<SEC-DOCUMENT>0001279569-15-000290.txt : 20150219
<SEC-HEADER>0001279569-15-000290.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150219133432
ACCESSION NUMBER:		0001279569-15-000290
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150219
FILED AS OF DATE:		20150219
DATE AS OF CHANGE:		20150219

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:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		15631103

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

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

	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>
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<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 19, 2015</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<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 19, 2015</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;<B><I>ROBERT PIROOZ</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Pirooz</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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">
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    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top">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 19, 2015 - Pan American Silver Announces its Unaudited Fourth Quarter and Full Year 2014 Financial Results</FONT></TD></TR></TABLE>

<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">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 19, 2015
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver Announces its Unaudited Fourth Quarter and
Full Year 2014 Financial Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center"><B>The Company declares the first dividend
of 2015 in the amount of $0.125</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center"><B>(All amounts in US$ unless otherwise
stated. Approximate production figures.)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 19, 2015 /CNW/ - <B>Pan American Silver Corp.</B>
(NASDAQ: PAAS; TSX: PAA) (the &quot;Company&quot;, or &quot;Pan American&quot;), today reported unaudited financial results for
the quarter and year ended December 31, 2014 to accompany production figures already reported for the same period on January 19,
2015. &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company also announced today that its Board of Directors
has approved its first quarterly cash dividend of 2015 in the amount of $0.125 per common share. Should the Company's Board of
Directors continue to approve future quarterly dividends in the same amount, the annual cash dividend paid by Pan American would
be $0.50 per common share, which represents a yield of approximately 4.4% based on the Company's closing share price on NASDAQ
on February 18, 2015. The cash dividend will be payable on or about Friday, March 13, 2015 to holders of record of common shares
as of the close of Monday, March 2, 2015. Specific distribution dates and amounts of future dividends will be determined by the
Board of Director on an ongoing basis. Pan American's dividends are designated as eligible dividends for the purposes of the Income
Tax Act (Canada).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fourth Quarter 2014 Highlights (unaudited)<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver production of 6.75 million ounces</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold production of 43,900 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Consolidated cash costs<SUP>(2)</SUP> of $11.92 per silver ounce, net
        of by-product credits</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">All-in sustaining costs per silver ounce sold (&quot;AISCSOS&quot;)<SUP>(3)</SUP>
        of $18.62, net of by-product credits</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenue of $163.1 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating loss<SUP>(4)</SUP> of $21.4 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss of $525.7 million, or $(3.48) per share, including non-cash,
        after-tax impairment charges of $498.7 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss of $21.2 million, or $(0.14) per share</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Paid a total of $18.9 million in cash dividends to shareholders, or
        $0.125 per share </FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Full-year 2014 Highlights (unaudited)<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Record silver production of 26.11 million ounces</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Record gold production of 161,500 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Consolidated cash costs<SUP>(2)</SUP> of $11.46<SUP>(5)</SUP> per silver
        ounce, net of by-product credits &ndash; better than guidance of $11.70 to $12.70 per ounce</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">AISCSOS<SUP>(3)</SUP> of $17.88, net of by-product credits &ndash;
        in line with guidance of $17.00 to $18.00 per ounce</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenue of $751.9 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating earnings<SUP>(4)</SUP> of $8.1 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss<SUP>(5)</SUP> of $544.8 million, or $(3.60) per share, including
        non-cash, after-tax impairment charges of $498.7 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss of $20.8 million or $(0.14) per share</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities of $124.2 million or $0.82
        per common share</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total dividends paid to common shareholders of $75.8 million, representing
        $0.50 per common share</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Financial Position at December 31, 2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash and short term investments of $330.4 million</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Working capital of $522.7 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total debt of $60.4 million (including capital leases of $8.0 million)</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results are unaudited;</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">percentages compare period-on-period.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash costs per payable ounce of silver, net of by-product credits, is a non-GAAP measure. Cash costs does not have a standardized </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The Company's method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company's cash costs </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">may not be comparable to similarly titled measures used by other entities. See &quot;Financial and Operating Highlights&quot; in the attached table for a </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">more detailed discussion of this measure and a reconciliation of this measure to the Company's production costs, depreciation and amortization, </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">and royalties.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">All-in sustaining costs per payable silver ounce sold (&quot;AISCSOS&quot;) is a non-GAAP measure. The Company has adopted the reporting of</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">AISCSOS as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">operations collectively. We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">flow. This measure including its subcomponent Sustaining Capital are non &ndash; GAAP measures and readers should refer to the attached table</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">in the section under &quot;Sustaining Capital&quot; for a detailed discussion of this measure.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating earnings is a non-GAAP measure used by the Company to assess the performance of its silver mining operations. Mine</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">operating earnings is calculated as revenue less production costs, depreciation and amortization and royalties.&nbsp; The Company and certain</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">investors use this information to evaluate the Company's performance.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Previously reported cash costs for the Company's Peruvian operations overstated copper by-product credits. Both consolidated and</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peruvian annual cash costs for 2014 and 2013 have been adjusted to correct for this overstatement. The effect of these corrections on</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2014's annual consolidated cash costs was an increase of $0.50 per ounce. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Company's fourth quarter and full-year 2014
results, Geoff Burns, President &amp; CEO said, &quot;The price of silver on December 31st, 2014 was $15.97 per ounce and in concert
with a strengthening US Dollar required us to record significant asset impairment charges, negative net realizable value adjustments,
negative concentrate pricing adjustments and a significant foreign exchange loss on our Canadian Dollar and Mexican Pesos holdings.
