holders of common shares.&nbsp; In 2013, the Company returned a total of $75.8 million in cash dividends to its
shareholders.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the fourth quarter of 2013, Pan American produced 6.8 million ounces
of silver and a record 46,200 ounces of gold.&nbsp; For the full year 2013, Pan American achieved production records of 26 million
ounces of silver and 149,800 ounces of gold, 4% and 33% more than in 2012, respectively.&nbsp; The new silver production record
was accomplished due to production gains at La Colorada, Huaron, Morococha and San Vicente, partially offset by a decline in silver
ounces produced at Alamo Dorado and Manantial Espejo due to lower grades and recoveries.&nbsp; As anticipated, gold production
soared on account of significant production improvements at Dolores due to more tonnes processed and higher recoveries and at Manantial
Espejo due to higher grades and recoveries.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the three months ended December 31, 2013, Pan American's operations
performed as expected.&nbsp; In Mexico, silver production at La Colorada rose 14% to 1.2 million ounces due to higher throughput,
while silver production at Alamo Dorado declined 20% due to mine sequencing, and production at Dolores was practically flat year-on-year.&nbsp;
For the full year 2013, La Colorada's silver production rose 3% to 4.6 million ounces on higher throughput, Alamo Dorado's production
declined 5% to 5.1 million ounces on lower grades and Dolores' production increased 32% to 3.5 million based on a full year of
production compared to three quarters in 2012.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company's Peruvian operations produced a total of 1.5 million ounces
of silver during the fourth quarter of 2013.&nbsp; At Huaron, higher milling rates boosted production by 17% year-on-year to 0.9
million ounces and at Morococha, production rose 16% year-on-year to 0.6 million ounces on better grades and recoveries.&nbsp;
In 2013, Huaron produced 3.3 million ounces of silver and Morococha produced 2.4 million ounces of silver, 14% and 15% more than
in 2012, respectively.&nbsp; The annual production growth was driven by increased mechanized mining rates at Huaron and higher
grades and recoveries at Morococha from improved mine developments.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The San Vicente mine in Bolivia had another solid quarter and produced
1.0 million ounces of silver during the final three months of 2013.&nbsp; Production was slightly ahead compared to the last quarter
of 2012 as better recoveries offset lower grades.&nbsp; For the full-year 2013, San Vicente contributed 4.0 million ounces to the
Company's consolidated silver production on account of higher mining and milling rates and better recoveries.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Silver production at the Manantial Espejo mine in Argentina fell 16% during
the fourth quarter of 2013, to 0.9 million ounces.&nbsp; The production decline was in line with expectations due to the lower
silver grade ore mined in accordance with the mine plan sequence.&nbsp; Manantial Espejo's silver production for the full-year
2013 fell 13% to 3.1 million ounces on account of less tonnes processed and lower grades, partially offset by better recoveries.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American's consolidated 2013 full-year gold production rose 33% to
149,800 ounces compared to 2012 on account of 65,230 ounces produced at Dolores and 60,820 ounces produced at Manantial Espejo.&nbsp;
Dolores' production increase of 50% compared to the previous year was due to having only three quarters of ownership included in
2012, more tonnes processed, better grades, and better recoveries, while Manantial Espejo's 40% increase compared to 2012 was due
to higher grades and recoveries.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company's full-year 2013 base metals production came in above guidance
at 42,100 tonnes of zinc, 13,500 tonnes of lead and 5,500 tonnes of copper, which was 14%, 10% and 33% more than in 2012, respectively.&nbsp;
The increases were mainly due to greater production from the Company's Peruvian mines and from the La Colorada mine.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Consolidated cash costs during the fourth quarter of 2013 decreased 19%
to $9.56 per ounce of silver, net of by-product credits, as compared to the same period in 2012.&nbsp; Cash costs for the full-year
2013 were $10.81 per ounce of silver, net of by-product credits, or 10% below cash costs in 2012.&nbsp; The Company's cost savings
measures implemented earlier in 2013 proved to have the greatest success at San Vicente and the Company's Peruvian operations,
where significant cost reductions were achieved.&nbsp; These reductions were partially offset by cost increases at Alamo Dorado,
where lower grades had a negative effect on production and costs, and at Dolores, where costs rose mainly on pre-stripping expenditures.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">AISCSOS for the three months ended December 31, 2013 were $17.03, net
of by-products, 33% lower year-on-year.&nbsp; AISCSOS for the full-year 2013 were $18.33, net of by-products, which was 18% lower
than in 2012.&nbsp; For a reconciliation of the calculation of AISCSOS, please refer to the table on the final page of this news
release.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">In 2013, Pan American spent $159.4 million in sustaining and longer-term
capital at its seven operations, primarily for open pit pre-stripping at Dolores, Alamo Dorado and Manantial Espejo, in addition
to underground developments at Manantial Espejo, Huaron and Morococha, tailings dam or leach pad expansions at La Colorada, Huaron
and Dolores, and equipment replacements and rebuilds, infrastructure upgrades and mine-site exploration across all seven mines.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">On December 18, 2013, Pan American announced its decision to proceed with
the production expansion project at the La Colorada mine, based on the results of a positive preliminary economic assessment (&quot;PEA&quot;).&nbsp;
The PEA demonstrates a solid, relatively low-risk expansion project that has the potential to provide robust after-tax economic
returns using a long-term price of $19.00 per silver ounce.&nbsp; The expansion will increase the mine's silver production rate
to approximately 7.7 million ounces of silver annually by the end of 2017, for an incremental capital investment of $80 million,
the majority of which will be spent from 2014 until 2017.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>2014 Outlook </B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">In 2014, Pan American expects to produce 25.75 to 26.75 million ounces
of silver and 155,000 to 165,000 ounces of gold at consolidated cash costs of between $11.70 and $12.70 per ounce of silver, net
