<SEC-DOCUMENT>0001279569-16-003005.txt : 20160324
<SEC-HEADER>0001279569-16-003005.hdr.sgml : 20160324
<ACCEPTANCE-DATETIME>20160324172219
ACCESSION NUMBER:		0001279569-16-003005
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		27
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160324
DATE AS OF CHANGE:		20160324

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		161528029

	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>40-F
<SEQUENCE>1
<FILENAME>v435068_40f.htm
<DESCRIPTION>40-F
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>FORM 40-F</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; text-align: center"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT><B>
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</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; text-align: center"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT><B>
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">For the fiscal year ended December 31, 2015</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">Commission File Number 000-13727</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Exact name of Registrant as specified in
its charter)</I></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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>British Columbia</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>1044</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>Not Applicable</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><I>(Province or other Jurisdiction</I></TD>
    <TD STYLE="text-align: center"><I>(Primary Standard Industrial</I></TD>
    <TD STYLE="text-align: center"><I>(I.R.S. Employer</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><I>of Incorporation or Organization)</I></TD>
    <TD STYLE="text-align: center"><I>Classification Code Number)</I></TD>
    <TD STYLE="text-align: center"><I>Identification No.)</I></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; text-align: center"><B>1500 &ndash; 625 Howe Street</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(604) 684-1175</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Address and telephone number of Registrant's
principal executive offices)</I></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; text-align: center"><B>CT Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>111 Eighth Avenue, 13th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 894-8940</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Name, address (including zip code) and telephone
number</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(including area code) of agent for service
in the United States)</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">Title of Each Class</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">Name of Each Exchange on Which Registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Common Shares, No Par Value</TD>
    <TD>&nbsp;</TD>
    <TD>The NASDAQ Stock Market</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; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</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; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</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; text-align: center">For annual reports, indicate by check mark the
information filed with this Form:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: right"><FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;Annual information form</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;Audited annual financial statements</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; text-align: center">Indicate the number of outstanding shares of
each of the issuer's classes of capital or common stock as of the close of the period covered by this annual report:</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; text-align: center"><B>The Registrant had 151,883,734 Common Shares
outstanding as at December 31, 2015.</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">Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements
for the past 90 days.</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">Yes <FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></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; text-align: center">Indicate by check mark whether the Registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (&sect; 232.405 of this Chapter) during the preceding 12 months (or for such
shorter period that the Registrant was required to submit and post such files).</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; text-align: center">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Cautionary
Note to United States Investors Concerning </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Estimates
of Measured, Indicated and Inferred Mineral resources</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Unless otherwise indicated, all reserve and resource estimates included
in this Annual Report on Form 40-F have been prepared in accordance with Canadian National Instrument 43-101 &mdash; <I>Standards
of Disclosure for Mineral Projects</I> (&ldquo;NI 43-101&rdquo;) and the Canadian Institute of Mining, Metallurgy and Petroleum
classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all
public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including
NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies.
In particular, and without limiting the generality of the foregoing, this Annual Report on Form 40-F uses the terms &ldquo;measured
resources,&rdquo; &ldquo;indicated resources&rdquo; and &ldquo;inferred resources.&rdquo; U.S. investors are advised that, while
such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101
for the identification of &ldquo;reserves&rdquo; are also not the same as those of the SEC, and reserves reported by the Registrant
in compliance with NI 43-101 may not qualify as &ldquo;reserves&rdquo; under SEC standards. Under U.S. standards, mineralization
may not be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that
any part of a &ldquo;measured resource&rdquo; or &ldquo;indicated resource&rdquo; will ever be converted into a &ldquo;reserve.&rdquo;
U.S. investors should also understand that &ldquo;inferred resources&rdquo; have a great amount of uncertainty as to their existence
and as to their economic and legal feasibility. It cannot be assumed that all or any part of &ldquo;inferred resources&rdquo; exist,
are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian rules, estimated &ldquo;inferred
resources&rdquo; may not form the basis of feasibility or pre-feasibility studies except in rare cases. In addition, disclosure
of &ldquo;contained ounces&rdquo; in a mineral resource is permitted disclosure under Canadian regulations. However, the SEC normally
only permits issuers to report mineralization that does not constitute &ldquo;reserves&rdquo; by SEC standards as in place tonnage
and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this Annual Report
on Form 40-F may not be comparable with information made public by companies that report in accordance with U.S. standards.</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">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD><B>Disclosure Controls and Procedures</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Disclosure controls and procedures are defined
in Rules 13a-15(e) and 15d-15(e) under the U.S. Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), as
those controls and other procedures that are designed to ensure that information required to be disclosed by the Registrant in
reports filed or submitted by it under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC&rsquo;s rules and forms. Rules 13a-15(e) and 15d-15(e) also provide that disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Registrant
is accumulated and communicated to the Registrant's management as appropriate to allow timely decisions regarding required disclosure.</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; text-indent: 0.5in">As of December 31, 2015, the end of the period
covered by this Annual Report on Form 40-F, the Registrant carried out an evaluation, under the supervision and with the participation
of the Registrant's management, including the Registrant's Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of the Registrant's disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
of the Exchange Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as
of December 31, 2015, the Registrant's disclosure controls and procedures were effective. See &quot;Disclosure Controls and Procedures&quot;
in Management's Discussion and Analysis for the fiscal year ended December 31, 2015, filed as Exhibit No. 1.2 to this Annual Report
on Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD><B>Management's Annual Report on Internal Control Over Financial Reporting</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">See &quot;Management's
Report on Internal Control over Financial Reporting&quot; in Management's Discussion and Analysis for the fiscal year ended December
31, 2015, filed as Exhibit 1.2 to this Annual Report on Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>C.</B></TD><TD><B>Attestation Report of the Independent Registered Public Accounting Firm</B></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; text-indent: 0.5in">The attestation report of Deloitte LLP, the
Registrant's Independent Registered Public Accounting Firm, on management's assessment of the Registrant's internal control over
financial reporting is included in the &quot;Report of Independent Registered Public Accounting Firm&quot; filed with the Registrant's
Audited Consolidated Financial Statements for the fiscal years ended December 31, 2015 and 2014, as Exhibit 1.3 to this Annual
Report on Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>D.</B></TD><TD><B>Changes in Internal Control Over Financial Reporting</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There was<B> </B>no change in the Registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>E.</B></TD><TD><B>Notice of Pension Fund Blackout Period </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant was not required by Rule 104
of Regulation BTR to send any notice to any of its directors or executive officers during the fiscal year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>F.</B></TD><TD><B>Audit Committee Financial Expert</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant's board of directors has determined
that Michael Carroll, an individual serving on the Audit Committee of the Registrant's board of directors, is an audit committee
financial expert, as that term is defined in General Instruction B(8)(b) of Form 40-F<B> </B>and is independent<B> </B>under Rule
10A-3 under the Exchange Act and the rules and regulations of the Nasdaq Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Commission has indicated that the designation
of a person as an audit committee financial expert does not make such person an &quot;expert&quot; for any purpose, impose any
duties, obligations or liabilities on such person that are greater than those imposed on members of the audit committee and the
board of directors who do not carry this designation or affect the duties, obligations or liability of any other member of the
audit committee or board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>G.</B></TD><TD><B>Code of Ethical Conduct</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant has adopted a global code of
ethical conduct (the &quot;Code&quot;) that applies to all directors, officers and employees. A copy of the Code may be obtained
at www.panamericansilver.com. No waivers from the requirements of the Code were granted in the fiscal year ended December 31, 2015.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>H.</B></TD><TD><B>Principal Accountant Fees and Services and Audit Committee Pre-Approval Policies</B></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; text-indent: 0.5in">Information about the Registrant's principal
accountant fees and services and a description of the Registrant's pre-approval policies and procedures is included under the heading
&quot;External Auditor Service Fees&quot; of the Registrant's Annual Information Form for the fiscal year ended December 31, 2015,
filed as Exhibit 1.1 to this Annual Report on Form 40-F.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD><B>Off-Balance Sheet Arrangements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant is not a party to any off-balance
sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is
material to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>J.</B></TD><TD><B>Tabular Disclosure of Contractual Obligations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The required disclosure
can be found under the heading &quot;Contractual Commitments and Contingencies&quot;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>of Management's Discussion and Analysis for the fiscal year ended December 31, 2015, filed as Exhibit 1.2 to this Annual
Report on Form 40-F.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>K.</B></TD><TD><B>Nasdaq Stock Market Exemptions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 16, 2005, the Registrant informed the
Nasdaq Stock Market that as permitted by Rule 4350(a)(1) of the Nasdaq Marketplace Rules, it intended to follow British Columbia
practice with respect to quorum requirements in lieu of those required by Rule 4350(f) of the Nasdaq Marketplace Rules (which provides
that a quorum for a shareholder meeting of a Nasdaq-listed company must be at least 33-1/3% of the outstanding common shares of
the company). <FONT STYLE="font-family: Times New Roman, Times, Serif">The Registrant's </FONT>by-laws provide that the minimum
quorum for a meeting of holders of Common Shares is two individuals who are shareholders, proxy holders or duly authorized representatives
of corporate shareholders personally present and representing shares aggregating not less than 25% of the issued shares of the
Registrant carrying the right to vote. The Registrant's quorum requirements are not prohibited by the requirements of the <I>Business
Corporations Act</I> (British Columbia) and the Registrant intends to continue to comply with the requirements of the <I>Business
Corporations Act</I> (British Columbia). The rules of the Toronto Stock Exchange, upon which the Common Shares are also listed,
do not contain specific quorum requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>L.</B></TD><TD><B>Identification of the Audit Committee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Registrant has a separately-designated standing Audit Committee
established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are David Press, Neil
de Gelder and Michael Carroll. David Press, Neil de Gelder and Michael Carroll are independent as such term is defined under the
rules and regulations of the Nasdaq Stock Market. Further information about the Registrant's Audit Committee can be found under
the heading<B> </B>&quot;Audit Committee&quot; of the Registrant's Annual Information Form for the fiscal year ended December 31,
2015, filed as Exhibit 1.1 to this Annual Report on Form 40-F.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>M.</B></TD><TD><B>Interactive Data File</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant is not currently required to
submit to the Commission, nor post to its corporate Web site, an Interactive Data File.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>N.</B></TD><TD STYLE="text-align: justify"><B>Mine Safety </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant is not currently required to
disclose the information required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD><B>Undertaking</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant undertakes
to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish
promptly, when requested to do so by the Commission staff, information relating to the securities in relation to which the obligation
to file an annual report on Form 40-F arises; or transactions in said securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD><B>Consent to Service of Process</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant has previously
filed with the Commission a Form F-X in connection with its Common Shares. Any change to the name and address of the agent for
service of process shall be communicated promptly to the Commission by an amendment to Form F-X.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>exhibits</B></FONT></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">The following exhibits are filed as part of this report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: left"><B>Exhibit</B></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Number</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Annual Information Form for the fiscal year ended December 31, 2015.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Management's Discussion and Analysis for the fiscal year ended December 31, 2015.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Audited Consolidated Financial Statements for the fiscal years ended December 31, 2015 and 2014.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Deloitte LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Martin Wafforn.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Michael Steinmann.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Pamela De Mark.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Americo Delgado.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">23.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Martin Dupuis.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">31.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">31.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">32.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibits 1.1, 1.2 and 1.3 are incorporated
by reference into the Registrant&rsquo;s Registration Statement on Form F-10 (File No. 333-195220) and Registration Statements
on Form S-8 (File Nos. 333-180494, 333-180495 and 333-206162).</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">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused
this annual report to be signed on its behalf by the undersigned, thereto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>PAN AMERICAN SILVER CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid">Signed: &ldquo;<I>Delaney Fisher&rdquo;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 24%">Dated: March 24, 2016</TD>
    <TD STYLE="text-align: justify; width: 36%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 6%">By:</TD>
    <TD STYLE="text-align: justify; width: 34%">Delaney Fisher</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President Legal Affairs and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Corporate Secretary </TD></TR>
</TABLE>
<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>exhibits</B></FONT></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">The following exhibits are filed as part of this report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><B>Exhibit</B></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Number</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Annual Information Form for the fiscal year ended December 31, 2015.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Management's Discussion and Analysis for the fiscal year ended December 31, 2015.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.21in">1.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Audited Consolidated Financial Statements for the fiscal years ended December 31, 2015 and 2014.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Deloitte LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Martin Wafforn.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Michael Steinmann.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Pamela De Mark.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Americo Delgado.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">23.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Consent of Martin Dupuis.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">31.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">31.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">32.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certification of CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibits 1.1, 1.2 and 1.3 are incorporated by reference into the
Registrant&rsquo;s Registration Statement on Form F-10 (File No. 333-195220) and Registration Statements on Form S-8 (File Nos.
333-180494, 333-180495 and 333-206162).</P>

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


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tex1-1logo.jpg" ALT=""></P>

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

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

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

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

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

<P STYLE="font: 24pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Annual</B></P>

<P STYLE="font: 24pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Information</B></P>

<P STYLE="font: 24pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Form</B></P>

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

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

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

<P STYLE="font: 15.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>For the Year</B></P>

<P STYLE="font: 15.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Ended December 31, 2015</B></P>

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">March 24, 2016</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">1500-625 Howe Street</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Vancouver, British Columbia</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">V6C 2T6</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>www.panamericansilver.com</I></P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">WHAT'S INSIDE</P>

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

<table cellspacing="0" cellpadding="0" style="font: 9.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; text-align: right; border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 95%; text-transform: uppercase">WHAT'S INSIDE</td>
    <TD STYLE="width: 5%; text-transform: uppercase; text-align: right; vertical-align: bottom">1</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">IMPORTANT INFORMATION ABOUT THIS DOCUMENT</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">2</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">CORPORATE STRUCTURE</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">8</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">GENERAL DEVELOPMENT OF THE BUSINESS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">12</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">NARRATIVE DESCRIPTION OF THE BUSINESS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">14</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">RISKS RELATED TO OUR BUSINESS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">75</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">DIVIDENDS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">90</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">MARKET FOR SECURITIES</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">91</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">EXCEPTIONS FROM NASDAQ CORPORATE GOVERNANCE REQUIREMENTS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">91</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">DIRECTORS AND EXECUTIVE OFFICERS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">92</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">LEGAL PROCEEDINGS AND REGULATORY ACTIONS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">95</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">96</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">TRANSFER AGENTS AND REGISTRAR</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">96</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">MATERIAL CONTRACTS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">96</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">INTERESTS OF EXPERTS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">96</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">ADDITIONAL INFORMATION</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">96</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">GLOSSARY OF TERMS</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">97</td></tr>
<tr style="vertical-align: top">
    <td style="text-transform: uppercase">APPENDIX &ldquo;A&rdquo;</td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom">1</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 12pt"><FONT STYLE="font-size: 9.5pt"><B>APPENDIX &ldquo;A&rdquo; &ndash; AUDIT COMMITTEE CHARTER</B></FONT></td>
    <TD STYLE="text-transform: uppercase; text-align: right; vertical-align: bottom"><B>A-1</B></td></tr>
</table>
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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">IMPORTANT INFORMATION ABOUT THIS
DOCUMENT</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual information
form (&ldquo;AIF&rdquo;) provides important information about Pan American Silver Corp. It describes our history, our markets,
our operations and development projects, our mineral reserves and mineral resources, sustainability, our regulatory environment,
the risks we face in our business and the market for our shares, among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 9.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify; text-indent: 0.5in; font-size: 10pt; padding-right: 0.1in; padding-top: 0.1in">We
    have prepared this document to meet the requirements of Canadian securities laws, which are different from what US securities
    laws require.</td>
    <TD STYLE="width: 40%; background-color: rgb(230,230,230); text-align: justify; text-indent: 0in; font-size: 10pt; padding: 0.1in"><FONT STYLE="font-size: 7.5pt">Throughout
    this document, the term <I>Pan American</I> means Pan American Silver Corp. and the terms <I>we, us, </I>and<I> our </I>mean
    Pan American and its subsidiaries.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Reporting
Currency and Financial Information</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we have specified
otherwise, all references to dollar amounts or $ are to United States dollars. Any references to CAD or CAD$ mean Canadian dollars.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All financial information
presented in this AIF was prepared in accordance with international financial reporting standards (&ldquo;IFRS&rdquo;) as issued
by the International Accounting Standards Board.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Non-GAAP Measures</B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AIF refers to
various non-generally accepted accounting principles (&ldquo;non-GAAP&rdquo;) measures, such as cash cost per payable ounce of
silver, net of by-product credits (&ldquo;cash costs&rdquo;), all-in sustaining costs per silver ounce sold (&ldquo;AISCSOS&rdquo;)
and working capital.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Cash Costs</I></B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AIF presents
information about our cash costs of production of a payable ounce of silver produced, net of by-product credits for our operating
mines. Except as otherwise noted, cash costs is calculated by dividing total cash costs net of by-product credits by total payable
silver ounces produced at the relevant mine or mines. 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. Certain amounts of stock-based compensation are excluded as well.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash costs is included
in this AIF 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 may enable investors to better understand year-over-year
changes in our production costs, which in turn affect profitability and cash flow. Cash costs does not have a standardized meaning
or a consistent basis of calculation prescribed by Canadian accounting standards. Investors are cautioned that cash costs 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 may differ from the methods used
by other entities and, accordingly, our cash costs may not be comparable to similarly titled measures used by other entities.
Readers should refer to our management&rsquo;s discussion and analysis for the year ended December 31, 2015 (the &ldquo;2015 MD&amp;A&rdquo;)
for a detailed description and reconciliation of this non-GAAP measure.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>All-In Sustaining
Costs Per Silver Ounce Sold </I></B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AIF includes
information about our calculation of AISCSOS. The Company believes that AISCSOS reflects a comprehensive measure of the full cost
of operating its consolidated business given it includes the cost of replacing ounces through exploration, the cost of ongoing
capital investment (sustaining capital), general and administrative expenses, as well as other items that affect the Company&rsquo;s
consolidated earnings and cash flow. AISCSOS does not have a standardized meaning or a consistent basis of calculation prescribed
by Canadian accounting standards. Our method of calculating AISCSOS may differ from the methods used by other entities and,</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">accordingly, our AISCSOS
may not be comparable to similarly titled measures used by other entities. Readers should refer to the 2015 MD&amp;A for a detailed
description and reconciliation of this non-GAAP measure.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Working Capital</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Working capital is
a non-GAAP measure calculated as current assets less current liabilities. Working capital does not have any standardized meaning
prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. The Company and
certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current
assets.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Glossary of Terms</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The glossary of terms
under &quot;Glossary of Terms&quot; of this AIF contains definitions of certain scientific or technical terms used in this AIF
that might be useful for your understanding.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Caution About Forward-Looking Information</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our AIF includes
statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and
operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking
information or forward-looking statements under Canadian securities laws and the United States Private Securities Litigation Reform
Act of 1995. We refer to them in this AIF as forward-looking information.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Key things to understand
about the forward-looking information in this AIF are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It
                                         typically includes words and phrases about the future, such as <I>believe</I>, <I>estimate</I>,
                                         <I>anticipate</I>, <I>expect</I>, <I>plan</I>, <I>intend</I>, <I>predict</I>, <I>goal</I>,
                                         <I>target</I>, <I>forecast</I>, <I>project</I>, <I>scheduled</I>, <I>potential</I>, <I>strategy
                                         </I>and <I>proposed</I> (see examples starting on page&nbsp;3).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It
                                         is based on a number of material assumptions, including, but not limited to, those we
                                         have listed below, that may prove to be incorrect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Actual
                                         results and events may be significantly different from what we currently expect, because
                                         of, among other things, the risks associated with our business. We list a number of these
                                         material risks below under &#8220;Material Risks and Assumptions&#8221;. We recommend
                                         you also review other parts of this AIF, including &quot;Risks Related to Our Business&quot;
                                         starting on page&nbsp;76, and our 2015 MD&amp;A, which include a discussion of other
                                         material risks that could cause our actual results to differ from current expectations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking information
is designed to help you understand management&rsquo;s current views of our near and longer term prospects. It may not be appropriate
for other purposes. We do not intend to update forward-looking information unless we are required to do so by applicable securities
laws.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Examples of Forward-Looking Information
in this AIF:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         price of silver and other metals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         sufficiency of our current working capital, anticipated operating cash flow or our ability
                                         to raise necessary funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         accuracy of mineral reserve and mineral resource estimates, estimates of future production
                                         and future cash, and total costs of production, as applicable, at Huaron, Morococha,
                                         La Colorada, Dolores, Alamo Dorado, Manantial Espejo, Navidad, San Vicente, or other
                                         properties;</TD></TR></TABLE>

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<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimated
                                         production rates for silver and other payable metals we produce, timing of production
                                         and estimated cash and total costs of production, including forecasted cash costs of
                                         production;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         estimated cost of and availability of funding for ongoing capital replacement, improvement
                                         or remediation programs, and the availability of funding for future construction and
                                         development projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimated
                                         costs of construction, development and ramp-up of our projects;</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">future
                                         successful development of the Navidad property and our other development projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         effects of laws, regulations and government policies affecting our operations, including,
                                         without limitation, expectations relating to or the effect of certain highly restrictive
                                         laws and regulations applicable to mining in the Province of Chubut, Argentina;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         estimates of expected or anticipated economic returns from a mining project, as reflected
                                         in preliminary economic assessments, feasibility and pre-feasibility studies or other
                                         reports prepared in relation to development of projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimated
                                         exploration expenditures to be incurred on our various silver exploration properties;</TD></TR></TABLE>

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<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">compliance
                                         with environmental, health, safety and other regulations;</TD></TR></TABLE>

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<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimated
                                         future closure, reclamation and remediation costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">forecast
                                         capital and non-operating spending;</TD></TR></TABLE>

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<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimates
                                         of foreign exchange rates and future income tax rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">future
                                         sales of the metals, concentrates or other products produced by us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">continued
                                         access to necessary infrastructure, including, without limitation, access to power, water,
                                         lands and roads to carry on activities as planned;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our
                                         plans and expectations for our properties and operations, including, without limitation,
                                         production estimates, forecasts regarding investment activities, and other matters discussed
                                         under the heading &#8220;Outlook for 2016&#8221; and under the headings &#8220;Capital
                                         and Operating Costs&rdquo; and &ldquo;Exploration, Development, and Production&#8221;
                                         with respect to each of our material properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         expected investment and development activities at the La Colorada mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         expected investment and development activities at the Dolores mine; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         ability to obtain permits, including for future project development and expansion.</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Material Risks and Assumptions:</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking
information in this AIF reflects our current views with respect to future events and are necessarily based upon a number of assumptions
and estimates that, while considered reasonable by us, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance
or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied
by such forward-looking information contained in this AIF and documents incorporated by reference, and we have made assumptions
based on or related to many of these factors.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such factors include,
without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">fluctuations
                                         in spot and forward markets for silver, gold, base metals and certain other commodities
                                         (such as natural gas, fuel oil and electricity);</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                         on mining in the jurisdictions in which we operate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">laws
                                         and regulations governing our operation, exploration and development activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to obtain or renew the licenses and permits necessary for the operation and expansion
                                         of our existing operations and for the development, construction and commencement of
                                         new operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">risks
                                         and hazards associated with the business of mineral exploration, development and mining
                                         (including environmental hazards, industrial accidents, unusual or unexpected geological
                                         or structural formations, pressures, cave-ins and flooding);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inherent
                                         risks associated with tailings facilities and heap leach operations, including failure
                                         or leakages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         speculative nature of mineral exploration and development;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">diminishing
                                         quantities or grades of mineral reserves as properties are mined;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         inability to determine, with certainty, the production of metals or the price to be received
                                         before mineral reserves or mineral resources are actually mined;</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         inability to determine, with certainty, production and cost estimates;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inadequate
                                         or unreliable infrastructure (such as roads, bridges, power sources and water supplies);</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">environmental
                                         regulations and legislation;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reclamation
                                         requirements;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">risks
                                         relating to our operations in Peru, Mexico, Argentina, Bolivia and other foreign jurisdictions
                                         where we may operate;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">risks
                                         relating to the creditworthiness and financial condition of our suppliers, refiners and
                                         other third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">fluctuations
                                         in currency markets (such as the Peruvian nuevo sol (&#8220;PEN&#8221;), Mexican peso
                                         (&#8220;MXN&#8221;), Argentine peso (&#8220;ARS&#8221;) and Bolivian boliviano versus
                                         the U.S. dollar and Canadian dollar);</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         volatility of the metals markets, and its potential to impact our ability to meet our
                                         financial obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         inability to recruit and retain qualified personnel;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">employee
                                         relations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">disputes
                                         as to the validity of mining or exploration titles or claims or rights, which constitute
                                         most of our property holdings;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to complete and successfully integrate acquisitions;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">increased
                                         competition in the mining industry for properties and equipment;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">limited
                                         supply of materials and supply chain disruptions;</TD></TR></TABLE>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">relations
                                         with and claims by indigenous populations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">relations
                                         with and claims by local communities and non-governmental organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         effectiveness of our internal control over financial reporting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">claims
                                         and legal proceedings arising in the ordinary course of business activities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">those
                                         factors identified under the caption &#8220;Risks Related to our Business&#8221; in this
                                         AIF and the documents incorporated by reference herein, if any.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should not attribute
undue certainty to forward-looking information. Although we have 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 described. We do not intend to update
forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such information,
other than as required by applicable law.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see &ldquo;Cautionary
Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources&rdquo; on page 7 of this AIF.</P>

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


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<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Conversion Table</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this AIF, metric
units are used with respect to mineral properties located in Peru, Mexico, Argentina, Bolivia and elsewhere, unless otherwise
indicated. Conversion rates from imperial measures to metric units and from metric units to imperial measures are provided in
the table set out below.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Imperial
    Measure&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metric
    Unit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; background-color: #D9D9D9; text-align: center"><FONT STYLE="font-size: 10pt"><B>Metric
    Unit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Measure</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 28%; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">2.47
    acres</FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    hectare</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23%; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.4047
    hectares</FONT></TD>
    <TD STYLE="vertical-align: top; width: 26%; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    acre</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">3.28
    feet</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    metre</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.3048
    metres</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9.5pt">1
    foot</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.62
    miles</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    kilometre</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">1.609
    kilometres</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    mile</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.032
    ounces (troy)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    gram</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">31.1
    grams</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    ounce (troy)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">1.102
    tons (short)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.907
    tonnes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    ton (short)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">0.029
    ounces (troy)/</FONT><BR>
    <FONT STYLE="font-size: 9.5pt">ton (short)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    gram/tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">34.28
    grams/tonne</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    ounce (troy)/ton (short)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt"><FONT STYLE="font-size: 9.5pt">2205
    pounds</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 4.5pt; text-align: left"><FONT STYLE="font-size: 9.5pt">1
    tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; text-align: right; padding-right: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: -4.5pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Scientific and Technical Information</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve and
mineral resource estimates in this AIF relating to La Colorada, Alamo Dorado, Dolores, Huaron, Morococha, San Vicente, and Manantial
Espejo are based on information prepared under the supervision of, or has been reviewed by, Martin Dupuis, P.Geo., Director of
Geology for Pan American, and Martin Wafforn, P.Eng., Vice President, Technical Services of Pan American. Scientific or technical
information in this AIF relating to La Colorada, Alamo Dorado and Manantial Espejo is based on information prepared under the
supervision of, or has been reviewed by, Michael Steinmann, P.Geo., President and Chief Executive Officer of Pan American, and
Martin Wafforn, P.Eng., Vice President, Technical Services of Pan American. Scientific and technical information relating to Dolores,
Huaron, Morococha, and San Vicente is based on information prepared and reviewed by Michael Steinmann, Martin Wafforn and Americo
Delgado, P. Eng., Director of Metallurgy for Pan American. Scientific or technical information relating to the geology of particular
properties, and the current and planned exploration programs described in this AIF, are prepared and/or designed and carried out
under the supervision of, or have been reviewed by, Martin Dupuis, P.Geo., Director of Geology for Pan American. Scientific and
technical information herein relating to the Navidad property is based on information contained in the Navidad Report (as defined
below) and the disclosure in this AIF about the Navidad property has been reviewed and consented to by Michael Steinmann, Martin
Wafforn and Pamela De Mark, P.Geo., Director of Resources for Pan American, the experts involved in the preparation of the applicable
sections of the Navidad Report. In particular, scientific or technical information in this AIF relating to the estimation of mineral
resources for the Navidad property was prepared by Pamela De Mark. All other disclosures of scientific and technical information
contained in the descriptions of our mineral properties were prepared under the supervision of Michael Steinmann and Martin Wafforn.
Each of Michael Steinmann, Martin Wafforn, Pamela De Mark, Americo Delgado, and Martin Dupuis is a &ldquo;Qualified Person&rdquo;
as defined in National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;NI 43-101&rdquo;).
A &ldquo;Qualified Person&rdquo; means an engineer or geoscientist with a university degree, or equivalent accreditation, in an
area of geoscience, or engineering, relating to mineral exploration or mining, with at least five years of experience in mineral
exploration, mine development or operation or mineral project assessment, or any combination of these, that is relevant to his
or her professional degree or area of practice, has experience relevant to the subject matter of the mineral project, and is a
member in good standing of a professional association.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Scientific and technical
disclosure in this AIF for our material properties is based on technical reports prepared for those properties in accordance with
NI&nbsp;43-101 (collectively, the &ldquo;Technical Reports&rdquo;). The Technical Reports have been filed on SEDAR at www.sedar.com.
The technical information in our AIF has been updated with current information where applicable. The Technical Reports are as
follows:</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Technical Report &#8211; Preliminary Economic Analysis for the
                                         Expansion of the La Colorada Mine, Zacatecas, Mexico&#8221;, with an effective date of
                                         December 31, 2013 (the &#8220;La Colorada Report&#8221;) relating to the La Colorada
                                         mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Feasibility Study Volume I &#8211; NI-43-101 Technical Report
                                         for Alamo Dorado Project, Alamos, Sonora, Mexico&#8221; dated March 31, 2005 (the &#8220;Alamo
                                         Report&#8221;) relating to the Alamo Dorado mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 21.95pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Technical Report for the Dolores Property, Chihuahua, Mexico -
                                         Preliminary Economic Assessment of a Pulp Agglomeration Treatment and Underground Option&#8221;,
                                         with an effective date of May 31, 2014 (the &#8220;Dolores Technical Report&#8221;) relating
                                         to the Dolores mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Technical Report for the Huaron Property, Pasco, Peru&#8221; dated
                                         effective June 30, 2014 (the &#8220;Huaron Report&#8221;) relating to the Huaron mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Technical Report for the Morococha Property, Yauli, Peru&#8221;
                                         dated effective June&nbsp;30, 2014 (the &#8220;Morococha Report&#8221;) relating to the
                                         Morococha mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Technical Report for San Vicente Property, Potosi, Bolivia&#8221;
                                         dated effective December 31, 2014 (the &#8220;San Vicente Report&#8221;) relating to
                                         the San Vicente mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Manantial-Espejo Project Canadian Standard NI 43-101, Santa Cruz
                                         Province, Argentina&#8221; dated March 2006 (the &#8220;Manantial Report&#8221;) relating
                                         to the Manantial Espejo mine; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a
                                         report entitled &#8220;Pan American Silver Corp.: Navidad Project, Chubut Province, Argentina:
                                         Preliminary Assessment&#8221; dated January 14, 2011 (the &#8220;Navidad Report&#8221;)
                                         relating to the Navidad property.</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cautionary Note to U.S. Investors
Concerning Estimates of Mineral Reserves and Mineral Resources</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AIF and the
documents incorporated by reference in it, if any, have been prepared in accordance with the requirements of Canadian securities
laws that differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource
estimates included in this AIF and the documents incorporated by reference herein have been prepared in accordance with NI&nbsp;43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum (&ldquo;CIM&rdquo;) - Definition Standards adopted by the CIM Council.
NI&nbsp;43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral projects.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Canadian public disclosure
standards, including NI&nbsp;43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;), and information with respect to mineralization and mineral reserves and mineral resources contained or
incorporated by reference herein may not be comparable to similar information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, these documents use the terms &lsquo;&lsquo;Measured Resources&rsquo;&rsquo;,
&lsquo;&lsquo;Indicated Resources&rsquo;&rsquo; and &lsquo;&lsquo;Inferred Resources&rsquo;&rsquo;. U.S. investors are advised
that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. The requirements
of NI&nbsp;43-101 for identification of &lsquo;&lsquo;reserves&rsquo;&rsquo; are not the same as those of the SEC, and reserves
reported by Pan American in compliance with NI&nbsp;43-101 may not qualify as &lsquo;&lsquo;reserves&rsquo;&rsquo; under SEC standards.
U.S. investors should also understand that &lsquo;&lsquo;Inferred Resources&rsquo;&rsquo; have a great amount of uncertainty as
to their existence and as to their economic and legal feasibility. <B>U.S. investors are cautioned not to assume that any part
of a &lsquo;&lsquo;Measured Resource&rsquo;&rsquo; or &lsquo;&lsquo;Indicated Resource&rsquo;&rsquo; will ever be converted into
a &lsquo;&lsquo;reserve&rsquo;&rsquo;. It cannot be assumed that all or any part of &lsquo;&lsquo;Inferred Resources&rsquo;&rsquo;
exist, are economically or legally mineable or will ever be upgraded to a higher category. </B>Under Canadian securities laws,
&lsquo;&lsquo;Inferred Resources&rsquo;&rsquo; may not form the basis of feasibility or pre-feasibility studies except in certain
cases. Disclosure of &lsquo;&lsquo;contained ounces&rsquo;&rsquo; in a mineral resource is a permitted disclosure under Canadian
securities laws, however, the SEC normally only permits issuers to report mineralization that does not constitute &lsquo;&lsquo;reserves&rsquo;&rsquo;
by SEC standards as in place tonnage and grade, without reference to unit measures. Under U.S. standards, mineralization may not
be classified as a &lsquo;&lsquo;reserve&rsquo;&rsquo; unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve determination is made. Accordingly, information concerning
mineral deposits set forth in this AIF and the documents incorporated by reference herein may not be comparable with information
made public by companies that report in accordance with U.S. standards.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">CORPORATE STRUCTURE</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Incorporation</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American is the
continuing corporation of Pan American Energy Corporation, which was incorporated under the <I>Company Act</I> (British Columbia)
on March&nbsp;7, 1979. Pan American underwent two name changes, the last occurring on April 11, 1995, when the present name of
Pan American Silver Corp. was adopted. Amendments to the constating documents of Pan American to that date had been limited to
name changes and capital alterations. In May 2006, Pan American obtained shareholder approval to amend our memorandum and articles,
including the increase in our authorized share capital from 100,000,000 to 200,000,000 common shares without par value (&ldquo;Common
Shares&rdquo;), in connection with Pan American&rsquo;s required transition under the <I>Business Corporations Act</I> (British
Columbia).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American&rsquo;s
head office is situated at 1500 - 625 Howe Street, Vancouver, British Columbia, Canada, V6C&nbsp;2T6 and our registered and records
offices are situated at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, Canada, V7X&nbsp;1T2.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our website is www.panamericansilver.com.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Capital Structure</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American&rsquo;s
authorized share capital consists of 200,000,000 Common Shares. The holders of Common Shares are entitled to: (i) one vote per
Common Share at all meetings of shareholders; (ii) receive dividends as and when declared by the directors of Pan American; and
(iii) receive a pro rata share of the assets of Pan American available for distribution to the shareholders in the event of the
liquidation, dissolution or winding-up of Pan American. There are no pre-emptive, conversion or redemption rights attached to
the Common Shares.</P>

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


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<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subsidiaries</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant portion
of our business is carried on through various subsidiaries. The table below lists our significant subsidiaries and the chart following
shows the structure of our organization by jurisdiction as it relates to our material mineral properties. This information is
provided as at December&nbsp;31, 2015.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 71%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0.5in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Name
    of Subsidiary</B></TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 27.25pt; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Jurisdiction</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Corner Bay Silver Inc. (&ldquo;Corner Bay&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Canada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Aquiline Resources Inc. (&ldquo;Aquiline&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minefinders Corporation Ltd. (&ldquo;Minefinders&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Absolut Resources Inc. (&ldquo;Absolut&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Yukon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan MacKenzie Resources Inc.</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">PAS (Lux) S.&aacute; r.l.<SUP>1</SUP></TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan American Silver (Barbados) Corp. (&ldquo;Pan American
    Barbados&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Barbados</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Aquiline Holdings Inc. (&ldquo;Aquiline Barbados&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Barbados</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">PASCAP Insurance (Barbados) Ltd. (&ldquo;PASCAP&rdquo;)<SUP>1</SUP></TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Barbados</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pico Machay Cayman Limited (&ldquo;PM Cayman&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Cayman Islands</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Plata Panamericana (Spain) S.L.</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Spain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan American Silver (Spain) S.L.</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Spain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Triton Argentina S.A. (&ldquo;MTA&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Argentina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Aquiline Argentina S.A. (&ldquo;MAA&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Argentina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Argenta S.A. (&ldquo;MASA&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Argentina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">PASMEX, S.A. de C.V. (&ldquo;PASMEX&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Mexico</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Corner Bay S.A. de C.V. (&ldquo;MCB&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Mexico</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Plata Panamericana S.A. de C.V. (&ldquo;Plata Panamericana&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Mexico</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Compa&ntilde;&iacute;a Minera Dolores, S.A. de C.V. (&ldquo;CMD&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Mexico</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Minefinders S.A. de C.V.</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Mexico</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan American Silver Peru S.A.C. (&ldquo;Pan American
    Peru&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Peru</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan American Silver Huaron S.A. (&ldquo;PAS Huaron&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Peru</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Compa&ntilde;&iacute;a Minera Argentum S.A. (&ldquo;Argentum&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Peru</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Calipuy S.A.C. (&ldquo;Minera Calipuy&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Peru</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Minera Pico Machay S.A.C. (&ldquo;MPM&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Peru</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">Pan American Silver (Bolivia) S.A. (&ldquo;PASB&rdquo;)</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">Bolivia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 27.25pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">PAS
                                         (Lux) S.&aacute; r.l. and PASCAP are 100% owned by Pan American.</FONT></TD>
</TR></TABLE>