Together, these items have overshadowed what was a very respectable fourth quarter operating performance from both a production
and cost perspective.&quot; Burns continued, &quot;In 2014 we achieved annual records for silver and gold production and we did
this below our guidance for cash costs. Our AISCSOS were as forecasted and we generated net cash from operating activities of $124.2
million or $0.82 per common share, while returning an industry-leading dividend to our shareholders. We have maintained the strength
of our balance sheet and I look forward to 2015 where we expect similar silver production, higher gold production and a marked
reduction in our AISCOS.&quot;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">During the fourth quarter of 2014, Pan
American generated $163.1 million in revenue, 15% less than in the same period of 2013, driven by lower volumes of metal sold and
reduced metal prices. At the end of the current quarter the Company decided to defer the sale of approximately 7,000 ounces of
gold and 150,000 ounces of silver produced at Manantial Espejo mine until the first quarter of 2015.&nbsp; While this negatively
impacted fourth quarter revenues and operating cash flows, the Company did receive approximately $0.8 million of additional revenue
when this production was sold. The Company's revenue for the full year 2014 was $751.9 million, 9% lower than in 2013. Lower revenues
for the year ended December 31, 2014 were mainly due to significantly lower realized precious metal prices, partly offset by greater
quantities of gold and base metals sold. In 2014, silver sales volumes remained consistent with the prior year and gold sales volumes
increased significantly; however, the average realized price of silver declined 20% to $18.53 per ounce and the average realized
price of gold declined 9% to $1,268 per ounce. During the same period, the average realized price of copper declined 6% to $6,825
per tonne and the average price of lead declined 3% to $2,085 per tonne. Zinc was the only exception to the downward trend as the
metal's average price appreciated during the year to $2,160 per tonne.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Pan American incurred a net loss of $525.7
million during the fourth quarter of 2014, or a loss per share of $(3.48), compared to a net loss of $293.1 million during the
fourth quarter of 2013 (loss per share of $1.94). The loss was primarily due to impairment charges that totaled $498.7 million
after-tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">The decrease in metal prices that occurred
in the second half of 2014, led the Company to lower the silver and gold prices used to estimate reserves, as well as the prices
used in the discounted life of mine cash flow models, which were utilized to test for asset impairment. The Company assumed long
term silver and gold prices of $18.50 and $1,250 per ounce, respectively, substantially lower than the prices used at the end of
2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">As a consequence, the Company recognized
impairments on several of its assets. The largest impairment was on the Navidad property, where lower prices and a relatively high
discount rate combined to significantly reduce the Company's carrying value of this asset.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">The total impairment charges incurred
at December 31, 2014 were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Property</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>($ Millions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores mine</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 110.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial Espejo mine</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo Dorado mine</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Mine impairments</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 184.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Navidad property</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">286.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Virginia property</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Bolsa property</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pico Machay property </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Development property impairments</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 314.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 498.7</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">The financial results for the fourth
quarter of 2014 were also impacted by negative sales adjustments to previously reported provisional sales of $4.4 million, by foreign
exchange losses of $4.5 million on holding Canadian Dollars and Mexican Pesos and by net realizable value adjustments of $2.2 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">For the full year 2014, Pan American
generated a net loss of $544.8 million, compared to a net loss of $445.8 million generated in 2013. The 2014 loss was directly
attributable to the previously described impairment charges, in addition to $30.0 million of negative net realizable value adjustments
and foreign exchange losses of $13.3 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Adjusting for the impairments and other
non-cash, unrealized items, Pan American generated an adjusted loss of $21.2 million, or $(0.14) per share in the fourth quarter
and an adjusted loss of $20.8 million or $(0.14) per share for the full-year of 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Pan American posted $0.8 million in net
cash generated from operating activities during the last quarter of 2014, compared to net cash of $46.2 million generated during
the final quarter of 2013. However, net cash generated from operating activities for the full year 2014 rose slightly to $124.2
million, compared to $119.6 million generated in 2013, as lower cash operating margins were more than offset by lower income taxes
paid and working capital movements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">At December 31, 2014, Pan American had
$330.4 million in cash and short term investments and working capital of $522.7 million, with total debt of $60.4 million, including
capital leases of $8.0 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the fourth quarter of 2014, Pan American's mines performed
within management's expectations and produced 6.75 million ounces of silver and 43,900 ounces of gold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company also produced 10,200 tonnes of zinc, 3,900 tonnes
of lead and a record 3,000 tonnes of copper on account of quarterly record zinc and lead production at La Colorada and quarterly
record copper production at both Huaron and Morococha.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Consolidated silver production for the full year 2014 was
a record 26.11 million ounces, slightly higher than 2013 silver production and well within management's expectations. The new record
was achieved due to production gains at La Colorada, Manantial Espejo, Dolores and Huaron and despite the expected decline of silver
production at Alamo Dorado.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As anticipated, Pan American also achieved record consolidated
gold production of 161,500 ounces in 2014, 8% greater than 2013 gold production, as a result of more ounces produced at Dolores
and Manantial Espejo.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, Pan American's 2014 full year base metals production
rose significantly. Consolidated zinc production rose 3% from 2013 to 43,500 tonnes, primarily on account of higher production
at La Colorada. Consolidated lead production increased 11% compared to 2013 to 15,000 tonnes, with higher production achieved at
La Colorada and Morococha, partially offset by lower production at San Vicente. Consolidated copper production rose to a record
9,000 tonnes, 62% greater than in 2013, due to significant production increases at Huaron and Morococha.&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the quarter ended December 31, 2014, silver production
at La Colorada was a record 1.29 million ounces, slightly more than silver produced in the fourth quarter of 2013, mainly due to
record throughput and higher grades. La Colorada also produced a record 2,200 tonnes of zinc and 1,000 tonnes of lead during the
quarter, 18% and 17% greater than during the fourth quarter of 2013, respectively. The production gains were achieved due to record
zinc grades and zinc and lead recoveries, further enhanced by higher quantities of sulfide ore mined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At Dolores, higher throughput pushed silver production to
0.95 million ounces, 3% more than in the last quarter of 2013, while gold production rose 15% to 18,000 ounces due to higher throughput
and higher grades, which were partially offset by lower recoveries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As anticipated, Alamo Dorado's silver production declined
31% from the fourth quarter of 2013 to 0.87 million ounces as a result of treating greater amounts of low-grade stockpiled ore
as the open pit mine reaches its final stages.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For the full year 2014, the Company produced 12.43 million
silver ounces in Mexico. With its new annual production record, La Colorada has become the Company's largest silver producer at
4.98 million ounces, followed by Dolores with 3.98 million ounces of silver produced. Increased silver production at La Colorada
was due to higher throughput of higher-grade sulfide ores mined using the additional equipment that has been acquired as part of
the mine's expansion project. Increased sulfide ore throughput also had a positive effect on base metal grades and recoveries,
yielding records in annual zinc production of 7,700 tonnes and lead production of 3,700 tonnes, 14% and 12% greater than 2013 production,
respectively.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Dolores' 2014 production of 3.98 million ounces of silver
and 66,800 ounces of gold benefited from the commissioning in late 2013 of the new leach pad 3. This provided unconstrained crushing
output and increased leaching surface during 2014 and resulted in higher silver recoveries.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As expected, Alamo Dorado's annual silver production declined
32% from 2013 to 3.47 million ounces, primarily due to the expected processing of lower grade ores and lower metal recoveries.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the fourth quarter of 2014, the Company's Peruvian
mines produced a total of 1.55 million ounces of silver, practically flat year-on-year. At Huaron, silver production increased
8% from the fourth quarter of 2013 to 0.95 million ounces primarily due to increased throughputs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2014, Huaron's silver production rose 10% from the previous
year to a record 3.63 million ounces due to increased throughput as a result of a multi-year mine mechanization effort. The mechanization
efforts at the mine focused largely on high-grade copper ore zones that lead to a 73% increase in copper production to a record
5,900 tonnes, along with a 3% increase in lead production to a record 6,000 tonnes, and zinc production of 14,200 tonnes, similar
to 2013 production.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Morococha's silver production during the fourth quarter of
2014 fell 6% from the last quarter of 2013, as a result of lower grades and recoveries, partially offset by increased throughput
rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Morococha produced 2.37 million ounces of silver in 2014,
slightly less than in 2013, largely due to mine sequencing into higher-grade lead and copper ores. This resulted in a 26% increase
in lead production to 4,700 tonnes, a 52% increase in copper production to a record 3,100 tonnes and a 4% increase in zinc production
to 15,800 tonnes in comparison to 2013 production.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the quarter ended December 31, 2014, San Vicente's
silver production rose 18% from the same quarter of 2013 to a record 1.17 million ounces, as a result of increased throughputs,
higher grades and increased recoveries. In contrast, zinc and lead production fell 13% and 5%, respectively, primarily due to lower
grades driven by mine sequencing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For the full year 2014, San Vicente produced 3.95 million
ounces of silver, similar to 2013's production, along with a 6% reduction in zinc production to 5,800 tonnes and an 11% reduction
in lead production to 500 tonnes due to mine sequencing.&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Silver production at Manantial Espejo rose 5% during the fourth
quarter of 2014, to 0.91 million ounces. The production increase was achieved due to higher throughput as a result of successful
debottlenecking, partially offset by lower grades. Quarterly gold production fell 20% from the fourth quarter of 2013 due to lower
grades, partially offset by higher throughput.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For the full year 2014, Manantial Espejo's silver production
rose 19% from 2013 to 3.72 million ounces and gold production rose 16% to 70,500 ounces due to record mill throughput.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Cash Costs and All-in Sustaining Costs Per Silver Ounce</B>
<B>Sold</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Pan American's consolidated cash costs
for the fourth quarter of 2014 were $11.92 per silver ounce, net of by-product credits and consolidated cash costs for the full
year 2014 were $11.46 per silver ounce, net of by-product credits. This compares to adjusted cash costs of $9.85 per ounce of silver
during the fourth quarter of 2013 and $10.96 per ounce of silver, net of by-product credits for the full year 2013. Previously
reported cash costs for the Company's Peruvian operations overstated copper by-product credits and both consolidated annual cash
costs for 2014 and 2013, and fourth quarter 2013 cash costs have been adjusted to correct for this overstatement. Please refer
to Note 6 under the table &quot;Financial and Operating Highlights&quot; attached to this news release for further details.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">As expected, cash costs during the fourth
quarter of 2014 rose primarily on reduced grades at Alamo Dorado, lower gold production at Manantial Espejo and lower by-product
credits due to lower by-product prices except for zinc. Consolidated cash costs for the full year 2014 of $11.46 per silver ounce,
were well below management's full year 2014 guidance of $11.80 to $12.80 per ounce, net of by-product credits, on account of better
than expected performances at La Colorada, Huaron and Morococha, partly offset by slightly higher than expected cash costs at San
Vicente and Manantial Espejo.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">AISCSOS for the quarter and year-ended
December 31, 2014 were $18.62 and $17.88, respectively, compared to $16.72 and $17.91 per ounce in the respective periods of 2013.
AISCSOS for 2014 remained similar to 2013 as lower sustaining capital and exploration expense were offset by higher cash cost of
sales, net of by-product credits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">AISCSOS and cash costs are non-GAAP measures. Please refer
to Notes 4 and 5 under the table &quot;Financial and Operating Highlights&quot; attached to this news release for further discussion
of these measures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2014, Pan American spent $99.1 million in sustaining capital
at its seven mining operations. At La Colorada, the Company spent $13.5 million, primarily on a tailings dam raise, mine ventilation
and infrastructure, and mine site exploration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At Dolores, the Company spent $27.6 million, mainly on open
pit pre-stripping, mine site exploration, access roads and camp upgrades, and on mining equipment replacements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At Huaron, Pan American spent $17.3 million to upgrade the
underground 250-level primary drainage and haulage level, to upgrade the shaft loading pockets, mine site exploration and on a
tailings dam raise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At Morococha, the Company spent $10.2 million mainly on mine
development and infrastructure, mine site exploration, plant upgrades and equipment overhauls.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At San Vicente, the Company spent $3.4 million primarily on
mine infrastructure, equipment overhauls and mine site exploration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Finally, at Manantial Espejo, Pan American
spent $26.7 million primarily for open pit pre-stripping as well as a tailings dam expansion and mine site exploration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">In terms of project capital, Pan American
invested $17.3 million on the La Colorada expansion of which $5.6 million were used to purchase new underground mobile mining equipment
and to advance project-related underground mine lateral development. $5.1 million were spent on engineering work and equipment
purchases for the plant expansion, $3.4 million were spent on new community infrastructure, $1.5 million were spent on procurement
of the new production hoist, $0.9 million were used in camp expansions and expanded site infrastructure, and the remainder was
required to fund indirect costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company also invested $17.3 million on completing the
second phase of Dolores' pad 3 expansion. Approximately $2.0 million remain for the installation of a lime silo and conveyor belt,
which has been carried over into 2015. In addition, $1.4 million were spent on advancing the new power line design and right-of-way
acquisitions, and another $1.0 million were spent on advancing engineering on the pulp agglomeration and underground Preliminary
Economic Assessment that was disclosed in August 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2015 Outlook </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">As announced on January 19, 2015, Pan
American expects to maintain current production levels of between 25.50 and 26.50 million ounces of silver at cash costs of between
$10.80 and $11.80 per ounce of silver, net of by-product credits. In addition, higher gold grades at Dolores are expected to contribute
to an increase in consolidated gold production to between 165,000 and 175,000 ounces, (between 2% and 8% higher than in 2014).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">The Company's consolidated 2015 base
metals production is expected to total 41,000 to 43,000 tonnes of zinc, 14,500 to 15,000 tonnes of lead and 8,000 to 8,500 tonnes