of by-product credits.&nbsp; The Company also expects to produce 39,500 to 42,500 tonnes of zinc, 12,700 to 13,700 tonnes of lead
and 5,200 to 5,700 tonnes of copper.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company also plans to invest $95.5 million in sustaining capital.&nbsp;
The sustaining capital is primarily for open pit pre-stripping at Dolores and Manantial Espejo, tailings dam expansion at La Colorada,
underground developments at Huaron and Morococha and mine-site exploration across all seven mines.&nbsp; The Company also expects
to spend $67.0 million on long-term projects, primarily for advancing the La Colorada mine expansion, as well as for the expansion
of leach pad 3, the power line project and some production expansion studies at Dolores.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">For details of the Company's 2014 forecast production and capital expenditures
by mine, please refer to the news release dated January 20, 2014.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">In 2014, Pan American expects AISCSOS in the range of $17.00 to $18.00,
net of by-product credits.&nbsp; The Company has adopted the reporting of AISCSOS as a measure of a silver mining company's consolidated
operating performance and the ability to generate cash flow from all operations collectively.&nbsp; The Company believes it is
a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce
as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital),
general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. The
following table details Pan American's expected range of AISCSOS for this year:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Guidance 2014</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Low</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>High</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost of sales net of by- products</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>298,000</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>306,500</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sustaining capital </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>95,500</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>95,500</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Exploration </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,750</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,750</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Reclamation cost accretion </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,000</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,000</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">General &amp; administrative expense&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19,600</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19,600</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-in sustaining costs</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>A</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>431,850</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>440,350</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Payable ounces sold</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>B</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25,400,000</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>24,460,000</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(A*$1000)/B</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.00</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18.00</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-align: center">***</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American Silver'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.&nbsp; Pan American also owns several development projects in
the USA, Mexico, Peru and Argentina.</P>

<P STYLE="font: 10pt Arial,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 for the purposes of NI 43-101.</I></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American will host a conference call to discuss these results on Thursday,
February 20, 2014 at 1:00 pm EST (10:00 am PST).&nbsp; To participate in the conference, please dial toll number 1-604-638-5340.</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">A live audio webcast and Power Point presentation will be available at http://services.choruscall.ca/links/pan140220.html.&nbsp; The call and webcast will also be available for replay for one week after the call by dialing 1-604-638-9010 and entering code # 6218 followed by the # sign.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B><I>NON-GAAP MEASURE - CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><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, NET OF BY-PRODUCT CREDITS IS CALCULATED AS
FOLLOWS:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,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">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial,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.&nbsp; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><I>CASH COST PER OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS 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. CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS 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, NET OF BY-PRODUCT<B>
</B>CREDITS 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, NET OF BY-PRODUCT CREDITS MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER OUNCE
PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURED USED BY OTHER ENTITIES.</I></P>

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

<P STYLE="font: 10pt Arial,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 OR INFORMATION.&nbsp; FORWARD-LOOKING STATEMENTS OR INFORMATION
IN THIS NEWS RELEASE RELATE TO, AMONG OTHER THINGS: OUR PRODUCTION OF SILVER, GOLD AND OTHER METALS IN 2014; OUR ESTIMATED CASH
COSTS PER OUNCE OF SILVER IN 2013 AND FORECAST CASH COSTS PER OUNCE OF SILVER IN 2014; OUR ESTIMATED AISCSOS FOR 2014; OUR ANTICIPATED
CAPITAL INVESTMENTS FOR 2014; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL&nbsp; INVESTMENT PROGRAMS AND PROJECTS
AND THE IMPACTS OF ANY SUCH PROGRAMS AND PROJECTS ON THE COMPANY;&nbsp; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL
SUCCESS IN 2014.</I></P>

<P STYLE="font: 10pt Arial,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 THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY
SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC AND REGULATORY UNCERTAINTIES AND CONTINGENCIES.&nbsp; THESE ASSUMPTIONS
INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS; CAPITAL,
DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL RESERVE AND RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY ARE BASED;
PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); NO LABOUR-RELATED DISRUPTIONS AT
ANY OF OUR OPERATIONS: NO UNPLANNED DELAYS IN OR INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND REGULATORY
APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND SAFETY LAWS.