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


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

<P STYLE="font: italic bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Argentina Properties</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg11a.jpg" ALT=""></P>

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

<P STYLE="font: italic bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Mexico Properties </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg11b.jpg" ALT=""></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Peru Properties</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg12a.jpg" ALT=""></P>

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

<P STYLE="font: italic bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Bolivia Properties</U></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg12b.jpg" ALT=""></P>

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

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note:</U></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In some jurisdictions
in which we operate, laws require that a company operating mineral properties must have more than one shareholder. For those jurisdictions,
a nominal interest may be held by an individual or other affiliated entity and this may not be represented on the charts. Percentages
shown indicate ownership of common share and other voting interests and do not include holdings of investment shares in Peru or
other non-voting shares. Percentages are rounded (in most cases, to a maximum of two decimal places).</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GENERAL DEVELOPMENT OF THE BUSINESS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Business of Pan American</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are principally
engaged in the operation and development of, and exploration for, silver producing properties and assets. Our principal product
is silver, although we also produce and sell gold, zinc, lead, and copper. At present, we carry on mining operations and are developing
mining projects in Mexico, Peru, Argentina and Bolivia, and have control over non-producing silver assets in each of those jurisdictions
and in the United States. Exploration work is carried out in all of those countries, as well as elsewhere throughout the world.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Corporate Strategy and Financial
Objectives</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our mission is to
be the world&rsquo;s preeminent silver producer with a reputation for excellence in discovery, engineering, innovation and sustainable
development. We will continue to strengthen our position as one of the world&rsquo;s leading primary silver mining companies by
acquiring or discovering silver resources that have the potential to be developed economically and to add meaningfully to our
production profile while lowering consolidated unit costs of production.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The key elements
of our strategy are to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5pt; text-align: left; text-indent: 0in; width: 34%"><FONT STYLE="font-size: 8pt"><B>Strategy</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; padding-top: 3pt; padding-bottom: 3pt; width: 66%"><FONT STYLE="font-size: 8pt"><B>Implementation</B></FONT></TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Increase
    production</B></FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">After acquiring our first operating mine (Quiruvilca
    in Peru) in 1995, we have increased annual silver production almost every year, and in 2015 achieved record annual production
    of 26.12 million ounces of silver. We also increased gold production to a record high 183,700 ounces in 2015, a 14% increase
    over gold production in 2014. This long-term growth has been accomplished through a combination of acquisition, development
    and expansion efforts. In 2016, Pan American expects to produce between 24.0 and 25.0 million ounces of silver and between
    175,000 and 185,000 ounces of gold.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Increase
    mineral reserves and mineral resources</B></FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">During the last 12 years, our mine-site exploration
    efforts (excluding acquisitions) have been very successful, adding over 293 million ounces of silver to our proven and probable
    mineral reserves, which more than replaced the 291 million ounces of silver mined in that same period. </FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">While 2015 was another successful year for
    exploration, the discovery and definition of approximately 22.5 million ounces of new proven and probable silver mineral reserves
    was insufficient to replace the approximately 33.5 million contained ounces that were mined during the year. Additionally,
    approximately 8.9 million ounces of silver were lost from mineral reserves as a result of re-categorization, primarily due
    to lower metal prices. At December 31, 2015, our proven and probable silver and gold mineral reserves were approximately 280.1
    million and 2.1 million ounces, respectively, down from the 299.9 million ounces of silver and 2.3 million ounces of gold
    at the end of 2014. </FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">Our measured and indicated mineral resources
    were approximately 721 million ounces of silver and 1.6 million ounces of gold as at the end of 2015. This represents a small
    decrease from 2014.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Continue
    to be a &ldquo;Low Cost Producer&rdquo;</B></FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">Full year 2015 consolidated cash costs<SUP>1
    </SUP>to produce an ounce of silver were approximately $9.70, net of by-product credits, which was approximately 15% lower
    than 2014 cash costs and below management&rsquo;s guidance of between $10.00 and $10.50 per ounce of silver. AISCSOS<SUP>1
    </SUP>for the full year 2015 declined by 17% from 2014 to $14.92 per ounce of silver. Our strategy continues to emphasize
    reducing overall unit production costs. Cash costs for the full year 2016 are forecast at between $9.45 and $10.45 per ounce
    of silver, net of by-product credits, while full year AISCSOS is expected to be between $13.60 and $14.90 for 2016. </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Acquire
    additional silver properties</B></FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">We actively investigate and evaluate strategic
    opportunities to acquire promising silver production, development and exploration properties in those jurisdictions where
    we are presently active as well as elsewhere throughout the world. This includes our acquisition of the Dolores mine and the
    La Bolsa property by virtue of acquiring Minefinders in 2012, and the acquisition of the Navidad, Calcatreu and Pico Machay
    properties pursuant to our acquisition of Aquiline in 2010. </FONT></td></tr>
</table>
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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 34%; text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Maintain
    strong financial performance from mining operations</B></FONT></td>
    <TD STYLE="width: 66%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">In an effort to ensure we continue
    to have a strong and prosperous business, financial performance is monitored against targets for operating earnings and cash
    flow from operations, as well as against operating measures such as production and cash costs. </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Continue
    to be a responsible company, committed to sustainable development</B></FONT></td>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">We are committed to operating our business
    in accordance with the highest standards of governance and ethics, and the principles of sustainable development. We also
    place a high priority and particular emphasis on the health and safety of our personnel. We have operations in a number of
    countries and across diverse cultures that have the potential to impact their host communities and nearby populations both
    positively and negatively. Our goal is to minimize the negative impacts and maximize the benefits garnered to local populations,
    while at the same time achieving success from a business perspective. We conscientiously strive to operate within a framework
    of moral principles and values and to engage and interact regularly, and in an open and honest way, with governments, shareholders,
    employees, local communities, business partners and other stakeholders affected by our operations. We have adopted, among
    other things, a Global Code of Ethical Conduct and a Global Anti-Corruption Policy, an Environmental Policy and a Corporate
    Social Responsibility Policy, that formalize how we must conduct our business and interact with stakeholders and others. We
    are aware that our business is in many ways dependent on these various stakeholders and we view establishing relationships
    of mutual trust and respect as important. By building such relationships and conducting ourselves in a transparent manner,
    we can further the exchange of information, address specific concerns of stakeholders and work cooperatively and effectively
    towards achieving mutual goals. We report annually on our sustainable development performance according to the Global Reporting
    Initiative Framework, with the current report available on Pan American&rsquo;s website.</FONT></td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Cash costs and AISCSOS are
                                         non-GAAP measures and do not have standardized meanings prescribed by Canadian accounting
                                         standards. For additional information, please see &ldquo;Non-GAAP Measures&rdquo; on
                                         page 2 of this AIF.</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Key Developments Over the Last Three
Financial Years</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 8pt"><B>Key
    Developments</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B><I>2013</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Increased
                                         silver production to 26.0 million ounces and gold production to 149,800 ounces. Alamo
                                         Dorado led our silver production at 5.1 million ounces, followed by La Colorada at 4.6
                                         million ounces, while Dolores was our largest gold contributor producing just over 65,000
                                         ounces of gold for the year. </FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Invested
        approximately $6.7 million to repurchase approximately 415,000 of our Common Shares under our normal course issuer bid.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Paid
        total cash dividends of $75.8 million on our Common Shares, representing $0.50 per Common Share on an annualized basis.
        </FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Spent
        approximately $16.3 million on mine-site exploration and completed nearly 150 kilometres of diamond drilling.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Announced
        that we would be proceeding with the production expansion project at La Colorada that is expected to increase the mine&#8217;s
        silver production rate to approximately 7.7 million ounces of silver annually by the end of 2017, for an incremental capital
        investment of approximately $80 million.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; padding-left: 5pt"><FONT STYLE="font-size: 8pt"><B><I>2014</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Produced
                                         26.1 million ounces of silver, slightly more than in 2013, and increased gold production
                                         to 161,500 ounces. La Colorada became our largest silver producer at approximately 5.0
                                         million ounces for the year, followed by Dolores with approximately 4.0 million ounces
                                         of silver.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Paid
        total cash dividends of $75.8 million on our Common Shares, representing $0.50 per Common Share on an annualized basis.
        </FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Spent
        $16.6 million on mine-site exploration and completed over 152.5 kilometres of diamond drilling.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">In
        2014, we spent approximately $17.9 million on the La Colorada expansion project and another $17.3 million on the second
        phase of the Dolores&#8217; pad 3 expansion.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Spent
        $16.6 million on mine-site exploration and completed over 152.5 kilometres of diamond drilling.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; padding-top: 5pt; padding-left: 5pt; width: 34%; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B><I>2015</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 66%; border-top: Black 1pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Achieved
                                         record annual silver production of just over 26.1 million ounces and increased gold production
                                         to an annual record 183,700 ounces. La Colorada continued to be our largest silver producer
                                         at approximately 5.3 million ounces for the year. Dolores was our second largest silver
                                         producer with approximately 4.3 million ounces of silver.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Established
        a $300.0 million revolving credit facility in the second quarter of 2015.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Paid
        total cash dividends of $41.7 million on our Common Shares.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Spent
        approximately $10.9 million on mine-site exploration and completed over 105 kilometres of diamond drilling.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 8pt">Announced
        that we would proceed with the Dolores expansion project and made a number of advances throughout the year, including
        on the underground ramp and power line construction. We also continued the La Colorada expansion activities, with the
        shaft 50% complete by year-end, and the new sulphide processing plant approximately 70% complete.</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.24in; text-align: justify; text-indent: -0.24in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <FONT STYLE="font-size: 8pt">Spent approximately $76.1 million in long term project capital to advance the La Colorada
        and Dolores mine expansions.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Outlook for 2016</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, Pan American
expects to produce between 24.0 and 25.0 million ounces of silver at consolidated cash costs of between $9.45 and $10.45 per ounce
of silver, net of by-product credits. In addition, we expect to produce between 175,000 and 185,000 ounces of gold. Consolidated
AISCSOS are expected to be between $13.60 and $14.90, net of by-product credits, for 2016. The Company has assumed by-product
prices of Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne and Cu $4,600/tonne in the calculation of the forecast 2016 cash costs
and AISCSOS.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also in 2016, Pan
American expects to spend between $65.0 million and $75.0 million in sustaining capital at its operating mines, including approximately
$39.0 million to $42.0 million at Dolores. In addition, the Company expects to invest between $135.0 million and $140.0 million
in project development, primarily in connection with the La Colorada and Dolores expansions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash costs and AISCSOS
are non-GAAP measures and do not have standardized meanings prescribed by Canadian accounting standards. For additional information,
please see &ldquo;Non-GAAP Measures&rdquo; on page 2 of this AIF.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">NARRATIVE DESCRIPTION OF THE BUSINESS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Principal Products and Operations</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal products
and sources of sales are silver and gold dor&eacute; and silver bearing zinc, lead, and copper concentrates. In 2015, the Huaron,
Morococha, Alamo Dorado, Dolores, La Colorada, Manantial Espejo and San Vicente mines accounted for all of our production of concentrates
and dor&eacute;.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated production
for the year ended December 31, 2015 was as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>La</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Colorada </B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alamo</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Dorado </B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 0.55pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Morococha<SUP>1
    </SUP></B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 2.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>San</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Vicente<SUP>2 </SUP></B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 2.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Manantial</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 0.55pt; padding-left: 2.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.55pt; padding-left: 0.55pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Tonnes
    Milled<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">485,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">1,799,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">6,109,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">895,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">637,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">331,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">775,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">11,030,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.55pt; padding-left: 0.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Grade</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.55pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.55pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.55pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.55pt; padding-left: 0.55pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.55pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 2.2pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 2.2pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 2.2pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Silver
    - g/t</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">379</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">62</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">44</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">157</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">124</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">422</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">158</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">94</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Gold
    - g/t</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.28</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.57</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.24</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.41</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">3.28</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">%
    Zinc</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2.20%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2.41%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2.83%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">2.65%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">%
    Lead</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">1.01%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">1.08%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.71%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">0.32%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">%
    Copper</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">0.97%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">1.52%</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.55pt; padding-left: 0.55pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Production</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Ounces
    Silver<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">5,327,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2,970,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">4,250,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">3,705,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2,165,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">4,118,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">3,583,000</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 2.2pt; text-align: right"><FONT STYLE="font-size: 9pt">26,119,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Ounces
    Gold<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2,630</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">20,340</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">79,140</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">1,050</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">3,220</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">77,320</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">183,700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Tonnes
    Zinc<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">8,910</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">13,550</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">11,370</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">6,820</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">40,650</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Tonnes
    Lead<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">4,260</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">6,920</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">2,560</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">840</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">14,580</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt">Tonnes
    Copper<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">100</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">6,700</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">8,160</FONT></TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 0.55pt; text-align: right"><FONT STYLE="font-size: 9pt">14,960</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Morococha
                                         data represents our 92.3% interest in mine production based on ownership of the operating
                                         entity.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">San
                                         Vicente data represents our 95% interest in mine production based on ownership of the
                                         operating entity.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Rounded
                                         to the nearest thousand.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Rounded
                                         to the nearest ten.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenue by product
category for the financial years ended December&nbsp;31, 2015 and December&nbsp;31, 2014 was as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5pt"><B>Product
    Revenue</B></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; padding-top: 3pt; padding-bottom: 3pt"><B>2015</B></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; padding-top: 3pt; padding-bottom: 3pt"><B>2014</B></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 8pt">($000&rsquo;s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 8pt">($000&rsquo;s)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt">Silver and Gold Dor&eacute;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">400,790</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">424,591</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt">Zinc Concentrate</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">54,239</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">73,487</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt">Lead Concentrate</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">135,926</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">163,854</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt">Copper Concentrate</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">83,733</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt">90,010</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5pt"><B>Total<SUP>1</SUP></B></TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt"><B>674,688</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 10pt"><B>751,942</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Total may
                                         vary due to rounding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information
related to our segmented information is set forth in Note 25 to the Pan American&rsquo;s Audited Consolidated Financial Statements
for the year ended December 31, 2015 and is referred to in the 2015 MD&amp;A under the heading &ldquo;2015 Operating Performance&rdquo;.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Silver and Gold Dor&eacute;</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal buyers
of silver and gold dor&eacute; produced from our Dolores, Alamo Dorado, La Colorada, and Manantial Espejo mines, once refined,
are international bullion banks and traders. Silver and gold dor&eacute; is delivered to refineries in Mexico, Germany, and the
United States, and subsequently transferred to the accounts of our buyers.</P>

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


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

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Zinc, Lead and Copper Concentrates</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal markets
for copper concentrates produced from Morococha, Huaron, and occasionally from San Vicente, as well as a unique copper precipitant
product from Alamo Dorado, are Canada, Chile, and China through a number of contracts with smelters and traders. Copper concentrates
are delivered to customers first via truck to seaports, and from there by ship.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal markets
for zinc concentrates produced from La Colorada, Morococha, Huaron and San Vicente, are Peru, South Korea and Japan through a
number of contracts with smelters and traders. Zinc concentrates are delivered to Peruvian customers by truck. Zinc concentrates
are delivered to customers in South Korea and Japan first via truck to seaports, and from there by ship.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal markets
for lead concentrates produced from La Colorada, Morococha, Huaron and San Vicente, are Japan, South Korea, China, and Belgium
through a number of contracts with traders. Lead concentrates are delivered first via truck to seaports and from there by ship.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see the discussion
under &ldquo;Risks Relating to Our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Employees</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the end of 2015,
we had approximately 4,100 employees and almost 2,400 contractors. The majority of those employees and contractors were working
at our operations in South America and in Mexico. Pan American also had 38 employees and one contractor at our head office in
Vancouver as at December 31, 2015. Our Peruvian operations had approximately 2,600 total employees and contractors, while our
Bolivian operations had over 500 employees and contractors, our Argentinean operations had approximately 700 employees and contractors
and our Mexican operations had slightly more than 2,600 employees and contractors.<B> </B></P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Research and Development</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct research
and development activities through feasibility work and operational enhancement evaluations in order to develop improved production
processes and exploration techniques. Costs associated with this work are usually expensed as incurred. Apart from the expansion
studies conducted at La Colorada and Dolores, as well as the process flowsheet development at Navidad, we did not incur, or specifically
account for, any significant research and development costs during 2013, 2014 or 2015.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Working Capital and Liquidity Position</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">As
at December 31, 2015, we had cash and short-term investment balances of $226.6 million and working capital of $392.2 million,
and our total debt outstanding at the end of 2015 was $59.8 million. </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">On
April 15, 2015, we entered into a senior secured revolving credit facility (the &quot;Facility&quot;) with a syndicate of eight
lenders. The Facility is a US$300 million secured revolving line of credit that matures on April 15, 2019 and is available for
general corporate purposes, including acquisitions. The terms of the Facility provide the Company with the flexibility of various
borrowing and letter of credit options. With respect to loans drawn based on the average annual rate of interest at which major
banks in the London interbank market are offering deposits in US dollars (&quot;LIBOR&quot;), the interest margin on such loan
is between 2.125% and 3.125% over LIBOR, depending on the Company's leverage ratio at the time of a specified reporting period.
$36.2 million was drawn from the Facility in December 2015 and remains outstanding as of the date of this AIF.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Our
financial position at December 31, 2015, and the operating cash flows that are expected over the next twelve months lead management
to believe that our liquid assets are sufficient to satisfy our 2016 working capital requirements, fund currently planned capital
expenditures (including both sustaining and project capital) for</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">existing
operations, and to discharge liabilities as they come due. We also remain well positioned to take advantage of further strategic
opportunities as they become available.</FONT></P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Environment</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All phases of our
operations are subject to environmental regulation in the various jurisdictions in which we operate. To the best of management&rsquo;s
knowledge, our activities in 2015 were, and continue to be, in compliance in all material respects with such environmental regulations
applicable to our mining operations, development, and exploration activities. We have implemented an environmental policy, a corporate
social responsibility policy, and a health and safety policy in which we accept our corporate responsibility to practice environmental
protection and provide a safe and healthy workplace for our employees, and commit to comply with all relevant industry standards,
environmental legislation and regulations in the countries where we carry on business.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2015, reviews
of the environmental performance of all the operations and projects were conducted by Pan American&rsquo;s Vice President of Environment
and Sustainability.<B> </B>The reviews included inspections of the mine and project sites with key operations personnel, a review
of environmental monitoring program procedures and results and a review of the principal environmental issues related to each
of these operations. The key observations and recommendations from the reviews are reported monthly to senior management and quarterly
to the Board of Directors of Pan American (the &ldquo;Board of Directors&rdquo;). In addition to the periodic reviews, detailed
Corporate Environmental Audits are conducted at each mine at least once every two years, in accordance with the Mandate of the
Board&rsquo;s Health Safety and Environment Committee. These audits review environmental compliance and implementation of best
practice procedures and management systems. During 2014, audits were undertaken at Morococha, San Vicente, and Huaron and in 2015,
Alamo Dorado, La Colorada, Dolores and Manantial Espejo were audited. In intervening years between audits, the implementation
of the corrective actions required by each audit is checked at each mine and the Morococha, San Vicente and Huaron corrective
actions were found to be satisfactory in 2015.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Huaron, Morococha,
La Colorada, Alamo Dorado, Dolores, San Vicente, and Manantial Espejo operations were all inspected by government agencies in
2015<B> </B>and no material issues were observed during these inspections.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Peruvian government
modified its receiving water quality limits in December 2015. The new limits remove a controversial sulphate limit which was previously
proposed, bringing the limits in line with current international and North American standards and significantly reducing the potential
cost impacts to our Peruvian operations. We are conducting a new baseline assessment at each of our two operating mines in Peru
in order to evaluate the potential impact of the latest changes to water treatment practices at each operation. We have requested
the return of previously presented Adaptation Plans from the Ministry of Energy and Mines. Once returned, we will have 12 months
to present new Adaptation Plans if any upgrades are required to meet the new limits at either Huaron or Morococha. We commenced
implementation of measures such as water treatment plant automation at Huaron and separation of clean runoff and contact water
at Morococha in 2015 which make them well placed to meet the new limits without material economic impacts to our operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We completed our
comprehensive Sustainability Report for 2014 in accordance with the Global Reporting Initiative guidelines and improved our disclosure
and report quality to be in accordance with the new G4 guidelines. The report includes detailed information on our environmental,
social, economic, and health and safety performance. The Sustainability Report is available at our head and country offices and
also on our website.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the financial
year-end dated December&nbsp;31, 2015, our environmental expenditures for concurrent reclamation were approximately $2.8 million.
The closure and decommissioning liabilities were prepared using the standard reclamation cost estimator methodology developed
in the State of Nevada, USA, using quantity estimates and cost data obtained at each mine site. We estimate the aggregate present
value of expenditures required for closure and reclamation costs in respect of the Huaron, Morococha, Alamo Dorado, La Colorada,
Dolores,<B> </B>Manantial Espejo, and San Vicente mines, along with our development properties, to be approximately $50.5</P>