of copper.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Pan American also expects to spend between
$71 to $84 million on sustaining capital in 2015, while investing $98 to $109 million in long term projects, primarily for the
expansion project at La Colorada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Perhaps most importantly, consolidated AISCSOS are expected
to decline from $17.88 in 2014 to between $15.50 and $16.50, net of by-product credits in 2015, mainly on lower sustaining capital
expenditures and due to the above-mentioned decline in silver cash costs. The Company's AISCSOS guidance for 2015 is based on assumptions
of exploration expenses increasing to $16.50 million, while G&amp;A costs and reclamation cost accretion are expected to remain
steady at $17.50 million and $3.00 million, respectively. For the purposes of providing AISCSOS guidance for 2015, we have assumed
that payable silver sold in 2015 will be between 24.10 million and 25.10 million ounces.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American 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. The Company
has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA,
Mexico, Peru and Argentina.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American will host a conference call to discuss these
results on Thursday, February 19, 2015 at 1:00 pm EST (10:00 am PST). To participate in the conference, please dial toll number
1-604-638-5340.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font-size: 8pt">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">A live audio webcast and Power Point presentation will be available at <FONT STYLE="color: blue">http://services.choruscall.ca/links/pan150219.html</FONT>.&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, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>NON-GAAP MEASURE &ndash; CASH COSTS PER PAYABLE OUNCE,
NET OF BY-PRODUCT CREDITS </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE PRESENTS INFORMATION ABOUT OUR CASH COSTS
OF A&nbsp;PAYABLE OUNCE OF SILVER FOR OUR OPERATING MINES. CASH COSTS PER PAYABLE 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, Times, 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">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>EXCEPT AS OTHERWISE NOTED, CASH COSTS PER PAYABLE OUNCE PRODUCED IS
CALCULATED BY DIVIDING TOTAL CASH COSTS, NET OF BY-PRODUCT CREDITS BY TOTAL PAYABLE 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, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS MINING, PROCESSING,
ADMINISTRATION, ROYALTIES AND OPERATING TAXES, BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND CAPITAL DEVELOPMENT
AND EXPLORATION.&nbsp; CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL.&nbsp; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CASH COST PER PAYABLE 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. THE INCLUSION OF CASH COSTS PER
PAYABLE 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 PAYABLE OUNCE, NET OF BY-PRODUCT CREDITS DOES NOT HAVE A STANDARDIZED MEANING
OR A CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. INVESTORS ARE CAUTIONED THAT CASH COSTS PER PAYABLE
OUNCE PRODUCED, NET OF BY-PRODUCT</I><B>&nbsp;</B><I>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. OUR
METHOD OF CALCULATING CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS MAY DIFFER FROM THE METHODS USED BY OTHER
ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER PAYABLE OUNCE PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURED USED BY
OTHER ENTITIES.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS. 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 FORECAST PRODUCTION OF SILVER, GOLD AND OTHER
METALS IN 2015; OUR ESTIMATED CASH COSTS PER OUNCE OF SILVER IN 2014 AND FORECAST CASH COSTS PER OUNCE OF SILVER IN 2015; OUR ESTIMATED
AISCSOS FOR 2015; OUR ANTICIPATED CAPITAL INVESTMENTS FOR 2015; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL
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 2015.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS 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, Helvetica, 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. 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. 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. 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>

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    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pan American Silver Corp</B>.</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
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    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Financial &amp; Operating Highlights</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
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    <TD NOWRAP COLSPAN="5" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Three months ended</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">December 31,</P></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">December 31, </FONT></TD></TR>
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    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
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    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Financial Highlights </B></FONT></TD>
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    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
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    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. Dollars)</FONT></TD>
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    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Loss per share attributable to common shareholders (basic)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.48)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1.94)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.60)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2.94)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted&nbsp; loss for the period <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(21,207)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(77,649)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(20,825)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(42,845)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss per share attributable to common shareholders (basic)<SUP> (1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(0.14)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(0.51)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(0.14)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(0.28)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating (loss) earnings</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(21,369)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,955</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>8,073</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">131,519</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating (loss) earnings (Excludes NRV Adj.)<SUP> (2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(19,586)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,365</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>37,598</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">144,486</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>823</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46,156</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>124,188</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">119,606</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities per share</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.01</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.30</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.82</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital spending</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>30,131</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">33,669</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>131,761</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159,401</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dividends paid</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18,933</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,881</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>75,751</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">75,755</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,740</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash and short-term investments</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>330,413</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">422,722</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>330,413</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">422,722</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Working capital<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>522,655</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">689,032</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>522,655</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">689,032</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Metals Recovered </B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver metal - million ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.75</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.80</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>26.11</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25.96</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold metal - thousand ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>43.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46.2</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>161.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">149.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc metal - thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.3</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>43.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead metal - thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.5</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Copper metal - thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.7</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>9.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Average Price</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver metal ($/oz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.50</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.82</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>19.08</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23.79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold metal&nbsp; ($/oz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,201</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,276</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,266</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,411</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Costs per Ounce of Silver (net of by-product credits)</B><SUP> (4)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per payable ounce produced</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.92</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.85<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.46</B><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.96<SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production cost per payable ounce produced</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.62</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.86</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.80</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.71</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver produced &ndash; million ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.34</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.42</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24.66</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24.58</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">All-in Sustaining Cost per Silver Ounce Sold <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.62</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.72</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.88</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.91</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">All-in Sustaining Cost per Silver Ounce Sold (Excludes NRV Adjustment)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.27</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.41</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.71</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver sold &ndash; million ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.35</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.44</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>25.43</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25.48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss and adjusted loss per share attributable to common shareholders are Non-GAAP measures. Adjusted (loss)</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">earnings is calculated as net (loss) earnings for the period adjusting for the gains or losses recorded on fair market value adjustments on the </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">on commodity contracts, net realizable value adjustment to long term heap inventory, gain or loss on sale of assets and the effect for taxes on the </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">above items. The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">to period.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended December 31,</B></FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Adjusted Loss Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net (loss) earnings for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust derivative losses (gains)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>252</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,249)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,348)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16,715)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust gain on sale of mineral properties</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(945)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,969)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,145)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,068)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust unrealized foreign exchange (gains) losses</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(618)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(656)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,034</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(922)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust net realizable value of inventory</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,982</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,281</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>36,578</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,281</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust realized&nbsp;losses (gains) on silver and gold hedge program</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,127)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,127</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust realized and unrealized&nbsp;losses on commodity contracts</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">260</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust severance and acquisition costs</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">617</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust write-down of mining assets </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>596,262</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">336,785</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>596,262</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">540,228</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Adjust for effect of taxes on above items</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(101,413)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(122,910)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(110,383)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(121,572)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Adjusted loss for the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(21,207)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(77,649)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(20,825)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(42,845)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Weighted average shares for the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,534</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">151,428</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,511</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">151,501</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Adjusted loss per share for the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(0.14)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(0.51)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(0.14)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(0.28)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating loss &ndash; excluding NRV Adjustment is a Non-GAAP measure. The Company uses this measure to reflect the real cost of production </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">by removing the effects of short term and volatile commodity price fluctuations.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">evaluate whether the Company is able to meet its current obligations using its current assets.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(4) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Consolidated cost per ounce of silver is a non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">royalties, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">cash flows and is well understood and widely reported in the silver mining industry. However, cash cost per ounce does not have a standardized meaning </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">cash costs per ounce may differ from the methods used by other entities.