THE FOREGOING LIST OF ASSUMPTIONS IS NOT EXHAUSTIVE.</I></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><I>THE COMPANY CAUTIONS THE READER THAT FORWARD-LOOKING STATEMENTS AND
INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND DEVELOPMENTS TO
DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION CONTAINED IN THIS NEWS RELEASE
AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT
LIMITATION: FLUCTUATIONS IN SILVER, GOLD AND&nbsp; BASE METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS,
SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL,
MEXICAN PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); OPERATIONAL RISKS AND HAZARDS INHERENT WITH THE BUSINESS OF MINING
(INCLUDING ENVIRONMENTAL ACCIDENTS AND HAZARDS, INDUSTRIAL ACCIDENTS, EQUIPMENT BREAKDOWN, UNUSUAL OR UNEXPECTED GEOLOGICAL OR
STRUCTURAL FORMATIONS, CAVE-INS, FLOODING AND SEVERE WEATHER); 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; RELATIONSHIPS WITH, AND CLAIMS BY, LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS;
OUR ABILITY TO OBTAIN ALL NECESSARY PERMITS, LICENSES AND REGULATORY APPROVALS IN A TIMELY MANNER;CHANGES IN LAWS, REGULATIONS
AND GOVERNMENT PRACTICES IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS;
DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING INDUSTRY FOR
EQUIPMENT AND QUALIFIED PERSONNEL; 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; 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; INVESTORS ARE CAUTIONED AGAINST UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AND INFORMATION.&nbsp;
FORWARD-LOOKING STATEMENTS AND INFORMATION ARE DESIGNED TO HELP READERS UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR NEAR AND LONGER
TERM PROSPECTS AND MAY NOT BE APPROPRIATE FOR OTHER PURPOSES.&nbsp; THE COMPANY DOES NOT INTEND, NOR DOES IT ASSUME ANY OBLIGATION
TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, CHANGES IN ASSUMPTIONS,
FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Financial &amp; Operating Highlights</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Financial Highlights </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Unaudited in thousands of U.S. Dollars) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Loss) earnings per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1.94)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(0.18) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2.94)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.56 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjusted (loss) earnings for the period<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(84,306)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">55,119 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(49,502)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">166,814 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Mine operating earnings </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18,955</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">85,091 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>131,519</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">303,945 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net cash generated from operating activities </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>46,156</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">81,603 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>119,606</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">193,305 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital spending </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(33,669)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(65,269) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(159,401)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(159,915) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dividends paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(18,881)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,618) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(75,755)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp; (24,919) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Shares repurchased </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(10,719) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(6,740)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41,749) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash and short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>422,722</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">542,324 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>422,722</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">542,324 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Working capital<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>689,032</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">763,980 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>689,032</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">763,980 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Metals Recovered </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,799,911</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,894,166 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25,959,338</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">25,075,298 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>46,227</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">32,381 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>149,815</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">112,283 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Zinc metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>11,271</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,886 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>42,141</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">36,848 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Lead metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,465</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,805 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>13,499</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,266 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Copper metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,688</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,137 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,543</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,162 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Average Price Realized</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver metal ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>20.28</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">33.41 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>23.29</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">31.26 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold metal&nbsp; ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,285</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,729 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,398</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,672 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B><SUP> (4)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cash cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9.56</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.75 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10.81</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">12.03 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14.57</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.12 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>16.56</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.88 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-in Sustaining Cost per Silver Ounce Sold (net of by-product credits)<SUP>(5)</SUP></B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.03</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">25.54 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18.33</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.26 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver (used in cost per ounce calculations) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,421,156</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,558,268 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>24,586,527</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">23,746,108 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Certain 2012 balances have been recast to reflect the effects of finalizing the purchase price allocation of the Minefinders transaction during the 2013 first quarter. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjusted earnings (loss) is a non-GAAP measure.&nbsp; Adjusted earnings (loss) is calculated as net (loss) earnings for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, realized and unrealized losses on silver and gold forward contracts, severance expense, the transaction costs arising from the Minefinders transaction, gain or loss on sale of assets, and the effect for taxes on the above items.&nbsp; The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Adjusted Earnings Reconciliation</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust derivative gains </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,249)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(14,203) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(16,715)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,159) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust unrealized foreign exchange (gains) losses </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(656)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(584) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(922)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,124 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust realized (gains) losses on silver and gold hedge program </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,127)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,127</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust realized and unrealized (gains) losses on commodity contracts </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>260</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(34) </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(25) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust severance and acquisition costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>617</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16,162 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust gain on sale of mineral properties </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,969)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,466 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(14,068)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,652) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust write-down of mining assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>336,785</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">100,009 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>540,228</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">100,009 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Adjust for effect of taxes on above items </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(119,286)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(117,948)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Adjusted (loss) earnings for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(84,306)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">55,119 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(49,502)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">166,814 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(3)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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 whether the Company is able to meet its current obligations using its current assets. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(4)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">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 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 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 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.&nbsp; The Company's method of calculating cash costs per ounce may differ from the methods used by other entities. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(5)</SUP>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">The Company has adopted the reporting of All-In Sustaining Costs per Silver Ounce Sold (&quot;AISCSOS&quot;) as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively.&nbsp; We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Pan American Silver Corp.</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Statements of Financial Position</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">As at December 31, 2013 and 2012 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">December 31, </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 (Recast) </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Assets</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Current assets</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash and cash equivalents </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>249,937</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">346,208 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Short-term investments </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>172,785</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">196,116 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Trade and other receivables&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>114,782</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">134,612 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Income taxes receivable </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>40,685</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">18,671 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Inventories </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>284,352</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">266,663 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">25 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Prepaids and other current assets </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9,123</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,546 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>871,664</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">971,841 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Non-current assets</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Mineral property, plant and equipment </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,870,678</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,205,252 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Long-term refundable tax </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9,801</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,937 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Deferred tax assets </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>165</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,358 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Other assets </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8,014</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">7,291 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Goodwill </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>7,134</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">198,946 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total Assets</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,767,456</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,394,625 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Liabilities</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Current liabilities</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Accounts payable and accrued liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>125,609</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">136,149 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Loan payable </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>20,095</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Provisions </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,172</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">7,022 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Current portion of finance lease </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,437</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,473 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Current income tax liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>29,319</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">52,217 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>182,632</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">207,861 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Non-current liabilities</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Provisions </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>43,817</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">45,661 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Deferred tax liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>285,947</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">326,171 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Share purchase warrants </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>207</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,594 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Long-term portion of finance lease </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,717</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">24,377 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Long-term debt </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>34,302</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">41,134 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Other long-term liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>26,045</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">23,256 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total Liabilities</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>578,667</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">677,054 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Equity</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Capital and reserves </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Issued capital </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,295,208</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,300,517 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Share option reserve </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>21,110</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,560 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Investment revaluation reserve </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(137)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">964 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Retained (deficit) earnings </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(133,847)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">388,202 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total Equity attributable to equity holders of the Company</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,182,334</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,710,243 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Non-controlling interests </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,455</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">7,328 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total Equity</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,188,789</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,717,571 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total Liabilities and Equity</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,767,456</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,394,625 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Pan American Silver Corp.</B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Income Statements</B> </FONT></TD>