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


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">million, which is an
increase<B> </B>from the previous estimate at December 31, 2014, due primarily to normal course disturbance growth from operations,
revisions to certain cost input estimates, and changes to the Alamo Dorado closure plan assumptions based on technical studies
completed in 2015.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than specific
environmental concerns discussed in more detail elsewhere in this AIF, we are not aware of any material environmental matter requiring
significant capital outlays in the immediate future. Closure and reclamation costs and actual costs may vary, perhaps materially,
from estimates and investors are cautioned against attributing undue certainty to these estimates. The reclamation and closure
costs estimate for each of the operating mines and development projects was updated to reflect the conditions as of December 31,
2015.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Health and Safety</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented
a health and safety policy in which we accept corporate responsibility to provide a safe and healthy workplace for our employees
and contractors, and commit to comply with all relevant industry standards, legislation, and regulations in the countries where
we carry on business. The policy is reviewed annually to ensure that we remain current, if not ahead, of industry standards and
best practices.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Periodically, both
formal and informal corporate health and safety audits are conducted at our operating mines and active development properties.
In 2015, all of our seven operating mines were subject to internal safety audits conducted by a team of safety managers and operations
supervisors from some of our other operations and led by Pan American&rsquo;s Director of Health and Safety. Management reports
health and safety findings and mitigation progress to our Board of Directors on a regular basis.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2015, we continued
to focus on introducing new safety programs and training at our operating mines in Peru as well as maintaining excellent safety
records at the other mines and development projects. The total hours worked at operating mines and active development and exploration
projects declined by approximately 5% versus 2014 while the number of lost time injuries (&ldquo;LTI&rdquo;) decreased by approximately
9% to 19. We recorded a lost time injury frequency (&ldquo;LTIF&rdquo;) of 1.09 during 2015, compared to 1.14 during 2014 and
0.94 during 2013. LTIF is calculated as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: right"><I>LTIF&nbsp;</I></TD>
    <TD STYLE="width: 8%; text-align: center"><I>=</I></TD>
    <TD STYLE="width: 28%; text-decoration: underline; text-align: center; text-indent: 0in"><I><U>(# of accidents) * (1,000,000)</U></I></TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><I>Total hours worked</I></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unfortunately, despite
continued efforts on mine safety, the Company experienced 5 fatalities during 2015. As a result of these fatalities, the Company
has focussed further attention on developing a specialized fatality reduction initiative to bolster its existing programs and
to create even greater awareness in order to significantly reduce the occurrences of unpredictable events that are often at the
root of serious incidents.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2005, we introduced
the &ldquo;Chairman&rsquo;s Safety Award&rdquo; which is presented to our mine with the best overall safety performance. In 2015,
two of our Mexican mines (La Colorada and Alamo Dorado) and our exploration and active development properties had perfect safety
records with no LTIs. The winner of the Chairman&rsquo;s Safety Award for 2015 was the Morococha mine.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating and Development Properties</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to National
Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I>, (&ldquo;NI 51-102&rdquo;), we have identified the following
properties and projects as being material: the La Colorada mine, the Alamo Dorado mine, the Dolores mine, the Huaron mine, the
Morococha mine, the San Vicente mine, the Manantial Espejo mine, and the Navidad property. We do not consider any of our other
development or investment properties to be material properties for the purposes of NI 51-102.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain statements
in the following property summaries are based on and, in some cases, extracted directly from the relevant Technical Reports identified
under the heading &ldquo;Scientific and Technical Information&rdquo; beginning on page 6.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mineral Reserve and Mineral Resource
Estimate Information</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The process for economic
assessment of the mineral reserves and mineral resources at our properties is described below in each property section. Although
we believe that our mineral reserve and mineral resource estimates will not be materially impacted by external factors such as
metallurgical, safety, environmental, permitting, legal, taxation, and other factors disclosed in this AIF, there can be no assurance
that these factors will not have an impact. There are numerous uncertainties inherent in estimating mineral reserves and mineral
resources. The accuracy of any mineral reserve and mineral resource estimation is the function of the quality of available data
and of engineering and geological interpretation and judgment. Results from drilling, testing, and production, as well as a material
change in metal prices or a change in the planned mining method, subsequent to the date of the estimate, may justify revision
of such estimates and may differ, perhaps materially, and investors are cautioned against attributing undue certainty to mineral
reserves and mineral resources.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>I.</B></TD><TD STYLE="text-align: justify"><B>Operating
                                         Properties</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Mexico</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>La Colorada
                                         Mine</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The La&nbsp;Colorada
underground silver mine is located in the Chalchihuites district in Zacatecas State, Mexico, approximately 99 kilometres south
of the city of Durango and 156 kilometres northwest of the city of Zacatecas. The La Colorada mine is accessed primarily from
the cities of Durango and Zacatecas by paved highway and all weather gravel roads.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our wholly-owned
subsidiary, Plata Panamericana, owns and operates the mine. The La Colorada property, including certain exploration concessions
outside the mining area, is comprised of 56 mining claims totalling approximately 8,395 hectares. We pay an annual fee to maintain
the claims in good standing, and to our knowledge, we have met all of the necessary obligations to retain the project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have control over
approximately 1,119 hectares of surface rights covering the main workings. All of the La Colorada mineral reserves and mineral
resources and all of the known mineralized zones, mine workings, the processing plant, effluent management and treatment systems,
and tailings disposal areas are located within the mining claims controlled by us.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, La&nbsp;Colorada is not subject to any royalties, overrides, back-in rights, payments, or other agreements and encumbrances,
other than governmental taxes, fees and duties. The Company&rsquo;s Mexican operations are subject to governmental taxes, fees
and duties, including: (i) a special mining duty (&ldquo;SMD&rdquo;) of 7.5% applied to taxable earnings before interest, inflation,
taxes, depreciation, and amortization; and (ii) a deductible extraordinary mining duty (&ldquo;EMD&rdquo;) of 0.5% that is applied
to the sale of gold, silver, and platinum.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 1925, the Dorado
family operated mines at two locations on the La&nbsp;Colorada property. From 1929 to 1955, Candelaria y Canoas S.A., a subsidiary
of Fresnillo S.A., installed a 100 tonne per day flotation plant and worked the old dumps of two previous mines on the La&nbsp;Colorada
property. From 1933 to the end of World War II,</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">La Compa&ntilde;&iacute;a de Industrias
Pe&ntilde;oles also conducted mining operations on the property. From 1949 to 1993, Compa&ntilde;&iacute;a de Minas Victoria Eugenia
S.A. de C.V. operated a number of mines on the La&nbsp;Colorada property. In 1994, Minas La Colorada S.A. de C.V. (&ldquo;MLC&rdquo;)
acquired the exploration and exploitation claims and surface rights of Compa&ntilde;&iacute;a de Minas Victoria Eugenia S.A. de
C.V. Until 1997, MLC conducted mining operations on three of the old mines on the La&nbsp;Colorada property at a rate of approximately
150 tonnes per day (&ldquo;tpd&rdquo;).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, exploration
has been in the form of development drifting on the veins. Prior to our ownership, 131 diamond drill holes had been drilled. In
1997, we entered into an option agreement with MLC, during which time we conducted exploration and diamond drilling programs as
part of our due diligence reviews. We acquired the La Colorada mine from MLC in April 1998 and have focussed our production on
the Candelaria, Estrella, and Recompensa mines. No activity takes place at the Campa&ntilde;a mine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The La Colorada property
is located on the eastern flanks of the Sierra Madre Occidental mountain range at the contact between the Lower Volcanic Complex
and the Upper Volcanic Supergroup. The oldest rocks exposed in the mine area are carbonates and calcareous clastic rocks overlain
by a conglomerate unit. Most of the outcrop in the mine area is altered dacite of the regional Lower Volcanic Complex. The stratigraphically
highest rocks in the mine area are felsic tuffs correlated with the Upper Volcanic sequence.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thirteen breccia
pipes up to 100 metres in diameter have been identified on the property, which can extend vertically more than 400 metres below
the surface. The breccias contain clasts of limestone and trachyte, often mineralized, in an altered trachyte matrix. Clasts of
vein material have been found in the breccias suggesting that the pipes postdate the vein emplacement.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">East to northeast
striking faults dipping mostly moderately to steeply to the south form the dominant structures in the project area and controlled
the deposition of mineralization by acting as conduits for mineralizing hydrothermal fluids.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">La Colorada is a
typical epithermal silver-gold deposit, with a transition in the lower reaches of the deposit to a more base metal predominant
system. There are three separate active mining areas on the property, including the Candelaria, Estrella, and Recompensa areas.
The main structure at Candelaria strikes generally east west. The west part of the vein is referred to as HW and the east part
is referred to as NC2, and there are a number of off-splits from these veins. The Estrella area includes the Amolillo vein, which
is a split from the HW vein, and the Palomas vein, which is a split from Amolillo. The Recompensa zone produces or has produced
from three areas: the Recompensa vein; Erika, which is a split from the Recompensa vein; and the Yuri replacement body, which
lies between Erika and Recompensa.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Four dominant styles
of mineralization are present at La Colorada, including breccia pipes, vein-hosted mineralization, replacement mantos within limestone,
and deeper seated transitional mineralization.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineralization in
the breccia pipes generally has lower silver values and elevated base metal values. Mineralization is associated with intense
silicification and occurs as disseminated galena and sphalerite with minor chalcopyrite and bornite. Sulphides are found in the
clasts and the matrix.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most mineralized
veins on the property strike east to northeast and dip moderately to steeply to the south and are generally less than two metres
in width. The HW Corridor at the Candelaria mine strikes east-west and dips moderately to the south, with true widths of approximately
up to 15 metres, but most of the economic mineralization is located in quartz veins, which are on average one to two metres wide.
Where the veins are unoxidised, galena, sphalerite, pyrite, native silver, and silver sulphosalts are present. The major mineralized
veins are strongly brecciated and locally oxidised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Manto style mineralization
is found near vein contacts where the primary host rock is limestone. This style of mineralization was previously mined at Recompensa
and is also present in areas of the Candelaria zone. The</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">mantos can form bodies up to six metres
wide. The mineralogy of the mantos is characterized by galena and sphalerite with minor pyrite and chalcopyrite.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The deep seated transition
mineralization, also known as NC2 Deep at the Candelaria mine, consists of both vein type mineralization and more diffuse stockwork
and breccia zones.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deep drilling has
defined a restricted manto replacement body with lower silver-gold grades and higher lead zinc grades at the 1,000 metre level
and remains open to depth. It is adjacent to the known vein system which continues at that depth.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current mineral
resource and mineral reserve currently comprises vein and manto hosted mineralization. The economically most important veins are
the NC2 and NCPHW veins at the Candelaria mine which together comprise 35% of the total mineral reserve ounces of silver as well
as the Amolillo vein at the Estrella mine which contains a further 37% of the total mineral reserve. The majority of the silver
mineralization is found in the quartz veins which range from 2.0 to 2.9 metres wide.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
NC2 vein contains approximately 16% of the mineral resource and mineral reserve ounces of silver. It is a narrow, one to seven
metre wide mainly sulphide and partly oxide vein with a strike length of over 900 metres. It is open to the east where it is cut
by a trachyte dyke, and has been confirmed by drilling and drifting to continue in both width and grade on the other side of the
dike. We drilled a hole that intersected the vein 400 metres below the current mineral reserves and believe the down-dip exploration
potential is significant. There are a number of other splits from this vein</FONT> <FONT STYLE="font-size: 10pt">numbered NC1
to NC9 that combined contain approximately 32% of the mineral resource and mineral reserve ounces of silver (including NC2). </FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The HW vein, also
at the Candelaria mine, is a one to two metre thick vein with a strike length of over 1.1 kilometres. The HW Corridor consists
of four structures. The majority of the silver mineralization is found in quartz veins which average two metres wide but can widen
up to six to seven metres at the intersections with the HW vein.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Estrella mine,
the Amolillo oxide/sulphide vein is located 500 metres north of the NC2 and HW vein complex and approximately along strike to
the east of the Recompensa vein. The vein has an average width of 1.8 metres and a strike length of approximately 1,300 metres.
Our drilling results indicate that the Amolillo vein could be key to a possible mine expansion. Diamond drilling has intersected
the vein 450 metres below the deepest mining level, and expanded the lateral extension to the east and west by 900 metres for
a total of 1,300 metres of current strike length.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Recompensa mine
contributes the fewest silver ounces to the mineral resources and mineral reserves. The main zones being exploited are the Recompensa
and Erika veins and the Yuri manto replacement body located between the two veins. The Recompensa and Yuri are located more than
a kilometre northwest of the NC2 and HW vein complex. The vein mineralization averages about 1.6 metres wide in the economically
mineable zones, and contains a minor amount of oxide but mostly sulphide material. Erika is a hangingwall split from the Recompensa
vein and is relatively narrow at an average width of 0.7 metres in the economically mined zone. It contains only sulphide material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining had taken
place at La Colorada for several decades prior to any modern exploration work, identifying most of the major structures. For this
reason there has been little surface sampling or geophysics and other surveys. For the past several years we have typically drilled
on the order of 100 to 200 drillholes each year from surface and underground. All drilling at La Colorada is diamond core drilling
and is performed from both surface and underground by either company employees with a company owned drill or by specialized drilling
contractors under the supervision of the La Colorada mine geology department. Channel sampling is performed in ore development
and stopes. There are no known sample recovery, contamination, or bias issues that could have a material impact on the reliability
of the sample results. The results of the drillhole and channel samples are used for the estimation of mineral resources and mineral
reserves.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The drilling database
contains on the order of thousands of drillholes from both surface and underground. In the past, underground holes were drilled
BQ size until 2000 when the drillhole diameter in the HW corridor was increased to HQ size to improve core recovery. From 2008
to present the surface hole size has been increased to HQ and underground holes are drilled either at HQ, NQ or BQ sizes depending
on the location and/or depth of the holes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Channel sampling
is performed by sampling crews under the supervision of the mine geologist. Both channel and drill core sample intervals are approximately
a metre in width. We have identified no drilling, sampling, or recovery factors that could materially impact the reliability of
the results, and the data is considered acceptable for mineral resource and reserve estimation. There are no known factors that
could have resulted in any sample biases.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underground channel
samples are brought directly from one of the portals to the on-site laboratory at the end of each shift. Underground drill cores
are brought from underground to the core shack, which is fenced and locked when there are no geology department employees present.
Once the drillhole has been logged and sampled, the samples are transported to the on-site laboratory. We have no reason to believe
that the integrity of the samples has been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have used four
commercial labs in the past for exploration assaying at La Colorada, including Bondar Clegg (Vancouver, B.C.), ALS Chemex (Vancouver,
B.C.), Luismin (Durango, Mexico) and ALS Chemex de M&eacute;xico (Guadalajara, M&eacute;xico). All gold and silver assays by the
commercial labs have been done using fire assay with either an atomic absorption (&ldquo;AA&rdquo;) or gravimetric finish. Base
metals were assayed using acid digestion and AA determination. All samples are now prepared at the La Colorada mine laboratory,
which is ISO9001:2008 certified and operated by our employees. Samples are analyzed for gold and silver using fire assay with
gravimetric finish, and for lead, zinc, and copper by acid digestion followed by AA.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The La Colorada mine
geology department conducts a quality assurance/quality control (&ldquo;QAQC&rdquo;) program that is independent from the laboratory.
The program includes the insertion of standards and blanks to the on-site laboratory and the submission of pulp duplicate samples
to an external laboratory. The results of the QAQC samples demonstrate acceptable accuracy and precision and that no significant
contamination is occurring at the mine laboratory. We are of the opinion that the data quality and reliability is to industry
standard and is sufficient for use in resource and reserve estimation and mine planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves at La Colorada, as at December 31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>La
    Colorada Mineral Reserves <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reserve
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>%
    Zinc</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>%
    Lead</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Proven</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">474</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.69</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Probable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">346</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">406</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.32</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.57</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.42</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $17.00 per ounce of silver, $1,180 per ounce gold, $1,800 per tonne
                                         of zinc and $1,800 per tonne of lead.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for La Colorada have been prepared under the supervision or were reviewed
                                         by Martin Dupuis, P. Geo., and Martin Wafforn, P. Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Lead
                                         and zinc grades shown are the average for the deposit. However, the base metals are only
                                         payable in the concentrates produced from the sulphide ores and not in the dor&eacute;
                                         produced from the oxide ores. </FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at La Colorada, as at December 31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>La
    Colorada Mineral Resources <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Resource
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Grams
    of Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: center"><FONT STYLE="font-size: 10pt"><B>%
    Zinc</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: center"><FONT STYLE="font-size: 10pt"><B>%
    Lead</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Measured</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">234</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.85</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">288</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.88</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.64</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">374</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.02</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.27</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated using a price of $17.00
                                         per ounce of silver, $1,180 per ounce gold, $1,800 per tonne of zinc and $1,800 per tonne
                                         of lead.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for La Colorada have been prepared under the supervision, or were
                                         reviewed by Martin Dupuis, P. Geo., and Martin Wafforn, P. Eng., as Qualified Persons,
                                         as that term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Lead
                                         and zinc grades shown are the average for the deposit. However, the base metals are only
                                         payable in the concentrates produced from the sulphide ores and not in the dor&eacute;
                                         produced from the oxide ores.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resources
are estimated using a polygonal method based on the data collected from both diamond drilling and underground channel samples.
A long section is produced of each structure and then divided into mineable blocks. The volume of the block is estimated from
the average width of the vein or mineralization intersection of each drillhole or channel located within the mining block. The
grade of each block is estimated by the length weighted average of the grade of the vein or mineralization of each intersection
within the block. The samples are assessed and treated for extreme sample grades prior to averaging. Weighted average bulk density
values are applied to each mining block volume to estimate the tonnes of each block. The data is processed using Excel software
for each structure then combined to arrive at the total tonnes and grade of the mineral resource estimate. The mineral resource
estimates are updated annually with new information and updated geological interpretations and depleted annually for mining in
the previous year.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Planned
dilution is applied to each intersection to achieve a minimum mining width and to account for backfill which is inadvertently
mucked each lift during the cut and fill stoping. Additional unplanned dilution is also applied in order to correlate with the
reconciliation between the mineral reserve and the plant results. Mining recovery is estimated depending on vein width and based
on experience and observation at each mining area. A value per tonne is calculated in each block considering the value paid for
each metal, the</FONT><FONT STYLE="font-size: 11pt"> </FONT><FONT STYLE="font-size: 10pt">expected metallurgical recovery of each
metal to concentrate or to dor&eacute;, and costs including insurance, penalties, refining, and transport.</FONT></P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
confidence classifications are based on the proximity and density of geological and grade information in each block, as well as
the interpretation and the experience of the mine geologist. Mineral resources are then converted to mineral reserves depending
on the resource classification and whether they can be economically mined.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation, and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources at La Colorada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mining method
used at all three mines is cut and fill stoping. This method allows for improved ore recovery and selectivity from irregular,
steeply dipping veins. Ground support is provided by rock bolts, with screen and shotcrete as required, as well as by backfilling
the voids created by mining with development rock or mill tailings as the ore extraction advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mine levels are 30
metres vertically apart. Cut and fill stoping begins at the bottom of each 30 metre panel and works upward in horizontal slices
that follow the strike, dip, and width of the ore zone. Ore extraction begins by cutting a 2 metre thick slice from the bottom
of the ore zone and removing the broken ore from the stope. As each successive slice of the stope is taken, the void below is
backfilled to support the side walls and to provide a stable working platform for mining the next ore slice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Either hand-held
drills or electric hydraulic jumbo drills are used for development mining to access the ore, depending on the size of the excavation
required.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore extracted from
the Candelaria and Estrella mines is currently hoisted through the El Aguila Shaft and hauled to the mill crusher stockpile. When
required, Candelaria and Estrella ore can be hauled up to the surface using one of the mine access ramps. Ore extracted from the
Recompensa mine is hauled to the mill crusher stockpile. Pending the results of further exploration drilling, no production is
scheduled from the Recompensa mine in the current life of mine plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operation currently
produces approximately 430 tpd of oxide ore and 870 tpd of sulphide ore. Each type of ore is processed through separate circuits
which share a single crushing plant. The daily processing capacity of the oxide plant is nominally 650 tonnes of ore and the capacity
of the sulphide plant is nominally 750 tonnes.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
oxide plant comprises a conventional cyanide leach plant consisting of crushing, grinding, leaching, Merrill Crowe zinc precipitation,
and on-site refining to produce precious metal dor&eacute;. The sulphide plant is a conventional flotation plant comprised of
crushing, grinding and selective lead and zinc froth flotation circuits to recover precious and base metals into separate lead
and zinc concentrates. Tailings from both plants are delivered as slurry to separate lined tailings storage facilities</FONT><FONT STYLE="font-size: 11pt">.
</FONT><FONT STYLE="font-size: 10pt">Tailings from the sulphide plant are directed as required to a hydraulic backfill plant for
re-use underground as backfill in the stopes.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the maximum capacity
of the La Colorada mine in its existing configuration has been reached, an expansion project was approved in December 2013. The
total throughput at La Colorada's processing plants will progressively increase from the 1,330 tpd achieved in 2015 to 1,500 tpd
starting in 2016 when the shaft has been commissioned and to 1,800 tpd by the end of 2017. The mine's expansion involves the construction
of new mining infrastructure, the development of new mining zones to reach deeper mineralization, the expansion of the sulphide
ore processing plant, and the installation of a new power line connection to the national grid.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A new shaft under
construction between the Candelaria Estrella mines, which is necessary regardless of the expansion project, will increase hoisting
capacity to 2,300 tpd. Construction and commissioning of the new sulphide plant is expected to be completed in Q3 2016. The construction
of the new shaft, headframe and hoisting plant is in progress with commissioning expected to be completed by the end of 2016.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The total incremental
expansion capital was estimated at $80 million. The sulphide plant expansion, additional mining equipment and accelerated development,
plus several important infrastructure upgrades account for the largest portion of the incremental capital for the project.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Production
at La Colorada in 2015 was approximately 5.3 million ounces</FONT><FONT STYLE="font-size: 11pt"> of </FONT><FONT STYLE="font-size: 10pt">silver,
2,600 ounces of gold, 8,900 tonnes of zinc, and 4,300 tonnes of lead. In 2015, silver recovery averaged 82.4% from the oxide processing
circuit and 92.9% from the sulphide processing circuit. </FONT></P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All precious
metal dor&eacute; produced at La Colorada is sent to one of two arm&rsquo;s length precious metals refineries for refining
under fixed term contracts. After refining, the silver and gold are sold on the spot market to various bullion traders and
banks. All lead and zinc concentrates produced at La Colorada  are sold to arm&rsquo;s length smelters and concentrate
traders under negotiated fixed term contracts, which consider the presence of any deleterious elements. To date, we have not
experienced difficulty with renewing existing or securing new contracts for the sale of the La Colorada dor&eacute; or
concentrates, however, there can be no certainty that we will always be able to do so or what terms will be available in the
future. We regularly review the terms of smelting and refining agreements and the terms are considered to be within industry
norms. Please see &ldquo;Risks Related to our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenue per type
of concentrate and dor&eacute; produced by the La Colorada mine for the past three years were as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP> </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 35%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver
    and Gold in Dor&eacute;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 33%; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$21.5
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">1,410,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 6pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">880</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$56.9
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">9,400</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$11.2
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">14,930</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and
    Gold in Dor&eacute;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$21.5
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">1,165,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">860</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$62.8
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">8,666</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$13.7
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">13,201</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and
    Gold in Dor&eacute;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$28.5
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">1,230,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">1,070</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$61.7
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">8,023</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$11.3
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">12,046</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Lead
                                         concentrates contain payable silver and gold. Zinc concentrates contain payable silver.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
mine workings, processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power
and water lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled
by us.</FONT> <FONT STYLE="font-size: 10pt">To the best of our knowledge, all permits and licenses required to conduct our activities
on the project have been obtained and are currently in good standing.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine purchases
electrical power from the Mexican national power utility and back up diesel power is also available. As part of the La Colorada
expansion project that is currently in progress, the mine is constructing a new 115 kV power line. Water for the mining operation
is supplied from the underground mine dewatering systems and is adequate for the existing and planned future requirements of the
mine.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An environmental
impact statement (&ldquo;EIS&rdquo;) and risk assessment on the La Colorada property was submitted to the Mexican environmental
authorities in early March 1999. The EIS described the impact of proposed development and mining activities and provided conceptual
plans for closure and remediation. The EIS was approved by the Mexican authorities in November 1999 and renewed in late 2010.
In 2013, the Mexican authorities approved a modification to the existing environmental permits that allow the proposed expansion
of</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">the mine and process plant up to 2,000
tpd. A modification application to the plant expansion permit was approved in early 2015.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">La Colorada has voluntarily
participated in the Mexican Environmental Protection Authority&rsquo;s (&ldquo;PROFEPA&rdquo;) &ldquo;Clean Industry&rdquo; Program
which involves independent verification of compliance with all environmental permits and the implementation of good practice environmental
management procedures and practices. The mine obtained its first certification in 2008 and has been re-certified every two years
since, with the most recent certificate awarded in 2014. The mine will go through the re-certification process again in 2016.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main environmental
projects at La Colorada focus on the stability and revegetation of historic tailings facilities and an upgrade to existing mine
water treatment infrastructure.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for La Colorada was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. Pan American
has estimated the present value of the final site reclamation costs for the La Colorada property to be approximately $4.5 million
as at December 31, 2015. See &ldquo;Narrative Description of the Business &ndash; Environmental Protection&rdquo; for further
disclosure regarding forward looking statements related to reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Safety audits are
conducted by Pan American&rsquo;s Director of Health and Safety and safety managers from some of our other mines. The most recent
safety audits have taken place in 2014 and 2015, and as of the end of December, 2015, the mine has accumulated more than 5.5 million
hours of work without an LTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">La Colorada was the
recipient of the prestigious &ldquo;Casco de Plata&rdquo; award for 2007, 2009, and 2014, for the best safety record for underground
mines in Mexico with in excess of 500 employees, and took second place in the same category in 2013. In both 2009 and 2014, La
Colorada was awarded our Chairman&rsquo;s Safety Award. During 2015, personnel employed at the mine attended over 45,000 hours
of training.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, total capital
expenditures at La Colorada were approximately $58.0 million, with $48.2 million spent on expenditures related to the expansion
project approved in December 2013. Advances were made on the construction of the new sulphide plant, shaft sinking and installation
of the new hoist, and underground mine development to support future increased production levels. The remainder of the $58.0 million
was spent on sustaining capital expenditures consisting of mine infrastructure, exploration drilling, a mine dewatering treatment
plant, mine equipment, process plant improvements, and access road upgrades.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital spending
relating to the expansion project is expected to be between $64.0 million and $66.5 million in 2016. Sustaining capital expenditures
at La Colorada in 2016 are expected to be between $8.0 million and $10.5 million, including approximately $4.3 million in mine
capital, the largest components being a ventilation raise and numerous equipment overhauls; $1.2 million in brownfield exploration;
$1.8 million in tailings storage expansion work; and $1.0 million in general capital expenditures including access road improvements,
and mine rescue equipment.</P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The La Colorada expansion
project is anticipated to require total incremental capital of approximately $80.0 million. Including sustaining capital, the total
investment during the expansion project period of 2014-2017 is estimated to be $163.8 million. Assuming a period of 2014-2023,
at metal prices of $16 per ounce of silver, the incremental after tax net present value of the expansion project is estimated at
$22.0 million at a 10% discount rate, with an internal rate of return of 18.0%, and a payback period of 2.9 years. Over the same
period, at metal prices of $19 per ounce of silver, the incremental after tax net present value of the expansion project is estimated
at $38.6 million at a 10% discount rate, with an internal rate of return of 22% and a payback period of 2.5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The La Colorada Report,
on which the foregoing is based, is a preliminary economic assessment. The results of this preliminary economic assessment are
preliminary in nature, in that it includes inferred mineral resources that are considered too geologically speculative to have
the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty
that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, we anticipate
producing between 5.6 million and 5.7 million ounces of silver, between 2,700 and 2,900 ounces of gold, 9,500 to 10,000 tonnes
of zinc, and between 4,800 and 4,900 tonnes of lead. The 2016 mine plan contemplates a production rate of 1,350 tpd for the first
nine months, with an increase to 1,600 tpd for the fourth quarter as the new sulphide plant and shaft are phased into production.
With a combination of greater sulphide tonnages mined throughout the year and the additional capacity in the sulphide plant coming
in during the fourth quarter, it is expected that base metal by-product production will be increasing throughout the year. We
plan to undertake nearly 32,000 m of exploration drilling in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B><U>Alamo
                                         Dorado</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Alamo Dorado
open pit silver mine is located 45 kilometres south-southeast of the town of Alamos in the southeast corner of the state of Sonora,
near the border with the state of Sinaloa in northwest Mexico. Alamo Dorado is accessed by paved highway from the cities of Hermosillo
and Ciudad Obregon into the town of Alamos, and from Alamos by an unpaved road. Major airports in the state of Sonora are located
in Hermosillo and Ciudad Obregon, and the town of Alamos is also serviced by a sealed airstrip.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 20, 2003,
Pan American acquired Corner Bay and its subsidiaries pursuant to a plan of arrangement. Our wholly-owned subsidiary, MCB, owns
and operates the mine. The mine consists of two mining concessions, the 509 hectare Alamo Ocho concession and the 4,865 hectare
Alamo Dorado concession, and five exploration concessions covering 6,014 hectares, and surface rights covering 763.64 hectares.
We pay an annual fee to maintain the concessions in good standing, and to our knowledge, we have met all of the necessary obligations
to retain the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Much of the surface
rights with respect to Alamo Dorado are owned by an &ldquo;ejido&rdquo;, which is a communal land tenure held by local community
groups. We have surface rights agreements with a number of local ejido groups and with certain other private land owners allowing
us access and use in connection with our exploration and mining activities. Our mining operations, waste storage areas, and other
facilities fall within these surface rights agreements.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the known
mineralized zones, mineral resources and mineral reserves, mine workings, the processing plant, effluent management and treatment
systems, and tailings disposal areas relating to Alamo Dorado are located within the boundaries of the Alamo Ocho and Alamo Dorado
concessions and surface rights.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, the Alamo Dorado mine is not subject to any royalties, overrides, back-in rights, payments or other agreements and
encumbrances. The Company&rsquo;s Mexican operations are subject to governmental taxes, fees and duties, including the SMD and
the EMD.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no record
of any modern exploration conducted at Alamo Dorado prior to 1997, nor are there any records of production, although there is
evidence of a few old adits in the general area. All recorded drilling at the property has been undertaken since 1997. Prior to
our acquisition of the project in 2003, exploration at Alamo Dorado was primarily comprised of reverse circulation drill campaigns
conducted annually from 1998 to 2001.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Site construction
commenced in April 2005 and production of silver commenced in 2007. Open pit mining finished by year end of 2015, and the mine
will process stockpiles during the first half of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Alamo Dorado
mine is located in the Sierra Madre Occidental mountain range, a volcanic plateau that extends for hundreds of kilometres through
northwestern Mexico. The volcanic sequence is divided into the Upper and Lower Volcanic Series. The Lower Volcanic Series consists
of tuffs, flows, and volcanic breccias and the Upper Volcanic Series consists of ash flow and ash fall tuffs that unconformably
overlie the Lower Volcanic Series.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining districts
in the Sierra Madre are typically located along sheared and faulted structural zones formed in the Lower Volcanic Series. The
rocks hosting mineralization at the mine consist of a sequence of deformed and metamorphosed, steeply dipping, marine rocks that
contain minor intercalated siliceous exhalite and pillow basalt. The marine sedimentary rocks were intruded by a number of dykes
and granodiorite stocks. Silver mineralization is mostly hosted by the metamorphosed volcanic rocks.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stratiform, low sulphidation
epithermal mineralization and alteration of the rocks at Alamo Dorado is controlled by a structural zone that has been folded
and metamorphosed by regional deformation events. Silver and gold mineralization may have been associated with the emplacement
of a diorite feldspar porphyry dyke and/or a granodiorite stock, both of which display hydrothermal alteration and contain silver
mineralization.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hypogene silver mineralization
occurs predominantly as argentite with fine disseminated pyrite in quartz veins, within quartz crystals of siliceous gangue, and
within fractures in siliceous gangue. It also occurs as tetrahedrite intergrown with pyrite, galena, and sphalerite. In the upper
oxide environment the silver mineralization occurs in the form of silver chloride minerals, acanthite, and silver sulphosalts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main form of
exploration on the property has been through drilling campaigns using reverse circulation and diamond drill coring methods carried
out by a third party under the supervision of the Alamo Dorado mine geology department. There are no known sample recovery, contamination,
or bias issues that could have a material impact on the reliability of the sample results. The results of the drillhole samples
are used for the estimation of mineral resources and mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approximately 120
reverse circulation and 160 diamond drillholes have been drilled in or in the vicinity of the deposit, mainly on a 25 metre grid
pattern over the currently defined mineral resources and mineral reserves. No diamond drilling took place at the mine in 2015,
in anticipation of the closure of the mine. In the recent past, drillholes were drilled using diamond drilling methods with HQ
diameter surface drill rigs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information obtained
from the reverse circulation and diamond drilling programs was used for the estimation of mineral resources and mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Samples from reverse
circulation drillholes were collected at 1.52 metre intervals, and split to obtain a 3.5 to 5 kilogram sample. Drill core samples
were usually selected at approximately 1.5 metre intervals. Drill core recovery was good, while recovery for reverse circulation
drilling was approximately 70%. There are no known drilling, sampling, or recovery factors that have had a material impact on
the results of the data used to estimate mineral resources and mineral reserves.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The drillholes were
brought from the drill rig to the core shack and kept in a secure location. Once the drillhole was logged and sampled, the samples
were collected by the commercial laboratory where they were maintained under the control of the laboratory. We have no reason
to believe that the validity and integrity of the samples were compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Drill core samples
were prepared and analysed by ALS Chemex in Durango, Mexico, using fire assay with gravimetric finish methods for the analysis
of gold and for silver. Trace silver content below the detection limit of the fire assay method was determined using aqua regia
digest with inductively coupled plasma &ndash; atomic emission spectroscopy (&ldquo;ICP-AES&rdquo;) finish. The Alamo Dorado mine
geology department conducted a QAQC program including the insertion of standards and blanks to the laboratory and the results
of the QAQC samples demonstrate acceptable accuracy and precision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves for the Alamo Dorado mine, as at December 31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding: 3pt -0.1in 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alamo
    Dorado Mineral Reserves <SUP>1, 2,3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reserve
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams of
    Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams of
    Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.38in; text-align: left; font-size: 10pt">Proven</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.38in; text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">Probable</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.38in; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.23</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $15 per ounce of silver and $1,100 per ounce of gold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for Alamo Dorado were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All
                                         remaining mineral reserves are stockpiled material.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at Alamo Dorado, as at December 31, 2015, are as follows:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alamo
    Dorado Mineral Resources <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Resource
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.34in"><FONT STYLE="font-size: 10pt">Measured </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.34in"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">78</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.34in"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.54</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Mineral resources were constrained
                                         within a pit shell using a price of $25 per ounce of silver and $1,400 per ounce of gold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Alamo Dorado were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resources
are estimated on an annual basis using the additional drillhole information acquired during the year, although no new drilling
information was available in 2014 or 2015. Mineral resources were estimated using an indicator kriging method with industry standard
mining software. Three dimensional interpretations of lithology and silica content were prepared based on the drillhole logging
information and coded to the block model. Bulk density was applied to the block model by lithology based on bulk density measurements.
The block model was then depleted for previous mining and classified for confidence categories depending upon the confidence in
the sample data, the estimate, and the density of available drillhole samples.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserves
were estimated by preparing an optimized pit design in Whittle software based on measured and indicated blocks in the resource
estimate. The mineral reserve was classified depending upon the resource classification and whether the blocks can be economically
mined. At the end of 2015, mining in the open pit had been completed and the remaining mineral reserves are those that are contained
in stockpiles. The tonnes and grades of those stockpiles were estimated from blast hole samples that were taken at the time that
the material was mined.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources at Alamo Dorado.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until 2015, Alamo
Dorado operated as a conventional surface mine utilizing hydraulic shovels, front end loaders, and mechanical trucks to mine on
5 metre high benches. The mine stockpiled low grade and mineralized waste category material, processing high grade material first
in order to maximize the return on investment. At the end of 2015, the open pit mining operations were completed and the mine
now plans to process the lower grade stockpile material for as long as it is economically viable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore is treated by
conventional crushing and semi-autogenous and ball mill grinding followed by thickening, agitated cyanide leaching, leach residue
filtration, direct electrowinning to produce a cathode sludge, AVR (acidify, volatilize, and re-neutralize) cyanide recovery and
recirculation, leach residue washing with AVR product solutions, dry stack tailings, and conventional silver and gold dor&eacute;
production from melting of the cathode sludge. The nominal design treatment rate is 4,000 tpd of ore. The mine&rsquo;s tailings
treatment process recovers approximately 45% of the sodium cyanide used and also neutralizes mill tailings, thus reducing the
mine&rsquo;s environmental impact and reclamation costs. During 2015, we processed 1.8 million tonnes of ore, producing 3.0&nbsp;million
ounces of silver and 20,300 ounces of gold with metallurgical recoveries of 82.9%<B> </B>of silver and 89.13% of gold.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most production from
Alamo Dorado is in the form of dor&eacute; bars, which is refined at arm&rsquo;s length refineries prior to the sale of refined
silver and gold to bullion banks and traders. We enter into multi-year refining contracts with refiners for the production from
Alamo Dorado. The mine also produces a small amount of silver and gold in the form of a copper-lead rich precipitate from the
AVR circuit. This material is typically sold to concentrate traders under annual contracts, which consider the presence of any
deleterious elements.. We have not had any difficulty in securing contracts for the sale of Alamo Dorado dor&eacute; and concentrates,
however, there can be no certainty that we will always be able to do so or what terms will be available at the time. Please see
&ldquo;Risks Related to Our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenue per type
of concentrate and dor&eacute; produced by the Alamo Dorado mine for the past three years were as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP> </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 40%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver
    and Gold in Dor&eacute;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$68.2
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">2,882,882</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 6pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">20,324</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">AVR copper/silver
    Concentrates<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.0
    million</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">600</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and
    Gold in Dor&eacute;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$90.5
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,590,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">17,500</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">AVR copper/silver
    Concentrates<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.0
    million</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">320</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>