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(5) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">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 </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">operating performance and the ability to generate cash flow from all operations collectively. We believe it is a more comprehensive measure of the cost of </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">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 </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">and cash flow. </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(6) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="14" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Previously reported cash costs for the Company's Peruvian operations overstated copper by-product credits. Both consolidated and Peruvian annual cash costs </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">for 2014 and 2013 have been adjusted to correct for this overstatement. The effect of these corrections on 2014's annual cash costs was as follows: a $0.50 per </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">ounce increase to consolidated cash costs (2013 - $0.15); a $2.87 per ounce increase to Huaron cash costs (2013 - $0.85); and a $1.72 per ounce increase to </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha cash costs (2013 - $0.58). The fourth quarter 2013 cash costs have also been adjusted to correct for this overstatement. The effect of these corrections </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">on the fourth quarter of 2013's cash costs was as follows: a $0.29 per ounce increase to consolidated cash costs; a $1.74 per ounce increase to Huaron cash costs </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">and a $1.02 per ounce increase to Morococha cash costs.</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pan American Silver Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Statements of Financial Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As at December 31, 2014 and 2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">December 31,</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>146,193</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">249,937</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Short-term investments</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>184,220</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">172,785</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Trade and other receivables&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>105,644</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">114,782</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Income taxes receivable</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>37,626</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40,685</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inventories </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>252,549</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">284,352</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Prepaids and other current assets</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,464</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,123</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>730,696</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">871,664</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mineral property, plant and equipment, </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,266,391</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,870,678</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Long-term refundable tax</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>7,698</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,801</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Deferred tax assets</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,584</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Other assets </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>7,447</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Goodwill</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,057</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,017,873</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,767,456</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accounts payable and accrued liabilities </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>126,209</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">125,609</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Loan payable</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17,600</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,095</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Current portion long term debt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>34,797</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Provisions </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,121</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,172</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Current portion of finance lease </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,993</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,437</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Current income tax liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>22,321</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">29,319</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>208,041</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">182,632</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Provisions </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>45,063</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">43,817</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Deferred tax liabilities </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>160,072</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">285,947</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share purchase warrants </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">207</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Long-term portion of finance lease </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,044</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Long-term debt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">34,302</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Other long-term liabilities </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>30,716</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,045</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>447,936</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">578,667</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Capital and reserves </B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Issued capital </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,296,672</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,295,208</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share option reserve</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>22,091</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Investment revaluation reserve </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(485)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(137)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Retained (deficit) earnings</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(755,186)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(133,847)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Equity attributable to equity holders of the Company</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,563,092</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,182,334</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-controlling interests</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,845</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,455</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Equity</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,569,937</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,188,789</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Liabilities and Equity</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,017,873</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,767,456</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver Corp.</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Consolidated Income Statements</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars, except for share and per share amounts)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenue </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>163,096</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">192,360</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>751,942</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">824,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cost of sales </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Production costs </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(140,695)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(136,223)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(568,204)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(530,613)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(38,493)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(31,612)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(147,710)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(135,913)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Royalties</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(5,277)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,570)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(27,955)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(26,459)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(184,465)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(173,405)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(743,869)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(692,985)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Mine operating (loss) earnings</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(21,369)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,955</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>8,073</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">131,519</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">General and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,051)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,602)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(17,908)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(17,596)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Exploration and project development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(4,278)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(990)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(13,225)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(15,475)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Impairment charge</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(596,262)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(336,785)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(596,262)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(540,228)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Foreign exchange losses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(4,486)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,958)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(13,275)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,637)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gains (losses) on commodity and foreign currency contracts </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,049</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(4,551)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gain on sale of assets </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>945</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,969</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,145</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Other income and expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,583)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,210</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,314)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,287</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Loss from continuing operations </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(630,084)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(310,152)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(632,766)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(438,613)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Loss) gain on derivatives</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(252)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,249</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,348</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,715</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Investment income (loss) </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>568</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(592)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,840</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,086</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest and finance expense</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,277)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,902)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(8,739)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(10,277)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Loss before income taxes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(631,045)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(312,397)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(637,317)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(429,089)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Income tax recovery (expense)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>105,318</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,333</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>92,494</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16,757)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Net loss for the period</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Attributable to:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Equity holders of the Company</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(526,706)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,615)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(545,588)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,851)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-controlling interests</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>979</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">551</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>765</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Loss per share attributable to common shareholders</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Basic loss per share</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.48)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1.94)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.60)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2.94)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Diluted loss per share</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.48)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1.94)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3.60)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2.96)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Weighted average shares outstanding (in 000's) Basic</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,534</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">151,428</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,511</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">151,501</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Weighted average shares outstanding (in 000's) Diluted</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,534</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">151,428</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>151,511</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">153,430</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Statements of Comprehensive Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(unaudited in thousands of U.S. dollars)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss for the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Unrealized net loss on available for sale securities</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">(net of zero dollars tax)</P></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(485)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,953)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,428)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,163)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Reclassification adjustment for net loss included in earnings</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>319</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,775</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,081</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,062</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total comprehensive loss for the period</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,893)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(292,242)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(545,170)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(446,947)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total comprehensive loss attributable to:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Equity holders of the Company</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(526,872)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(292,793)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(545,935)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(446,952)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-controlling interests</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>979</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">551</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>765</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,893)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(292,242)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(545,170)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(446,947)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pan American Silver Corp</B>.