    <TD COLSPAN="35" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="43" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Unaudited in thousands of U.S. dollars, except for share and per share amounts) </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="35" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="20" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Recast) </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="10" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Recast) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Revenue </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>192,360</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">247,335 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>824,504</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">928,594 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cost of sales </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Production costs </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(136,223)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(126,654) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(530,613)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(485,163) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation and amortization </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(31,612)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(29,897) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(135,913)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(104,409) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Royalties </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,570)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,693) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(26,459)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(35,077) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(173,405)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(162,244) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(692,985)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(624,649) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Mine operating earnings</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18,955</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">85,091 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>131,519</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">303,945 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">General and administrative </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2,602)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4,638) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(17,596)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(20,790) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Exploration and project development </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(990)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(10,405) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(15,475)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(36,746) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Impairment charge </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(336,785)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(100,009)&nbsp;&nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(540,228)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(100,009) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Acquisition costs </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(16,162) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Foreign exchange (losses) gains </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,958)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,883 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(14,637)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,577 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gains (losses) on commodity and foreign currency contracts </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,049</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">279 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(4,551)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">421 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gain on sale of assets </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,969</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,466 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14,068</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,652 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Other income and expenses </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10,210</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8,287</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,370 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Loss) earnings from continuing operations </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(310,152)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(23,333) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(438,613)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">151,258 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gain on derivatives </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,249</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">14,203 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>16,715</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">24,159 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Investment (loss) income </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(592)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,032 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,086</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,178 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Interest and finance expense </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2,902)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,326) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(10,277)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,678) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Loss) earnings before income taxes </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(312,397)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,424) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(429,089)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">173,917 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Income tax recovery (expense) </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19,333</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(22,111) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(16,757)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(95,562) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Net (loss) earnings for the period</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Attributable to:</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Equity holders of the Company </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,615)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,184) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,851)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,201 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Non-controlling interests </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>551</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(351) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">154 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Earnings per share attributable to common shareholders</B> </FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="29" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Basic earnings per share </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1.94)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(0.18) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2.94)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.56 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Diluted earnings per share </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1.94)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(0.23) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2.96)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.49 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Weighted average shares outstanding (in 000's) Basic </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>151,428</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">152,332 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>151,501</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">140,883 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Weighted average shares outstanding (in 000's) Diluted </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>151,428</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">154,259 </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>153,430</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">142,442 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&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>
    <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>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&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>
    <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="43" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Statements of Comprehensive Income</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD COLSPAN="36" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> &nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="20" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD NOWRAP COLSPAN="7" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Recast)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD NOWRAP COLSPAN="11" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Recast) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (loss) earnings for the period </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Unrealized net gains (loss) on available for sale securities</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(net of zero dollars tax) </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>171</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,298 </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(39)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,452 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Reclassification adjustment for net loss included in earnings </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>651</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,570) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,062)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,634) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total comprehensive (loss) income for the period</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(292,242)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(32,807) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(446,947)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">77,173 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total comprehensive (loss) income attributable to:</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Equity holders of the Company </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(292,793)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(32,456) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(446,952)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">77,019 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Non-controlling interests </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>551</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(351) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">154 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(291,242)</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(33,807) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(446,947)</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">77,173 </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Pan American Silver Corp</B>. </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated Statements of Cash Flows</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Unaudited in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash flow from operating activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (loss) earnings for the year </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(293,064)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,535) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(445,846)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78,355 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Current income tax expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>12,523</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">33,549 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>55,691</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">101,050 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Deferred income tax (recovery) expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(31,856)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,438) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(38,934)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,488) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation and amortization </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>31,612</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">29,897 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>135,913</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">104,408 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Impairment charge </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>336,785</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">100,009 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>540,228</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">100,009 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Accretion on closure and decommissioning provision </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>757</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">655 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,030</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,999 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Unrealized (gains) losses on foreign exchange </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(656)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(584) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(922)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,124 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Stock-based compensation expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>67</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(574) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,173</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,142 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Unrealized (gains) losses on commodity contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,800)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(34) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(25) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gain on derivatives </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,249)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(14,203) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(16,715)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,159) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gain on sale of assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,969)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,466) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(14,068)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,652) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Changes in non-cash operating working capital </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>21,366</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,208) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,673)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,061) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Operating cash flows before interest and income taxes </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>68,516</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">102,068 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>218,902</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">346,702 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Interest paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(309)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,890) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(3,425)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,639) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Interest received </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>80</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">591 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,138</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,575 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Income taxes paid </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(22,131)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,166) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(98,009)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(152,333) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Net cash generated from operating activities </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>46,156</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">81,603 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>119,606</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">193,305 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash flow from investing activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payments for mineral property, plant and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(33,669)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(65,269) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(159,401)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(159,915) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(Purchase) maturity