<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; width: 40%; border-top: white 2.25pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: white 2.25pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: white 2.25pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: white 2.25pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$158.7
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">5,520,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ounces
    of silver</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">19,674</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">AVR copper/silver
    Concentrates<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.4
    million</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">790</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">tonnes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">AVR
                                         concentrates contain payable silver and gold.</FONT></TD>
</TR></TABLE>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power and water
lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by
us. Power is purchased from the Mexican national power utility and supplied by a 115 kilovolt power transmission line from a hydroelectric
station located 35 kilometres from the mine. Water is supplied from wells located 27 kilometres to the southwest and pumped through
a pipeline to the mine.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, all permits and licenses required to conduct our activities on the project have been obtained and are currently in
good standing.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The original environmental
permitting work for Alamo Dorado considered options developed for the 2002 feasibility study, and was provided by MCB in conjunction
with Aguayo Consultor&iacute;a Ambiental, MCB&rsquo;s environmental consultant and coordinator. An EIS and risk assessment study,
as well as ancillary documents, were submitted by MCB to the Secretariat of Environment and Mineral Resources (&ldquo;SEMARNAT&rdquo;)
to identify potential major deficiencies and for appropriateness for permitting Alamo Dorado. SEMARNAT recommended a finding of
no significant impact in the original impact statement/permitting document. Following completion of the updated feasibility study,
the original EIS and risk assessment study documents were revised, resubmitted, and approved by SEMARNAT. Project construction
commenced in 2005 based on the approved EIS and an improved modification of the SEMARNAT Temporary Land Use Permit for the operation
of a mill and disposal of non-toxic tailings in a dry stack tailings area.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MCB had an agreement
with SEMARNAT for compensation activities for mitigation of the environmental impact of the Alamo Dorado project. MCB conducted
its compensation activities on schedule during the term of the agreement (2005-2007) and within the framework of its agreement
with SEMARNAT. Confirmation was received in August 2007 from SEMARNAT acknowledging the end of the third and final stage of the
agreement.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main environmental
projects at Alamo Dorado focus on revegetation and mine closure studies.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alamo Dorado has
voluntarily participated in the PROFEPA &ldquo;Clean Industry&rdquo; Program which involves independent verification of compliance
with all environmental permits and the implementation of good practice environmental management procedures and practices. PROFEPA
awarded Alamo Dorado the &ldquo;Clean Industry&rdquo; distinction in 2013, and the certification was renewed in 2015.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Alamo Dorado was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. We have
estimated the present value of reclamation costs for the Alamo Dorado property at December 31, 2015 to be approximately $11.5
million. This estimate increased from 2014 mainly due to normal footprint growth and changes to the closure plan resulting from
initial geochemical studies completed in 2015 which recommended partial backfilling of the open pit. See &ldquo;Narrative Description
of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding forward looking statements related to
reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
have been conducted most recently in 2012 and 2014 by Pan American&rsquo;s Director of Health and Safety and safety managers from
other Pan American operations. During 2015, personnel employed at Alamo Dorado attended over 9,000 hours of safety related training.
Alamo Dorado was awarded the &ldquo;Casco de Plata&rdquo; award in the open pit category for the best safety record in Mexico
during 2008 and during 2010. In 2015, Alamo Dorado was runner up in the Casco de Plata for open pit mines with fewer than 500
employees. In 2013, Alamo Dorado was the recipient of the Chairman&rsquo;s Safety Award for safety performance during 2012. The
mine has recorded only one LTI since the start of the project and as of the end of 2015 had accumulated more than 6.4 million
hours worked without an LTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to mining at
the Alamo Dorado mine nearing completion in 2015, no expenses were capitalized during the year. Similarly, no capital expenditures
have been planned for 2016 due to the fact that the Alamo Dorado mine is nearing the end of its life. Decommissioning obligations
are expected to be incurred starting in 2016 and carrying on through 2018. <B><I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the mine is at
the end of its life, no exploration or development activities are planned. In 2016, we anticipate producing between 1.0 million
and 1.2 million ounces of silver and between 7,000 and 8,000 ounces of gold.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B><U>Dolores</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dolores open
pit silver-gold mine is located in the Sierra Madre Occidental mountain range in the state of Chihuahua, in the municipality of
Madera, approximately 250 kilometres west of the city of Chihuahua. The main road access to the property is by maintained dirt
access road from Yepachi, Chihuahua. Access is also possible by light aircraft landing on a dirt strip located about eight kilometres
from the mine.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2012, Pan American
acquired all of the issued and outstanding shares of Minefinders by way of a plan of arrangement. Upon completion, Pan American
owned 100% of Minefinders and its subsidiaries, including Minefinders&rsquo; wholly owned Mexican subsidiary, CMD, which owns
and operates the mine. The area of the concessions is 27,700 hectares. We pay an annual fee to maintain the concessions in good
standing, and to our knowledge, we have met all of the necessary obligations to retain the project. To the best of our knowledge,
all permits and licenses required to conduct our activities on the project have been obtained and are currently in good standing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Much
of the surface rights on the property are owned by Ejido Huizopa. We have surface rights agreements with Ejido Huizopa and with
several individual members of the Ejido allowing us irrevocable access and the right to carry out exploration and mining activities
for a term of 15 years with a right to extend for a further 15 years. These surface rights provide us with access to our mining
operations, waste storage areas, heap leach pad areas, and other facilities.</FONT><FONT STYLE="font-size: 11pt"> </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the known
mineralized zones, mineral resources and mineral reserves, mine workings, the processing plant, effluent management and treatment
systems, and heap leach pad areas relating to Dolores are located within the boundaries of the concessions and surface rights.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A net smelter return
royalty of 2% payable on all metal production, plus an additional net smelter return royalty of 1.25% on gold production, is payable
to RG Mexico Inc., a subsidiary of Royal Gold Inc. These royalties are only on the portion of the deposit contained within one
of the three concessions. To the best of our knowledge, the Dolores mine is not subject to any other royalties, overrides, back-in
rights, payments or other agreements and encumbrances. The Company&rsquo;s Mexican operations are subject to governmental taxes,
fees and duties, including the SMD and the EMD.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Placer mining began
in the region of the Dolores mine in the 1860s and was followed by lode mining in 1898. A 25 tonne per day stamp mill began treating
the Dolores ore from between 1915 and early 1929 when it was destroyed by fire. Only sporadic production occurred from 1929 to
1931, and there are no records of any historical production after 1931. Incomplete mining records from between 1922 and 1931 indicate
that on the order of 372,000 tonnes of ore containing over 116,000 ounces of gold and six million ounces of silver were mined
from several underground mine operations, including Dolores.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The property remained
inactive until 1993 when Minefinders began acquiring a land position in the district. Minefinders began a full exploration program
in 1995 and drilling started in 1996, using both diamond and reverse circulation drilling methods. In July 1996, Minefinders granted
Echo Bay Mines (&ldquo;Echo Bay&rdquo;) an option in the property. Echo Bay completed drilling, sampling, environmental data collection,
and metallurgical testing. Minefinders bought out the Echo Bay interest, including the technical information collected by Echo
Bay, in 1997.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following construction,
Minefinders commenced mining in 2008. During the years 2008 and 2011, Minefinders produced 25.5 million tonnes and stacked 18.3
million tonnes on the leach pads, producing 210,660 ounces of gold and 6.2 million ounces of silver.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acquired the Dolores
mine at the end of March 2012 and began to operate the mine in April 2012.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dolores mine
is located in the Sierra Madre Occidental mountain range, which comprises a long northwest trending volcanic plateau. The region
is dominated by rhyolitic ash flow tuffs of the Upper Volcanic Series which unconformably overlies andesites and interlayered
felsic ash flow tuff deposits of the slightly older Lower Volcanic Series. The deposition of the Lower Volcanic Series was accompanied
by the emplacement of quartz diorite and granodiorite batholiths and small intrusive bodies. The majority of the epithermal and
porphyry related precious metals deposits in the Sierra Madre are hosted in the Lower Volcanic Series. The oldest structural episode
produced east striking, steeply dipping strike slip faults and later extensional forces resulted in the regional development of
north-south to northwest-southeast striking sub-vertical normal faults. The structures hosting mineralization in the Dolores area
are believed to have controlled emplacement of a series of north-northwest trending andesite to latite intrusions. Zones of permeability
associated with these faults and intrusive contacts formed conduits for the ascending mineralizing hydrothermal fluids.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dolores project
is underlain by the Lower and Upper Volcanic Series. At the mine site the Lower Volcanic Series consists of gently tilted lavas,
flow breccias, and tuffaceous rocks conformably overlain by felsic latite volcaniclastic breccia. These units are overlain by
the Upper Volcanic Series, which comprise a volcaniclastic assemblage of mostly felsic ignimbrites and tuffs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gold and silver mineralization
at Dolores is present as low to medium sulphidation, epithermal gold-silver bearing veins, silica stock works, breccias, and replacements.
The system is mostly structurally controlled within a north-northwest striking extensional fault system. Gold and silver mineralization
identified on the surface at Dolores lies over an area 4,000 metres long and up to 1,000 metres wide. The extent of mineralization
at depth and along strike has not been fully defined.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Relatively deep mineralization
tends to be located in high grade veins typically five to ten metres wide, while at higher elevations these feeder veins change
into wider, lower grade stock works, veinlets, and disseminations toward the less competent and more permeable overlying latite
flows and tuffs of the Lower Volcanic Series. These wider areas are on the order of a few hundred metres. The main mineralization
occurs as a series of parallel structures trending to the north-northwest and dipping steeply to the west.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineralization is
generally associated with quartz and may be composed primarily of iron-oxides, silver sulphosalts, electrum, and native gold in
the oxidized zone and with pyrite, silver sulphides, native silver, visible gold, galena, and sphalerite deeper in the sulphide
zone.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Minefinders carried
out reconnaissance geological mapping, detailed mapping, and geophysical surveys including induced polarization surveys, resistivity
surveys, and magnetic surveys. Minefinders also collected rock chip samples from the surface and underground, and followed up
on promising targets with both reverse circulation and diamond drilling. Since we acquired the Dolores property, we have continued
with a program of near mine surface geological mapping and diamond drilling. Sample assays from both Minefinders and our drilling
programs are used for the estimation of mineral resources and mineral reserves.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Minefinders&rsquo;
staff geologists carried out surface mapping and sampling, and employed contractors to complete the geophysical and drilling programs.
We currently employ Rock Drill of Aguascalientes, Mexico, to undertake surface diamond drilling.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The reliability of
the data obtained in Minefinders&rsquo; exploration program could be affected by certain factors. Since acquiring the project,
we have undertaken measures to ensure the data used for the estimation of mineral resources and mineral reserves is reliable,
and the reliability of the sample data has been considered when applying confidence categories to the mineral resource and reserve
estimates.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Drillholes on the
project include both reverse circulation and diamond drilling methods. Since we acquired the project in 2012, diamond drilling
has been performed using HQ sized diamond drill rigs on the surface. Approximately 1,300 drillholes have been completed at the
project, mostly focussed on a pattern over the mineral resources and mineral reserves, and roughly spaced 25 metres along strike.
The results of both the reverse circulation and diamond drillhole samples have been used to estimate mineral resources and mineral
reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reverse circulation
drillholes were drilled either wet or dry, depending on ground conditions, and a 10 to 13 kilogram sample was selected from the
length of the drill rod, which was 1.52 metres. Diamond drillhole samples are marked according to geological features by the project
geologist after logging. Most drill core samples have been taken at 2 metre intervals.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All samples are transported
from the drill rig to the core logging shed by company employees and the shed is locked when no geological staff is present. Samples
are collected from the mine by the commercial laboratory where they are maintained under the control of the laboratory. We have
no reason to believe that the integrity of the samples has been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Minefinders sent
samples to either Bondar Clegg, ALS Chemex, or Inspectorate laboratories for preparation and analysis. Silver assays were mostly
prepared using a multi-acid digestion technique and atomic absorption spectrometry. Any sample with an assay greater than 100
or 200 grams per tonne silver was re-assayed using fire assay with gravimetric finish. Gold was analyzed using fire assay with
atomic absorption finish and with gravimetric finish if the assay was greater than one or two grams per tonne, depending on which
laboratory was used. Since acquiring the project, we have sent samples to SGS Laboratories in Durango, Mexico. Samples are assayed
for gold using fire assay with atomic absorption spectrometry finish, and by fire assay with gravimetric finish for samples greater
than 10 grams per tonne of gold. Silver is analysed by three acid digestion with ICP-AES finish for trace silver values, by three
acid digest with atomic absorption spectrometry finish for samples less than 300 grams per tonne silver, and by fire assay with
gravimetric finish for samples containing greater than 300 grams per tonne silver.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since acquiring the
Dolores mine, we have implemented an industry standard QAQC program including the submission of certified standards, blanks, and
duplicate samples to the laboratory and review the results regularly to ensure the appropriate action is taken in the event of
a QAQC failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves for the Dolores mine, as at December 31, 2015, are as follows:</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dolores
    Mineral Reserves <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reserve
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams of
    Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-decoration: none; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams
    of Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.38in; text-align: left; font-size: 10pt">Proven</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23.0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.96</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.38in; text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">Probable</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">29.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.92</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.38in; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">52.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.94</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $17.00 per ounce of silver and $1,180 per ounce of gold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for Dolores were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at Dolores, as at December 31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="7" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Dolores
    Mineral Resources <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Resource
    Category</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams of
    Silver</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grams of
    Gold</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>per tonne</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.35in"><FONT STYLE="font-size: 10pt">Measured </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.35in"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.62</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.35in"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.17</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated mineral resources are
                                         constrained within an optimized open pit shell and mineable underground shapes using
                                         metal prices of $25 per ounce of silver and $1,400 per ounce gold. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Dolores were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates were prepared using multiple indicator kriging within three dimensional geological interpretations using industry standard
mining software. Silver and gold grades were estimated using multiple indicator or ordinary kriging into the parent cell. Bulk
density was applied to the block model using a nearest neighbour estimate of bulk density measurements of drill core samples.
The block model was classified for measured, indicated, and inferred confidence categories depending on the location of the block
relative to the number of drillhole intersections available to estimate each block, as well as other factors affecting confidence
in the estimate.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mineral resource
estimate was then depleted for previous surface and underground mining. Planned dilution was applied to the block model and a
value per tonne was estimated and applied to each block based on estimated gold and silver grades, estimated metallurgical recoveries,
metal prices, and mining and processing costs. An optimized pit shell and design were prepared using the re-blocked resources
block model to report proven and probable reserves. A second pit shell was prepared with the value per tonne calculations for
each block re-estimated with resource metal prices to report mineral resources. Below the resource pit, mineral resources that
may potentially be mined by underground mining methods were also defined.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation and economic parameters. Increasing costs, lower metal
prices or increasing taxation could have a negative impact on the estimated mineral reserves. There are currently no known factors
which may have a material negative impact on the estimated mineral reserves or mineral resources at Dolores.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining at Dolores
is by standard open pit methods using shovels, loaders, and haul trucks. Each bench is 7.5 metres high. Angled reverse circulation
drill holes perpendicular to the strike of mineralization are used for grade control to provide high quality data for interpreting
the ore/waste contacts in advance of mining. Low to medium grade material may be placed on stockpiles allowing for the preferential
crushing and stacking of higher grade material.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May, 2015 the
Board of Directors approved an expansion project that, when completed, will include the construction of a pulp agglomeration treatment
plant and an underground mine. Underground mining is expected to occur concurrently with open pit mining, and will be developed
to commence production using open stoping mining methods at approximately the same time as the pulp agglomeration plant installation
is completed. A preliminary underground schedule based on the underground mine plan targets a production rate of approximately
1,500 tpd to feed the pulp agglomeration circuit in tandem with the high grade portion of the material from the open pit mine.
The planned schedule indicates underground development commencing in 2015 with full production achieved in 2018 and a mine life
of approximately 12 years, including construction time. The projected mine life of the expanded operation may increase if additional
mineral resources are defined and can be converted to mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine uses conventional
cyanide heap leaching technology to produce gold and silver dor&eacute;. Broken ore is trucked from the open pit to the crushing
plant, where it is crushed, conveyed to the leach pads, and placed on the pads using conveyors and a radial stacking system. A
distribution piping and nozzle system is used to irrigate the heaps with cyanide solution. The leaching period can cover years,
and continues as subsequent lifts are placed on the pads. The pregnant solution is collected in a pond, clarified, and processed
through a Merrill-Crowe circuit to precipitate gold and silver from solution onto zinc dust. The solution is pumped to filter
presses, where the resulting material containing zinc, gold, and silver is dried. The dried material is then melted in a furnace
to form dor&eacute; bars.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expansion project
involves increasing the overall processing rate from 16,200 to 20,000 tpd by processing the high grade portion of the mined material
through a pulp agglomeration treatment plant and conveying the agglomerated material with the crushed lower grade portion of the
mined material to the heap leach pads for leaching. The pulp agglomeration plant will be comprised of crushing, grinding, particle
size classification, thickening, filtration, agglomeration, and reagent facilities. The pulp agglomeration process of liberating
metals by grinding has the advantage of improved leaching kinetics and ultimate recovery of precious metals in the high grade
ore relative to the current heap leach method. The improvement in recovery of the high grade fraction due to pulp agglomeration
is estimated at around 19% for silver and 13% for gold. This results in an overall improvement in metal recovery of around 7%
for both silver and gold for the entire mineral inventory.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company anticipates
meeting a scheduled start-up of the pulp agglomeration plant by mid-2017, while ramping-up underground operations to the full
1,500 tpd design capacity by the end of 2017. Apart from the expansion project, the projects team has also initiated the next
phase of the leach pad sustaining capital expansion at Dolores, which is scheduled for completion by mid-year 2016, and will provide
an additional 18 million tonnes of ore stacking capacity.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We stacked 6.1 million
tonnes on the leach pads and produced 4.3 million ounces of silver and approximately 79,100 ounces of gold in 2015.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All production from
Dolores is in the form of dor&eacute; bars, which is refined at arm&rsquo;s length refineries prior to the sale of refined silver
and gold to bullion banks and traders. Pan American currently has a multi-year refining contract in place with a refiner in the
USA. We have not had any difficulty in securing contracts for the sale of Dolores dor&eacute;, however, there can be no certainty
that we will always be able to do so or what terms will be available at the time. Please see &ldquo;Risks Related to Our Business
&ndash; Trading Activities and Credit Risk&rdquo;.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American&rsquo;s
revenue from the dor&eacute; produced by the Dolores mine was as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,2
    </SUP></B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$166.1 million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,448,000 ounces of silver</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">82,510&nbsp;&nbsp;&nbsp;ounces
    of gold</FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold
    in Dor&eacute;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$156.6
    million</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,911,600
    ounces of silver</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">64,301&nbsp;&nbsp;&nbsp;ounces
    of gold</FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$164.0
    million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,360,730
    ounces of silver</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: White 2.25pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">61,559&nbsp;&nbsp;&nbsp;ounces
    of gold</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, leach pads, waste disposal areas, effluent management and treatment facilities, roads, and power and water lines
have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by us.
Water for the operations is sourced from wells, historic underground workings, pit dewatering activities, and from the nearby
Rio Tutuaca. Additional water rights have been acquired for the mine, and a dam and reservoir provide storm-water control and
a primary water supply. To the best of our knowledge, all permits and licenses required to conduct our activities on the project
have been obtained and are currently in good standing.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expansion project
considers cost savings in replacing onsite power generation with the installation of a high voltage power line to connect the
Dolores operation with the main electrical grid in Chihuahua. The Company successfully completed the right of way agreements for
the new 115 kV high voltage power line in the first quarter of 2015, and an agreement for the construction of the new line was
negotiated with a Chihuahua based company. The installation of the new 115 kV high voltage line advanced to a level of approximately
74% completion by year end, and remains on budget and on schedule for an anticipated commissioning by mid-year 2016.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Permit applications
for construction and operation of Dolores, including an EIS, a Technical Justification Study for Change of Land-Use, and a Risk
Study were approved by SEMARNAT in April 2006. An additional modification to the mine permit was made to allow the construction
of an underground exploration ramp in 2012.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to our acquisition
of the project, problems related to the stability of heap leach Pad 1 developed in 2010 and significant leakage was detected through
the pad liner that was unable to be contained by the leak collection system. This issue resulted in cessation of stacking and
irrigation on the pad and the relocation of approximately 2 million tonnes of ore to a newly constructed heap leach Pad 2. Soil
and water sampling below Pad 1 in 2012 confirmed that no residual cyanide was present, however full remediation of the liner system
will be required if Pad 1 were ever to be used for production again. At the request of PROFEPA, we submitted an approximate schedule
for the relocation of residual ore from Pad 1 commencing in 2017, depending on economic and technical factors.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first phase of
heap leach Pad 3 was completed and commissioned in the fourth quarter of 2013 with a subsequent second phase completed by the
end of 2014, giving a total capacity constructed at Pad 3 to-date of approximately 17.5 million tonnes. It is expected that the
third phase of Pad 3 construction commenced in Q4 2015 and is ongoing. There is future potential to join Pad 3 to a reconstructed
Pad 1 in a configuration that would</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">significantly improve the stability and
overall capacity of the original Pad 1. As well as receiving some Pad 1 residual ore, Pad 2 is being utilized for continued trickle-down
leaching using a staged leach application circuit in combination with leachate solution application to Pad 3 which is expected
to continue for several years depending on economic output.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dolores has voluntarily
participated in the PROFEPA &ldquo;Clean Industry&rdquo; Program which involves independent verification of compliance with all
environmental permits and the implementation of good practice environmental management procedures and practices. The mine obtained
its first certification in 2010 and was re-certified again on June 8, 2012. The mine is resolving some administrative matters
with PROFEPA before completing the recertification process.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An Environmental
Impact Statement (MIA) was submitted to SEMARNAT on December 1, 2015, for the Dolores pulp agglomeration Expansion project. This
permit application is currently being assessed and construction permits are expected in early Q2 2016.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Dolores was prepared according to State of Nevada approved SRCE methodology in 2012 and is updated every year. We have estimated
the present value of reclamation costs for the Dolores property at December 31, 2015 to be approximately $11.1 million. See &ldquo;Narrative
Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding forward looking statements
related to reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
are conducted annually at Dolores by the Company&rsquo;s Director of Safety and Training assisted by safety and operations professionals
from other operations. During 2015, personnel employed at Dolores attended over 137,000 hours of safety related training. Dolores
was the recipient of the Chairman&rsquo;s Safety Award for safety performance during 2013. In 2015, Dolores was the recipient
of the prestigious &ldquo;Casco de Plata&rdquo; award for the best 2014 safety record for open pit mines in Mexico with in excess
of 500 employees.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, total capital
expenditures at Dolores were approximately $53.1 million, primarily for capitalized stripping to develop access to ore that is
to be mined in future periods, advancement with construction of a power line, advances on the pulp agglomeration expansion and
associated projects, near-mine exploration drilling, access roads and camp upgrades, and mining equipment replacements. $28.0
million of this expenditure was invested in projects deemed of expansionary nature, such as the construction of the new power
line, and the pulp agglomeration project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sustaining capital
expenditures at Dolores during 2016 are expected to be between $39.0 million and $42.0 million, including approximately $12.5
million of sustaining capital required for a leach pad extension. The other major components of 2016 anticipated sustaining capital
investment at Dolores include approximately $17.0 million for open pit mine pre-stripping, approximately $9.0 million in mining
and drilling equipment rehabilitations, and approximately $1.5 million in various plant equipment rehabilitations and replacements.
In addition, capital expenditures relating to the expansion project are expected to require $71.0 million to $73.5 million in
2016.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dolores expansion
project is anticipated to require total incremental capital of approximately $112.4 million and sustaining capital over the life
of the mine of approximately $173.9 million. At metal prices of $16 per ounces of silver and $1,100 per ounce of gold, the incremental
after tax net present value is estimated at $38.8 million at a 10% discount rate, with an internal rate of return of 19.9%, and
a payback period of 3.1 years. At metal prices of $19 per ounce of silver and $1,200 per ounce of gold, the incremental after
tax net present value is estimated at $65.6 million at a 10% discount rate, with an internal rate of return of 27.4% and a payback
period of 1.7 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dolores Report,
on which the foregoing is based, is a preliminary economic assessment. The results of this preliminary economic assessment are
preliminary in nature, in that it includes inferred mineral resources that are considered too geologically speculative to have
the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty
that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, we anticipate
producing between 3.4 and 3.6 million ounces of silver and between 97,000 and 102,000 ounces of gold. We anticipate advancing
underground mine developments to intersect the main ore body, installing the first ventilation raise, commencing lateral developments,
and performing initial stope definition drilling. During the first half of the year, we expect to complete the engineering work,
establish the procurement of all major equipment and begin ground-breaking excavations for the new pulp agglomeration plant. It
is expected substantial advancements on the construction of the pulp agglomeration plant will be made during the second half of
2016, targeting the commissioning of the pulp agglomeration plant in mid-2017 while ramping-up</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">underground operations to the full 1,500
tpd design capacity by the end of 2017. In addition to the expansion project, the Company expects to complete and energize a new
115 kV powerline by mid-year 2016. We plan to undertake 11,800 m of exploration drilling in 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Peru</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>Huaron
                                         Mine</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Huaron is an underground
silver mine located 320 kilometres northeast of Lima in the province of Pasco in the Central Highlands of Peru. The nearest town
is Cerro de Pasco, a major mining center, and is connected to Lima by road and rail. Access to the mine is by a paved highway.
There is also a light aircraft strip at the town of Vicco, which is located approximately 30 minutes flying time from Lima, at
which point an additional 30 minutes of driving is required to reach Huaron.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Huaron is 100% owned
and operated by PAS Huaron, a Peruvian entity which is approximately 99.94% held, directly or indirectly, by Pan American. The
area of the PAS Huaron concessions spans approximately 29,344 hectares. The concessions owned by us give us exclusive right to
explore, develop, exploit, and market all of the products. Mining concession titles have been granted by and are registered with
the Institute of Geology, Mining, and Metallurgy of Peru, and we pay an annual fee to keep the licenses in good standing.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The known mineralized
zones, mineral resources, mineral reserves, mine workings, the processing plant, existing tailing impoundments, effluent management
and treatment systems, and waste rock storage facilities are located within our concessions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, Huaron is not subject to any overrides, back-in rights, payments, or other agreements and encumbrances. The Company&rsquo;s
Peruvian operations are subject to governmental taxes, fees and duties, including a mining royalty tax and a special mining tax
(&ldquo;SMT&rdquo;). The royalty is applied on a company&rsquo;s operating income and is based on a sliding scale with marginal
rates ranging from 1% to 12% with a minimum royalty rate of 1% of sales regardless of its profitability.<B> </B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underground mine,
mill, and supporting villages were originally built in 1912 by a subsidiary of the French Penarroya Company. In 1987, the mine
was sold to Mauricio Hochschild and Cia Ltda (&ldquo;Hochschild&rdquo;). In April, 1998, a portion of the bed of the nearby Lake
Naticocha collapsed and flooded the neighbouring Animon underground mine. Through interconnected tunnels, the lake water entered
and flooded the Huaron mine, causing its closure.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the April 1998
flooding, the Huaron mine operations were shut down, the labour force was terminated, the camp closed, and work was undertaken
to clean up the flood damage, drain the workings, and prepare for an eventual mine re-opening. The water level in the lake, which
provided the source of floodwater, is currently maintained well below the level where it flooded into the old workings and we
do not expect further flooding. In September 2000, the operators of the Animon mine, in accordance with a settlement agreement
reached with C&iacute;a. Minera Huaron S.A., constructed a channel to route water around the lake to provide water for the Huaron
mine operation and to reduce the water in upstream lakes to prevent agricultural flooding, which had created local social pressures.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acquired a majority
interest in the Huaron mine from Hochschild in 2000 and began full-scale operations in 2001. We subsequently acquired the remaining
interest in the mine and, following a demerger from Pan American Silver Mina Quiruvilca S.A. in connection with the sale of the
Quiruvilca mine in 2013, Pan American now holds, directly or indirectly, approximately 99.94% of PAS Huaron.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to our acquisition
of the mine, approximately 22 million tonnes of silver-rich base metal sulphide ore were produced at the property. Ore from the
mine was processed on site by crushing, grinding, and flotation to produce copper, lead, and zinc concentrates, as it is today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Huaron property
is located within the Western Cordillera of the Andes Mountains and the regional geology is dominated by Machay Group limestones
and Pocobamba continental sedimentary rocks. These groups have been deformed by the Huaron anticline, the dominant structural
feature of the area. The limestones and sedimentary rocks are strongly folded and intruded by quartz monzonites and quartz monzonite
dikes and associated fracturing. Following the intrusion of the dikes, the sedimentary rocks were further compressed and fractured,
and the fractures were subsequently mineralized by hydrothermal fluids.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main lithology
in the area of Huaron is a sequence of continental redbeds which unconformably overlie massive marine limestones. North-south
trending sub-vertical porphyritic quartz monzonite dykes cross cut the mine stratigraphy. Thinly bedded marls and sandstones known
as the lower redbeds are present in the central part of the mine and at lower elevations. The upper redbeds are present on the
eastern side of the mine, and are comprised of calcareous chert overlying sandstone and marls, in turn overlying the Barnabe quartzite
conglomerate at the base of the sequence. On the western side of the mine, the stratigraphy consists of a series of interbedded
conglomerates and sandstones.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Huaron is located
within an anticline with an axis striking approximately north-south and plunging gently to the north. There are two main fault
systems. One system comprises north-south striking thrust faults, parallel to the axis of the anticline, and the other comprises
east-west striking tensional faults.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Huaron is a hydrothermal
polymetallic deposit of silver, lead, zinc, and copper mineralization hosted within structures likely related to the intrusion
of monzonite dikes, principally located within the Huaron anticline. Mineralization is encountered in veins parallel to the main
fault systems, in replacement bodies known as &ldquo;mantos&rdquo; associated with the calcareous sections of the conglomerates
and other favourable stratigraphic horizons, and as dissemination in the monzonitic intrusions at vein intersections.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mineralized veins
vary from a few centimetres to up to 10 metres wide, and may extend along strike for up to 1,800 metres. Most of the structures
show open mineralization at depth and along strike and have</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">excellent exploration potential. Vein
orientations vary but generally trend east-west or north-south. The current mineral reserves are based on approximately 100 different
structures which have been grouped into 13 families of mineralized trends according to location and orientation.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The most important
economic minerals are tennantite-tetrahedrite (containing most of the silver), sphalerite, and galena, but more than 90 other
minerals have been identified. The principal gangue minerals are pyrite, quartz, calcite, and rhodochrosite. Enargite and pyrrhotite
are common in the central copper core of the mine and zinc oxides and silicates are encountered in structures with deep weathering.
Silver is also found in pyrargyrite, proustite, polybasite, and pearceite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since Huaron is an
active mining operation, current exploration is conducted using a combination of underground diamond drilling and channel sampling
from drifts excavated along the mineralized zones. Vein intersections and sample grade information from both the channel samples
and the diamond drillholes are used to estimate mineral resources and mineral reserves. Underground diamond drilling is undertaken
by an external drilling contractor supervised by us. There are no known sample recovery, contamination, or bias issues that could
have a material impact on the reliability of the sample results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is extensive
diamond drillhole coverage within reach of the underground workings. All underground holes are drilled by an external drilling
contractor under our supervision using BQ, NQ, and HQ diameter industry standard underground diamond drill rigs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Diamond drilling
at Huaron generally provides reliable data for the estimation of mineral resources and mineral reserves, provided appropriate
measures are taken to minimize sample material loss, to prevent sample contamination, and to ensure an unbiased, representative
sample is taken. Ground conditions for diamond drilling at Huaron are generally good, resulting in high drill core recovery, and
measures are taken to minimize potential contamination. There are no known drilling, sampling, or recovery factors that could
materially impact the accuracy and reliability of the results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Diamond drillhole
samples are split in half with a diamond bladed saw after the core has been logged and the sample intervals have been marked by
the geologist. Channel samples weighing between 4 kilograms and 6 kilograms are collected with a hammer and chisel every 4 metres
across the vein in stoping areas, every 2 metres across the vein in sublevels and drifts, and every 1 metre in vertical developments.
Samples from both channel samples and diamond drillholes vary between 0.1 metres and 1.5 metres in length.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No out of the ordinary
security measures are taken with the samples, but as the samples are prepared and analysed within the confines of the general
mine security enclosures, there is no reason to believe that the validity and integrity of the samples have been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both the channel
and the underground diamond drillhole samples are sent to the on-site laboratory at Huaron, which is not certified by any standards
association but is managed and operated by the international commercial laboratory firm, SGS. Assays are performed using acid
digestion and atomic absorption spectroscopy, and analysed for silver, zinc, lead, and copper content.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The laboratory conducts
a routine internal quality assurance/quality control (&ldquo;QAQC&rdquo;) program. For each batch of 20 samples at least one duplicate
sample and one certified standard is submitted by the laboratory. A QAQC program supervised by the geology department is also
implemented which includes the submission of one certified standard and one blank on a daily basis to the onsite laboratory. Duplicate
samples are also submitted, both to the onsite laboratory and to a second laboratory to act as a check on the onsite laboratory.</P>