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated Statements of Cash Flows</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended</B></FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash flow from operating activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss earnings for the year</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(525,727)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(293,064)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(544,823)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(445,846)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Current income taxes expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,136</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,523</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>35,808</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55,691</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Deferred income tax recovery</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(115,454)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(31,856)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(128,302)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(38,934)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>38,493</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31,612</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>147,710</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">135,913</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Impairment charge</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>596,262</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">336,785</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>596,262</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">540,228</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accretion on closure and decommissioning provision</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>809</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">757</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,238</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Unrealized (gains) losses on foreign exchange</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(618)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(656)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,034</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(922)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share-based compensation expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>504</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">67</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,529</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,173</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Unrealized (gains) losses on commodity contracts</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,800)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Loss (gain) on derivatives</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>252</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,249)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,348)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16,715)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gain on sale of assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(945)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,969)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,145)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,068)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net realizable value adjustment for inventory</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,212</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,410</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>29,953</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Changes in non-cash operating working capital</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,209</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,956</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16,669</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,640)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Operating cash flows before interest and income taxes </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,133</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">68,516</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>160,585</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">218,902</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest paid</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,868)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(309)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(5,051)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,425)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest received</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>249</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">80</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,792</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Income taxes paid</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(7,691)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(22,131)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(33,138)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(98,009)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Net cash generated from operating activities </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>823</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46,156</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>124,188</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">119,606</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash flow from investing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payments for mineral property, plant and equipment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(30,131)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(33,669)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(131,761)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(159,401)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proceeds (Purchase) of short term investments</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>33,672</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,187</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(13,524)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,920</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proceeds from sale of mineral property, plant and equipment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,378</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,476</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,852</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,681</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Refundable tax and other asset expenditures</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,449</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">371</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>187</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">452</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Net cash generated (used) in investing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,368</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,365</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(143,246)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(125,348)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash flow from financing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proceeds from issue of equity shares</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Shares repurchased and cancelled </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,740)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dividends paid</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(18,933)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(18,881)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(75,751)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(75,755)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payment of Proceeds from short term loan</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(444)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,870</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(2,438)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23,496</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payments of construction and equipment leases</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(1,544)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,554)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(5,347)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(30,238)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net distributions to non-controlling interests</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(621)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(375)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(925)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Net cash used in financing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(20,918)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(17,186)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(83,908)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(90,162)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Effects of exchange rate changes on cash</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(62)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(24)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(778)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(367)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net (decrease) increase in cash</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(13,789)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42,311</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(103,744)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(96,271)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash at the beginning of the period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>159,982</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">207,626</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>249,937</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">346,208</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash at the end of the period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>146,193</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">249,937</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>146,193</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">249,937</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Supplemental Cash Flow Information</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Significant Non-Cash Items</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contracted other equipment acquired by leases</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>636</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">331</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,230</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Stock compensation issued to employees and directors</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,389</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">971</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,461</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,035</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Mine Operations Highlights <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>La Colorada</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>119.7</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">117.7</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>471.3</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">448.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>373</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">366</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>366</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">352</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>89.7</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">89.9</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>89.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">89.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,286</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,246</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,979</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,566</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.72</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.68</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.57</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.58</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.19</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.86</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>7.70</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.76</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.02</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.87</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.74</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>7.57</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.20</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>8.14</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>9.54</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.09</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10.09</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,202</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,191</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,756</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,365</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,488</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,250</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13,476</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,574</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Dolores</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,611.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,223.2</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,053.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.351.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>42</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">45</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>40</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.48</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.43</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.44</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>44.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">51.9</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>51.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average gold recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>72.6</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">91.3</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>78.3</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">82.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>954</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">922</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,982</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,503</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.99</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.60</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>66.82</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">65.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12.99</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.77</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12.94</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>31.22</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23.57</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27.39</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>951</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">920</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,969</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,494</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>7,962</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,411</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27,632</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">36,159</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Alamo Dorado</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>481.4</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">460.0</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,763.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,790.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>63</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">98</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>75</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.40</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.41</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.37</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>83.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">83.8</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>81.4</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>865</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,239</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,473</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.67</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.94</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.56</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.60</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Copper &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">50</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>30</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce of silver net of by-product credits</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>14.07</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.81</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12.89</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.96</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.81</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.28</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.98</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver - koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>859</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,228</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,454</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,043</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>67</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">542</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>293</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,621</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Huaron</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>236.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">218.7</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>892.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">802.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>157</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">154</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>154</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">158</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average zinc grade - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.34</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.36</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.41</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.53</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>82.