of short term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>41,187</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(77,083) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19,920</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">30,383 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Acquisition of Minefinders, net of cash acquired </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">86,528 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Proceeds from sale of mineral property, plant and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,476</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">410 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>13,681</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,692 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net refundable tax and other asset expenditures </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>371</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,072 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>452</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,989 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Net cash used in investing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>13,365</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(140,870) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(125,348)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(39,323) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash flow from financing activities</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Proceeds from issue of equity shares </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">514 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,195 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Shares repurchased and cancelled </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(10,719) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(6,740)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(41,749) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dividends paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(18,881)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,618) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(75,755)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,919) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Proceeds from short term loan </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,870</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>23,494</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payments of construction and equipment leases </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(2,554)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,745) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(30,238)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,213) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (distributions to)/contributions from non-controlling interests </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(621)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(530) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(923)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,074) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Net cash used in financing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(17,186)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(20,098) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(90,162)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(70,760) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Effects of exchange rate changes on cash </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(24)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(828) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(367)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">85 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Net (decrease) increase in cash </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>42,311</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(80,193) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(96,271)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">83,307 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash at the beginning of the period </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>207,626</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">426,401 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>346,208</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">262,901 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>249,937</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">346,208 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>249,937</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">346,208 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Supplemental Cash Flow Information</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Significant Non-Cash Items</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,088,104 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,739 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">699 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>331</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,021 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,331</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,538 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,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-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>971</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">929 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,035</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,060 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Mine Operations Highlights</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>La Colorada Mine</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>117,661</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">106,396 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>448,659</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">419,591 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>366</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">377 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>352</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">374 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>89.9</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">90.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>89.9</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">89.6 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver <SUP>(1)</SUP> - ounces </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,246,193</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,096,603 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,566,377</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,431,111 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>682</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">737 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,579</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,578 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Zinc - tonnes </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,858</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,511 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,759</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,599 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Lead - tonnes </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>869</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">726 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,324</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,766 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,191,274</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,043,125 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,364,727</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,215,075 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8.20</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9.43</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.64 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10.09</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">9.94 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>11.27</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">9.96 </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,250</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,689 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>13,574</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">21,700 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&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>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Alamo Dorado Mine</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>460,004</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">429,544 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,790,317</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,697,941 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>98</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">128 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>101</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">116 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>0.41</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.35 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>0.36</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.38 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>83.8</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">87.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>87.1</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">85.6 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver <SUP>(1)</SUP> - ounces </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,238,670</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,556,689 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,078,807</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,364,011 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,943</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,564 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17,600</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">17,966 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Copper - tonnes </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>49</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">49 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>123</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">117 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,228,465</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,551,171 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,042,779</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,345,677 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8.81</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4.67 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>7.45</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5.05 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>11.81</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.65 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10.98</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.95 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>542</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,405 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>7,621</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,936 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="15" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="15" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months</B> </FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months&nbsp;</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Nine months&nbsp;</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;ended</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>ended</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>ended</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,*</B> </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Dolores Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes processed </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,223,153</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,508,506 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,351,851</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,346,595 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>45</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">46 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>48</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">42 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>0.43</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.38 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>0.46</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">0.40 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>51.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">41.4 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>42.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">45.7 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average gold recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>91.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">80.2 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>82.1</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">78.0 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver<SUP>(1) </SUP>- ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>922,442</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">930,113 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,502,522</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,652,851 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,604</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">14,698 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>65,230</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">43,476 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>920,136</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">927,788 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,493,766</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,646,219 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>13.77</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3.78 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>7.47</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4.05 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>23.57</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10.8 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>20.12</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.88 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures<SUP>(3)</SUP> - thousands </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10,411</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">18,972 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>36,159</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">35,352 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">* </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I>The Dolores mine was acquired with effect from April 1, 2012 and therefore the operations under Pan American's ownership </I></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I>as only for the nine months ended December 31, 2012.</I> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)&nbsp; </SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)&nbsp; </SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(3)&nbsp; </SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sustaining capital expenditures excluding $8,702, $11,749, $50,482 and $21,766 for the periods presented, respectively, in</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">capital incurred on the leach pad projects and other expansion projects. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Huaron Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>218,731</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">173,895 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>802,300</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">683,483 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>154</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">163 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>158</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">162 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average zinc grade - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2.5</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.5 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>81.8</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">83.4 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>81.8</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">81.7 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver <SUP>(1)</SUP> - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>885,178</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">753,373 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,303,595</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,909,890 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>263</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">185 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>936</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">655 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,511</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,990 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14,017</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,824 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,486</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,127 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,842</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,727 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>988</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">622 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,395</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,257 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>761,228</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">643,351 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,883,758</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,506,481 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>12.91</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.81 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14.61</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">17.51 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.02</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">24.74 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18.65</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.02 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,019</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,810 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,474</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22,936 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)&nbsp; </SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)&nbsp;</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Morococha Mine*</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>143,000</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">141,954 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>573,295</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">535,086 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>161</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">141 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>149</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">143 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average zinc grade - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.7 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3.2</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.8 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>88.1</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">86.9 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>87.