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


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves at the Huaron mine, as at December&nbsp;31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Huaron
    Mineral Reserves <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Reserve
                                         Category</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>Tonnes
                                         (Mt)</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Grams
                                         of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>per
        tonne</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>%
                                         Zinc</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>%
                                         Lead</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>%
                                         Copper</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in; text-align: left; font-size: 10pt; padding-top: 3pt">Proven</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-size: 10pt">172</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-size: 10pt">2.99</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-size: 10pt">1.40</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-size: 10pt">0.41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.375in; text-align: left; font-size: 10pt">Probable</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">167</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.58</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">170</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.36</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.35pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $17.00 per ounce of silver, $1,800 per tonne of zinc, $1,800 per tonne
                                         of lead and $5,000 per tonne of copper. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45pt"></TD><TD STYLE="width: 16.55pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for Huaron were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45pt"></TD><TD STYLE="width: 16.55pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Numbers
                                         may not add due to rounding.<SUP> </SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at the Huaron mine, as of December&nbsp;31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Huaron
    Mineral Resources <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Resource
                                         Category</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Tonnes
                                         (Mt)</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Grams
                                         of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>per
        tonne</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Zinc</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Lead</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Copper</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; padding-top: 2pt"><FONT STYLE="font-size: 10pt">Measured</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">166</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">2.93</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">1.66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">0.27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; padding-top: 2pt"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">167</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">2.95</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">1.58</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">0.67</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; padding-top: 2pt"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">153</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">2.75</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">1.48</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-size: 10pt">0.32</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated using a price of $17.00
                                         per ounce of silver, $1,800 per tonne of zinc, $1,800 per tonne of lead and $5,000 per
                                         tonne of copper.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7pt"></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Huaron were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT><FONT STYLE="font-size: 10pt"> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17.3pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates are prepared on an annual basis and updated with the additional diamond drilling and channel samples collected during
the year, using a variation of the polygonal method in AutoCAD and Excel software. Each vein structure is projected onto a longitudinal
section and divided into a series of geometrical blocks. The average true width of the vein intersections is applied to the block
area to determine the volume. Sample grades are reviewed and treated for extreme values if necessary, and then the average grade
of the intersections within each block is assigned to the block. Bulk density values are applied to the volume of the block to
estimate the tonnes of each block, based on the average of bulk density measurements.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The blocks are then
depleted for previous mining. Planned mining dilution is applied to each block considering the width, dip angle, mining method,
and expected ground conditions of each vein and an allowance is</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">made for expected mining losses. A value
per tonne is applied to each block based on metal content, metal prices, concentrate sales terms, concentrate quality, processing
recovery, transportation, refining, and other selling costs such as storage fees, port fees, etc. Metallurgical recoveries are
determined separately for each group of veins or structures to account for variability in the recovery. Any blocks that do not
meet the criteria of resources are removed. Each block is classified for measured, indicated, and inferred confidence categories
depending on the location of the block relative to mine workings, the type of sample available in each block, and the number of
samples available to estimate each block.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining is undertaken
using a combination of conventional cut and fill, mechanized cut and fill, and mechanized sub-level long hole stoping methods,
using unconsolidated development waste and mill tailings for back fill. Mechanized sub-level long hole stoping is the primary
mining method at the mine. A combination of haul trucks and electric locomotives are in place for haulage from the upper parts
of the mine. A shaft with a hoist is used for hoisting ore and occasionally waste to the surface. Ore sourced from below the 500
level is hauled to the surface crusher using a combination of diesel haul trucks and hoisting in the mine shaft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Huaron operates an
870,000 tonne per year nominal capacity mill using froth induced flotation technology to produce silver in copper, lead, and zinc
concentrates. The mill flowsheet consists of three-stage crushing, ball mill grinding, and selective flotation of the ore to concentrates,
followed by thickening and filtering of the concentrates. Tailings from the processing plant are either returned underground hydraulically
to act as backfill material in the cut and fill mining areas or delivered to a tailing impoundment area via a pipeline.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, the mill
processed approximately 895,000 tonnes of ore with metallurgical recoveries averaging 83.2% for silver, 63.8% for zinc, 73.1%
for lead, and 78.5% for copper. Metal production during the year was approximately 3.7 million ounces of silver, 13,500 tonnes
of zinc, 6,900 tonnes of lead, and 6,700 tonnes of copper.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The silver rich zinc,
lead, and copper concentrates from Huaron are sold under contracts with arm&rsquo;s length smelters and concentrate traders, which
consider the presence of any deleterious elements. Huaron receives payment for an agreed percentage of the silver, zinc, lead,
or copper contained in the concentrates it sells after deduction of smelting and refining costs, based on average spot prices
over defined 30-day periods that may differ from the month in which the concentrate was produced. Under these circumstances, we
may, from time to time, fix the price for a portion of the payable metal content during the month that the concentrates are produced.
To date, we have been able to secure contracts for the sale of all Huaron concentrates produced, however, there can be no certainty
that we will always be able to do so or what terms will be available at the time. Please see &ldquo;Risks Related to Our Business
&ndash; Trading Activities and Credit Risk&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenue per type
of concentrate produced by the Huaron mine for the past three years were as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP></B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity
    </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>(Tonnes of Concentrate)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$15.7
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">28,899</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$19.5
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">13,707</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-size: 10pt">$40.5 million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">25,949</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt; width: 34%"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; width: 33%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; width: 33%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$21.3
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">30,058</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$19.3
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">12,095</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-size: 10pt">$54.3 million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">22,497</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$20.5
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">28,788</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$22.1
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">11,905</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$50.2
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 14.3pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">13,822</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Zinc
                                         and lead concentrates contain payable silver. Copper concentrates contain payable silver
                                         and gold.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power and water
lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by
us. To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained
and are currently in good standing. We are authorized to source the water necessary for our operations from a system of nearby
lakes. The primary source of power for the mine is the Peruvian national power grid and is sufficient for the mine&rsquo;s current
requirements.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October 2003,
the Peruvian government passed legislation requiring active mining operations to file closure plans. In October 2005, administrative
rules associated with this legislation were promulgated which laid out detailed closure requirements and required that detailed
closure plans and cost estimates be filed by October 2006.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The original closure
plan for Huaron was filed by mid-year 2004, and in August of 2006, we submitted a comprehensive closure plan for Huaron to the
Ministry of Energy and Mines (&ldquo;MEM&rdquo;) in accordance with that ministry&rsquo;s regulations and the updated rules. The
closure plan was prepared by third party consultants registered with the Peruvian authorities as qualified to present closure
plans to the MEM. The closure plan includes a summary of the proposed closure scheme for each of the major areas of impact such
as mine water, tailings areas, waste rock dumps, plant site infrastructure, and underground mine. A detailed cost estimate was
prepared based on our and the consultant&rsquo;s shared experience with closure works and experience with other projects in Peru.
As required by the MEM, the costs were summarized in three phases: concurrent closure, final closure, and post closure. Updated
closure plans are filed as required, with the most recent closure plan modification approved on October 24, 2012.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The most significant
environmental issue currently associated with the mine is relatively high metal concentrations in the waters discharged from the
mine and localized areas of acid rock drainage from the mine&rsquo;s tailings deposit areas. All waters are captured and treated
in a treatment plant to achieve compliance with discharge limits. The Peruvian government modified its receiving water quality
limits in December 2015, bringing the limits in line with current international and North American standards and significantly
reducing the potential cost impacts to our Peruvian operations. We are conducting a new baseline assessment at Huaron in order
to evaluate the potential impact of the latest changes to water treatment practices. We have requested the return of the previously
presented Adaptation Plan from the Ministry of Energy and Mines. Once returned, we will have 12 months to present a new Adaptation
Plan if any upgrades are required to meet the new limits at Huaron. We commenced implementation of measures such as water treatment
plant automation in 2015 which make it well placed to meet the new limits without material economic impacts to our operation.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An agreement signed
in 2000 allows Volcan Compa&ntilde;ia Minera S.A.&rsquo;s (&ldquo;Volcan&rdquo;) Chungar mine, which neighbours Huaron, to discharge
water from its mine dewatering into the Huaron drainage tunnel. The agreement also requires Volcan to contribute to the costs
of tunnel maintenance and water treatment and discharge, however provisions of the agreement which would enable water quality
and flow measurement between the mines were not implemented and no payments have been made. In 2014, an independent consultant
engaged jointly by both companies concluded that the flow from Chungar to Huaron represents 19% of the total flow in the drainage
tunnel and recommended the installation of a permanent monitoring system for ongoing verification. Measured flows from Chungar
decreased significantly in 2015 and we continue to negotiate the details of the joint monitoring and future payments with Volcan.
The scale of benefits, if any, to Pan American is still unclear.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Huaron was prepared according to State of Nevada approved Standard Reclamation Cost Estimator methodology in 2011 and is updated
every year. The current present value of closure expenditures at Huaron as at December 31, 2015 is estimated at $6.4 million.
See &ldquo;Narrative Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding forward
looking statements related to reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
are conducted annually by Pan American&rsquo;s Director of Health and Safety and safety managers from our other operations at
Huaron. All Huaron employees are required to undergo safety and environmental training and all new underground employees are required
to undergo task specific training prior to being assigned to their first position. During 2015, personnel at Huaron attended over
227,000 hours of training.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the mine is
in operation, any sustaining capital expenditures are justified on an on-going basis. Capital expenditures at Huaron during 2015
totalled $13.6 million, primarily on tailings storage facility expansion, mine development, and exploration drilling.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have forecasted
sustaining capital expenditures of between $6.0 million and $7.5 million for 2016, including $0.8 million for completion of the
tailings storage expansion, $1.4 million for near-mine diamond drilling, and $1.2 million for mining equipment refurbishments
and replacements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, Huaron is
forecast to produce between approximately 3.65 and 3.80 million ounces of silver and between 700 and 800 ounces of gold. Base
metal production is expected to be between 13,000 and 13,500 tonnes of zinc, between 6,700 and 6,900 tonnes of lead, and between
5,500 and 5,700 tonnes of copper. We plan to undertake 19,000 m of exploration drilling in 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B><U>Morococha
                                         Mine</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Morococha mine
is an underground silver mine located 137 kilometres east of Lima in the province of Yauli. The nearest city is La Oroya, approximately
38 kilometres to the east. Morococha is accessible via Peru&rsquo;s paved central highway and an all-weather gravel road. Rail
service from Lima is also available via a national rail line that passes adjacent to the operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Morococha is owned
and operated by Argentum, a Peruvian company in which Pan American, through our subsidiary Pan American Peru, has a 92.01% voting
common share interest (the remaining interest is held by Alejandro Gubbins and Compa&ntilde;&iacute;a Minera Casapalca S.A.).
In addition, we have, directly or indirectly, the majority of the non-voting investment shares resulting in a total ownership
interest of approximately 92.3% as at December 31, 2015 (excluding certain investment shares held by Argentum itself).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Morococha is comprised
of three economic administrative units (&ldquo;UEAs&rdquo;) and various concessions held outside of these UEAs, for a total of
541 mining concessions with an area of approximately 10,522hectares, as well as two processing concessions. The three UEAs contain
454 mining concessions and two processing concessions owned outright by Argentum and 11 concessions transferred to Argentum from
Silver Lead Mining Company S. A. There are also 36 concessions under a lease agreement with Corporaci&oacute;n Minera Sacracancha
S.A.C., 31 concessions under option from Minera Chinalco Peru (&ldquo;MCP&rdquo;), and nine concessions held by agreement with
different third parties. The majority of the mining concessions comprising Morococha are contiguous.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The known mineralized
zones, mineral reserves and mineral resources, mine workings, processing plants, effluent management and treatment systems, and
the mine&rsquo;s tailings and waste disposal areas are contained within the boundaries of these concessions. These mining concessions
give us the exclusive right to explore, develop, and exploit, as well as the right to market all of the products. Mining concession
titles for these properties have been granted by and are registered with the Public Registry of Peru, and we pay an annual fee
to keep the licenses in good standing, and to our knowledge, we have met all of the necessary obligations to retain the project.
To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained and
are currently in good standing.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Argentum did not
hold registered legal title of most of the surface lands that overlie the mining concessions which comprise Morococha when we
acquired Morococha in 2004, including lands on which Morococha&rsquo;s process plants, shafts and access roads were located. These
rights were all formerly owned by Centromin. Centromin granted Argentum a right to use certain of Centromin&rsquo;s surface lands
throughout the useful life of its mining operations, provided such use does not interfere with the development of a mine in respect
of the Toromocho disseminated copper system, which overlies certain of Argentum&rsquo;s mining concessions and underground mining
operations. Argentum had an obligation to pay Centromin $60,000 (adjusted annually for inflation) quarterly commencing May 28,
2003 as consideration for this right. Argentum&rsquo;s and its predecessors&rsquo; use of these surface lands have been exercised
for decades with Centromin&rsquo;s knowledge and Argentum&rsquo;s claim to its continued use of these surface rights was based
on concepts of rights acquired through long term use often referred to as adverse possession.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Peru Copper Inc.
(&ldquo;Peru Copper&rdquo;), a copper mining company carrying on business in Peru, acquired mining concessions and surface rights
to the Toromocho property from Centromin. In June 2007, Aluminum Corporation of China (&ldquo;Chinalco&rdquo;) purchased 100%
of the outstanding shares in Peru Copper and formed MCP.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2005, Argentum,
with the opposition of Centromin, engaged in a number of administrative and judicial proceedings to obtain legal title to surface
lands and underground access that comprise part of the rights that were acquired by Peru Copper from Centromin. Following Peru
Copper&rsquo;s acquisition of Centromin&rsquo;s rights, we began preliminary discussions with Peru Copper, and later with Chinalco
and MCP, in respect of negotiating a resolution to the surface rights issues between the parties.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2008, MCP
acquired certain surface rights from Centromin (currently, Activos Mineros S.A.) covering the main Morococha area that had been
reserved for the Toromocho project by the Government of Peru. In addition, MCP acquired rights including surface lands in the
Morococha area where the Morococha mine administration and operations are taking place, as well as certain underground areas.
Certain of the underground areas acquired by MCP would also provide Pan American with easier and less costly underground access
to some areas of the Morococha concessions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2010, we
reached an agreement with MCP that defined each party&rsquo;s long term surface rights and therefore provides certainty to the
land situation for the Morococha property. The primary focus of the agreement is on the lands and concessions around the Morococha
mine and MCP&rsquo;s Toromocho copper project. Under the terms of the agreement, Argentum is required to relocate the core Morococha
facilities, including the administration offices, warehouse, maintenance facilities, mine compressors, and some camp facilities
and construct a new concentrator over a five year period and transfer certain mineral concessions and access rights to MCP that
it needs in order to proceed with the development of Toromocho, including the surface lands within the planned open pit mining
area of the Toromocho project. In exchange, Argentum is to receive a package of surface rights, easements, and other rights to
relocate the facilities and to continue uninterrupted operations, and would also obtain rights to a number of mineral concessions
outside the planned Toromocho pit area where high grade silver veins have been identified. Lastly, Argentum is to receive periodic
cash payments from MCP totalling $40 million, which would offset a portion of the capital required for the facility relocation.
Pursuant to the agreement, the transfer of lands and rights and the cash payments will occur over a period of time and are dependent
on meeting certain milestones. In addition to the foregoing, the parties agreed to dismiss the judicial and administrative claims
between them. To date, Minera Argentum has received a total of $24.0 million (pre-tax) from MCP and has completed a number of
phases of the relocation effort. We have completed the abandonment and</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">demolition of all buildings in the Central
Shaft area, the construction of the replacement facilities located north of the central highway, but have not yet relocated the
plant. We continue to operate the plant, the location of which is projected to eventually interfere with the advance of the Toromocho
open pit. Depending on economic justification, mineral reserve growth, and the advance of the Toromocho open pit, the plant will
need to be replaced or relocated. Although no up-to-date engineering studies are available, the estimated cost of a new 800,000
tonne per annum processing plant could be significant. This cost might be partially offset by the remaining payments due from
MCP in relation to the June 2010 agreement. Please see &ldquo;Risks Related to Our Business &ndash; Title to Assets&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, and other than as described above, Morococha is not subject to any overrides, back-in rights, payments, or other agreements
or encumbrances. The Company&rsquo;s Peruvian operations are subject to governmental taxes, fees and duties, including the mining
royalty tax and the SMT, as described under &ldquo;Huaron &ndash; Project Description, Location and Access&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate might affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, other than as described above, please refer to &quot;Risks
Related to Our Business&quot; starting on page 76 for a general discussion of the risks relating to our operations.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining began in the
region around Morococha before the 1500s, and production has been continuous in the district since the late 1800s. Most of the
exploration undertaken by former owners of Morococha was limited to underground development along strike of known structures.
The Morococha District has excellent exploration potential owing to the prevalence of carbonate units favourable for replacement
mineralization as well as the significant vertical extents of known mineralization. As a result, drilling was not typically part
of the exploration efforts. Prior to our acquisition of Morococha, little effort was given to the exploration and economic evaluation
of areas that were not immediately adjacent to the existing mine workings. Previous operators utilized both surface and underground
diamond drilling only to test for potential economic mineralization. Once the presence of economic mineralization was confirmed,
the vein or manto was accessed underground for further exploration.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between 1915 and
1918, much of the district was reorganized and incorporated into Cerro de Pasco Mining Company (&ldquo;Cerro de Pasco&rdquo;).
By 1924, Cerro de Pasco was producing at a rate of 1,500 tpd from primarily copper ores. Between 1929 and 1934, Cerro de Pasco
excavated the 11.5 kilometre long Kingsmill Tunnel,</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">successfully dewatering all of the Morococha
District mine workings above the 4,020 metre elevation of the tunnel. The Kingsmill Tunnel is still in use and is a vital feature
of the Morococha mining district.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the 1940s, the
Gubbins family began operating mines in the Morococha District through Minera Santa Rita S.A. and Minera Yauli S.A., which were
subsequently consolidated in the late 1990s into Sociedad Minera Corona S.A. (&ldquo;SMC&rdquo;). Cerro de Pasco continued to
operate in other areas around the Morococha District until 1974, when its mines were nationalized by the Peruvian government.
Production from the Cerro de Pasco mines in the district continued under the Peruvian national mining company, Centromin, until
2003, when SMC acquired these operations from Centromin through privatization.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 20, 2004,
we entered into an agreement with 14 individuals, estates and companies, all of whom were arm&rsquo;s length to us and are members
of the Gubbins family or entities in which members of the Gubbins family hold beneficial interests (the &ldquo;Morococha Vendors&rdquo;),
to purchase 92.014% of the voting shares of Argentum, a sociedad an&oacute;nima organized under Peruvian company law, for $35,425,390
in cash. Argentum acquired, through a corporate restructuring undertaken under Peruvian company law, the Anticona and Manuelita
mining units and related infrastructure and processing assets from SMC. At the time of acquisition, Argentum held in its treasury
as cash all profits earned by SMC&rsquo;s Anticona and Manuelita mining operations since November 1, 2003. The transaction was
subject to regulatory approval and a number of conditions, including: (i) the completion of the corporate restructuring; (ii)
the listing on the Lima Stock Exchange of 100% of the shares of Argentum, including those issued in connection with the corporate
restructuring; and (iii) our successfully undertaking a public bid for not less than 92.014% of the voting shares of Argentum
through the Lima Stock Exchange.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 24, 2004,
we entered into a further agreement with the Morococha Vendors to purchase all of the issued and outstanding shares of Empresa
Minera Natividad S.A. (&ldquo;Natividad&rdquo;), a corporation organized under Peruvian company law which holds mining concessions
and operations that are complementary to the Anticona and Manuelita mining units, for $1.5 million in cash. Closing of the acquisitions
of Argentum and Natividad occurred contemporaneously in August 2004, with effect as of July 1, 2004 and in 2005, Argentum amalgamated
with Natividad. Argentum made all necessary applications for delisting its shares from the Lima Stock Exchange and the delisting
process was completed in 2006. In addition, Pan American Peru continues to acquire the labour shares in Argentum when able to
do so. The labour shares were created as a means through which workers would be able to take part in our success (but do not afford
the holders of such shares influence over our decision-making, as they are non-voting), and are held either by current workers,
former workers or by third parties who have bought labour shares in the free market.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Extensive mining
has taken place at the property prior to Pan American&rsquo;s acquisition in 2004, but there are no known reliable historical
production figures. For the 15 years between 1989 and 2003, approximately 7.9 million tonnes of ore was mined at a grade of 227
ppm Ag, 0.5% Cu, 1.7% Pb, and 4.6% Zn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Morococha is located
on the eastern side of the Western Cordillera of the Andes Mountains. The host rocks for the mineralization in the Morococha district
comprise schists, volcanic rocks, and predominantly carbonate sediments cut by a series of intrusions. The structures that account
for the majority of the vein mineralization in the Morococha district trend predominantly northeast to east-northeast.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The structural setting
of the area is dominated by shallowly northwest plunging folds, the most important of which is the anticlinal feature referred
to as the Yauli Dome, which trends north-northwest and divides the district roughly in half. Compression apparently gave rise
to early northwest trending shears, and the uplifting effect of the intrusion of quartz monzonite stocks produced an arching of
the Yauli Dome and an associated phase of tension faulting generally trending perpendicular (northeast-southwest) to the axis
of the anticline. This latter set is the most heavily mineralized set of fractures and accounts for the majority of fault hosted
mineralization in the Morococha District.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Vein mineralization
formed along the dominant system of northeast trending tensional faults. Mineralization associated with the veins is mostly fracture
filling in nature. Replacement manto mineralization is</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">generally restricted to receptive stratigraphic
horizons where favourable lithologies are intersected by mineralized veins or are proximal to pre-mineral intrusives. Some of
the replacement mineralization occurs as structurally controlled irregular chimneys within generally favourable stratigraphic
horizons.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineralization at
Morococha includes epi-mesothermal silver-zinc-lead-copper veins, bedded silver-base metal replacements or mantos, intrusive-sediment
contact skarns, and the quartz porphyry-hosted Toromocho disseminated copper system. Shoots range up to 400 metres in length with
some traced for over 800 metres down plunge. Economic widths in the veins range from 0.5 metres to more than 6.0 metres. Vein
width averages in the district are on the order of 1.2 metres.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Replacement manto
mineralization is generally restricted to receptive stratigraphic horizons where favourable lithologies, especially carbonates,
are intersected by mineralized veins or are proximal to pre-mineral intrusive rocks. Mantos can have a significant strike extent
where the veins are closely spaced, and can range from less than one metre to up to 12 metres in width.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sphalerite, galena,
and chalcopyrite are the most important primary minerals for zinc, lead, and copper while silver is generally present as freibergite
(silver-tetrahedrite) or argentiferous galena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since Morococha is
an active mining operation, exploration is conducted using a combination of underground diamond drilling and channel sampling
from drifts excavated along the mineralized zones. Channel samples weighing between 4.0 kilograms and 6.0 kilograms are collected
by our employees from the backs of drifts, the ribs of crosscuts, the backs of stopes, and the ribs of raises. The channel samples
are taken every two metres across the veins or mantos in exploration drifts and the stopes are sampled on two metre centres along
strike. Sample intervals are usually between 0.2 metres and 2.0 metres wide. Vein intersections and sample grade information from
both the channel samples and the diamond drillholes are used to estimate mineral resources and mineral reserves of the volumes
anticipated to be mined. There are no known sample recovery, contamination, or bias issues that could have a material impact on
the reliability of the sample results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both surface and
underground holes are drilled by external drilling contractors under Pan American supervision using BQ, NQ, and HQ diameter industry
standard underground diamond drill rigs. The information obtained from the drilling programs was used for the estimation of mineral
resources and mineral reserves. There are no known drilling, sampling, or recovery factors that could materially impact the accuracy
and reliability of the results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Diamond drill hole
sample intervals within the veins vary in length between 0.10 and 1.5 metres while unmineralized intervals less than 6 metres
wide between the veins are sampled at a maximum length of 1.5 metres. The channel samples weigh between 4 kilograms and 6 kilograms
and are taken every two metres across the veins or mantos in exploration drifts and the stopes are sampled on two metre centres
along strike. The rock mass is generally of good quality and there have been few issues regarding sample loss or contamination
during sample collection and splitting. There are no known drilling, sampling, or recovery issues that could materially impact
the reliability of the results.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No out of the ordinary
security measures are taken with the samples, but as the samples are prepared and analysed within the confines of the general
mine security enclosures, there is no reason to believe that the validity and integrity of the samples have been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both the channel
and underground diamond drillhole samples are prepared by the on-site laboratory at the mine, which is not certified by any standards
association but is managed and operated by the international</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">commercial laboratory firm, SGS. Assays
are performed using acid digestion and atomic absorption spectroscopy, and analysed for silver, zinc, lead, and copper content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves for the Morococha mine, as at December 31, 2015, are as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Morococha
    Mineral Reserves <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Reserve
                                         Category</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Tonnes
                                         (Mt)</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Grams
                                         of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>per
        tonne</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Zinc</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Lead</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Copper</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Proven</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">176</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.57</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.18</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Probable</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.9</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">202</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.70</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.35</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.53</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">188</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.63</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.66</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $17.00 per ounce of silver, $1,800 per tonne of zinc, $1,800 per tonne
                                         of lead and $5,000 per tonne of copper.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for Morococha were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons, as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Tonnes
                                         are shown for 92.3% of the Morococha property. Through our subsidiary, Pan American Peru,
                                         we have a 92.3% interest in the Morococha property.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at the Morococha mine, as at December&nbsp;31, 2015, are as follows:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Morococha
    Mineral Resources <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Resource
                                         Category</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Tonnes
                                         (Mt)</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Grams
                                         of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>per
        tonne</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Zinc</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Lead</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
                                         Copper</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; padding-left: 15.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: normal">Measured</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">124</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.04</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.96</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; padding-left: 15.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: normal">Indicated</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">155</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-left: 15.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-weight: normal">Inferred</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">239</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.33</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated using a price of $17.00
                                         per ounce of silver, $1,800 per tonne of zinc, $1,800 per tonne of lead and $5,000 per
                                         tonne of copper.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Morococha were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Tonnes
                                         are shown for 92.3% of the Morococha property.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates are prepared on an annual basis and updated with the additional diamond drilling and channel samples collected during
the year, using a variation of the polygonal method in AutoCAD and Excel software. Each vein structure is projected onto a longitudinal
section and divided into a series of geometrical blocks. The average true width of the vein intersections is applied to the block
area to determine the volume. Sample grades are reviewed and treated for extreme values if necessary, and then the average grade
of the</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">intersections within each block is assigned
to the block. Bulk density values are applied to the volume of the block to estimate the tonnes of each block, based on the average
of bulk density measurements.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The blocks are then
depleted for previous mining. Planned mining dilution is applied to each block considering the width, dip angle, mining method,
and expected ground conditions of each vein, and an allowance is made for expected mining losses. A value per tonne is applied
to each block based on metal content, metal prices, concentrate sales terms, concentrate quality, processing recovery, transportation,
refining, and other selling costs such as storage fees, port fees, etc. Any blocks which are considered uneconomic after these
parameters are applied either remain as mineral resources or may be removed from the inventory completely if they do not meet
the criteria of mineral resources. The mineral reserves are classified as proven or probable depending on the resource classification.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation, and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underground mining
operations at Morococha consist primarily of conventional and mechanized overhand cut and fill, long hole open stoping, and stope
development. Classified tailings pumped hydraulically to stopes and waste rock are used for backfill where needed. Drilling is
undertaken with hand held drills or electric hydraulic jumbo drills and the broken ore is removed using scoop trams.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the Manuelita
and Sulfurosa areas of the mine, locomotives transport the ore in rail cars from the chutes to the shafts for hoisting. Highway
dump trucks then haul the ore from the coarse ore bins at the shaft to the stockpiles at the mill. In the Codiciada and Alapampa
areas of the mine, ore is transported to underground stockpiles using scoop trams and then loaded onto haul trucks for transportation
to surface via a haulage ramp.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Yauli (also known
as the Manuelita) production shaft provides access from an underground adit down to the Kingsmill drainage tunnel level. It is
equipped with two 2.6 tonne skips which feed into chutes from where material is then transported in rail cars by a small locomotive
to an adjacent subsurface truck loading facility. The Maria shaft provides access from surface down to one level above the Kingsmill
tunnel, and is comprised of a single split drum hoist with two skips, each with a capacity of 2 tonnes.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to develop
the Manuelita and Sulfurosa areas of the mine to 70 metres below the Kingsmill drainage tunnel. This development was started by
a previous operator and is now in the process of being extended and expanded using trackless mining equipment and a small inclined
shaft to haul waste and a limited amount of ore up to the Kingsmill tunnel elevation, where it is transferred to the Manuelita
shaft. The capital investment plan for 2016 includes the deepening of the Manuelita shaft and the development of a pumping station
and other infrastructure to permit stoping operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Morococha operates
an 803,000 tonne per year capacity mill, known as the Amistad mill, using froth induced selective flotation technology to produce
silver in zinc, lead, and copper concentrates. The mill flowsheet consists of two-stage crushing, ball mill grinding, selective
flotation of the ore to concentrates, followed by thickening and filtering of the concentrates. About half of the tailings from
the concentrator are pumped to the Huascacocha tailings facility and the other half is transported back underground where it is
used for hydraulic backfill.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The life of mine
plan is based on the mineral reserves and contemplates, on a 100% basis, an annual processing rate of 1,726 tpd and then gradually
increasing as more mining areas become available. The Morococha deposit is extensive and if current mineral resources can be converted
to mineral reserves and/or if new mineral resources are defined and can be converted to mineral reserves, then a new plant will
be required to replace the</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">current Amistad plant prior to 2020.
The future economic justification of a new plant will rely primarily on mineral reserve growth and metal prices. Although no up
to date engineering studies are available, the estimated cost of a new 800,000 tonne per annum processing plant could be significant,
on the order of up to $100 million. This cost would be partially offset by the remaining payments due from MCP to honour the June
2010 agreement.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, the mill
processed approximately 690,500 tonnes of ore with metallurgical recoveries of 85.3% for silver, 64.1% for zinc, 59.0% for lead,
and 85.8% for copper. Total metal production for the year was approximately 2.3 million ounces of silver, 12,300 tonnes of zinc,
2,800 tonnes of lead, and 8,800 tonnes of copper.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The silver-rich zinc,
lead, and copper concentrates from Morococha are sold under contracts with arm&rsquo;s length smelters and concentrate traders,
which consider the presence of any deleterious elements. Morococha receives payment for an agreed percentage of the silver, zinc,
lead, and copper contained in the concentrates it sells, after the deduction of smelting and refining costs. We have not had any
difficulty securing contracts for the sale of Morococha concentrates; however, there can be no certainty that we will always be
able to do so or what terms will be available at the time. Please see &ldquo;Risks Related to Our Business - Trading Activities
and Credit Risk&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenue per type
of concentrate produced by Morococha for the past three years were as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 2pt 6pt 2pt 14.25pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP></B></FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: right; padding-right: 0.75in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$13.3
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0.75in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">25,927</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$9.2
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0.75in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;&nbsp;5,473
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$42.2
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0.75in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">47,627</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-right: 0.75in; text-align: right; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$25.5
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">35,893</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$17.8
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">10,113</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$35.7
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">15,557</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 14.25pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.75in; text-align: right; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$24.1
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">33,763</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$16.9
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;8,423</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 14.25pt"><FONT STYLE="font-size: 10pt">Copper Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$41.3
    million</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.75in; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">11,713</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Zinc
                                         and lead concentrates contain payable silver. Copper concentrates contain payable silver
                                         and gold.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power and water
lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by
us. To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained
and are currently in good standing. The mine is authorized to source the water necessary for operations from nearby lakes. Several
mine development waste disposal and tailings disposal sites exist and are sufficient to meet the needs of mining operations. The
primary source of power for the mine is the Peruvian national power grid and is sufficient for the mine&rsquo;s current requirements.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October 2003,
the Peruvian government passed legislation requiring active mining operations to file closure plans. In October 2005, administrative
rules associated with this legislation were promulgated which laid</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">out detailed closure requirements and
required that detailed closure plans and cost estimates be filed by October 2006.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The original closure
plan for Morococha was filed by mid-year 2004, and in August of 2006, we submitted a comprehensive closure plan for Morococha
to the MEM in accordance with that ministry&rsquo;s regulations and new rules. The closure plan was prepared by third party consultants
registered with the Peruvian authorities as qualified to present closure plans to the MEM. The closure plan includes a summary
of the proposed closure scheme for each of the major areas of impact such as mine water, tailing facilities areas, waste rock
facilities, plant site infrastructure, and the underground mine. A detailed cost estimate was prepared based on Pan American&rsquo;s
and the consultant&rsquo;s shared experience with closure works and experience with other projects in Peru. As required by the
MEM, the costs were summarized in three phases: concurrent closure, final closure, and post closure. Updated closure plans are
filed as required, with the most recent closure plan modification approved in 2012.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Peruvian government
modified its receiving water quality limits in December 2015, bringing the limits in line with current international and North
American standards and significantly reducing the potential costs impacts to Morococha. We are conducting a new baseline assessment
at Morococha in order to evaluate the potential impact of the latest changes to water treatment practices. We have requested the
return of previously presented Adaptation Plan from the Ministry of Energy and Mines. Once returned, we will have 12 months to
present a new Adaptation Plan if any upgrades are required to meet the new limits at Morococha. We commenced implementation of
measures such as separation of clean runoff and contact water at Morococha in 2015 which make it well placed to meet the new limits
without material economic impacts to our operation.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The most significant
environmental liability identified at the Morococha mine is the mine&rsquo;s potential share of the cost to operate the Kingsmill
Tunnel water treatment plant. The Kingsmill Tunnel is an 11.5 kilometre long underground opening excavated between 1929 and 1934
to dewater the Morococha district mine workings above 4,020 metres above sea level. The water treatment plant was built and is
currently being operated by MCP to treat the 1.5 to 1.8 cubic metres per second of water draining from the Kingsmill Tunnel into
the Rio Yauli. Morococha&rsquo;s share of the cost was defined by a hydrogeological study completed in 1997 which apportioned
responsibility for the costs of constructing and operating the treatment plant as follows: (i) Centromin (72.2%); (ii) our Morococha
operations (12.3%); (iii) Soc. Minera Puquiococha (8.5%); (iv) Soc. Minera Austria Duvaz (4.9%); and (v) Minera Centrominas (2.1%).
Subsequent to the apportionment of costs, it appears that in connection with the acquisition by MCP of the mining concessions
near Morococha, MCP assumed the cost of the construction of the Kingsmill water treatment plant.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The treatment and
operating costs for the water treatment facility are directly proportional to both constituent load and flow determined in the
1997 study. The distribution of responsibility stated in the 1997 study was accepted by all involved parties. Our potential share
of the responsibility for treatment of the baseline flows, 12.3%, was included in the terms of its purchase of the applicable
mining concessions. As a purchase contract entered into during 2003 between Natividad and Argentum establishes that the purchaser
is responsible for incremental flows in those concessions, subsequent studies in 2004 were carried out to further characterize
the baseline flow conditions in order to establish benchmarks for the determination of responsibility for potential future increases.
The results of this 2004 study estimated that 38.46% of the baseline flows were derived from Natividad and Corona concessions
now under our control. We challenged this estimate but our challenge was not accepted. The scope of the 2004 study and the resulting
recommendations exceeded the terms of the study and presented conclusions that conflicted with previous conclusions and the terms
of our purchase of the applicable concessions. It appears that in connection with the acquisition by MCP of the mining concessions
near Morococha, MCP also assumed the cost of treatment of the Kingsmill tunnel water so it can be used to supply MCP mineral processing
plant.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Morococha was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. The current
present value of closure expenditures at Morococha as at December 31, 2015, is approximately $4.5 million. See &ldquo;Narrative
Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding forward looking statements
related to reclamation costs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
have been conducted each year since 2009 by Pan American&rsquo;s Director of Health and Safety and safety managers from our other
operations. During 2015, personnel employed at Morococha attended a total of over 113,000 hours of training. The Morococha mine
was the recipient of the Chairman&rsquo;s Safety Award for 2015. During 2015, the Morococha mine was aslo awarded first place
in the underground mining category by the mining safety institute (ISEM) in Peru for safety performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital expenditures
at Morococha during 2015 totalled $7.7 million, primarily on long term mine development advances and infrastructure, exploration
drilling, plant upgrades, and equipment overhauls.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, we anticipate
spending between approximately $7.0 million and $8.5 million in sustaining capital. The largest project included in the capital
expenditure forecast is the deepening of the Manuelita zone which includes extending the shaft, developing the 510 level, a pumping
station and other infrastructure. Other capital projects include in and near mine exploration as well as new and replacement mining
equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, based on
an ownership interest of approximately 92.3% of Argentum, our proportionate interest in Morococha&rsquo;s production is forecast
to be between 2.45 and 2.60 million ounces of silver, between 3,000 and 3,200 ounces of gold, between 16,100 and 17,000 tonnes
of zinc, between 2,700 and 2,800 tonnes of lead, and between 7,500 and 7,800 tonnes of copper. We plan to undertake approximately
12,700 m of exploration drilling in 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>C.</B></TD><TD STYLE="text-align: justify"><B>Bolivia</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>San
                                         Vicente</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
San Vicente underground silver-zinc mine is located in the south of Bolivia in the Province of Sud-Chichas, Department of Potos&iacute;.
San Vicente is located 100 kilometres west of the town of Tupiza and 120 kilometres south of the town of Uyuni. The property is
accessible by gravel road from Tupiza and Uyuni. Daily commercial flights operate between Uyuni and La Paz. Both Uyuni and Tupiza
are connected through the Bolivian rail system to the ports of Arica and Antofagasta in Chile. </FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American holds
a 95% interest in PASB. The remaining 5% of PASB is owned by Urion Holdings (Malta) Ltd. (&ldquo;Urion&rdquo;), an affiliate of
Trafigura Baheer B.V. (&ldquo;Trafigura&rdquo;) (which is described in more detail under &ldquo;San Vicente - History&rdquo;).
PASB has a joint venture agreement (Contrato de Riesgo Compartido) with Corporaci&oacute;n Minera de Bolivia (&ldquo;COMIBOL&rdquo;)
the state mining company of the Plurinational State of Bolivia, pursuant to which PASB holds a 62.5% interest in the cash flow
from the operations and is the operator of the San Vicente Property.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine property
concessions cover an area of 7,021 hectares and consist of 11 concessions, all of which are held in the name of COMIBOL, and PASB
is contractually responsible for paying the annual mining tenure tax to maintain the concessions. All of the concessions include
the rights for mining, water, and surface usage. As far as we are aware, all of the concessions are in good standing, and to our
knowledge, we have met all of the necessary obligations to retain the project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The known mineralized
zones, mineral resources and mineral reserves, mine workings, the processing plant, tailings storage facilities, waste rock storage
facilities, and effluent management and treatment systems are located within the concessions held by COMIBOL which are subject
to the agreement between PASB and COMIBOL.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to a joint
venture agreement entered into with COMIBOL in June 1999 (as subsequently amended) with respect to the development of the San
Vicente property, PASB became obligated to pay COMIBOL a participation fee of 37.5% (the &ldquo;Participation Fee&rdquo;) of the
operations cash flow and to fund additional development of the mine. Once full commercial production of the expanded San Vicente
mine began in 2009, the Participation Fee was reduced to approximately 9.4% until PASB recovered its investment in the San Vicente</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">property, which occurred in December
2012. Thereafter, the Participation Fee reverted back to its original 37.5%. In 2015, the royalties to COMIBOL amounted to approximately
$8.1 million (2014 - $10.4 million).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A 2% royalty on 80%
of the net smelter returns is also payable to Empresa Minera Unificada S.A. (&ldquo;EMUSA&rdquo;), a former partner of PASB on
the project. The royalty became payable only after PASB recovered its capital investment in the project and applies only when
the average price of silver in a given financial quarter is $9.00 per ounce or greater. The first royalty payment was made in
2012 and payments have been made annually since then. $0.7 million was paid in respect of this royalty in 2015.<B> </B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Bolivian state
mining royalty is applied to gross metal value of sales before smelting and refining deductions, and the royalty percentage is
a sliding scale of 1% to 6% depending on metal prices. The royalty is deductible from our taxable income only when the international
metal price of silver is above $5.50 per ounce. If the international metal price is below $5.50 per ounce of silver, the royalty
is creditable against corporate income tax otherwise payable.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, the San Vicente mine is not subject to any other royalties, overrides, back-in rights, payments, or other agreements
and encumbrances. PASB is subject to Bolivian taxes, fees and duties.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In early 2009, a
new constitution was enacted in Bolivia that further entrenches the government&rsquo;s ability to amend or enact certain laws,
including those that may affect mining. On May 1, 2011, the Bolivian President announced the formation of a multi-disciplinary
committee to re-evaluate several pieces of legislation, including the mining law and this has caused some concerns amongst foreign
companies doing business in Bolivia due to the government&rsquo;s policy objective of nationalizing parts of the resource sector.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 28, 2014,
the Bolivian government enacted Mining Law No. 535 (the &ldquo;New Mining Law&rdquo;). Among other things, the New Mining Law
has established a new Bolivian mining authority to provide principal mining oversight (varying the role of COMIBOL) and sets out
a number of new economic and operational requirements relating to state participation in mining projects. &nbsp;Further, the New
Mining Law provides that all pre-existing contracts are to migrate to one of several new forms of agreement within a prescribed
period of time. As a result, we anticipate that the current joint venture agreement with COMIBOL relating to the San Vicente mine
will be subject to migration to a new form of agreement and may require renegotiation of some terms in order to conform to the
New Mining Law requirements. We are assessing the potential impacts of the New Mining Law and are awaiting further regulatory
developments, but the primary effects on the San Vicente operation and our interest therein will not be known until such time
as we have, if required to do so, renegotiated the existing contract, and the full impact may only be realized over time.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2015,
the Bolivian government further enacted the new Conciliation and Arbitration Law No. 708 (the &ldquo;New Conciliation and Arbitration
Law&rdquo;), which endeavors to set out newly prescribed arbitral norms and procedures, including for foreign investors. However,
whether the New Conciliation and Arbitration Law applies specifically to pre-existing agreements between foreign investors and
COMIBOL, and how this new legislation interacts with the New Mining Law, remains somewhat unclear. As a result, we await clarification
by regulatory authorities and will continue to assess the potential impacts of the New Conciliation and Arbitration Law on our
business.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional risks
of doing business in Bolivia include being subject to new higher taxes and mining royalties, some of which have already been proposed
or threatened, and threatened expropriation of assets, all of which could have a material adverse effect on the operation and
the operation&rsquo;s profitability. Please see the discussion under &ldquo;Risks Relating to Our Business - Foreign Operations&rdquo;
for a further discussion of this risk.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate might affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, other than as described above, please refer to &quot;Risks
Related to Our Business&quot; starting on page 76 for a general discussion of the risks relating to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Surface mining of
veins in the area of San Vicente has occurred sporadically since colonial times. Several different owners operated the mine from
1911 through 1950. From 1950 to 1952, the mine was operated by the Aramayo Mining Company. In 1952, the Bolivian government nationalized
the mine and placed it under the control of COMIBOL. Following the discovery of new silver and zinc veins in the late nineteen
sixties, COMIBOL constructed the 400 tpd Vetillas concentrating plant in 1972, which produced a silver rich zinc concentrate.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine was operated
by COMIBOL until 1993, at which time mining was suspended pending the privatization of mining in Bolivia. In 1995, the San Vicente
mine was made available as part of a joint venture arrangement with COMIBOL. On June 21, 1999, PASB, at that time a wholly-owned
subsidiary of Pan American, signed a joint venture agreement with COMIBOL. Under the original terms of the agreement, COMIBOL
was entitled to a participation fee equal to 20% to 30% of cash flow for each financial term once the recovery period for PASB&rsquo;s
initial investment ended. The contract had a term of 30 years and required a minimum investment by PASB of $20 million.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between late 2001
and early 2009, PASB and COMIBOL entered into a number of toll mining agreements with EMUSA to process San Vicente&rsquo;s ore
at EMUSA&rsquo;s nearby Chilcobija mill. In 2003, PASB entered into a share purchase agreement with EMUSA, whereby EMUSA could
acquire up to 49% of the outstanding shares of PASB. This agreement required EMUSA to fund feasibility and development related
expenses to an aggregate of $2.5 million by May&nbsp;1, 2005. EMUSA subsequently met the funding requirement and acquired the
49% interest.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the fourth quarter
of 2005, Pan American negotiated a shareholders&rsquo; agreement with EMUSA and Trafigura (a minority stakeholder of EMUSA), which
agreement contemplated an increase in our shareholding in PASB from 50% to 55%. Pursuant to this shareholders&rsquo; agreement,
which was signed in January 2006, EMUSA would hold 40% of the shares of PASB and Trafigura would hold the remaining 5%.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2006, PASB
and COMIBOL renegotiated the terms of the main joint venture contract, changing COMIBOL&rsquo;s participation fee to a fixed percentage
participation fee of 37.5% of the operating cash flow, subject to certain deductions in respect of development costs and a reduction
in the rate during the recovery period of PASB&rsquo;s investment. Pursuant to an amendment to the contract signed in June 2006,
PASB committed to build a new mill, tailings storage facilities and other civil works at San Vicente during an 18 month time period
which began in June 2007. The total investment to expand San Vicente and build the new processing facilities was approximately
$72 million, excluding recoverable value-added tax. As part of the 2007 amendments, certain other terms were renegotiated, including
changing COMIBOL&rsquo;s participation fee to a fixed percentage of 37.5% of the operating cash flow, subject to certain deductions
in respect of development costs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2007, Pan American
purchased EMUSA&rsquo;s 40% interest in PASB, increasing our share ownership from 55% to the current 95%, and Trafigura continued
to hold its 5% interest in PASB. Between 2008 and 2009, we completed construction of a new 750 tpd capacity selective flotation
plant and infrastructure as well as continued mining and toll treating ores under an agreement with COMIBOL. Commercial production
commenced at the end of the first quarter of 2009. Pan American and Trafigura entered into a new shareholders&rsquo; agreement
in 2010 to reflect the new shareholder relationship. Trafigura assigned its 5% interest in PASB to its affiliate, Urion, in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">San Vicente is located
2.5 kilometres west of the prominent north-south striking San Vicente thrust fault, which forms the eastern limit of the intermountain
Bolivian Altiplano basin. Mineralization at the mine site is hosted by conglomerates over-thrusted by a turbidite sequence which
outcrops on the east side of the mine.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The regional sedimentary
sequence consists of a basement of marine siliciclastic sediments that was folded and later unconformably overlain by continental
sediments and a thick sequence of continental clastic sediments (the Potoco and San Vicente formations).</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">San Vicente is a
polymetallic vein deposit formed by hydrothermal systems forming vein type and disseminated polymetallic deposits. Mineralization
in the district is known to cover an area of three by four kilometres to a depth of 300 metres. It consists of replacement veins
filling pre-existing faults, replacements in brecciated conglomerates in the San Vicente fault, and mineralization in dacitic
dykes. Wide veins form in the west-northwest trending structures, with widths of between two and six metres, while veins present
in the northwest structures are thinner and shorter. The widest and highest grade veins form in northeast trending faults.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The minerals of economic
importance are sphalerite, tetrahedrite, chalcopyrite, and galena. Cassiterite, covellite, and bornite are found in some veins.
The primary gangue minerals are quartz, pyrite, marcasite, and barite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to our involvement
in the project, there was no known modern exploration on the property aside from the exploitation of silver from exposed veins.
Our exploration program began in 1999 following the execution of the joint venture agreement with COMIBOL. Surface diamond drilling
was undertaken using HQ sized drill rigs and underground diamond drilling was done using NQ sized drill rigs. In addition to the
diamond drilling, an extensive channel sampling program was undertaken in the mine, initially by COMIBOL and later by PASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of the
underground channel samples and the surface and underground drillholes are used for the estimation of mineral resources and mineral
reserves. Channel sampling was originally partially done by COMIBOL and later by PASB employees under the supervision of PASB
geologists. Diamond drilling is executed by third party contractors under the supervision of PASB geologists. There are no known
sample recovery, contamination, or bias issues that could have a material impact on the reliability of the sample results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Diamond drilling
at the mine has been undertaken using a combination of HQ sized drill rigs at the surface and NQ sized drill rigs from underground.
Drillhole spacing is variable and ranges from between 35 to 100 metres, depending on the vein. The information obtained from the
diamond drilling programs was used for the estimation of mineral resources and mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Channel samples are
taken by PASB from the backs of drifts, the ribs of crosscuts, the backs of stopes, and the ribs of raises, every four metres
across the veins in 20 centimetre wide channels approximately three centimetres deep. Stopes are channel sampled every 1.6 metres
vertical cut on two metre centres along strike. The sample interval varies from 0.2 to 10.8 metres. There are no known core or
sample recovery problems which could materially impact the accuracy and reliability of the results.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the entire
procedure from drilling, sampling, and analysis, sample security is controlled by PASB employees or by the commercial laboratories
once the samples have been delivered to the preparation facilities. We have no reason to believe that the validity and integrity
of the samples have been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, the
channel samples are prepared by Bondar-Clegg laboratories (now ALS Chemex) in Oruro, Bolivia or by SGS in La Paz, and then sent
to their respective Lima facilities for analysis of silver, zinc, lead, and copper content using atomic absorption spectroscopy.
The samples are now prepared and analysed by the San Vicente site laboratory. The drill core samples are crushed, split, and pulverised
by ALS Chemex, then analysed for silver, zinc, lead, and copper content using atomic absorption spectroscopy. Any sample with
a silver grade greater than 500 grams per tonne is re-assayed by fire assay, and samples with greater than 10% zinc are performed
using titrimetric analysis.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The QAQC program
includes the submission of blanks, standards, and duplicate samples to the primary laboratory and the submission of check samples
to a secondary laboratory. The results of the QAQC programs indicate that the sample assays are reliable for the estimation of
mineral resources and mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves at the San Vicente mine, as at December 31, 2015, are as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>San
    Vicente Mineral Reserves <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Reserve
        Category</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%; text-align: center"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>Tonnes
        (Mt)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%; text-align: center"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Grams
        of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>per
        tonne</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%; text-align: center"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>%
        Zinc</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%; text-align: center"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><B>%
        Lead</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Proven</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">482</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Probable</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">511</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">487</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.59</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.37</FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using a price of $17.00 per ounce of silver, $1,800 per tonne of zinc and $1,800 per
                                         tonne of lead.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for San Vicente were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Tonnes
                                         are shown for 95% of the San Vicente property as Pan American holds a 95% interest in
                                         PASB.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -15.75pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at the San Vicente mine, as at December 31, 2015, are as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>San
    Vicente Mineral Resources <SUP>1, 2, 3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6.35pt; border-bottom: black 0.5pt solid"><B>Resource
        Category</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Tonnes
        (Mt)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Grams of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>per
        tonne</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>%
        Zinc</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>%
        Lead</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 15.55pt"><FONT STYLE="font-size: 10pt">Measured</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">194</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.12</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 15.55pt"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">207</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.57</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 15.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">318</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.33</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.30</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated using a price of $17.00
                                         per ounce of silver, $1,800 per tonne of zinc and $1,800 per tonne of lead.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for San Vicente were prepared under the supervision of, or were reviewed
                                         by, Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons as that
                                         term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Tonnes
                                         are shown for 95% of the San Vicente property as Pan American holds a 95% interest in
                                         PASB.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates are prepared annually and updated with the additional drillhole and channel samples collected during the year, using
industry standard mining software. The samples are composited to a common vein width and treated for outlier grades. A block model
for each vein is constructed based on the interpretations from mapping, channel and drillhole logs, and assay values. Silver,
lead, and zinc grades are estimated into the blocks using ordinary kriging, and bulk density is estimated into each block based
on the estimated grades. The estimate is validated and classified for confidence categories depending on the number of</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">samples available to the estimate and
the grade continuity in each vein. Any vein with a width of less than the minimum mining width is diluted with waste to the minimum
mining width, and mining dilution and recovery factors are applied to each block. The dilution and loss applied to each vein is
assessed each year and adjusted according to the actual dilution experienced during mining. The estimate is depleted annually
to account for production occurring during the previous year.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the estimation
of diluted tonnes and grade in each block, a value per tonne is applied to each block based on metal content, metal prices, concentrate
sales terms, concentrate quality, metallurgical recovery, transportation, refining, and other selling costs such as storage fees,
port fees, etc, as well as operating costs and mining costs dependent upon the mining method.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation, and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources at San Vicente.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore is extracted
at the San Vicente underground mine using conventional shrinkage stoping and long hole mining. Access to the mine for workers
and equipment is provided by ramps leading to adits at the surface while waste and ore material is hoisted to the surface using
both haul trucks on the ramp and hoisting at the Pelayo shaft. Locomotives are used to move broken ore and waste on the levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">San Vicente operates