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81.8</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>83.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>952</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">885</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,635</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,304</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.30</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.26</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.16</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.94</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.37</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.51</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>14.20</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.63</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.49</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.03</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.84</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Copper &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.71</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.99</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.88</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2) (3)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12.22</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.65</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.56</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.16</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.77</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15.54</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19.51</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver -&nbsp; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>818</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">760</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,120</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,879</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,970</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,019</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17,327</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,474</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Morococha</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>148.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">143.0</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>566.3</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">573.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>145</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">161</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>152</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">149</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average zinc&nbsp; grade - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.09</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.70</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.60</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>86.69</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">88.1</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>86.39</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>603</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">643</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,370</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,397</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.91</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.91</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.92</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.65</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.29</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.31</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15.80</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.10</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.94</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4.74</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.77</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Copper &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.26</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.65</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.08</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.03</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2) (3)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12.53</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.97</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13.22</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>21.38</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21.49</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>22.23</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26.76</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver - koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>516</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">543</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,010</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,046</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,149</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,822</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,199</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,652</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>San Vicente </B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>85.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">79.7</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>316.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">319.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>454</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">415</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>417</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">412</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average zinc grade - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.10</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.58</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.37</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>94.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93.4</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>93.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,172</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">994</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,949</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.38</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.59</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.84</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead &ndash; kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.16</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.17</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.50</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.56</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.88</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.53</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13.16</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.51</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13.84</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.05</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15.36</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.07</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver - koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,084</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">907</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,636</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,614</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>992</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,864</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,415</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Manantial Espejo</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled - kt</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>210.4</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">191.4</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>796.9</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">719.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>144</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>157</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.86</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.16</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.82</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.81</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average silver recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>92.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">91.6</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>92.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">91.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average gold recovery - %</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>94.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">96.2</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>95.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">95.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>913</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">871</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,725</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,144</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold &ndash; koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.27</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.83</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>70.47</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">60.82</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per ounce of silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13.93</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1.58)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10.12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cost per ounce net of by-products <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>25.36</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.67</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>20.76</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19.03</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable silver - koz</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>911</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">869</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,717</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining Capital Expenditures - thousands</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5,543</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,362</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>26,741</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,002</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Reported metal figures in the tables in this section are quantities of metal produced.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash costs per ounce and total costs per ounce are non-GAAP measurements. Please refer to section Alternative Performance (Non-GAAP) Measures for a </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">detailed reconciliation of these measures to our cost of sales.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Please refer to note (6) under &quot;Financial &amp; Operating Highlights&quot; table.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Cash Costs and Total Production Costs per Ounce of Payable Silver, net of by-product credits <SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Three months ended </B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31,</B></P></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Twelve months ended </B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Production costs</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">140,695</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">136,223</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">568,204</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">530,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Add/(Subtract)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Royalties</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,277</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,570</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,955</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Smelting, refining, and transportation charges</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,195</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,767</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">76,968</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">76,547</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Worker's participation and voluntary payments</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">113</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(531)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(484)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,067)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Change in inventories</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,966</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,050</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,835</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(624)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,461)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,311</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,653)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,408)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-controlling interests <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,204)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,239)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(4,746)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,967)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal Inventory write-down</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,212)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(8,411)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(29,953)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(12,967)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Operating Costs before by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">171,369</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">156,740</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">648,126</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">607,586</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less gold credit</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(51,794)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(57,882)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(201,317)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(205,204)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less zinc credit</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(19,676)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(18,680)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(81,357)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(69,688)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less lead credit</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,412)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,079)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(29,903)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(27,694)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less copper credit</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16,935)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(9,872)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(52,856)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(35,609)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Operating Costs net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>A</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">75,554</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">63,228</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">282,693</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">269,391</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Add/(Subtract)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">38,493</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31,612</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">147,710</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">135,913</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Closure and decommissioning provision</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">809</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">758</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,238</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Change in inventories</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,712</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">525</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,422</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,451</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(248)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(971)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-controlling interests <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(493)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(494)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,938)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,109)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Production Costs net of by-product credits <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>B</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">118,072</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">95,381</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">439,124</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">410,706</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Payable Silver Production (koz)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>C</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,340.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,419.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,663.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,578.