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">84.9 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver<SUP>(1)</SUP> - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>642,681</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">551,760 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,396,767</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,083,726 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>906</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">694 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,650</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,840 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,313</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,089 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,165</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,925 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>945</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">859 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,769</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,601 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Copper - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>650</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">467 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,026</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,502 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>543,937</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">472,490 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,049,487</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,776,333 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>11.95</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">25.96 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.56</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">23.48 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>20.45</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">32.01 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>26.17</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">29.75 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,822</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,585 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18,652</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,805 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I>* Production figures are Pan American's share only. Pan American's ownership is 92.3%</I> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I><SUP>(1)</SUP></I>&nbsp;&nbsp;&nbsp;Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I><SUP>(2)</SUP></I>&nbsp;&nbsp;&nbsp;Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I><SUP>(3)</SUP></I>&nbsp;&nbsp;&nbsp;Sustaining capital expenditures excluding $837 and $6,389 for the 2012 period presented, respectively,</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in capital incurred on the Morococha relocation project. </FONT></TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>San Vicente Mine*</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>79,714</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">79,613 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>319,433</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">306,063 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>415</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">422 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>412</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">419 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average zinc grade - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.2 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2.5</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.2 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>93.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">91.1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>93.8</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">90.7 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver<SUP>(1)</SUP> - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>993,624</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">971,031 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,967,263</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,726,024 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Zinc - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,588</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,296 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,201</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,918 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Lead - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>166</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">93 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>564</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">432 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>906,736</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">887,816 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,614,290</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,390,683 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14.53</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">19.84 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15.51</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">18.92 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.05</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.86 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18.07</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.05 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,864</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">810 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8,165</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,053 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><I>* Production figures are Pan American's share only. Pan American's ownership is 95%</I> </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Manantial Espejo Mine</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>191,375</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">187,790 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>719,607</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">734,335 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>159</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">182 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>150</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">170 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average gold grade - grams per tonne </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4.16</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2.09 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2.81</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1.94 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average silver recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>91.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">91.9 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>91.3</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">89.8 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Average gold recovery - % </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>96.2</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">95.0 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>95.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">94.2 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Silver <SUP>(1)</SUP> - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>871,123</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,034,596 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,144,008</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,632,550 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Gold - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>22,829</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,503 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>60,820</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">43,339 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>869,381</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,032,527 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,137,720</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,625,285 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per ounce of silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1.58)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">13.08 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>8.55</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">14.65 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cost per ounce net of by-products<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6.67</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.41 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19.03</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.73 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Capital Expenditures - thousands </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,362</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,277 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>12,002</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,858 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported metals figures in the tables in this section are quantities of metal produced. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash costs per ounce and total costs per ounce are non-GAAP measurements. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Total Cash Costs and Total Production Costs per Ounce of Payable Silver, net of by-product credits&nbsp;</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;(Unaudited in thousands of U.S. dollars)&nbsp; </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Three months ended</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Twelve months ended</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;December 31,&nbsp;</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;December 31,&nbsp;</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2012 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Production costs&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>136,223</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">126,654 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>530,613</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">485,163 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Add/(Subtract)&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Royalties&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,570</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,693 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>26,459</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">35,077 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Smelting, refining, and transportation charges&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>19,902</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">18,746 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>76,837</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">68,098 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Worker's participation and voluntary payments&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(531)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(407) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,067)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,573) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Change in inventories&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>4,050</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,491 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(625)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,358 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Other&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>1,311</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,480 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,408)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,475) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Non-controlling interests<SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,207)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,968) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(5,967)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,914) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Metal Inventory writedown&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(8,411)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;-&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(12,967)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;-&nbsp; </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Cash Operating Costs before by-product credits&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>156,907</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">161,689 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>607,875</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">588,734 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less gold credit&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(57,880)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(54,822) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(205,207)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(184,300) </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less zinc credit&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(18,683)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(15,058) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(69,776)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(62,155) </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less lead credit&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(7,090)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,030) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(27,757)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,676) </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less copper credit&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(11,851)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(8,741) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(39,341)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(31,904) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Cash Operating Costs net of by-product credits&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;A&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>61,403</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">77,038 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>265,794</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">285,699 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Add/(Subtract)&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Depreciation and amortization&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>31,612</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">29,897 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>135,913</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">104,409 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Closure and decommissioning provision&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>758</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">655 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,030</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,999 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Change in inventories&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>525</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,512) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,451</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,017 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Other&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(248)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;-&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(971)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(746) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;Non-controlling interests<SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(494)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(384) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(1,964)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,504) </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Total Production Costs net of by-product credits<SUP>(1)</SUP>&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;B&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>93,556</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">105,694 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>407,254</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">400,874 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Payable Silver Production (oz.)&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;C&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp; 6,421,156</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp; 6,558,268 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp; 24,586,527</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp; 23,746,108 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Total Cash Costs per ounce net of by-product credits&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;(A*$1000)/C&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;$&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9.56</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.75 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;$&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10.81</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">12.03 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;Total Production Costs per ounce net of by-product credits&nbsp;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;(B*$1000)/C&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;$&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14.57</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.12 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>&nbsp;$&nbsp;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>16.56</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">&nbsp;$&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.88 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Figures in this table and in the associated tables below may not add due to rounding. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Figures presented in the reconciliation table above are on a 100% basis as presented in the statements with an adjustment line item to account for the portion of the Morococha and San Vicente mines owned by non-controlling interests, an expense item not included in operating cash costs.&nbsp; The associated tables below are for the Company's share of ownership only. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended December 31, 2013</B> </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">La</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Colorada </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Alamo</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dorado </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Morococha </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Quiruvilca </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">San</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Vicente </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Manantial</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Espejo </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash Costs before by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">A </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,161 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">18,634 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">32,484 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">25,266 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,491 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">16,116 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">27,464 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>155,616</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less gold credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(690) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,527) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,818) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(86) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(856) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(28,836) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(57,812)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less zinc credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,001) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">-$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,595) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,863) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,536) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(17,995)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less lead credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,697) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,944) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,874) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(402) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(6,917)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less copper credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(281) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,816) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4,397) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(11,494)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sub-total by-product credits </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">B=( b1+ b2+</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3+ b4) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,388) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,807) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,818) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(15,441) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(13,990) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,938) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(28,836) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(94,218)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash Costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">C=(A+B) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,773 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,827 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,666 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,825 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,501 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">13,178 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,372) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>61,398</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation, amortization &amp; reclamation </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">D </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,245 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,676 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,022 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,132 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,621 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,285 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7,173 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>32,153</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">E=(C+D) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,018 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">14,503 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">21,688 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,956 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,122 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,463 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,801 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>93,551</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,191,274 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,228,465 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">920,136 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">761,228 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">543,937 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">906,736 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">869,381 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,421,156</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per Ounce of Silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cash cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=C*1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.20 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.81 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">13.77 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12.91 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.95 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">14.53 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1.58) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>9.56</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=E *1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10.09 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.81 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">23.57 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17.02 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">20.45 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17.05 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">6.67 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>14.57</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended December 31, 2013</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">La</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Colorada </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Alamo</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dorado </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Morococha </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Quiruvilca </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">San</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Vicente </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Manantial</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Espejo </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash Costs before by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">A </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">61,554 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">62,454 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">117,203 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">99,909 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">84,203 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">67,123 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">110,810 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>603,256</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less gold credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,894) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,194) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(91,113) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(178) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,614) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(83,995) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(204,988)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less zinc credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(10,895) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">-$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(22,285) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,154) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,898) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(67,232)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less lead credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,605) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,722) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,577) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,157) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(27,061)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less copper credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(712) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(23,605) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(13,862) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(38,179)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sub-total by-product credits </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">B=( b1+ b2+</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3+ b4) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(20,394) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,906) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(91,113) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(57,790) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(48,207) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,055) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(83,995) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(337,460)</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash Costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">C=(A+B) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">41,160 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">37,548 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">26,090 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">42,119 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">35,996 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">56,068 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">26,815 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>265,796</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation, amortization &amp; reclamation </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">D </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,010 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17,813 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">44,211 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,667 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17,649 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,226 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">32,885 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>141,461</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">E=(C+D) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">49,170 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">55,361 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">70,301 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">53,786 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">53,645 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">65,294 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">59,700 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>407,257</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,364,727 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,042,779 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,493,766 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,883,758 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,049,487 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,614,290 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,137,720 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>24,586,527</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per Ounce of Silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cash cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=C*1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9.43 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.45 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.47 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">14.61 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17.56 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15.51 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.55 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>10.81</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=E *1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.27 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10.98 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">20.12 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">18.65 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">26.17 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">18.07 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">19.03 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>16.56</B> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended December 31, 2012</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">La</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Colorada </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Alamo</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dorado </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Morococha </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Quiruvilca </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">San</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Vicente </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Manantial</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Espejo </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash Costs before by-product credits</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">A </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">13,920 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,368 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">28,734 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">25,912 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">23,463 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,009 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">33,207 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt solid; padding-top: 9.75pt; padding-bottom: 9.75pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">160,613 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less gold credit </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b1 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,063) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(7,810) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(25,225) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(20) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(922) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,706) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(54,746) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less zinc credit </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b2 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,507) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">-$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4,837) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,048) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,126) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(14,518) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less lead credit </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,479) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,336) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,777) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(273) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,865) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less copper credit </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b4 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(310) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4,690) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,448) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(8,448) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sub-total by-product credits </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">B=( b1+ b2+</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3+ b4) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,048) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(8,120) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(25,225) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,882) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,195) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,399) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,706) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(83,575) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash Costs net of by-product credits </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">C=(A+B) </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,872 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7,248 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,509 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">14,030 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12,268 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17,610 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">13,501 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">77,038 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation, amortization &amp; reclamation </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">D </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,493 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,613 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,515 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,886 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,854 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,688 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,607 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">28,656 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production costs net of by-product credits </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">E=(C+D) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,365 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,861 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,024 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,916 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,122 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,298 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">22,108 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">105,694 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">F </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,043,125 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,551,171 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">927,788 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">643,351 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">472,490 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">887,816 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,032,527 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">6,558,268 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per Ounce of Silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cash cost per ounce net of by-products </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=C*1000/F </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.50 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">4.67 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">3.78 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.81 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">25.96 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">19.84 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">13.08 </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11.75 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production cost per ounce net of by-products </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=E *1000/F </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9.94 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.65 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10.80 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">24.74 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">32.01 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.86 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.41 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.12 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended December 31, 2012</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">La</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Colorada </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Alamo</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dorado </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dolores* </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Morococha </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Quiruvilca </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">San</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Vicente </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Manantial</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">Espejo </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Consolidated </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Total</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash Costs before by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">A </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">56,228 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">57,536 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">82,926 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">89,341 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">82,958 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17,219 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">73,311 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">125,233 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">584,752 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less gold credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,240) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(29,809) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(72,199) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(197) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(3,840) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(550) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(72,139) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(183,974) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less zinc credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,270) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">-$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,096) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,281) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(4,391) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(8,057) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(60,096) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less lead credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(5,304) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,215) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,956) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,448) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,104) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(24,027) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less copper credit </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">b4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(746) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(16,939) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,174) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(2,097) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(30,956) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sub-total by-product credits </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">B=( b1+ b2+</FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">b3+ b4) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(19,814) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(30,555) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(72,199) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(45,448) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(41,250) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(8,486) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(9,162) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(72,139) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">(299,053) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Cash Costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">C=(A+B) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">36,414 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">26,981 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,728 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">43,894 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">41,707 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,733 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">64,149 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">53,093 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">285,699 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Depreciation, amortization &amp; reclamation </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">D </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,571 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">15,536 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">33,931 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8,790 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,145 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">271 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,614 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">29,317 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">115,175 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production costs net of by-product credits </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">E=(C+D) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">41,985 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">42,518 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">44,659 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">52,684 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">52,852 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9,004 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">74,763 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">82,410 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">400,874 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payable ounces of silver </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,215,075 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,345,677 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,646,219 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,506,481 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">1,776,333 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">240,354 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,390,683 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">3,625,285 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">23,746,108 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost per Ounce of Silver net of by-product credits</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total cash cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=C*1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">8.64 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">5.05 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">4.05 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">17.51 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">23.48 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">36.33 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">18.92 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">14.65 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">12.03 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Total production cost per ounce net of by-products </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">=E *1000/F </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">9.96 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">7.95 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.88 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">21.02 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">29.75 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">37.46 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.05 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.73 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black">16.88 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">* The Dolores mine was acquired with effect from March 30, 2012 and therefore
the operations under Pan American's ownership are only for the nine months ended December 31, 2012.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">** The Quiruvilca mine was sold to a private company effective June 1,
2012.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-In Sustaining Cost per Silver Ounce Sold</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Production costs </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>136,223</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">126,654 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>530,614</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">485,163 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Royalties </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>5,570</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,693 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>26,459</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">35,077 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Smelting, refining and transportation charges<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>24,076</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">21,900 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>93,926</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">94,438 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Less by-product credits<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(85,695)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(79,321) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(331,809)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(293,208) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Cash cost of sales net of by- products</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>80,174</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">74,926 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>319,190</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">321,470 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Sustaining capital<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25,085</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">54,394 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>111,647</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">130,721 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Exploration </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>990</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">10,405 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>15,475</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">36,746 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Reclamation cost accretion </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>757</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">655 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,030</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">2,999 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">General &amp; administrative expense&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2,602</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,638 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17,596</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">20,790 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-in sustaining costs</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>A</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>109,608</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">145,018 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>466,937</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">512,726 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Payable ounces sold</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>B</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>6,436,002</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">5,678,802 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25,478,014</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">23,037,493 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(A*$1000)/B</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>17.03</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">25.54 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>18.33</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">22.26 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Sustaining Capital</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Reconciliation of payments for mineral property, plant and equipment </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>and sustaining capital</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Twelve months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>December 31,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(in thousands of USD)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Payments for mineral property, plant and equipment<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>33,669</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">65,269 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>159,401</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">159,915 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Add/(Subtract) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Advances received for leases<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>331</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">4,021 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>3,331</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">11,538 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Morococha relocation project capital </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(837) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(6,389) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Navidad project capital </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(89)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,815) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(246)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,318) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Dolores leach pads &amp; other expansion projects </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(8,702)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(11,749) </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(50,482)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(21,766) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Other non-operating capital </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(124)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(495) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>(358)</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">(1,259) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>Sustaining Capital</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>25,085</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">54,394 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><B>111,647</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">130,721 </FONT></TD></TR>
<TR>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Included in the revenue line of the unaudited condensed interim consolidated income statements and are reflective of realized metal prices for the applicable periods. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">Non - GAAP measure: see sustaining capital reconciliation. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black"><SUP>(3)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Times New Roman,serif"><FONT STYLE="font: 10pt Arial,sans-serif; color: black">As presented in the unaudited condensed consolidated statements of cash flows. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">CNW 08:00e 20-FEB-14</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