a 750 tonne per day nominal capacity plant using a standard flotation process to produce a silver-zinc concentrate and a silver-lead
concentrate. Ore from the mine passes through a jaw crusher at the plant, and then is fed into a semi-autogenous mill/ ball mill
grinding circuit. Following the concentration process in the flotation circuit, the concentrates are thickened and dewatered in
filter presses prior to shipping. Tailings are stored in a tailings storage facility approximately 1.5 kilometres from the concentrator.
In 2015, a total of 348,200 tonnes of ore were processed with metallurgical recoveries of 92.6% for silver, 77.5% for zinc, and
80.5% for lead. Total metal production for the year was approximately 4.3 million ounces of silver, 7,200 tonnes of zinc, and
900 tonnes of lead.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The silver-zinc and
silver-lead concentrates from San Vicente are sold under contracts with arm&rsquo;s length smelters and concentrate traders, which
consider the presence of any deleterious elements. Both the silver-zinc and the silver-lead concentrates are taken by truck and
rail to ports in Chile for shipment. We have not had any difficulty in securing contracts for the sale of the San Vicente concentrates,
however, there can be no certainty we will always be able to do so or what terms will be available at the time. Please see &ldquo;Risks
Related to our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenue per type
of concentrate produced by San Vicente mine for the past three years were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP> </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$14.0
    million</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">14,152</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead
    Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$50.4
    million</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">6,744</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP> </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$12.9
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">12,099</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$63.9
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">7,444</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-top: white 2.25pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2 </SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: -6pt"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Zinc Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$12.2
    million</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">11,815</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Lead Concentrate<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$61.8
    million</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right; text-indent: 22.45pt"><FONT STYLE="font-size: 10pt">6,452</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0.125in; text-indent: -6pt"><FONT STYLE="font-size: 10pt">tonnes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Zinc
                                         concentrates contain payable silver. Lead concentrates contain payable silver and gold.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power and water
lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by
us. To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained
and are currently in good standing. We have agreements in place to obtain the water required for mining and processing from a
combination of water wells and surface water. A power transmission line connects the mine to the Bolivian national power grid
at Portugalete and supplies sufficient power for the plant and mining operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In compliance with
the Environmental Regulation for Mining Activities, PASB commissioned MINCO SRL, a Bolivian consulting firm, to conduct a base
line environmental audit (&ldquo;ALBA&rdquo;) of the San Vicente mine, as well as other environmental studies in satisfaction
of Bolivian laws and regulations. The ALBA sets out the present situation of the environment at the project and identifies environmental
liabilities regarding pre-existing waste rock dumps and the environmental impact on soil, water, vegetation and solid residues
caused by previous mining activities conducted on the property.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Construction of the
new processing plant, tailings facility and ancillary facilities at San Vicente required another update to the environmental licence
that was originally issued in 2002. To this end, PASB presented the application in 2007 and was advised by the Bolivian authorities
that a comprehensive environmental impact assessment (&ldquo;EIA&rdquo;) would be required for the proposed projects due to the
scope and nature of the proposed changes to the operations. After a public consultation period, PASB submitted a comprehensive
EIA in December 2007. A review of the EIA was initiated by the Bolivian authorities and the environmental license was granted
for the San Vicente mine in May 2008.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The most significant
environmental issues currently associated with the San Vicente mine are related to the waste dumps, the need to pump low pH water
from the mine, the permanent drainage from the Pelayo waste rock dump that runs into the San Vicente River, and water discharge
from the San Juan and San Francisco adits. PASB constructed and operates an active chemical treatment system to improve the water
quality and comply with its environmental permits. Upgrades to the reagent dosing system and sludge handling at the plant commenced
in 2015 and are expected to be completed in Q2 2016. Improvements to the historic Pelayo waste rock dump were implemented in 2013
and 2015 to reduce contact with the San Vicente River.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to remediate
environmental hazards or concerns caused by previous owners of the San Vicente mine, PASB has focused on the recommendations outlined
in the EIA, together with the complementary studies of Health and Industrial Safety, the Handling of Solid Residues procedures,
the Closure and Rehabilitation Plan and the Contingency Plan. As per the joint venture agreement between COMIBOL and PASB, the
equipment, facilities and infrastructure become the property and responsibility of COMIBOL upon the cessation of operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for San Vicente was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. We have
estimated the present value of reclamation costs for the San Vicente property to be approximately $2.2 million at December 31,
2015. Pan American has not accrued any</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">amounts for any prior existing environmental
liabilities. See &ldquo;Narrative Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding
forward looking statements related to reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
are conducted annually at the San Vicente mine by Pan American&rsquo;s Director of Health and Safety and safety managers from
some of our other mines. During 2015, personnel employed at the mine attended more than 5,000 hours of safety training.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, capital
expenditures at San Vicente totalled $3.3 million and consisted primarily of mine infrastructure upgrades, equipment overhauls,
and exploration drilling.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expected sustaining
capital budget for 2016 at San Vicente totals between $3.0 million and $4.0 million, the major components of which include mill
equipment refurbishment, mine equipment replacements, a ventilation raise, a pump station, and near mine exploration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, we anticipate
producing between 4.30 million and 4.35 million ounces of silver, between 7,400 and 7,500 tonnes of zinc, and between 800 and
900 tonnes of lead. We plan to undertake approximately 9,200 m of exploration drilling in 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>D.</B></TD><TD STYLE="text-align: justify"><B>Argentina</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>Manantial
                                         Espejo</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manantial Espejo
open pit and underground silver-gold mine is located in the Province of Santa Cruz, Argentina. Puerto San Julian is located 160
kilometres to the east on the Atlantic coast and Gobernador Gregores is located 60 kilometres to the west. The main access is
via a gravel secondary road that connects the project with Puerto San Julian and Gobernador Gregores, the nearest major urban
centers to the mine. Puerto San Julian has a population of approximately 5,500.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine is held
100% by our wholly owned Argentine subsidiary, MTA. The Manantial Espejo mine consists of 17 mineral concessions covering a total
of 25,533 hectares and extending approximately 36 kilometres east-west and 19 kilometres north-south. The mineral concessions
forming Manantial Espejo are, by law, subject to minimum expenditure requirements with respect to which we had entered into an
agreement with the government of Argentina. We believe that MTA has continuously been in compliance with such agreement, and to
our knowledge, we have met all of the necessary obligations to retain the project. The property includes ownership of three surface
properties purchased by MTA to facilitate support and to improve the performance of its mining and exploration activities. These
surface rights cover an area of 43,207 hectares and at this time all mining and processing related activities occur within these
properties. To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been
obtained and are currently in good standing. All of the mineral resources and mineral reserves, mine workings, plant facilities,
tailings ponds, and waste storage areas are contained within the leases controlled by MTA.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Production from the
Manantial Espejo property is subject to royalties to be paid to Barrick Exploraciones Argentina S.A. (&ldquo;Barrick&rdquo;) according
to the following: (i) $0.60 per metric tonne of ore mined from the property and fed to process at a mill or leaching facility
to a maximum of 1 million tonnes; and (ii) one-half of one percent (0.5%) of net smelter returns derived from the production of
minerals from the property. In addition, MTA has negotiated a royalty equal to 3.0% of operating cash flow payable to the Province
of Santa Cruz.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, the mine is not subject to any other royalties, overrides, back-in rights, payments or other agreements and encumbrances.
The Company&rsquo;s operations in Argentina are subject to taxes, fees and duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2015,
the legislature of the Province of Santa Cruz passed a bill into law which abrogated the mining property tax that had been introduced
in September 2013. The decree in which the new law was published</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">confirmed that the mining property tax
was unconstitutional because: (i) it contravened the contents of Federal Mining Investments Law, and (ii) it attempted to regulate
matters reserved to Federal legislation. It is unclear on whether any or all of the subject taxes already paid will be refunded
or credited.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2011, the Federal
Government of Argentina had increasingly controlled foreign exchange, imports and exports and the inflow and outflow of capital
in response to unfavourable domestic economic trends. Certain of these restrictions have very recently been eased with the election
of a new Federal Government in late 2015, but it remains uncertain as to whether such changes will be lasting, whether additional
changes will be made or how our business will be impacted. See &ldquo;Risks Related to Our Business &ndash; Foreign Operations&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to perform
work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reconnaissance exploration
on the Manantial Espejo property was first carried out in the 1970s by the Argentinean government and in 1989, ownership of the
original interest in the mineral properties constituting the Manantial Espejo project was acquired by Mr. Roberto Schupbach. Pursuant
to an agreement entered into in 1991 between Mr. Schupbach and Compa&ntilde;&iacute;a Minera San Jose S.A. (a wholly owned subsidiary
of St. Joe Minerals), Mr. Schupbach sold his mineral property rights to Minera San Jose. Later in the same year, St. Joe Minerals
was acquired by Lac Minerals Ltd., and then in 1994, Barrick acquired Lac Minerals Ltd. and assumed ownership.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 1996, Triton Mining
Corporation (&ldquo;Triton&rdquo;) entered into an option agreement with Barrick to earn the right to acquire an 80% interest
in the project for a total cost of $2.5 million, which right Triton then assigned to its wholly owned subsidiary MTA. Exploration
on the property was advanced in 1996 by Barrick, which completed 62 diamond drill holes on the Maria Vein. In 1997, an additional
42 core drill holes were completed and a pre-feasibility study commenced for the construction of an open pit mine and cyanidation
mill processing facility to treat and recover silver and gold from the Maria Vein.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 1998, MTA completed
making the required payments under the option agreement. Barrick and MTA subsequently incorporated Compa&ntilde;&iacute;a Minera
Alto Valle (&ldquo;Alto Valle&rdquo;) for the purpose of holding beneficial title to the properties, and pursuant to a shareholders&rsquo;
agreement, Barrick held 20% and MTA held 80% of the shares of Alto Valle, respectively, and MTA was designated operator of the
project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 1998, Blackhawk
Mining Inc. (&ldquo;Blackhawk&rdquo;) purchased all of the issued shares of Triton, which was a public company with shares traded
on the Toronto Stock Exchange. Also, in 1998, Silver Standard Resources (&ldquo;SSR&rdquo;) entered into an option agreement with
Triton to acquire a 50% interest in MTA. Then, in April of 2001, SSR acquired Barrick&rsquo;s 20% interest in Alto Valle (2,400
shares), half of which it agreed to sell to Blackhawk in consideration for an interest in an unrelated mining venture.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2002, SSR acquired
Triton&rsquo;s remaining 50% interest in MTA, as well as Blackhawk&rsquo;s 1,200 shares in Alto Valle. Concurrently, SSR agreed
to sell to us 50% of the shares of MTA and half of the shares (1,200) it held in Alto Valle directly. Pan American acquired this
50% interest in the project for a purchase price of $1,912,433, which consisted of a cash payment in the amount of $662,433 and
a transfer of 231,511 of our Common Shares valued at $1,250,000. In addition, we agreed to pay 50% of $200,000 in order to eliminate
a 1.2% net smelter return royalty payable by SSR to Blackhawk and agreed to fund the first $3 million of joint venture expenditures
following the issuance of a production notice. In March 2006, we negotiated and entered into a purchase agreement with SSR to
acquire SSR&rsquo;s 50% interest in MTA and Alto Valle, respectively, thus becoming a 100% owner of the Manantial Espejo project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2006, we
received approval of the EIS from the Santa Cruz Province of Argentina and signed an agreement with the Federal Government of
Argentina and the Province of Santa Cruz to bring grid electrical power to the town of Gobernador Gregores with a sub-connection
to Manantial Espejo. In April 2006, mine development activities were initiated and by 2008, mining operations in two open pits
and two underground mines and the</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">mills, leach circuits, counter-current-decantation,
Merrill Crowe, and refinery commenced operations. The primary crusher, recycle pebble crusher and concentrate circuits were completed
by early 2009.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2010, we completed
a merger of MTA with Alto Valle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Manantial Espejo
lies near the southwestern end of the Deseado Massif, a large igneous province dominated by ignimbrites of the Chon Aike and La
Matilde Formations and minor andesites and basaltic andesites of the Bajo Pobre Formation. The project area consists of a volcanic
complex related to a collapsed caldera. The lithologies of the area consist mostly of sub-aerial volcanic extrusive sequences.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Silver and base metal
mineralization in the Manantial Espejo district is spatially and genetically related to the Deseado Massif, where mineralization
is hosted by the Chon-Aike and La Matilde Formations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mineralized deposits
at the Manantial Espejo mine are predominantly veins with short strike slip and larger down dip displacements. The styles of mineralization
include massive quartz veins, vein breccias, sheeted and stockwork veining, and minor dissemination. Gold occurs mainly as electrum
in pyrite while the silver occurs in a number of forms including argentiferous galena and silver sulphosalts. Sulphides account
for up to 3% to 5% of the rock mass as veinlets and disseminations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineralization at
Manantial Espejo is hosted in four main veins known as Mar&iacute;a, Karina/Uni&oacute;n, Melissa, and Concepci&oacute;n. The
majority of the mineralization outlined to date is in the Mar&iacute;a Vein. The vein is a thick silica vein exposed on surface
for more than one kilometre and has been intersected at a depth of up to 275 metres. This vein averages 7.8 metres in true width
and ranges from 0.63 metres to 20 metres and is open to the east and at depth. Economic grade mineralization of the vein is less
continuous. Open pit economic grade zones measure tens to hundreds of metres in longitudinal dimension. Underground economic grade
zones measure tens of metres in longitudinal dimension, with over 100 metres of vertical extent in the Mar&iacute;a West area.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Karina/Uni&oacute;n
Vein is exposed on surface for a distance of 850 metres and has been drilled to a depth of 150 metres. Several interconnected
high grade silver-gold epithermal veins in excess of 20 metre true widths have been observed in drillhole intersections.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Melissa vein
is thought to be the extensional component to the Mar&iacute;a shear system. The Melissa Vein has been defined by drill holes
along a 300 metre strike length and 200 metres down dip and averages from between 1.5 metres and 2.5 metres wide.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Concepci&oacute;n
Vein is a single quartz vein. Mineralization occurs over a strike length of 600 metres and is open at depth and at both ends.
The host rocks, mineralogy and alteration are similar to the other veins on the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reconnaissance exploration
on the Manantial Espejo mine was first carried out in the 1970s by the Argentinean government. Exploration on the property was
advanced in 1996 and 1997 by Barrick, which drilled 104 diamond holes on the Mar&iacute;a vein. In 1998, Triton, with SSR as the
operator, drilled 18 diamond drillholes on the Mar&iacute;a vein, and in 1999, Triton completed some additional prospecting, soil
sampling, mapping, and a further 17 holes on other targets. In 2000, a reverse circulation and diamond drilling campaign was completed
to sample the newly defined Karina, Uni&oacute;n, and Melissa deposits. In 2001, a reconnaissance campaign was conducted with
the goal of expanding the mineral resources by drilling the Mar&iacute;a, Melissa, and Karina-Uni&oacute;n veins.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We began exploration
efforts in 2002 by collecting surface trench samples and completing 4,472 metres of diamond drilling on the Mar&iacute;a and Karina-Uni&oacute;n
veins. Since 2002, we have completed diamond drilling programs on an annual basis to estimate mineral resources and mineral reserves.
All of the project exploration has been carried out by company geologists or contractors under the supervision of company geologists.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no known
sample recovery, contamination, or bias issues that could have a material impact on the reliability of the sample results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling </I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Drilling on the Manantial
Espejo mine has been by diamond core, reverse circulation and wagon-mounted percussion drilling methods. The diamond core samples
are considered to be of good quality and representative of the deposits, and only five of the reverse circulation holes in the
Mar&iacute;a vein have been used to estimate mineral resources and mineral reserves. All MTA core has been HQ diameter with the
exception of re-entry into Barrick holes for deepening, for which NQ diameter was used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Samples average approximately
1.0 metres in length. There are no known drilling, sampling, or recovery factors that could materially impact the accuracy of
reliability of the results.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All drill core is
delivered from the drill rigs to the core shed at the Manantial Espejo site by MTA personnel and transported by MTA personnel
to Puerto San Julian, where they are then transported by bus or truck to Mendoza. Once the samples are received by ALS, they are
maintained under the control of the laboratory. There is no reason to believe that the validity and integrity of the samples has
been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ALS Chemex assays
the sample for gold using fire assay with atomic absorption finish and for silver by four acid digest with atomic absorption finish.
Any samples with assays greater than 100 grams per tonne silver and/or 10 grams per tonne gold are re-assayed by fire assay with
gravimetric finish. MTA geologists submit certified standard samples and blanks to the primary laboratory and approximately 10%
of the samples are sent to Acme Analytical Laboratories S. A. of Santiago for check assays.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The samples used
to estimate mineral resources and mineral reserves at Manantial Espejo are considered to be representative and there are no known
factors that may have resulted in sample biases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of normal
plant operation procedures, metallurgical analysis and testing is undertaken as required. The majority of these analyses are to
assess mill performance and metallurgical recovery. Metal recovery forecasts used in our mine plans are based on the historical
performance of the plant operations and the tonnes and grade of material that is planned to be mined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource and Mineral Reserve Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral reserves at Manantial Espejo, as at December&nbsp;31, 2015, are as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Manantial
    Espejo Mineral Reserves <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Reserve
        Category</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Tonnes
        (Mt)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Grams of Silver</B></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>per
        tonne</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Grams
        of Gold</B><BR>
        <B>per tonne</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Proven</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">120</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.60</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Probable</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">262</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.90</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">135</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.84</FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         using prices of $14.50 per ounce of silver and $1,100 per ounce of gold for planned 2016
                                         production, then using $17.00 per ounce of silver and $1,180 per ounce of gold. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         reserve estimates for Manantial Espejo were prepared under the supervision of, or were
                                         reviewed by Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons
                                         as that term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -19pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -19pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at Manantial Espejo, as at December&nbsp;31,&nbsp;2015, are as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Manantial
    Espejo Mineral Resources <SUP>1, 2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Resource
        Category</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Tonnes
        (Mt)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Grams
        of Silver</B><BR>
        <B>per tonne</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Grams
        of Gold</B><BR>
        <B>per tonne</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-size: 10pt">Measured</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">99</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">188</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.84</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">208</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.64</FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">These
                                         mineral resources are in addition to mineral reserves. Estimated using prices of $25
                                         per ounce of silver and $1,400 per ounce of gold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Manantial Espejo were prepared under the supervision of, or were
                                         reviewed by Martin Dupuis, P.Geo., and Martin G. Wafforn, P.Eng., as Qualified Persons
                                         as that term is defined in NI 43-101.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates are prepared on an annual basis using industry standard mining software and based on the information collected during
drilling campaigns in the previous year. Three dimensional lithological and grade estimation domains are prepared with respect
to geological and geostatistical exploratory data analysis. Interpretations of clay alteration, disseminated pyrite content, and
bulk density are also applied to the model. The samples are treated for extreme grades and composited to a common length. Ordinary
kriging is used to estimate gold and silver grades into the block mode. The mineral resource estimate is then classified for confidence
categories based on the density of available drillholes. The mineral resource estimate is diluted with respect to the anticipated
mining method in each mineral resource estimate, and depleted for the previous year&rsquo;s mining. Metal prices, cost, revenue,
and metal extraction parameters are estimated on an annual basis to define a silver equivalent cut-off grade.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserves
are estimated by discounting the mineral resources by 15% for mining losses associated with pillars left behind for stability
and safety reasons. Optimized pit designs are prepared for each open pit mining area and geometries are prepared for underground
mining panels.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral reserve estimates
are based on a number of assumptions that include metallurgical, taxation, and economic parameters. Increasing costs or increasing
taxation could have a negative impact on the estimation of mineral reserves. There are currently no known factors that may have
a material negative impact on the estimate of mineral reserves or mineral resources at Manantial Espejo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore is mined at Manantial
Espejo using a combination of conventional open pit and underground mining methods. The surface mining operations use 54 tonne
and 30 tonne trucks and front end loaders and track shovel loading equipment. The underground mining operations consist of either
long-hole, cut and fill, or shrinkage methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore is treated by
conventional crushing, semi-autogenous/ball mill grinding, bulk gravity concentration, intensive gravity concentrate agitation
leaching, thickening, agitated cyanide leaching of the gravity tailings slurry, counter current decantation thickening, Merrill
Crowe zinc precipitation, sulphur dioxide cyanide neutralization, conventional pulp tailings disposal, and conventional silver
and gold dor&eacute; bar production from melting of the Merrill Crowe precipitate. The nominal treatment rate at design capacity
is 2,000 tpd of ore.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, we processed
approximately 774,900 tonnes of ore with metallurgical recoveries of 91.6% silver and 94.9% gold, producing 3.6 million ounces
of silver and 77,300 ounces of gold.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All production from
the Manantial Espejo mine is in the form of dor&eacute; bars, which is refined at arm&rsquo;s length refineries prior to the sale
of refined silver and gold to bullion banks and traders.<B> </B>We have entered into multi-year refining contracts with two refineries
for the production from Manantial Espejo.<B> </B>We have not had any difficulty in securing contracts for the sale of Manantial
Espejo dor&eacute;, however, there can be no certainty that we will always be able to do so or what terms will be available at
the time. Please see &ldquo;Risks Related to our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the past three
years, the revenue produced by the Manantial Espejo mine was as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue<SUP>1,
    2</SUP> </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Quantity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and
    Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$145.0
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,654,556</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 20%; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces
    of silver </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">82,735</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$156.1
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,859,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces of silver
    </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">72,278</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 3pt 6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Silver and Gold in Dor&eacute;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">$149.7
    million</FONT><B> </B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3,306,429</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces of silver</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">55,617</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ounces of gold</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7pt"></TD><TD STYLE="width: 15.1pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Consists
                                         of sales to arm&rsquo;s length customers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         as gross revenue less treatment and refining charges.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mine workings,
processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power and water
lines have already been constructed and are located within the boundaries of the mining leases and surface rights controlled by
us. To the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained
and are currently in good standing. Power is sourced from a transmission line connected to the national power grid. Water is sourced
from underground mine water and surface mine dewatering wells.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An EIA for the project
as required under the laws of the Province of Santa Cruz and the Argentine Republic was prepared including mine design, tailing
design, utility supply, water development studies, impact assessment, and records of extensive public consultation. In March 2006,
we obtained approval of the EIA from the Province of Santa Cruz. The EIA is updated every two years.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No reclamation bond
is currently required for mining operations in Argentina, however environmental reclamation insurance is required and we hold
a policy for Manantial Espejo. A preliminary reclamation plan was developed for the project and included in the EIS submitted
to the Argentine government during 2006. A recent update EIA approved in December 2015 included an update to the reclamation plan
and fulfills all closure planning requirements under Argentine law.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Manantial Espejo was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. Pan
American has estimated the present value of reclamation costs for the Manantial Espejo mine to be approximately $8.7 million as
at December 31, 2015. See &ldquo;Narrative Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure
regarding forward looking statements related to reclamation costs.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Internal safety audits
have been conducted annually by Pan American&rsquo;s Director of Health and Safety and safety managers from some of our other
operations. Manantial Espejo was the recipient of the Chairman&rsquo;s Safety Award for safety performance in both 2010 and 2011,
years in which Manantial Espejo went without any LTIs, and also worked all of 2013 without an LTI. Personnel at Manantial Espejo
attended more than 5,000 hours of training during 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital expenditures
at Manantial Espejo during 2015 totalled $14.1 million and consisted mainly of open pit pre-stripping, tailings storage facility
expansion, and near mine exploration.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital investments
in 2016 are expected to be between $2.0 million and $2.5 million, primarily for near mine exploration and improvements to the
processing plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2016, we anticipate
producing between 3.60 and 3.75 million ounces of silver, and between 64,600 and 68,100 ounces of gold. We plan to undertake approximately
7,000 m of exploration drilling in 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>II.</B></TD><TD STYLE="text-align: justify"><B>Development
                                         Properties</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>Navidad
                                         Property</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Project Description, Location, and Access</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Navidad silver
development property is located in Gastre Department in the Province of Chubut, southern Argentina, 1,580 kilometres southwest
of Buenos Aires and 360 kilometres west of Puerto Madryn. The Navidad project is accessible year round by road from the small
communities of Gastre and Gan Gan, which are located on a provincial highway and have less than 1,000 inhabitants. The nearest
airport is located in Esquel, about four hours&rsquo; drive to the southwest by gravel road.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are the operators
of the development project through our wholly owned subsidiary, MASA. The main Navidad property block containing all of the current
mineral resources is comprised of four 2,500 ha blocks granted with Manifestaci&oacute;n de Descubrimiento (&ldquo;MD&rdquo;)
permits. MASA also holds the rights to additional MDs in the Province of Chubut. All of these MDs are in good standing with the
mining authorities of the Province of Chubut, and to our knowledge, we have met all of the necessary obligations to retain the
project. Our tenements are subject to Argentinean law and policy, which may in the future result in surrender of certain of its
tenements outright and/or the reduction in area of our holdings.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Access to land for
drilling and other exploration activities is allowed through outright surface ownership as well as through a series of easement
contracts with neighbouring surface owners. We hold large surface land rights covering all known mineral resources through MASA.
The remaining surface rights belong to several other land holders and access is either in negotiation or has been granted through
agreements with the owners.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the known
mineralized zones and planned mine workings, processing plant, effluent management and treatment systems, and tailings disposal
areas relating to project are located within the boundaries of the concessions and surface rights.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Silver Wheaton Corp.,
through its subsidiary, Silverstone Resources (Barbados) Corp., has the right to purchase 12.5% of the life of mine payable silver
produced at the Loma de La Plata deposit pursuant to a convertible debenture that, upon conversion, committed the parties to a
future &ldquo;silver stream&rdquo; agreement. This agreement remains to be negotiated with Silver Wheaton Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is a provincial
royalty of 3% of the &ldquo;Operating Income&rdquo; in the Province of Chubut. Operating Income is defined as revenue minus production
cost (not including mining costs), treatment and transportation charges.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, the project is not subject to any other royalties, overrides, back-in rights, payments or other agreements and encumbrances.
&nbsp;The Company&rsquo;s operations in Argentina are subject to government taxes, fees and duties.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Province of Chubut
passed a law in 2003 (Law 5001) that prohibits open pit mining and the use of cyanide in mineral processing in the entire province,
effectively preventing the development of Navidad. To date, this law remains in place. Please see the discussion below under &ldquo;Risks
Relating to Our Business &ndash; Restrictions on Mining&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are material
governmental and legal factors that affect the mineral resources at Navidad and the conversion of the mineral resources to mineral
reserves. Legislation in place in the Province of Chubut currently prohibits open pit mining and the use of cyanide in the entire
province. No cyanide will be used to process the material anticipated to be mined at Navidad, but given the depth and orientation
of the deposits, the economic mine plan involves open pit mining. Because of these governmental and legal factors, the otherwise
economically viable portions of the deposit cannot be estimated as mineral reserves at this time.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2011, the Federal
Government of Argentina increasingly controlled foreign exchange, imports and exports and the inflow and outflow of capital in
response to unfavourable domestic economic trends. With the election of a new Federal Government in Argentina in late 2015, certain
of these restrictions have very recently been eased, but it remains uncertain as to whether such changes will be lasting, whether
additional changes will be made or how our business will be impacted. See &ldquo;Risks Related to Our Business &ndash; Foreign
Operations&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no
other known significant factors or risks that we currently anticipate will affect access or title, or the right or ability to
perform work on the property, including permitting and environmental liabilities, please refer to &quot;Risks Related to Our Business&quot;
starting on page 76 for a general discussion of the risks relating to our operations.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>History</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first known exploration
program that included the Navidad property area consisted of a preliminary regional geochemical sampling program conducted by
Normandy Argentina (&ldquo;Normandy&rdquo;) in mid-2000 to locate additional deposits to supplement those known at its Calcatreu
Property, a gold and silver deposit located approximately 80 kilometres from Navidad. The program consisted of 1,200 bulk leach
extractable gold (BLEG) stream sediment samples taken from what was then considered open exploration ground, and resulted in the
identification of Navidad.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January and February
2002, Newmont Mining (&ldquo;Newmont&rdquo;) purchased Normandy&rsquo;s worldwide mining interests. In September 2002, IMA Exploration
Inc. (&ldquo;IMA&rdquo;) signed a confidentiality agreement in order to obtain a copy of the information brochure and technical
data related to Newmont's Argentinean interests, which included the Calcatreu project. In December 2002, IMA applied for exploration
concessions over the Navidad area, utilizing and relying upon the Normandy BLEG data, and began undertaking a regional exploration
program including regional mapping and sampling. From December 2002 to July 2006, IMA conducted diamond drilling, geochemical
sampling, geophysical exploration, and mineral resource estimates at Navidad.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2003,
Aquiline entered into an agreement with Newmont, which was completed in July 2003, to purchase all of the shares of Normandy and
Newmont&rsquo;s 100% interest in Calcatreu, and acquired all of Newmont&rsquo;s assets including the BLEG data. In May 2003, Aquiline
reviewed the BLEG data and found that the ground covered by the BLEG data had already been claimed by IMA. After failure to receive
a credible response from IMA as to how they could otherwise have made a legitimate discovery at Navidad without having breached
the terms of the confidentiality agreement, Aquiline went on to file suit in the Supreme Court of British Columbia in March 2004.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Supreme Court
of British Columbia awarded ownership of the Navidad property to Aquiline on July 14, 2006, following a court case with IMA where
IMA was found to have breached the Confidentiality Agreement. IMA subsequently appealed to the Court of Appeal of British Columbia,
but lost the appeal in June 2007. An Application for Leave to Appeal to the Supreme Court of Canada was filed by IMA in September
2007. Sole ownership rights were granted to Aquiline by the Supreme Court of Canada on December&nbsp;20, 2007, subject to Aquiline
making payment to IMA which would reimburse the latter for its accrued exploration expenditures up to the July 2006 court decision.
Aquiline&rsquo;s final payment to IMA was made on February 8, 2008, giving Aquiline full ownership of the Navidad property.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From October 2006,
Aquiline undertook diamond drilling, geophysical and geochemical exploration, metallurgical test work, resource estimates, and
a preliminary economic assessment for Loma de La Plata.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 14, 2009,
we announced a friendly offer to acquire all of the issued and outstanding shares of Aquiline. On December 7, 2009, we acquired
approximately 85% of the issued and outstanding shares of Aquiline and extended our bid to December 22, 2009, and on that later
date, we took up approximately an additional 7% of the issued and outstanding shares in the capital of Aquiline. Since the offer
to acquire the Aquiline shares was accepted by holders of more than 90% of the Aquiline shares, on December 23, 2009, we provided
notice to the remaining shareholders of our intention to exercise our right to acquire the remaining issued and outstanding Aquiline
shares pursuant to the compulsory acquisition provisions of the Business Corporation Act (Ontario). Pursuant to the compulsory
acquisition, we acquired the balance of the Aquiline shares on or about January 22, 2010.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Early in 2010, we
took possession of the Navidad property. We continued with a drilling campaign, metallurgical testing, hydrologic analysis, environmental
studies, and several other works on the Navidad property site during 2011. A preliminary economic assessment of the Navidad property
deposits was completed in January 2011. Metallurgical testing and crushing and grinding test work continued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Geological Setting, Mineralization, and Deposit
Types</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Navidad project
is located on the southwest edge of the Northern Patagonia Massif in southern Argentina. This boundary of the massif is coincident
with the Gastre Fault System, one of a series of northwest to southeast trending half grabens and tectonic basins. Granitoid rocks
of the basement in the northern part of the Province of Chubut belong to the Mamil Choique and Lipetren formations. At Navidad
the sequence consists of ignimbrites, volcanic agglomerates, and lavas of the Lonco Trapial Formation and sandstones, mudstones,
and limestones of the Ca&ntilde;ad&oacute;n Asfalto Formation. The latter of these formations hosts the Navidad mineralization.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The basin includes,
and is defined by, three northwest-striking major fault zones, generally referred to as &lsquo;trends&rsquo;. These comprise the
Argenta, Esperanza, and Navidad trends. The Navidad Trend, which includes the bulk of the silver mineralization, occurs in the
immediate hanging wall of a major northeast-striking fault known as the Sauzal Fault. Most of the economic mineralization is hosted
by the upper of two trachytic andesite lava flows referred to as latite.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, the Navidad
property comprises eight individual epithermal mineral deposits in the Navidad, Esperanza, and Argenta trends. The six deposits
of the Navidad Trend occur along strike over a distance of about 5.8 kilometres and are essentially continuous. They comprise,
from northwest to southeast: Calcite NW, Calcite Hill, Navidad Hill, Connector Zone, Galena Hill, and Barite Hill. The Valle Esperanza
deposit occurs on the east flank of the Esperanza Trend and is found approximately 400 metres south-southwest of Galena Hill.
The Loma de La Plata deposit occurs in the north part of the Argenta Trend, approximately 2.2 kilometres southwest from Calcite
Hill.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore minerals include
native silver, clots of black sulphide comprising argentite/acanthite, discrete grains of sphalerite, galena, chalcopyrite, cuprite,
bornite, native copper, and copper carbonates (malachite, azurite). Similar styles of mineralization and a similar paragenesis
occur in most of the deposits. However, the proportion of sulphides varies considerably. Loma de La Plata is silver-rich, but
is sulphide-poor and contains very low levels of lead, zinc, and copper. Various pulses of mineralization are observed, principally
at Galena Hill.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal metal
association is Ag-Pb. Other associations include Ag-Pb-Cu and Cu-Ag and, more rarely, Ag-Zn. Occasionally there is Ag only, or
Cu-Pb-Zn or simply isolated occurrences of these base metals. Gold appears to be totally absent from the system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first exploration
on the Navidad property area consisted of a preliminary regional geochemical sampling program conducted by Normandy in mid-2000.
The program consisted of 1,200 BLEG stream sediment</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">samples taken from drainage systems overlying
volcanic rocks in the Province of Chubut in the general vicinity of Calcatreu, Mina Angela, Gastre, Lagunita Salada, Gan Gan,
and other areas. This program resulted in the identification of various anomalies, including the Flamingo Prospect and the Navidad
project.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IMA commenced initial
detailed outcrop mapping of the Navidad project along the Navidad Trend in 2003 and expanded the mapping in 2004 to cover a wider
portion of the mineral tenement at larger scales. Commencing in 2002 and continuing through 2006, IMA collected soil, rock chip
and stream silt samples over the Navidad project. Collectively the anomalous rock chip samples clearly delineate the Navidad,
Esperanza and Argenta trends, as does the soil geochemistry. Between 2003 and 2006, IMA completed 367 drillholes on the property.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between October 2006
and June 2009, Aquiline focused exploration efforts on identifying new exploration targets with diamond drilling, with delineation
and infill drilling at the Loma de La Plata deposit, and with minor infill drilling of the other previously identified mineralized
zones. Exploration for additional deposits through the use of fence drilling across prospective covered areas was also undertaken.
Geological mapping and geophysical and geochemical exploration also progressed to provide data for structural interpretation.
Prior to our acquisition of the property, 950 drillholes had been drilled on the property.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continued exploration
drilling on several open or new targets along the mineralized trends as well as infill drilling at Loma de La Plata, Valle Esperanza,
Barite Hill, Calcite Hill, Calcite NW, the Connector Zone, and Galena Hill during 2010 and 2011, completing approximately 129,500
metres of diamond drillholes. These infill drillholes also provided new samples for metallurgical analysis. In addition, condemnation
and geotechnical drilling was conducted in the various planned facility areas during 2010.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All exploration work
on the project has been undertaken by employees of IMA, Aquiline, or MASA, or by contractors under the supervision of these employees.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the samples
collected during surface exploration have been used to guide the location of diamond drillholes. There are no known sample recovery,
contamination, or bias issues that could have a material impact on the reliability of the sample results. The results of the drillhole
samples are used for the estimation of mineral resources and mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Drilling</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All diamond drilling
on the Navidad property undertaken by all operators since the first drillhole in November 2003 has been completed by Boart Longyear
Connors Argentina S.A. of Mendoza, Argentina, which was subsequently taken over by Boart Longyear in 2007. Nearly all holes have
been drilled at HQ3 diameter with 3 metre long rods, except for rare instances where the drillhole was collared at HQ size diameter
and subsequently reduced to NQ diameter down the drillhole and where larger diameter PQ holes were drilled to collect metallurgical
samples. Approximately 320,000 metres of drilling have been completed on the Navidad property, mostly on 25 metre centres across
the eight deposits. The results of these drilling campaigns are used to estimate mineral resources at Navidad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Sampling, Analysis, and Data Verification</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sample intervals
vary from between 1 metre and 3 metres long. There are no known drilling, sampling, or drill core recovery factors that could
materially impact the accuracy and reliability of the results and the data is considered suitable for use in mineral resource
estimates. Drill core logging, cutting, sampling, and sample preparation and analytical techniques at the Navidad project follow
industry practices. There are no known issues with sample quality, and the samples are believed to be representative and free
from sample biases.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sample security is
a low risk considering the remote nature of the project and the core storage facilities. There is no reason to believe that the
validity and integrity of the samples have been compromised.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All diamond drill
core samples at the Navidad property have been analysed by Alex Stewart Assayers Argentina S.A. of Mendoza, Argentina, and have
been analysed by fire assay for silver with gravimetric finish and</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">gold for AAS finish and ICP-ES for 19
elements using the ICP ORE technique. The QAQC protocol employed by Alex Stewart consisted in batches of 50 samples for fire assay
and up to 100 samples for ICP. Fire assay batches included one preparation blank, one analytical blank, one coarse duplicate,
four pulp duplicates, one international certified standard for base metal and silver, one uncertified in-house standard, and two
standards made from pure silver to calibrate losses in cupellation. ICP batches included two blanks, four standards, and 10% duplicates.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certified standards,
blanks, and field duplicates were routinely inserted by the project geologist with sample submissions as part of the project sample
assay QAQC program. Analysis of the QAQC samples submitted with the geological samples used to estimate mineral resources at Navidad
indicates that there is no significant source of bias, cross contamination, or inaccuracy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Processing and Metallurgical Testing
</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Extensive metallurgical
testing has taken place on the Navidad mineralization, including mineralogical studies, flotation and recovery testwork, grinding
testwork, and variability testwork. The results indicate that the material responds well to flotation with acceptable recoveries
and concentrate grades. The expected metallurgical performance for the Navidad ores was determined by laboratory bench-scale flotation
test methods and a pilot plant test on one ore type. There are two distinct ore types found in the Navidad Mineral Resources that
have been defined as copper-silver ores and lead-silver ores. The metal recoveries and the concentrate tonnage for both the silver-copper
ore and the lead-silver ore vary by the degree of oxidation, lithology, and grade. Recovery algorithms have been constructed for
each ore type using an analysis of the laboratory and pilot test results. The algorithms are recorded to each Mineral Resource
block to project recoveries by ore type, oxidation state, lithology, and grade. Average recoveries of 77.8% for silver, 51.9%
for copper, and 56.6% for lead were estimated for the silver-copper ores and average recoveries of 33.6% for silver, 32.6% for
copper, and 76.6% for lead were estimated for silver-lead ores.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mineral Resource Estimates</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management estimates
that mineral resources at the Navidad property, as at April, 2009, are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Navidad
    Mineral Resource <SUP>1, 2</SUP></B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.6pt; border-bottom: Black 0.5pt solid"><B>Resource
        Category</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Tonnes
        (Mt)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Grams
        of Silver</B><BR>
        <B>per tonne</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
        Lead</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>%
        Copper</B></P></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Measured</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">15.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">137</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.44</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.10</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Indicated</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">139.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">126</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.79</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.04</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Inferred</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">45.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">81</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.57</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.02</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Estimated
                                         and reported above a 50 g/t AgEQ using a silver equivalence formula of AgEQ = Ag + (Pb
                                         &times; 10,000/365) and a price of $12.52 per ounce of silver and $1,100 per tonne of
                                         lead. The most likely cut-off grade for these deposits is not known at this time and
                                         must be confirmed by the appropriate economic studies. The estimated metal content does
                                         not include any consideration of mining, mineral processing, or metallurgical recoveries.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mineral
                                         resource estimates for Navidad were prepared by Pamela De Mark, P. Geo., as a Qualified
                                         Person as that term is defined in NI 43-101.</FONT><FONT STYLE="font-size: 10pt"> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates were prepared as of April 2009 using industry standard mining software. Geological interpretations and modelling of
lithological and mineralization domains was completed based on the information on the drillhole logs. A three dimensional block
model was prepared and bulk density values were applied to the blocks according to the mean of bulk density measurements. Silver
and lead grades were estimated into the blocks using multiple indicator kriging and copper grades were estimated using ordinary
kriging. The mineral resources were classified for confidence categories with respect to the confidence in the data and the interpretation,
and the drillhole density. Mineral resources were reported above a cut-off grade of 50 grams per tonne silver equivalent, using
metal prices of $12.52 per ounce of silver and $1,100 per tonne of lead.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral resource
estimates are based on a number of assumptions that include metallurgical, taxation, and economic parameters. Increasing costs
or increasing taxation could have a negative impact on the estimation of mineral reserves. Aside from the previously mentioned
factors, there are currently no other known factors that may have a material negative impact on the estimate of mineral resources
at Navidad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Mining Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A preliminary economic
assessment completed in 2011 anticipated a daily production rate of 15,000 tpd from open pit mines at the eight deposits using
shovels and 150 tonne trucks. The mine schedule, based on the current mineral resources, was anticipated to last nearly 15 years
after a pre-production and construction period with an additional 18 months of re-handling ore from a low grade stockpile for
plant feed after mining is completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Processing and Recovery Operations</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The process plant
was anticipated to consist of a gyratory crusher, stockpile, and a 15,000 tonne per day capacity semi-autogenous/ball mill with
flotation and filtration, producing a copper silver concentrate and a lead silver concentrate. We had no contracts in place for
the sale of the concentrates at the time of the assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Infrastructure, Permitting, and Compliance
Activities</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The planned mine
workings, processing plant, tailings and waste disposal areas, effluent management and treatment facilities, roads, and power
and water lines are expected to be located within the boundaries of the mining leases and surface rights controlled by us. To
the best of our knowledge, all permits and licenses required to conduct our activities on the project have been obtained and are
currently in good standing. Electrical power is provided by several small generators. We are authorized to use water from several
bore holes for camp use and diamond drilling.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Drilling at the Navidad
property requires a separate permit for each affected tenement valid for one year, subject to the submission of an EIS update
within a one year period from the date of granting each successive permit. An updated EIS is required to cover the exploration
activities, environmental impacts, and mitigation/monitoring actions implemented in the period following the last permit. The
level of the exploration activity dictates the level of study required.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Environmental and
social baseline studies have been completed for the Navidad property. The most recent EIS update was submitted in 2011 and is
currently under administrative review by the Chubut Ministry for the Environment and Control of Sustainable Development. This
drilling permit in connection with the EIS would allow for the operation of up to eight drill rigs, however no drilling is planned
in the immediate future. Rehabilitation of the drilling platforms and impacted areas is carried out continuously, and we maintain
an extensive environmental management and monitoring program on site.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Water rights are
treated separately from environmental permits. Two extraction wells have been permitted for use in exploration activities.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, Chubut&rsquo;s
Law 5001 prohibits open pit mining and the use of cyanide in mineral processing in the entire province. Law 5001 banning open
pit mining methods would need to be changed before permits for the development of Navidad can be obtained.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A closure cost estimate
for Navidad was prepared according to State of Nevada approved SRCE methodology in 2011 and is updated every year. We have estimated
the present value of reclamation costs for the Navidad development property to be approximately $0.3 million at December 31, 2015.
Minera Argenta holds environmental reclamation insurance for the Navidad property in accordance with Argentinean law. See &ldquo;Narrative
Description of the Business &ndash; Environmental Protection&rdquo; for further disclosure regarding forward-looking information
related to reclamation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Capital and Operating Costs</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, $6.8 million
was spent on activities at Navidad, while in 2014, $4.4 million was spent. Over the past year, the Navidad project budget assumed
that the law in the Province of Chubut would not be amended in a manner which encouraged further investment at this stage and
hence, our activities at Navidad were guided by an investment plan which focussed primarily on satisfying the legal requirements
necessary to maintain our property interests under the current mining law. We plan to continue with such maintenance requirements.
All expenditures will be expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>Exploration, Development, and Production</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to continue
with our maintenance requirements, and have no plans to undertake any exploration drilling in 2016. All expenditures will be expensed
as incurred.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">III.</TD><TD STYLE="text-align: justify">Non-Material Properties
                                         and Interests</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Other Operations, Exploration, Resource
and Investment Properties</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We gained ownership
of several exploration projects in connection with the acquisition of Minefinders in 2012, including the La Virginia and La Bolsa
projects in Mexico. Pan American is considering opportunities with respect to these projects, but they are not material properties
for the purposes of NI 51-102 or NI 43-101.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also own interests
in other investment and resource properties in each of the jurisdictions in which we operate, including the Pico Machay project
in Peru and the Calcatreu project in Argentina, as well as the Waterloo property and the Hog Heaven property in the United States,
and certain other interests in Canada. Pan American does not consider these investment and resource properties to be material
properties for the purposes of NI 51-102 or NI 43-101.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Mineral
Property Expenditures</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets out our acquisition, exploration and development expenditures (rounded, in thousands) for the periods indicated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Acquisition</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 8.9pt">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Nil
    </FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Nil
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Development</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Huaron</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">13,610</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">17,327</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">15,474</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Morococha</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">7,713</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">10,199</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">18,652</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Alamo Dorado</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">293</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">7,621</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Dolores</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">53,117</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">44,886</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">86,641</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">La Colorada</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">58,037</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">31,400</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">13,574</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Manantial Espejo</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">14,061</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">26,741</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">12,002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Navidad</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">246</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">San Vicente</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">3,286</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">3,415</FONT></TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">8,165</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">401</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">730</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">357</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 8.9pt; text-align: right"><FONT STYLE="font-size: 10pt">TOTAL<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">150,225</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right; text-indent: -4.5pt"><FONT STYLE="font-size: 10pt">134,991</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.1pt; padding-left: 6.1pt; text-align: right; text-indent: -4.5pt"><FONT STYLE="font-size: 10pt">162,732</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6.1pt; padding-left: 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 8.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right; text-indent: -4.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.1pt; padding-left: 6.1pt; text-align: right; text-indent: -4.5pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Exploration</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Huaron</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">765</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,312</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">936</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Morococha</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,202</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,453</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,722</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Alamo Dorado</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,297</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Dolores</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">544</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,602</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">3,856</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">La Colorada</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">254</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">225</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Manantial Espejo</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,657</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">608</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Navidad</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">7,057</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">4,437</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">2,515</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">San Vicente</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">La Preciosa</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">Other<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">208</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">2,419</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">4,316</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 2.85pt; text-align: right"><FONT STYLE="font-size: 10pt">TOTAL<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">11,940</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">13,225</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">15,475</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 9pt; margin-bottom: 9pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Numbers
                                         may not add due to rounding.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         spending on the early stage La Virginia, La Bolsa and Waterloo projects as well as other
                                         indirect exploration spending.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Metals
Trading</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We take the view
that our precious metals production should not be hedged, thereby allowing the maximum exposure to precious metal prices. However,
in times of extreme price volatility or deteriorating market conditions, the Board of Directors may make exceptions to this approach
and authorize management to enter short-duration hedging for a limited portion of our forecasted production of precious metals
in order to protect our margins at its higher cost operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2013, we hedged
approximately 25% of our silver and gold production, contracting for the sale of 5.3 million ounces of silver and 24,000 ounces
of gold. On September 10, 2013, we decided to accelerate the closing out of its outstanding silver and gold hedges after a re-evaluation
of the financial risk of further price declines. The total realized loss recognized from closing our silver and gold hedges in
2013 was $5.1 million. As at December 31, 2014, there were no outstanding positions under this program.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have engaged in
forward sales of base metals production from our mines over the past several years. The forward sales of base metals in 2013,
2014 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">During
                                         2015, we settled 4,080 tonnes of copper in forward sales at an average price of approximately
                                         $6,044 per tonne. We realized a gain of approximately $3.0 million from the settlement
                                         of the copper contracts during 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">There
                                         were no forward sales in 2014.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">During
                                         2013, we settled 10,000 tonnes of zinc in forward sales at an average price of approximately
                                         $1,990 per tonne, and 600 tonnes of lead forward sales at an average price of approximately
                                         $2,050 per tonne. We realized a gain of approximately $1.1 million from the settlement
                                         of zinc and lead contracts during 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see the discussion
below under &ldquo;Risks Related to Our Business &ndash; Trading Activities and Credit Risk&rdquo;.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">RISKS RELATED TO OUR BUSINESS</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>We face a number of risks in our business.
Several of them can have a material adverse effect on our operations and on the value of our securities, and we discuss them in
this next section.</I></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Metal
Price Fluctuations</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our
revenue is derived from the sale of silver, zinc, gold, and, to a lesser degree, copper and lead, and therefore fluctuations in
the price of these commodities represents one of the most significant factors affecting our operations and profitability. In addition,
since base metal and gold sales are treated as a by-product credit for the purposes of calculating cash costs per ounce of silver,
this non-IFRS measure is highly sensitive to base metal and gold prices. From time to time, we mitigate the risk associated with
our base metal production by committing some of our forecast base metal production to forward sales and options contracts. However,
decisions relating to hedging may have material adverse effects on our financial performance, financial position, and results
of operations. The Board of Directors continually assesses Pan American&rsquo;s strategy towards our base metal exposure, depending
on market conditions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The price of silver
and other metals are affected by numerous factors beyond our control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">global
                                         and regional levels of supply and demand;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">sales
                                         by government holders and other third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">metal
                                         stock levels maintained by producers and others;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">increased
                                         production due to new mine developments and improved mining and production methods;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">speculative
                                         activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inventory
                                         carrying costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">availability,
                                         demand and costs of metal substitutes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">international
                                         economic and political conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">interest
                                         rates, inflation and currency values; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reduced
                                         demand resulting from obsolescence of technologies and processes utilizing silver.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A decrease in the
market price of silver, gold and other metals could affect the commercial viability of our mines and our production assumptions.
Lower prices could also adversely affect our ability to finance future exploration and development of our mineral properties and
mines, including the development of capital intensive projects such as Navidad, all of which would have a material adverse effect
on our financial condition, results of operations and future prospects. There can be no assurance that the market prices will
remain at current levels or that such prices will improve. Declining market prices for these metals could materially adversely
affect our operations and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If market prices
of gold and silver remain below levels used in Pan American&rsquo;s impairment testing and reserve prices, for an extended period
of time, Pan American may need to reassess its long-term price assumptions, and a significant decrease in the long-term price
assumptions would be an indicator of potential impairment, requiring Pan American to perform an impairment assessment on related
assets. Pan American further discusses key assumptions used in measuring the recoverable amounts of its mining assets and sensitivity
of the recoverable amounts to metal prices as well as operating costs in Note 11 of Pan American&rsquo;s Audited Consolidated
Financial Statements for the year ended December 31, 2015. Due to the sensitivity of the recoverable amounts to long term metal
prices as well as unforeseen factors including changes to mine plans and cost escalations, any significant change in the key assumptions
and inputs could result in impairment charges in future periods.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Foreign
Operations</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our current
production and revenue are derived from our operations in Peru, Mexico, Argentina and Bolivia. As our business is carried on in
a number of developing countries, it is exposed to a number of risks and uncertainties, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">expropriation
                                         or nationalization without adequate compensation, particularly in jurisdictions such
                                         as Argentina and Bolivia which have a history of expropriation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">changing
                                         political and fiscal regimes, and economic and regulatory instability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">unanticipated
                                         changes to royalty and tax regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">unreliable
                                         or undeveloped infrastructure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">labour
                                         unrest and labour scarcity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">difficulty
                                         obtaining key equipment and components for equipment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">regulations