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Costs per ounce net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(A*$1000)/C</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.92</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.85 <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.46 <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.96 <SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total Production Costs per ounce net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(B*$1000)/C</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.62</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.86</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.80</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.71</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">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 </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">of the Morococha and San Vicente mines owned by non-controlling interests, an expense item not included in operating cash costs. The associated tables below </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">are for the Company's share of ownership only.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Please refer to note (6) under &quot;Financial &amp; Operating Highlights&quot; table. &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="29" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended December 31, 2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Colorada</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dorado</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vicente</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Espejo</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">A</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,824</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">33,909</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,896</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">29,001</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22,046</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,736</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">34,500</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>169,913</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less gold credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b1</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(681)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(21,555)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,775)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(36)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(798)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(67)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(21,812)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(51,724)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less zinc credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(4,154)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,177)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,110)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,586)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(19,028)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less lead credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b3</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,897)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,049)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,069)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(211)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(7,227)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less copper credit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(32)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(9,746)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,604)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(16,382)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sub-total by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">B=( b1+ </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2+ b3+ b4)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,731)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(21,555)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,807)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(19,009)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(15,581)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,864)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(21,812)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(94,360)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Costs net of by-product</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">credits <SUP>(1)</SUP></P></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">C=(A+B)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,093</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,354</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,089</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,993</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,465</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,872</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,688</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>75,553</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation, amortization &amp; reclamation</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">D</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,371</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,337</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,484</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,223</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,566</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,131</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,414</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>42,526</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production costs net of by-product credits <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">E=(C+D)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,464</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">29,691</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,573</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,216</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,031</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,003</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23,102</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>118,079</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver (koz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">F</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,202</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">951</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">859</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">818</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">516</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,084</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">911</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,340</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per Ounce of Silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost per ounce net of by-products</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=C/F</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.57</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.99</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.07</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.22</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.53</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.88</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.93</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.92</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production cost per ounce net of by-products</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=E/F</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.54</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31.22</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.96</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.16</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21.38</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.84</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25.36</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.62</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended December 31, 2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Colorada</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dorado</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vicente</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Espejo</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">A</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62,635</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">135,665</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">66,727</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">107,990</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">83,915</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59,287</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">126,500</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>642,720</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less gold credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b1</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,534)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(84,317)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(22,048)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(295)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,730)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(254)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(88,898)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(201,075)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less zinc credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,128)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(25,414)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(28,381)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(10,504)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(78,426)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less lead credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b3</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,265)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(11,817)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(9,340)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(663)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(29,086)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less copper credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b4</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(164)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(34,394)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16,884)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(51,442)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sub-total by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">B=( b1+ </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2+ b3+ b4)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(23,927)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(84,317)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(22,212)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(71,920)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(57,335)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(11,420)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(88,898)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(360,028)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Costs net of by-product</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">credits <SUP>(1)</SUP></P></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">C=(A+B)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">38,708</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">51,347</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">44,516</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">36,070</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,581</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">47,867</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">37,602</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>282,692</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation, amortization &amp; reclamation</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">D</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,278</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">57,372</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,716</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,417</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,118</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,979</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">39,551</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>156,432</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production costs net of by-product credits <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">E=(C+D)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">47,986</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">108,720</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,231</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,488</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">44,699</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55,846</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">77,154</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>439,123</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver (koz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">F</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,756</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,969</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,454</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,120</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,010</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,636</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,717</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24,663</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per Ounce of Silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost per ounce net of by-products</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=C/F</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.14</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.94</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.89</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.56 <SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.22 <SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.16</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.12</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11.46 </B><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production cost per ounce net of by-products</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=E /F</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.09</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27.39</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.28</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.54</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.23</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.36</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.76</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.80</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1)&nbsp;</SUP></FONT></TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals may not add due to rounding.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2)&nbsp; </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Please refer to note (6) under &quot;Financial &amp; Operating Highlights&quot; table.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="20" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="20" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended December 31, 2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Colorada</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dorado</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vicente</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Espejo</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">A</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,161</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">32,484</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,634</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,198</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,430</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,116</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,464</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>155,487</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less gold credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b1</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(690)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(19,818)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,527)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(86)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(855)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(28,835)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(57,810)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less zinc credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,001)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,585)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,850)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,536)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(17,972)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less lead credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b3</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,697)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,934)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,868)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(402)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(6,902)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less copper credit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(281)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,461)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,810)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(9,552)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sub-total by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">B=( b1+ </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2+ b3+ b4)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,388)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(19,818)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,807)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,066)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(13,384)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,938)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(28,835)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(92,236)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Costs net of by-product</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">credits <SUP>(1)</SUP></P></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">C=(A+B)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,773</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,666</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,827</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,132</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,046</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,178</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,372)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>63,251</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation, amortization &amp; reclamation</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">D</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,245</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,021</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,676</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,132</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,622</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,284</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,173</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>32,153</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production costs net of by-product credits <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">E=(C+D)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,018</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,688</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,503</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,263</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,668</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,463</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,801</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>95,404</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver (koz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">F</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,191</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">920</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,228</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">760</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">543</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">907</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">869</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,419</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per Ounce of Silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost per ounce net of by-products</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=C/F</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.20</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.77</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.81</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.65 <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.97 <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.53</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1.58)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>9.85 </B><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production cost per ounce net of by-products</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=E/F</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.09</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23.57</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.81</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.77</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21.49</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.05</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.67</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>14.86</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended December 31, 2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Colorada</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dorado</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vicente</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Espejo</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">A</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">61,554</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">117,203</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62,454</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">99,745</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">84,087</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">67,123</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">110,810</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>602,976</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less gold credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b1</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,894)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(91,113)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(24,194)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(177)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,611)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(83,995)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(204,985)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less zinc credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(10,895)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(22,245)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(24,110)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(9,897)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(67,148)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less lead credit</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b3</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,605)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(11,685)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7,553)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,157)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(27,000)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less copper credit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(712)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(21,128)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(12,704)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(34,544)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sub-total by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">B=( b1+ </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">b2+ b3+ b4)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(20,394)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(91,113)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(24,907)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(55,235)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(46,978)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(11,055)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(83,995)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(333,677)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Costs net of by-product</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">credits <SUP>(1)</SUP></P></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">C=(A+B)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,160</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,090</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">37,548</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">44,510</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">37,109</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,068</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,815</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>269,299</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation, amortization &amp; reclamation</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">D</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,010</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">44,210</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,813</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,667</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,648</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,226</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">32,885</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>141,460</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production costs net of by-product credits <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">E=(C+D)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,170</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,301</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55,361</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,177</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">54,757</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">65,294</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59,700</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>410,759</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver (koz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">F</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,365</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,494</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,043</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,879</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,046</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,614</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,138</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24,578</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost per Ounce of Silver net of by-product credits</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost per ounce net of by-products</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=C/F</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.43</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.47</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.45</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.46 <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.14 <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.51</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.55</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10.96 </B><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total production cost per ounce net of by-products</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">=E/F</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.27</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.12</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.98</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19.51</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26.76</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.07</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19.03</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.71</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1) </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals may not add due to rounding.</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2)&nbsp; </SUP></FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Please refer to note (6) under &quot;Financial &amp; Operating Highlights&quot; table.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>All-In Sustaining Cost per Silver Ounce Sold</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve months ended </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Direct Operating Costs</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>138,484</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">127,812</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>538,251</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">517,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net Realizable Value Adjustments</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,212</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,411</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>29,953</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Production Costs</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>140,695</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">136,223</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>568,204</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">530,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Royalties</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5,277</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,570</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27,955</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Smelting, refining and transportation charges<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24,159</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22,063</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>86,470</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">83,244</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(84,141)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(85,696)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(361,309)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(331,809)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash cost of sales net of by- products <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>85,989</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78,160</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>321,319</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">308,507</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24,172</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,086</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>99,083</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">111,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Exploration and project development&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,278</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">990</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13,225</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,475</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Reclamation cost accretion</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>809</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">757</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,238</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">General &amp; administrative expense&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,051</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,602</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17,908</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>All-in sustaining costs <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>A</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>118,298</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">107,595</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>454,774</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">456,255</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Payable ounces sold ( in koz)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>B</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,352.6</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,436.0</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>25,430.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,478.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(A*$1000)/B</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.62</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.72</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>17.88</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.91</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>All-in sustaining cost per silver ounce sold, net of by-products (Excludes NRV Adj.)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>18.27</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.41</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16.71</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Sustaining Capital</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Reconciliation of payments for mineral property, plant and equipment and sustaining capital</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Three months ended </B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31,</B></P></TD>
    <TD COLSPAN="5" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Twelve months ended </B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(in thousands of USD)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Payments for mineral property, plant and equipment <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>30,131</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">33,669</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>131,761</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159,401</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Add/(Subtract)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Advances received for leases <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>636</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">331</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,230</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Non-Sustaining capital (Dolores, Navidad, La Colorada projects and other)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(6,595)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(8,914)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(35,908)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(51,085)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Sustaining Capital <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>24,172</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,086</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>99,083</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">111,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>(1)</SUP> Included in the revenue line of the unaudited condensed
        consolidated income statements and are reflective of realized metal prices for the applicable periods.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>(2)</SUP> Totals may not add due to rounding.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>(3)</SUP> Non &ndash; GAAP measure: see section entitled &quot;Sustaining
        Capital&quot; for detailed calculation.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>(4)</SUP> As presented on the unaudited condensed consolidated
        statements of cash flows.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Pan American Silver Corp.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Information Contact, Kettina Cordero,
Manager, Investor Relations, (604) 684-1175, ir@panamericansilver.com, www.panamericansilver.com</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 01:35e 19-FEB-15</P>



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