                                         and restrictions with respect to imports and exports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">high
                                         rates of inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">extreme
                                         fluctuations in currency exchange rates and the imposition of currency controls;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         possible unilateral cancellation or forced re-negotiation of contracts, and uncertainty
                                         regarding enforceability of contractual rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">inability
                                         to obtain fair dispute resolution or judicial determinations because of bias, corruption
                                         or abuse of power;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">difficulties
                                         enforcing judgments obtained in Canadian or United States courts against assets located
                                         outside of those jurisdictions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">difficulty
                                         understanding and complying with the regulatory and legal framework respecting the ownership
                                         and maintenance of mineral properties, mines and mining operations, and with respect
                                         to permitting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">local
                                         opposition to mine development projects, which include the potential for violence and
                                         property damage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">violence
                                         and more prevalent or stronger organized crime groups;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">terrorism
                                         and hostage taking;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">military
                                         repression and increased likelihood of international conflicts or aggression; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">increased
                                         public health concerns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of these
risks and uncertainties are illustrated well by circumstances in Bolivia and Argentina.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In early 2009, a
new constitution was enacted in Bolivia that further entrenched the government&rsquo;s ability to amend or enact laws, including
those that may affect mining, and which enshrined the concept that all natural resources belong to the Bolivian people and that
the state was entrusted with its administration. On May 28, 2014, the Bolivian government enacted the New Mining Law. Among other
things, the New Mining Law established a new Bolivian mining authority to provide principal mining oversight (varying the role
of COMIBOL) and set out a number of new economic and operational requirements relating to state participation in mining projects.
Further,</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">the New Mining Law
provided that all pre-existing contracts were to migrate to one of several new forms of agreement within a prescribed period of
time. As a result, we anticipate that our current joint venture agreement with COMIBOL relating to the San Vicente mine will be
subject to migration to a new form of agreement and may require renegotiation of some terms in order to conform to the New Mining
Law requirements. We are assessing the potential impacts of the New Mining Law on our business and are awaiting further regulatory
developments, but the primary effects on the San Vicente operation and our interest therein will not be known until such time
as we have, if required to do so, renegotiated the existing contract, and the full impact may only be realized over time. In the
meantime, we understand that pre-existing agreements will be respected during the period of migration and we will take appropriate
steps to protect and, if necessary, enforce our rights under our existing agreement with COMIBOL. There is, however, no guarantee
that governmental actions, including possible expropriation or additional changes in the law, and the migration of our contract
will not impact our involvement in the San Vicente operation in an adverse way and such actions could have a material adverse
effect on us and our business.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2015,
the Bolivian government further enacted the New Conciliation and Arbitration Law, which endeavors to set out newly prescribed
arbitral norms and procedures, including for foreign investors. However, whether the New Conciliation and Arbitration Law applies
specifically to pre-existing agreements between foreign investors and COMIBOL, and how this new legislation interacts with the
New Mining Law, remains somewhat unclear. As a result, we await clarification by regulatory authorities and will continue to assess
the potential impacts of the New Conciliation and Arbitration Law on our business.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Meanwhile, under
the previous political regime in Argentina, the government intensified the use of price, foreign exchange, and import controls
in response to unfavourable domestic economic trends. Among other things, the Argentine government imposed restrictions on the
importation of goods and services and increased administrative procedures required to import equipment, materials and services,
including those required for operations at Manantial Espejo. In support of this policy, in May 2012, the government mandated that
mining companies establish an internal function to be responsible for substituting Argentinian-produced goods and materials for
imported goods and materials and required advanced government review of plans to import goods and materials. In addition, the
government of Argentina also tightened control over capital flows and foreign exchange in an attempt to curtail the outflow of
hard currencies and protect its foreign currency reserves, including mandatory repatriation and conversion of foreign currency
funds in certain circumstances, informal restrictions on dividend, interest, and service payments abroad and limitations on the
ability of individuals and businesses to convert ARS into United States dollars or other hard currencies, exposing us to additional
risks of ARS devaluation and high domestic inflation. While a new federal government was elected in Argentina in late 2015 and
has since taken steps to ease some of the previously instituted controls and restrictions, particularly relaxing certain rules
relating to the inflow and outflow of foreign currencies, many of the policies of the previous government continue to adversely
affect the Company&rsquo;s Argentine operations. It is unknown whether these recent changes will be lasting, what, if any, additional
steps will be taken by the new administration or what financial and operational impacts these and any future changes might have
on the Company. As such, the Company continues to monitor and assess the situation in Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In most cases, the
effect of these risks and uncertainties cannot be accurately predicted and, in many cases, their occurrence is outside of our
control. Although we are unable to determine the impact of these risks on our future financial position or results of operations,
many of these risks and uncertainties have the potential to substantially affect our exploration, development and production activities
and could therefore have a material adverse impact on our operations and profitability.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Restrictions
on Mining</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of the jurisdictions
in which we operate have certain laws or policies that impose restrictions on mining. For example, there are currently laws in
the Province of Chubut, Argentina, which, among other things, prohibit open pit mining and the use of cyanide in mineral processing
across the entire Province. On December 5, 2014, a new law came into force in Chubut which suspended the start of all metalliferous
mining activity in the Province for a period of 120 days and established that mining projects must obtain social license through
a public</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">consultation process
and binding referendum prior to any mining exploitation activity beginning. This law was abrogated in January 2016 and is no longer
in effect. As currently enacted, the laws in the Province of Chubut would likely render any future construction and development
of the Navidad property uneconomic or not possible at all.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no guarantee
that the present restrictions on mining will be removed or that they will not become more restrictive, or that new constraints
will not be imposed. Such restrictions, particularly those affecting the development of the Navidad property, could have a material
adverse effect on our future profitability, growth, and value.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Governmental
Regulation</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to restrictions
on mining, our operations, exploration, and development activities are subject to extensive Canadian, United States, Peruvian,
Mexican, Argentinean, Bolivian, and other foreign federal, state, provincial, territorial, and local laws and regulations governing
various matters, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">environmental
                                         protection;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">permitting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">management
                                         and use of toxic substances and explosives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">management
                                         of natural resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">exploration,
                                         development, production, and post-closure reclamation of mines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">imports
                                         and exports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">transportation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">price
                                         controls;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">taxation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">mining
                                         royalties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">labour
                                         standards, employee profit-sharing and occupational health and safety, including mine
                                         safety; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">historic
                                         and cultural preservation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The costs associated
with compliance with these laws and regulations can be substantial, and future laws and regulations, changes to existing laws
and regulations (including the imposition of higher taxes and mining royalties which have been implemented or threatened in the
countries in which we do business) or more stringent enforcement of current laws and regulations by governmental authorities,
could cause additional expense, capital expenditures, restrictions on or suspensions of our operations and delays in the development
of our properties. Moreover, these laws and regulations may allow or encourage governmental authorities and private parties to
bring lawsuits based upon damages to property and injury to persons resulting from the environmental, health, and safety impacts
of our past and current operations, or possibly even those actions of parties from whom we acquired our mines or properties, and
could lead to the imposition of substantial fines, penalties, or other civil or criminal sanctions. It is difficult understanding
and complying with the regulatory and legal framework in some jurisdictions in which we operate due to their arcane, inconsistent,
and sometimes unsophisticated nature. We may inadvertently fail to comply with such laws. This non-compliance can lead to financial
restatements, fines, penalties, loss, reduction or expropriation of entitlements, the imposition of additional local or foreign
parties as joint venture partners with carried or other interests, and other material negative impacts on us. We may also be required
to compensate private parties suffering loss or damage by reason of a breach of any such laws, regulations or permitting requirements.
We may also be subject to abuse of power of foreign governments who impose, or threaten to impose, fines, penalties or other similar
mechanisms, without regard to the rule of law and which could result in financial or other losses, reduction, removal or expropriation
of rights or entitlements, or other negative impacts on us, some of which could be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2012,
the government of Mexico introduced changes to the federal labour law which, among other things, made certain amendments to the
law relating to the use of service companies and subcontractors, and the obligations with respect to employee benefits. In some
cases, these amendments may also have a carry-</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">over effect on the distribution of profits
to workers and this could result in additional, and potentially significant, financial obligations for a business. We believe
that we continue to be in compliance with the federal labour law and that these amendments will not result in any new material
obligations for us.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Taxation and royalties
with respect to mining are often subject to change and in many resource rich countries, are vulnerable to increases in both poor
and good economic climates. For example, in late 2013, the Mexican government enacted significant changes to its tax laws that
took effect on January 1, 2014, which included the SMD and the EMD. Similarly, in September 2013, the provincial government of
Santa Cruz, Argentina, passed amendments to its tax code that introduced a new mining property tax with a rate of 1% to be charged
on published reserves. This tax had the potential to significantly affect the Manantial Espejo mine as well as other companies
operating in the Province and we therefore took steps to challenge its legality and constitutionality. In December 2015, the legislature
of the Province of Santa Cruz passed a bill abrogating this mining property tax and the bill became law and was published in the
Official Gazette on December 30, 2015, as Law 3,462. Law 3,462 was promulgated through a decree that confirmed that the tax was
unconstitutional because: (i) it contravened the contents of Federal Mining Investments Law, and (ii) it attempted to regulate
matters reserved to Federal legislation. We currently do not expect subject taxes already paid to be refunded or credited. The
addition of new taxes, specifically those aimed at mining companies, could have a material impact on our operations and will directly
affect profitability and our financial results.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Obtaining
and Renewing of Permits</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the ordinary course
of business, we are required to obtain and renew governmental permits for the operation and expansion of existing operations or
for the development, construction, and commencement of new operations. Obtaining or renewing the necessary governmental permits
is a complex and time-consuming process involving numerous jurisdictions and often involving public hearings and costly undertakings
on our part. The duration and success of our efforts to obtain and renew permits are contingent upon many variables not within
our control including the interpretation of applicable requirements implemented by the permitting authority. We may not be able
to obtain or renew permits that are necessary to our operations, or the cost to obtain or renew permits may exceed what we believe
we can recover from a given property once in production. Any unexpected delays, failure to obtain such permits, a failure to comply
with the terms of the permit or costs associated with the permitting process could delay the development or impede the operation
of a mine, which could adversely impact our operations and profitability.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Ownership
and Operating Hazards and Risks</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ownership, operation,
and development of a mine or mineral property involves many risks which even a combination of experience, knowledge, and careful
evaluation may not be able to overcome. These risks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">environmental
                                         and health hazards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">industrial
                                         and equipment accidents, explosions and third party accidents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the
                                         encountering of unusual or unexpected geological formations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">ground
                                         falls and cave-ins;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">flooding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">labour
                                         disruptions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">mechanical
                                         equipment, machinery, and facility performance problems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">earthquakes;
                                         and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">periodic
                                         interruptions due to inclement or hazardous weather conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These risks could result
in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">environmental
                                         damage and liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">work
                                         stoppages, delayed production, and resultant losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">increased
                                         production costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">damage
                                         to, or destruction of, mineral properties or production facilities and resultant losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">personal
                                         injury or death and resultant losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">asset
                                         write downs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">abandonment
                                         of assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">monetary
                                         losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">claims
                                         for compensation of loss of life and/or damages by third parties in connection with accidents
                                         (for loss of life and/or damages and related pain and suffering) that occur on our property,
                                         and punitive awards in connection with those claims; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">other
                                         liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These risks could
result in damage to, or destruction of, mineral properties, production facilities and other properties, personal injury, environmental
damage, delays in mining, increased production costs, monetary losses, and possible legal liability. Advancements in science and
technology and in mine design, methods, equipment, and training have created the possibility of reducing some of these risks,
but there can be no assurances that such occurrences will not take place and that they will not negatively impact us, our operations,
and our personnel.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to those
other risks identified above, mining operations are also subject to ownership and operating risks relating to the valuable nature
of the product being produced.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"> </FONT>Our Mexican operations
have both suffered from armed robberies of dor&eacute; within the past three years. We have instituted a number of additional
security measures and a more frequent shipping schedule in response to these incidents. We have subsequently renewed our insurance
policy to mitigate some of the financial loss that would result from such criminal activities in the future, however a substantial
deductible amount would apply to any such losses in Mexico.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Liabilities that
we incur may exceed the policy limits of our insurance coverage or may not be insurable, in which case we could incur significant
costs that could adversely impact our business, operations, profitability, or value.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Exploration
and Development Risks</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The long-term operation
of our business and its profitability is dependent, in part, on the cost and success of our exploration and development programs.
Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed
into producing mines. There is no assurance that our mineral exploration and development programs will result in any discoveries
of economic quantities of mineralization. There is also no assurance that even if economic quantities of mineralization are discovered
that a mineral property will be brought into commercial production. Development of our mineral properties will follow only upon
obtaining satisfactory exploration results. Discovery of mineral deposits is dependent upon a number of factors, not the least
of which is the technical skill of the exploration personnel involved. The commercial viability of a mineral deposit once discovered
is also dependent upon a number of factors, some of which are the particular attributes of the deposit (such as size, grade and
proximity to infrastructure), metal prices and government regulations, including regulations relating to royalties, allowable
development and production, importing and exporting of minerals and environmental protection. Most of the above factors are beyond
our control. As a result, there can be no assurance that our acquisition, exploration, and development programs will yield new
mineral reserves to replace or expand current mineral reserves or that they will result in additional production. Unsuccessful
exploration or development programs could have a material adverse effect on our operations and profitability.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Competition
for New Properties</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mining industry
is exceptionally competitive, particularly with respect to properties that produce, or are capable of producing, silver, gold,
and other metals. Mines have limited lives and, as a result, Pan American continually seeks to replace and expand mineral reserves
through the acquisition of new properties. In addition, there is a limited supply of desirable mineral lands available in areas
where we would consider conducting exploration and/or production activities. Because we face strong competition for new properties
from other mining companies, some of which have greater financial resources than we do, we may be unable to acquire attractive
new mining properties on terms that we consider acceptable. Competition for resources at all levels is intense, particularly affecting
the availability of manpower, drill rigs, mining equipment, and production equipment. Competition in the mining business for limited
sources of capital could adversely impact our ability to acquire and develop suitable silver mines, silver developmental projects,
silver producing companies, or properties having significant exploration potential. As a result, there can be no assurance that
our acquisition and exploration programs will yield new mineral reserves to replace or expand current mineral reserves.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Replacement
of Reserves</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Huaron, Morococha,
La Colorada, Dolores<B>,</B> Alamo Dorado, Manantial Espejo, and San Vicente mines are our current sources of metals production.
Current life-of-mine plans provide for a defined production life for mining at each of our mines. If our mineral reserves are
not replaced either by the development or discovery of additional reserves and/or extension of the life-of-mine at our current
operating mines or through the acquisition or development of additional producing mines, this could have an adverse impact on
our future cash flows, earnings, results of operations, and financial condition, and this may be compounded by requirements to
expend funds for reclamation and decommissioning.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Imprecision
in Mineral Reserve and Mineral Resource Estimates</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is a degree
of uncertainty attributable to the estimation of mineral reserves and mineral resources. Until mineral reserves or mineral resources
are actually mined and processed, the quantity and grade of mineral resources and mineral reserves must be considered as estimates
only and no assurances can be given that the estimated levels of metals will be produced or that we will receive the price assumed
in determining our mineral reserves. These estimates are expressions of judgment based on knowledge, mining experience, analysis
of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information
becomes available. By their nature, mineral reserve and mineral resource estimates are imprecise and depend, to a certain extent,
upon analysis of drilling results and interpretations that may ultimately prove unreliable.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, fluctuations
in the market price of metals, as well as increased capital or production costs or reduced recovery rates may render mineral reserves
uneconomic and may ultimately result in a reduction of mineral reserves. The extent to which resources may ultimately be reclassified
as proven or probable mineral reserves is dependent upon the demonstration of their profitable recovery. The evaluation of mineral
reserves or mineral resources is always influenced by economic and technological factors, which may change over time. No assurances
can be given that any resource estimate will ultimately be reclassified as proven or probable mineral reserves or that mineralization
can be mined or processed profitably. If our mineral reserve or mineral resource figures are inaccurate or are reduced in the
future, this could have an adverse impact on Pan American&rsquo;s future cash flows, earnings, results of operations, and financial
condition.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Inaccuracies
in Production and Cost Estimates</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We prepare estimates
of future production and future production costs for our operations. No assurance can be given that production and cost estimates
will be achieved. These production and cost estimates are based on, among other things, the following factors: the accuracy of
mineral reserve estimates; the accuracy of assumptions regarding ground conditions and physical characteristics of ores, such
as hardness and the presence</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or absence of particular
metallurgical characteristics; equipment and mechanical availability; labour availability and productivity; access to the mine;
facilities and infrastructure; sufficient materials and supplies on hand; and the accuracy of estimated rates and costs of mining
and processing, including the cost of human and physical resources required to carry out our activities. Failure to achieve production
or cost estimates, or increases in costs, could have an adverse impact on our future cash flows, earnings, results of operations,
and financial condition.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual production
and costs may vary from estimates for a variety of reasons, including actual ore mined varying from estimates of grade, tonnage,
dilution and metallurgical and other characteristics; short-term operating factors relating to the mineral reserves<B>,</B> such
as the need for sequential development of orebodies and the processing of new or different ore grades; and risks and hazards associated
with mining described above under &ldquo;Ownership and Operating Hazards and Risks&rdquo;. In addition, there can be no assurance
that silver recoveries or other metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under
on-site conditions or during production, or that the existing known and experienced recoveries will continue. Costs of production
may also be affected by a variety of factors, including: changing stripping ratios, ore grade metallurgy, labour costs and productivity,
costs of supplies and services (such as, for example, fuel and power), general inflationary pressures, and currency exchange rates.
Failure to achieve production estimates could have an adverse impact on our future cash flows, earnings, results of operations,
and financial condition.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Infrastructure</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining, processing,
development, and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges,
power sources, and water supply are important determinants for capital and operating costs. The lack of availability on acceptable
terms or the delay in the availability of any one or more of these items could prevent or delay exploitation or development of
our projects. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploitation
or development of our projects will be commenced or completed on a timely basis, if at all; the resulting operations will achieve
the anticipated production volume, or the construction costs and ongoing operating costs associated with the exploitation and/or
development of our advanced projects will not be higher than anticipated. In addition, unusual weather phenomena, sabotage, government,
or other interference in the maintenance or provision of such infrastructure could adversely affect our operations and profitability.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The equipment on
site at the Morococha property, particularly the Amistad plant, is old and may require higher capital investment than we have
estimated.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Environmental
Legislation, Regulations, and Hazards</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All phases of our
operations are subject to environmental regulation in the various jurisdictions in which we operate. Environmental legislation
in almost all jurisdictions are evolving in a manner which will require stricter standards and will be subject to increased enforcement,
fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree
of responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations
may require significant capital outlays on our behalf and may cause material changes or delays in our intended activities. Changes
in environmental regulation, if any, may adversely impact our operations and profitability. In addition, environmental hazards
may exist on our properties which are currently unknown to us. We may be liable for losses associated with such hazards, or may
be forced to undertake extensive remedial cleanup action or to pay for governmental remedial cleanup actions, even in cases where
such hazards have been caused by previous or existing owners or operators of the property, or by the past or present owners of
adjacent properties, or by natural conditions. The costs of such cleanup actions may have a material adverse effect on our operations
and profitability.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations at
Dolores involve heap leaching and this method of mineral processing may be employed in the future at other mines and projects.
Heap leaching often employs sodium cyanide, a hazardous material, to leach metal-bearing ore and then collect the resulting metal-bearing
solution. There is an inherent risk of unintended discharge of hazardous materials in the operation of leach pads. Should sodium
cyanide escape from a</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">leach pad and collection
infrastructure or otherwise be detected in the downstream surface and ground water points, we could become subject to liability
for remediation costs, which could be significant and may not be insured against. In addition, metal production could be delayed
or halted to prevent further discharges and to allow for remediation. Such delays or cessations in production could be long-term
or, in some cases, permanent and any interference with production could result in a significant reduction in, or loss of, cash
flow and value for us. While appropriate steps may be taken to prevent discharges of sodium cyanide and other hazardous materials
into the ground water, surface water, and the downstream environment, there is inherent risk in the operation of leach pads and
there can be no assurance that a release of hazardous materials would not occur.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate seven
tailings storage facilities in total at all our mines except Dolores. In 2013 and 2014 we conducted detailed internal safety reviews
of all seven tailings storage facilities. Those reviews, completed in August and September 2014, found that the storage facilities
design, construction, operation and monitoring at all of our tailings storage facilities are generally in line with the Canadian
Dam Safety Guidelines and best practice. Additionally, an independent safety review for the Huaron tailings storage facilities
was commissioned to Newfields consultants of Denver, Colorado. The review concurred with the previously completed internal review.
Design of all of our tailings storage facilities includes detailed consideration of stability under static and dynamic (pseudostatic)
seismic conditions to ensure exceedance of relevant safety factors. While we believe that appropriate steps have been taken to
prevent safety incidents, there are inherent risks involved with tailings facilities, including among other things, seismic activity,
particularly in seismically active regions such as Peru, and the ability of field investigations completed prior to construction
to detect weak foundation materials. There can be no assurance that a dam or other tailings facility safety incident will not
occur and such an incident could have a material adverse effect on our operations and profitability.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Responsibility for
the operation of a water treatment plant for the Kingsmill Tunnel and the tailings mitigation program at Huascacocha Lake, near
the Morococha mine, have been apportioned by Water Management Consultants Inc. in environmental studies among the Morococha mine
and the mining companies operating neighbouring projects. The continued development of the Toromocho project by MCP may alleviate
some of our funding requirements. There can be no guarantee, however, that our proportionate share of the costs of such environmental
projects will not change and this may affect cash flow from the Morococha mine operations.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Reclamation
Obligations</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reclamation requirements
vary depending on the location of the property and the managing governmental agency, but they are similar in that they aim to
minimize long-term effects of mining exploitation and exploration disturbance by requiring the operating company to control possible
deleterious effluents and to re-establish to some degree pre-disturbance land forms and vegetation. We are actively providing
for or carrying out any required reclamation activities on our properties. Any significant environmental issues that may arise,
however, could lead to increased reclamation expenditures and have a material adverse effect on our financial resources.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Trading
Activities and Credit Risk</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally take
the view that our precious metals production should not be hedged, thereby allowing the maximum exposure to precious metal prices.
However, in times of extreme price volatility or deteriorating market conditions, the Board of Directors may make exceptions to
this approach and authorize management to enter short-duration hedging for a limited portion of our forecasted production of precious
metals. Decisions relating to hedging may have material adverse effects upon our financial performance, financial position, and
results of operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The zinc, lead, and
copper concentrates produced by us are sold through long-term supply arrangements to metal traders or integrated mining and smelting
companies. The terms of the concentrate contracts may require us to deliver concentrate that has a value greater than the payment
received at the time of delivery, thereby introducing us to credit risk of the buyers of our concentrates. Should any of these
counterparties not honour</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">supply arrangements,
or should any of them become insolvent, we may incur losses for products already shipped and be forced to sell our concentrates
in the spot market or we may not have a market for our concentrates and therefore our future operating results may be materially
adversely impacted. For example, the Doe Run Peru smelter, a significant buyer of our production in Peru, experienced financial
difficulties in the first quarter of 2009 and closed. We continued to sell copper concentrates to other buyers but on inferior
terms. The Doe Run Peru smelter remains closed and we are owed approximately $8.2 million under the terms of our contract with
Doe Run Peru. We continue to pursue all legal and commercial avenues to collect the amount outstanding.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As at December 31,
2015, we had receivable balances associated with buyers of our concentrates of $21.3 million (2014 - $29.3 million). All of this
receivable balance is owed by eight well known concentrate buyers and the vast majority of our concentrate is sold to those same
counterparts.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Silver dor&eacute;
production is refined under long term agreements with fixed refining terms at three separate refineries worldwide. We generally
retain the risk and title to the precious metals throughout the process of refining and therefore are exposed to the risk that
the refineries will not be able to perform in accordance with the refining contract and that we may not be able to fully recover
our precious metals in such circumstances. As at December 31, 2015, we had approximately $21.4 million contained in precious metal
inventory at refineries (2014 - $44.7 million). We maintain insurance coverage against the loss of precious metals at our mine
sites, in-transit to refineries, and while at the refineries.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Refined silver and
gold is sold in the spot market to various bullion traders and banks. Credit risk may arise from these activities if we are not
paid for metal at the time it is delivered, as required by spot sale contracts.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain trading
facilities with several banks and bullion dealers for the purposes of transacting our trading activities. None of these facilities
are subject to margin arrangements. Our trading activities can expose us to the credit risk of our counterparties to the extent
that our trading positions have a positive mark-to-market value.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management constantly
monitors and assesses the credit risk resulting from our concentrate sales, refining arrangements, and commodity contracts. Furthermore,
management carefully considers credit risk when allocating prospective sales and refining business to counterparties. In making
allocation decisions, management attempts to avoid unacceptable concentration of credit risk to any single counterparty.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time,
we may invest in equity securities of other companies. Just as investing in Pan American is inherent with risks such as those
set out in this AIF, by investing in other companies we will be exposed to the risks associated with owning equity securities
and those risks inherent in the investee companies.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Competitive
Conditions</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mining industry
is intensely competitive, particularly in the acquisition of additional mineral reserves and mineral resources in all of its phases
of operation, and we compete with many companies possessing similar or greater financial and technical resources. This is particularly
true in jurisdictions where mining is a significant industry, and our operations fall within such jurisdictions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our competitive position
is largely determined by our costs compared to other producers throughout the world and our ability to maintain our financial
integrity through the lows of the metal price cycles. Costs are governed to a large extent by the location, grade, and nature
of mineral reserves as well as by operating and management skills. In contrast with diversified mining companies, we focus on
silver production, development, and exploration, and are therefore subject to unique competitive advantages and disadvantages
related to the price of silver and to a lesser extent, the price of gold and base metal by-products. If silver prices substantially
increase, we will be in a relatively stronger competitive position than diversified mining companies that produce, develop, and
explore for other minerals in addition to silver. Conversely, if silver prices substantially decrease, we may be at a competitive
disadvantage to diversified mining companies.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Economic
Dependence</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have 20 customers
that account for 100% of our concentrate and silver and gold sales revenue. We have seven customers that accounted for 25%, 14%,
11%, 10%, 9%, 8%, and 8% of total sales in 2015. The loss of certain of these customers or curtailment of purchases by such customers
could have a material adverse effect on our results of operations, financial condition, and cash flows.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Exchange
Rate Risk</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We report our financial
statements in United States dollars (&ldquo;USD&rdquo;); however we operate in jurisdictions that utilize other currencies. As
a consequence, the financial results of our operations, as reported in USD, are subject to changes in the value of the USD relative
to local currencies. Since Pan American&rsquo;s sales are denominated in USD and a portion of our operating costs and capital
spending are in local currencies, we are negatively impacted by strengthening local currencies relative to the USD and positively
impacted by the inverse. The local currencies that we have the most exposure to are the PEN, the MXN, and the ARS.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to mitigate
this exposure, we maintain a portion of our cash balances in PEN, MXN and CAD and, from time to time, enter into forward currency
positions to match anticipated spending. As at December 31, 2015, we had collars on a portion of the Company&rsquo;s MXN purchases
with puts and call contracts which have a nominal value of $36.2 million and have settlement dates between January 2016 and December
2016. The positions have a weighted average floor of $16.41 and average cap of $18.48. At December 31, 2015, we were holding cash
and short term investments of $13.0 million in CAD and $9.2 million in MXN.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our balance sheet
contains various monetary assets and liabilities, some of which are denominated in foreign currencies. Accounting convention dictates
that these balances are fair valued at the end of each period, with resulting adjustments being reflected as foreign exchange
gains or losses on our statement of operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
foregoing, governmental restrictions and controls relating to exchange rates also impact our operations. In Argentina, for example,
the government has at times established official exchanges rates that were significantly different than the unofficial exchange
rates more readily utilized in the local economy to determine prices and value. Our investments in Argentina are primarily funded
from outside of the country, and therefore conversion of foreign currencies, like USD, at the official exchange rate has had the
effect of reducing purchasing power and substantially increasing relative costs in an already high inflationary market. Maintaining
monetary assets in ARS also exposes us to the risks of ARS devaluation and high domestic inflation.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Liquidity
Risk</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Liquidity risk is
the risk that we will not be able to meet our financial obligations as they come due. The volatility of the metals markets can
impact our ability to forecast cash flow from operations.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must maintain
sufficient liquidity to meet our short-term business requirements, taking into account our anticipated cash flows from operations,
our holdings of cash and cash equivalents, and committed loan facilities.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We manage our liquidity
risk by continuously monitoring forecasted and actual cash flows. We have in place a rigorous reporting, planning and budgeting
process to help determine the funds required to support our normal operating requirements on an ongoing basis and our expansion
plans. We continually evaluate and review capital and operating expenditures in order to identify, decrease, and limit all non-essential
expenditures.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Employee
Recruitment, Retention and Human Error</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recruiting and retaining
qualified personnel is critical to our success. We are dependent on the services of key executives including Pan American&rsquo;s
President and Chief Executive Officer and other highly skilled and experienced executives and personnel focused on managing our
interests. The number of persons skilled in</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">acquisition, exploration,
and development of mining properties is limited and competition for such persons is intense. As our business activity grows, we
will require additional key financial, administrative, and mining personnel as well as additional operations staff. There can
be no assurance that we will be successful in attracting, training, and retaining qualified personnel as competition for persons
with these skill sets increases. If we are not successful in attracting, training, and retaining qualified personnel, the efficiency
of our operations could be impaired, which could have an adverse impact on Pan American&rsquo;s future cash flows, earnings, results
of operations, and financial condition.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite efforts to
attract and retain qualified personnel, as well as the retention of qualified consultants, to manage our interests, even when
those efforts are successful, people are fallible and human error and mistakes could result in significant uninsured losses to
us. These could include, but are not limited to, loss or forfeiture of mineral claims or other assets for non-payment of fees
or taxes, erroneous or incomplete filings or non-fulfillment of other obligations, significant tax liabilities in connection with
any tax planning effort we might undertake or mistakes in interpretation and implementation of tax laws and practices, and legal
claims for errors or mistakes by our personnel.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Employee
Relations</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our employees
and contractors are unionized. In particular, unions have been established at our operations in Peru, Argentina, and Bolivia.
Although we have reached agreements with our various unions and place significant emphasis on maintaining positive relationships
with the unions and employees, we have experienced labour strikes and work stoppages in the past. Should they occur, some labour
strikes and work stoppages have the potential to materially affect our operations and thereby adversely impact our future cash
flows, earnings, production, and financial conditions.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Title
to Assets</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of mining
or exploration titles or claims or rights, which constitute most of our property holdings, can be uncertain and may be contested.
No assurance can be given that applicable governments will not revoke or significantly alter the conditions of the applicable
exploration and mining titles or claims and that such exploration and mining titles or claims will not be challenged or impugned
by third parties. We operate in countries with developing mining laws and changes in such laws could materially impact our rights
to our various properties or interests therein.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have
received title opinions for those material properties in which we have a material interest (or if we have not been able to obtain
such opinions, have made a determination, which we believe is reasonable in the circumstances, to accept the risks associated
with the subject property), there is no guarantee that title to such properties will not be challenged or impugned. We have not
conducted surveys of all the claims in which we hold direct or indirect interests and therefore, the precise area and location
of such claims may be in doubt. Our properties may be subject to prior unregistered liens, agreements or transfers, native land
claims, or undetected title defects. Although we may update our title opinions from time to time in connection with corporate
activities such as financings or acquisitions, we do not update all of our title opinions regularly. As such, circumstances and
facts may change such that some or all of our previously obtained title opinions may be inaccurate or outdated.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted under &ldquo;Risks
Related to our Business &ndash; Foreign Operations&rdquo;, we are subject to expropriation risk in a number of countries in which
we operate, most notably in Bolivia and Argentina. Both of these countries have recently seen expropriations or nationalizations
in the resource industries and it is not an uncommon occurrence from a historical perspective. Expropriation, or the threat of
expropriation, is often as a result of poor economic conditions within a country or has underlying political rationales. Foreign
authorities have in some cases also taken the position that the lack of development or advancement of a project is a basis on
which to expropriate or to extinguish property rights. Some of the jurisdictions in which we operate are subject to a number of
these factors and therefore the risk is heightened. In particular, the economic and political environment in Argentina is such
that the threat of expropriation in the mining industry is not unrealistic and, in connection with our Navidad project in</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">particular, we may
be at even greater risk of expropriation or extinguishment of rights given our current activity level at the project. Since there
have been no amendments to the law that would permit open-pit mining in the Province of Chubut, our activities at Navidad have
changed from rapidly advancing the project to instead developing and filing an investment plan focused primarily on satisfying
the legal requirements necessary to maintain our property interests under the current mining law. There is a further risk that
if the federal or provincial governments in Argentina are dissatisfied with our activities at Navidad, this could also impact
our operations at the Manantial Espejo mine. Expropriation, extinguishment of rights and any other such similar governmental actions
would likely have a material adverse effect on our operations and profitability.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In many jurisdictions
in which we operate, legal rights applicable to mining concessions are different and separate from legal rights applicable to
surface lands; accordingly, title holders of mining concessions in many jurisdictions must agree with surface land owners on compensation
in respect of mining activities conducted on such land. We have not held ownership title to most of the surface lands in the areas
that overlie our mining concessions comprising the Morococha property, nor in the areas where administration and operations are
taking place therein, but were used by us pursuant to a usufruct agreement. In May 2008, MCP acquired certain surface rights from
Centromin (currently, Activos Mineros S.A.) covering the main Morococha area that had been reserved for the Toromocho project
by the Government of Peru. In addition, MCP acquired rights including surface lands in the Morococha area where the Morococha
mine administration and operations are taking place, as well as certain underground areas. Certain of the underground areas acquired
by MCP would also provide us with easier and less costly underground access to some areas of the Morococha concessions.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beginning in 2005,
with the opposition of Centromin, we engaged in a number of administrative and judicial proceedings to obtain legal title to surface
lands and underground access that comprise part of the rights that were acquired by Peru Copper from Centromin.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2010, we
reached an agreement with MCP which clearly defines each party&rsquo;s long term surface rights and therefore provides more certainty
to the land situation for our Morococha mine. The primary focus of the agreement is on the lands and concessions around the Morococha
mine and MCP&rsquo;s Toromocho copper project. Under the terms of the agreement, Argentum is required to relocate the core Morococha
facilities over a 5 year period and transfer certain mineral concessions and access rights to MCP that it needs in order to proceed
with the development of the Toromocho project, including the surface lands within the planned open pit mining area of the Toromocho
project. In exchange, Argentum is to receive a package of surface rights, easements, and other rights to relocate the facilities
and to continue uninterrupted operations, and would also obtain rights to a number of mineral concessions outside the planned
Toromocho pit area where high-grade silver veins have been identified. Lastly, Argentum is to receive periodic cash payments from
MCP totalling $40 million, which would off-set a portion of the capital required for the facility relocation. In addition to the
foregoing, the parties agreed to dismiss the judicial and administrative claims between them. Pursuant to the agreement, the transfer
of lands and rights and the cash payments will occur over a period of time and are dependent on meeting certain milestones. During
the course of the agreement, however, certain adjustments have been made by the parties with respect to the timing of achieving
milestones, in some cases informally, and additional adjustments will be required going forward. As of December 31, 2015, the
Morococha facilities had not been relocated within the time period originally established in the agreement, and the parties had
not yet agreed on a revised milestone. Although this agreement has diminished the risks associated with the Morococha land situation,
there is no certainty that amended milestones can be agreed upon or achieved by the parties, that the relationship will continue
in an amicable fashion, and that the future relocation and other costs associated with the commitments in the agreement will not
render continued operations at the Morococha mine uneconomic.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Acquisitions</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An element of our
business strategy is to make selected acquisitions. For example, Pan American completed the acquisition of Corner Bay and with
it, the Alamo Dorado mine, in February 2003, the acquisition of Argentum and the Morococha mine in August 2004, the acquisition
from Silver Standard Resources Inc. in 2006 of a 50% interest in the Manantial Espejo project, in May 2007 an additional 40% interest
in respect of the San Vicente mine, the acquisition of Aquiline and the Navidad and Calcatreu properties in January 2010, and
the</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">acquisition of Minefinders
and the Dolores mine in 2012. We expect to continue to evaluate acquisition opportunities on a regular basis and intend to pursue
those opportunities that we believe are in our long-term best interests. The success of our acquisitions will depend upon our
ability to effectively manage the integration and operations of entities we acquire and to realize other anticipated benefits.
The process of managing acquired businesses may involve unforeseen difficulties and may require a disproportionate amount of management
resources. There can be no assurance that we will be able to successfully manage the integration and operations of businesses
we acquire or that the anticipated benefits of our acquisitions will be realized.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to acquisitions,
we periodically enter into joint venture, option and similar arrangements which, among other things, require an investment in
time and capital. Such arrangements may depend, in part, on other parties and may be speculative in nature. There is no guarantee
that any of these arrangements will be successful or that we will recover any capital or other investments made in relation thereto.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Limited
Supplies and Supply Chain Disruptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations depend
on an uninterrupted supply of reagents (including, but not limited to, cyanide at some operations), production inputs, and other
supplies and resources such as skilled personnel. Supply may be interrupted due to a shortage or the scarce nature of inputs,
especially with regard to chemical reagents. Supply might also be interrupted due to transportation and logistics associated with
the remote location of some of our operations, and government restrictions or regulations which delay importation of necessary
items. Any interruptions to the procurement and supply of reagents, production inputs and other supplies, or the availability
of skilled personnel could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Developments
Regarding Aboriginal and Indigenous Peoples</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate in areas
inhabited by aboriginal and indigenous peoples and by local communities. Developing laws and movements respecting the acquisition
of lands and other rights from such people and communities may alter decades old arrangements or agreements made by prior owners
of our mines and properties or even those made by us in more recent years. There can be no guarantee that we have entered into
all agreements with aboriginal and indigenous people and with local communities in accordance with the laws governing aboriginal
and indigenous peoples and local communities or that future laws and actions will not have a material adverse effect on our rights
to explore or mine, or our financial position, cash flow, and results of operations. Furthermore, it is not uncommon for local
communities and aboriginal and indigenous peoples to challenge agreements or arrangements previously entered into for various
reasons. If we cannot maintain an agreement with aboriginal or indigenous peoples or with the communities within which we operate,
there may be significant disruptions in our operations and activities, or we may be unable to operate at all in such areas.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Community
Action</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years communities
and non-governmental organizations (&ldquo;NGOs&rdquo;) have become more vocal and active with respect to mining activities at
or near their communities. These communities and NGOs have taken such actions as road closures, work stoppages, and lawsuits for
damages. These actions relate not only to current activities but often in respect of decades old mining activities by prior owners
of mining properties. Such actions by communities and NGOs may have a material adverse effect on our financial position, cash
flow, and results of operations or may force the cessation of mining activities altogether.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Taxation
Risks</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">In
addition to the risks relating to taxation discussed under the heading &ldquo;Risks Related to Our Business &ndash; Governmental
Regulation&rdquo;, we are also exposed to other tax related risks. In assessing the probability of realizing income tax assets
recognized, the Company makes estimates related to expectations of future taxable income, applicable tax planning opportunities,
expected timing of reversals of existing temporary differences and the</FONT></P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">likelihood
that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, we give
additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based
on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. We consider relevant tax
planning opportunities that are within the Company&rsquo;s control, are feasible, and within management&rsquo;s ability to implement.
Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position
examined in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing
varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts
of income tax assets recognized. Also, future changes in tax laws could limit the Company from realizing the tax benefits from
the deferred tax assets. We reassess unrecognized income tax assets at each reporting period.</FONT></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Commodity
Hedging Activities</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During Q1 2015, the
Company entered into diesel swap contracts designed to limit the Company&rsquo;s exposure to higher fuel prices (the &ldquo;Diesel
Swaps&rdquo;). The Diesel Swaps had an initial notional value of $13.0 million. During Q4 2015, the Company entered into additional
Diesel Swaps with an initial notional value of $12.5 million. A total of $14.7 million of the notional amounts of the Diesel Swaps
remained outstanding as of December 31, 2015. The Company recorded losses of $2.4 million and $3.1 million on the Diesel Swaps
during the three and twelve months ended December 31, 2015, respectively. Of these losses, $0.8 million and $0.4 million was realized
in both the three and twelve months ended December 2015, respectively. No such gains or losses were recorded in the three and
twelve months ended December 31, 2014. While the Diesel Swaps are intended to limit our exposure to higher fuel prices, we may
be forced to pay above market prices in declining price environments.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Internal
Control over Financial Reporting</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We documented and
tested during our most recent fiscal year our internal control procedures in order to satisfy the requirements of Section 404
of the Sarbanes-Oxley Act of 2002 (&ldquo;SOX&rdquo;). SOX requires an annual assessment by management and an independent assessment
by our Independent Registered Public Accounting Firm of the effectiveness of our internal control over financial reporting. We
may fail to achieve and maintain the adequacy of our internal control over financial reporting as such standards are modified,
supplemented, or amended from time to time, and we may not be able to ensure that we can conclude on an ongoing basis that we
have effective internal control over financial reporting in accordance with Section 404 of SOX. Our failure to satisfy the requirements
of Section 404 of SOX on an ongoing, timely basis could result in the loss of investor confidence in the reliability of our financial
statements, which in turn could harm our business and negatively impact the trading price of our Common Shares or market value
of our other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered
in their implementation, could harm our operating results or cause us to fail to meet our reporting obligations. There can be
no assurance that we will be able to remediate material weaknesses, if any, identified in future periods, or maintain all of the
controls necessary for continued compliance, and there can be no assurance that we will be able to retain sufficient skilled finance
and accounting personnel, especially in light of the increased demand for such personnel among publicly traded companies. Future
acquisitions of companies may provide us with challenges in implementing the required processes, procedures and controls in our
acquired operations. Acquired companies may not have disclosure controls and procedures or internal control over financial reporting
that are as thorough or effective as those required by securities laws currently applicable to us.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No evaluation can
provide complete assurance that our internal control over financial reporting will detect or uncover all failures of persons employed
by us to disclose material information otherwise required to be reported. The effectiveness of our control and procedures could
also be limited by simple errors or faulty judgments. In addition, as we continue to expand, the challenges involved in implementing
appropriate internal control over financial reporting will increase and will require that we continue to improve our internal
control over financial reporting. Although we intend to devote substantial time and incur costs, as necessary, to ensure ongoing</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">compliance and to adopt
new standards and practices as required, we cannot be certain that we will be successful in complying with Section 404 of SOX.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Compliance</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to
complex laws and regulatory regimes that differ in the various jurisdictions in which we operate and are sometimes extra-jurisdictional
in application. Ensuring that such laws and regulatory requirements are understood and followed by our personnel is difficult
and we may inadvertently fail to comply with such laws and requirements or they may be contravened by our personnel. While we
have established programs, policies and training to reduce and mitigate risks in certain areas, including anti-corruption compliance,
there is no guarantee such programs, policies or training will prevent violations of the law, particularly by individual employees
or agents. Violations of such laws, particularly those relating to corruption, could lead to the imposition of substantial fines,
penalties or other civil or criminal prosecution or sanctions. Such fines penalties or other civil or criminal prosecutions and
sanctions could have a material adverse effect on our business and severely damage our reputation.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Claims
and Legal Proceedings</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to
various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of business activities.
Many of these claims relate to current or ex-employees, some of which involve claims of significant value, for matters ranging
from workplace illnesses such as silicosis to claims for additional profit-sharing and bonuses in prior years. Furthermore, we
are in some cases the subject of claims by local communities, indigenous groups or private land owners relating to land and mineral
rights and such claimants may seek sizeable monetary damages against us and/or the return of surface or mineral rights that are
valuable to us and which may impact our operations and profitability if lost. Each of these matters is subject to various uncertainties
and it is possible that some of these matters may be resolved unfavourably to us. We carry liability insurance coverage and establish
provisions for matters that are probable and can be reasonably estimated. In addition, we may be involved in disputes with other
parties in the future that may result in litigation, which may result in a material adverse effect on our financial position,
cash flow and results of operations.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">DIVIDENDS</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 15, 2010,
Pan American announced that our Board of Directors had approved a semi-annual cash dividend to holders of our Common Shares. In
conjunction with this approval, the Board declared its first cash dividend of $0.025 per Common Share to holders of record of
our Common Shares as of the close of business on February 26, 2010. Pan American approved further dividends of $0.025 per Common
Share on August 11 and November 8, 2010 and on February 15, May 18, August 10, and November 8, 2011. On February 22, 2012, Pan
American announced our first dividend of the year and increased the amount of that dividend to $0.0375 per Common Share. Pan American
approved another dividend of $0.0375 per Common Share on May&nbsp;15, 2012, before increasing the amount to $0.050 per Common
Share for dividends announced on August&nbsp;14 and November&nbsp;7, 2012. We increased our dividend once again when we approved
a dividend of $0.125 per Common Share on February 20, 2013 and approved additional dividends of $0.125 per Common Share on each
of May 13, August 14 and November 13, 2013, and on February 19, May 8, August 13 and November 13, 2014, and more recently on February
18, 2015. Our next dividend of $0.05 per Common Share was approved on May 11, 2015, followed by further dividend approvals of
$0.05 per Common Share on each of August 13 and November 11, 2015. On February 17, 2016, the Board approved a dividend of $0.0125
per Common Share.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the foregoing
dividends was designated to be an eligible dividend for the purposes of the <I>Income Tax Act</I> (Canada). Specific dates and
amounts of future dividends will be determined by the Board of Directors on an ongoing basis.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">MARKET FOR SECURITIES</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pan American&rsquo;s
Common Shares are listed and posted for trading on the Toronto Stock Exchange (under the symbol PAA) and The Nasdaq Stock Market
(under the symbol PAAS). The majority of trading of our Common Shares takes place on The Nasdaq Stock Market. The following table
outlines the closing share price trading range and volume of shares traded by month in 2015:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>Toronto
        Stock Exchange (CAD$)</B></P></TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>Nasdaq
        Stock Market (US$)</B></P></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 3pt 5.4pt 3pt 0.05in; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Month</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>High</B></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Low</B></TD>
    <TD STYLE="vertical-align: top; width: 14%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Volume</B></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding: 3pt 5.4pt 3pt 3.7pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Month</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>High</B></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Low</B></TD>
    <TD STYLE="vertical-align: top; width: 14%; text-align: center; text-indent: 0in; font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt"><B>Volume</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in; font-size: 11pt"><FONT STYLE="font-size: 10pt">January</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14.96</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10,991,176</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">January</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.95</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.01</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">51,133,115</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">February</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">15.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.99</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,663,559</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">February</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12.05</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.57</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">39,179,118</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">March</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12.28</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,781,743</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">March</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.848</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.49</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">44,556,515</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">April</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.93</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,767,375</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">April</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.87</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.84</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">34,321,218</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">May</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12.47</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.095</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,515,201</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">May</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.44</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.08</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">32,938,421</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">June</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12.27</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.64</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,519,879</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">June</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.04</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.51</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">62,128,478</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">July</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.85</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.77</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9,719,333</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">July</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.59</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.93</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">64,437,975</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">August</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.94</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.77</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10,975,127</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">August</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.59</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.85</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">66,645,642</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">September</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9.47</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.91</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,271,600</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">September</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.24</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.95</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">51,307,530</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">October</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.55</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12,787,139</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">October</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6.10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">60,077,651</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">November</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,695,346</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">November</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.825</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6.3715</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">40,424,645</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">December</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,222,641</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 3.7pt"><FONT STYLE="font-size: 10pt">December</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.59</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6.22</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">39,010,621</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">EXCEPTIONS FROM NASDAQ CORPORATE
GOVERNANCE REQUIREMENTS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Rule 4350(a)
of the Nasdaq Stock Market Rules (the &ldquo;Nasdaq Rules&rdquo;), a foreign private issuer (as defined in Rule 12b-2 under the
U.S. Securities Exchange Act of 1934, as amended) may follow its home country practice in lieu of certain of the corporate governance
requirements of the Nasdaq Rules. Pursuant to Rule 4350(a), Pan American follows British Columbia practice with respect to quorum
requirements in lieu of Nasdaq Rule 4350(f).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nasdaq Rule 4350(f)
requires that the minimum quorum for a shareholder meeting is 33-1/3% of the outstanding common shares, whereas Pan American&rsquo;s
articles provide that the minimum quorum for a meeting of the holders of our Common Shares is two individuals who are shareholders,
proxy holders representing shareholders or duly authorized representatives of corporate shareholders personally present and representing
shares aggregating not less than 25% of the issued Common Shares of Pan American carrying the right to vote at that meeting. In
the event there is only one shareholder, the quorum is one person personally present and being, or representing by proxy, that
shareholder, or in the case of a corporate shareholder, a duly authorized representative of that shareholder. Pan American&rsquo;s
quorum requirement complies with the <I>Business Corporations Act</I> (British Columbia), which requires that unless the articles
otherwise provide, two shareholders entitled to vote at a meeting of shareholders, whether in person or represented by proxy,
constitute a quorum. Furthermore, the rules of the Toronto Stock Exchange, upon which our Common Shares are also listed, do not
contain specific quorum requirements.</P>

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


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<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">DIRECTORS AND EXECUTIVE OFFICERS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The names and municipalities
of residences of our directors and executive officers as at December 31, 2015, the positions held by them with Pan American at
that time and their principal occupations for the past five years are set out below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 6pt 1.4pt 6pt 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name
    and Municipality</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>of Residence</B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 6pt 1.4pt 6pt 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position
    with Pan American</B></FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding: 6pt 1.4pt 6pt 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal
    Occupation During </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>the Past Five Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Ross
    J. Beaty</FONT><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">Director
    and Chairman (director of Pan American since September 30, 1988)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Business
    Executive and Chairman of Pan American.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Geoffrey
    A. Burns</FONT><FONT STYLE="font-size: 10pt"><SUP> 4,5,7</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">North Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director
    and Chief Executive Officer (director of Pan American since July&nbsp;1,&nbsp;2003)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">President
    of Pan American from July 1, 2003 to February 17, 2015; Chief Executive Officer of Pan American since May 11, 2004.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Michael
    Carroll<SUP>1,5</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">Walnut Creek, California, U.S.A.</FONT></TD>
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director of Pan American
    since January 1, 2011</FONT></TD>
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #DDDDDD 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Christopher
    N. Dunn <SUP>2,3,5</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt; font-variant: small-caps">Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt; font-variant: small-caps">Canada</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #DDDDDD 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director
    since January 1, 2012</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #DDDDDD 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Corporate
    Director, non-executive Managing Partner of Ero Resource Partners LLC, an equity investment firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Neil
    de Gelder, Q.C.<SUP>1, 3</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt; font-variant: small-caps">Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt; font-variant: small-caps">Canada</FONT></TD>
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director since July
    3, 2012</FONT></TD>
    <TD STYLE="padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Executive Vice President
    of Stern Partners, a private diversified investment firm. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">David
    Press<SUP>1,2,4</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">West Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director
    of Pan American since May 13, 2008</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 2.25pt solid; border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Corporate
    Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Walter
    T. Segsworth<SUP>2, 4,6</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">West Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Director
    of Pan American since May 12, 2009</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Corporate
    Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Steven
    Busby</FONT><BR>
    <FONT STYLE="font-size: 10pt">Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">Chief
    Operating Officer</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">Chief
    Operating Officer since May 13, 2008.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">A.
    Robert Doyle</FONT><BR>
    <FONT STYLE="font-size: 10pt">North Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">Chief
    Financial Officer of Pan American since January 2004.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Keenan
    Hohol</FONT><BR>
    <FONT STYLE="font-size: 10pt">West Vancouver, B.C. </FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">General
    Counsel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">General
    Counsel since April 1,2015; Deputy General Counsel of Pan American from November 1, 2014, to March 31, 2015; prior to that,
    held senior legal positions at Silver Standard Resources Inc., Walter Energy, Inc. and Western Coal Corp.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 30%; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name
    and Municipality</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>of Residence</B></FONT></TD>
    <TD STYLE="width: 30%; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position
    with Pan American</B></FONT></TD>
    <TD STYLE="width: 40%; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal
    Occupation During </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>the Past Five Years</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Michael
    Steinmann<SUP>7</SUP></FONT><BR>
    <FONT STYLE="font-size: 10pt">North Vancouver, B.C.</FONT><BR>
    <FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="width: 30%; border-top: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD STYLE="width: 40%; border-top: #D9D9D9 2.25pt solid; padding-top: 2.15pt; padding-right: 1.4pt; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">President
    since February 18, 2015; Executive Vice President, Corporate Development &amp; Geology since September 1, 2008.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Member
                                         of the Audit Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Member
                                         of the Human Resources and Compensation Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Member
                                         of the Nominating and Governance Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Member
                                         of the Health, Safety and Environment Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Member
                                         of the Finance Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Mr.
                                         Segsworth is our Lead Independent Director.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Mr.
                                         Steinmann replaced Mr. Burns as Chief Executive Officer and became a director of Pan
                                         American effective January 1, 2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The directors of
Pan American are elected at each annual general meeting to hold office until the next annual general meeting or until their successors
are elected or appointed. As at December 31, 2015, the Board of Directors consisted of seven directors six of whom, Ross Beaty,
Christopher N. Dunn, Neil de Gelder, Michael Carroll, David Press and Walter Segsworth, qualify as unrelated directors who are
independent of management. The Board of Directors has established five committees: the Audit Committee, the Human Resources and
Compensation Committee, the Health, Safety, Environment and Communities Committee, the Nominating and Governance Committee, and
the Finance Committee. Detailed information regarding the duties and obligations of the Audit Committee is annexed as Appendix&nbsp;&ldquo;A&rdquo;
to this AIF. The Board of Directors does not have an Executive Committee. The composition of the various committees as at December
31, 2015, is set forth in the preceding table.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As at March 23, 2015,
the directors and officers of Pan American named above as a group exercised control or direction or beneficially owned, directly
or indirectly, 3,035,764 Common Shares approximately 1.98% of the issued and outstanding Common Shares of Pan American.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as noted below,
none of Pan American&rsquo;s directors or executive officers:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">are, as at
                                         the date of this AIF, or have been, within 10 years before the date of this AIF, a director,
                                         chief executive officer or chief financial officer of any company (including Pan American)
                                         that,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">was subject
                                         to an order that was issued while the proposed director was acting in the capacity as
                                         director, chief executive officer or chief financial officer; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">was subject
                                         to an order that was issued after the proposed director ceased to be a director, chief
                                         executive officer or chief financial officer and which resulted from an event that occurred
                                         while that person was acting in the capacity as director, chief executive officer or
                                         chief financial officer;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">are, as at
                                         the date of this AIF, or has been within 10 years before the date of this AIF, a director
                                         or executive officer of any company (including Pan American) that, while that person
                                         was acting in that capacity, or within a year of that person ceasing to act in that capacity,
                                         became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency
                                         or was subject to or instituted any proceedings, arrangement or compromise with creditors
                                         or had a receiver, receiver manager or trustee appointed to hold its assets; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">have, within
                                         the 10 years before the date of this AIF, become bankrupt, made a proposal under any
                                         legislation relating to bankruptcy or insolvency, or become subject to or instituted
                                         any proceedings,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">arrangement
or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or executive
officer.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, none
of Pan American&rsquo;s directors and executive officers has been subject to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">any penalties
                                         or sanctions imposed by a court relating to securities legislation or by a securities
                                         regulatory authority or has entered into a settlement agreement with a securities regulatory
                                         authority; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any other penalties
                                         or sanctions imposed by a court or regulatory body that would likely be considered important
                                         to a reasonable shareholder in making an investment decision.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Audit
Committee</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As at December 31,
2015, the members of the Audit Committee were Michael Carroll (Chair), Neil de Gelder, and David Press. The Board of Directors
has determined based on the information provided by each director that all members of the Audit Committee meet the independence
requirements set out in National Instrument 52-110 &ndash; <I>Audit Committees</I>, and as defined under the rules and regulations
of the Nasdaq Stock Market. All members of the Audit Committee are financially literate and Michael Carroll, an individual serving
on the audit committee of the Board of Directors, is an audit committee financial expert, as that term is defined in General Instruction
B(8)(b) of Form 40-F.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC has indicated
that the designation of a person as an audit committee financial expert does not make such person an &quot;expert&quot; for any
purpose, impose any duties, obligations or liabilities on such person that are greater than those imposed on members of the audit
committee and the board of directors who do not carry this designation or affect the duties, obligations or liability of any other
member of the audit committee or board of directors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Relevant Education and Experience of
Audit Committee Members</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relevant education
and experience of each member of the Audit Committee that is relevant to the performance of the Audit Committee responsibilities
are as follows:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Michael L. Carroll
(Chair)</B> is a Certified Public Accountant with over 30 years of financial management expertise, primarily with publicly traded
mining companies and has previously served on the audit committee of another public company.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neil de Gelder,
Q.C.,</B> has over 25 years of experience as a lawyer specializing in corporate, mergers and acquisitions, and financing matters
with a major Canadian law firm, frequently advising boards of publicly traded companies. He has been the Executive Director of
the British Columbia Securities Commission, and is currently Executive Vice-President of a private diversified investment firm
based in Vancouver. In this capacity, he is routinely involved in reviewing internal management financial reporting and external
audited and unaudited financial statements from the perspective of an owner or director. Mr. de Gelder has served on a wide variety
of corporate, Crown, charitable, and community boards over the years, including serving on the audit committee of a B.C. venture
capital fund. Mr. de Gelder is a frequent participant in seminars presented by the Institute of Corporate Directors and by audit
firms relating to audit committees and financial matters.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>David Press</B>
is a mining engineer with almost 40 years of diversified experience in the mining industry, including the evaluation and investigation
efforts for potential acquisitions. Mr. Press graduated from Nottingham University with an honours degree in mining engineering
in 1967. In addition to his previous experience in public companies, since becoming a director of Pan American, Mr. Press has
attended a number of finance related seminars and courses, including satisfying the academic requirements for the Directors Education
Program of the Institute of Corporate Directors which includes audit and finance modules.</P>

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


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

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">External Auditor Service Fees</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Audit Fees</U></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate fees
billed by Deloitte LLP, Pan American&rsquo;s Independent Registered Public Accounting Firm, for the fiscal years ended December
31, 2015 and 2014 for professional services rendered by Deloitte LLP for the audit of Pan American&rsquo;s annual consolidated
financial statements or services that are normally provided by Deloitte LLP in connection with statutory and regulatory filings
or engagements for such years were approximately $1,836,000 and $2,064,000, respectively.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Audit-Related
Fees</U></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate fees
billed by Deloitte LLP for the fiscal years ended December 31, 2015 and 2014 for assurance and related services rendered by it
that are reasonably related to the performance of the audit or review of Pan American&rsquo;s consolidated financial statements
and are not reported above as audit fees were approximately $66,000 and $28,000,<B> </B>respectively. In 2015, such fees related
primarily to the review of certain of our securities filings and subsidiary audit procedures.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Tax Fees</U></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate fees
billed by Deloitte LLP for the fiscal years ended December 31, 2015 and 2014 for professional services rendered by it for tax
compliance, tax advice, tax planning, and other services were approximately $45,000 and $81,000, respectively. In 2015, such fees
related primarily to the provision of services related to transfer pricing and tax compliance reports (foreign income and VAT
returns).</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Other Fees</U></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate fees
billed by Deloitte LLP for the fiscal years ended December 31, 2015 and 2014 for products and services provided by Deloitte LLP,
other than the services reported in the preceding three paragraphs, were approximately $53,000 and $10,000, respectively. For
2015, these were comprised of Canadian Public Accountability Board fees.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Audit Committee
Pre-Approval Policies</U></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All audit and non-audit
services performed by the Independent Registered Public Accounting Firm are pre-approved by the Audit Committee.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Conflicts of Interest</P>

<P STYLE="font: italic bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain officers
and directors of Pan American are officers and/or directors of, or are associated with, other natural resource companies that
acquire interests in mineral properties. Such associations may give rise to conflicts of interest from time to time. However,
the directors are required by law to act honestly and in good faith with a view to act in the best interests of Pan American and
our shareholders and to disclose any personal interest which they may have in any material transaction which is proposed to be
entered into by us and to abstain from voting as a director for the approval of any such transaction.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">LEGAL PROCEEDINGS AND REGULATORY
ACTIONS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A description of
certain legal proceedings to which we are a party appear under the heading &ldquo;Commitments and Contingencies&rdquo; in Note
28 to our Audited Consolidated Financial Statements for the year ended December 31, 2015.</P>

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


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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">INTEREST OF MANAGEMENT AND OTHERS
IN MATERIAL TRANSACTIONS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our
knowledge, no director or executive officer of the Company, nor any person or company that beneficially owns, controls, directs,
directly or indirectly, more than 10% of our Common Shares, nor any associate or affiliate of any of the foregoing persons, has
or had a material interest in any transaction within the three most recently completed financial years or during the current financial
year that has materially affected or is reasonably expected to materially affect the Company.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">TRANSFER AGENTS AND REGISTRAR</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent
and registrar for our Common Shares is Computershare Investor Services Inc. at its principal office in Vancouver, British Columbia,
and Computershare Trust Company, N. A. at its office in Denver, Colorado, U.S.A.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">MATERIAL CONTRACTS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for contracts
entered into in the ordinary course of business, no material contracts have been entered into by the Company during the financial
year ended December 31, 2015, and no material contracts were entered into by the Company before the financial year ended December
31, 2015, which are still in effect.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">INTERESTS OF EXPERTS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deloitte LLP, an
Independent Registered Public Accounting Firm, is the auditor of Pan American and is independent within the meaning of the Rules
of Professional Conduct of the Institute of Chartered Professional Accountants of British Columbia.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Qualified Persons
as defined by NI 43-101 who have prepared or supervised the preparation of Pan American&rsquo;s mineral reserve and mineral resource
estimates as at December 31, 2015, and who supervised the preparation of and approved the scientific and technical information
disclosed in this AIF, as described under the heading &ldquo;Scientific and Technical Information&rdquo; on page 6, are Michael
Steinmann, President and Chief Executive Officer, Martin Wafforn, Vice President, Technical Services, Martin Dupuis, Director
of Geology, Pamela De Mark, Director of Resources, and Americo Delgado, Director of Metallurgy, all of whom are employees of Pan
American.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Michael Steinmann,
P. Geo., Martin Wafforn, P. Eng., Martin Dupuis, P. Geo., Pamela De&nbsp;Mark, P. Geo., and Americo Delgado, P.Eng. are the persons
who have prepared or certified a statement, report, or valuation described in this AIF.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of Michael Steinmann,
P. Geo., Martin Wafforn, P. Eng., Martin Dupuis, P. Geo., Pamela De Mark, P. Geo., or Americo Delgado, P. Eng. beneficially owns,
directly or indirectly, 1% or more of any class of Pan American&rsquo;s outstanding securities.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information,
including directors&rsquo; and officers&rsquo; remuneration and indebtedness, principal holders of Pan American&rsquo;s securities,
and securities authorized for issuance under equity compensation plans, is contained in Pan American&rsquo;s Information Circular
for the most recent annual meeting of shareholders. Additional</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">financial information
is also provided in Pan American&rsquo;s Audited Consolidated Financial Statements for the years ended December 31, 2015 and 2014,
and Management&rsquo;s Discussion and Analysis for the year ended December 31, 2015. Additional information relating to Pan American
may be found on SEDAR at www.sedar.com.</P>

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">GLOSSARY OF TERMS</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&ldquo;mineral resource&rdquo;</I>
- A mineral resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized
organic material including base and precious metals, coal, and industrial minerals in or on the Earth&rsquo;s crust in such form
and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological
evidence and knowledge.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>inferred mineral resource</I>&rdquo;
&ndash; That part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence
and limited sampling and reasonably assumed, but not verified, geological grade and continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and
drill holes.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>indicated mineral resource</I>&rdquo;
&ndash; That part of a mineral resource for which quantity, grade or quality, densities, shape, physical characteristics are so
well established that they can be estimated with a level of confidence sufficient to allow the appropriate application of technical
and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based
on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&ldquo;measured mineral resource&rdquo;
&ndash; </I>That part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate
is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade
continuity.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>mineral</I> <I>reserve</I>&rdquo;
&ndash; A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least
a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic,
and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve
includes diluting materials and allowances for losses that may occur when the material is mined.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&ldquo;probable mineral reserve&rdquo;
</I>- The economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at
least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic,
and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>&ldquo;proven mineral reserve&rdquo;
- </I>The economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study.
This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate,
at the time of reporting, that economic extraction is justified.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">APPENDIX &ldquo;A&rdquo;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PAN AMERICAN SILVER CORP.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(the &ldquo;Company&rdquo;)</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">AUDIT COMMITTEE CHARTER</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Senior management of Pan American Silver
Corp. (the &ldquo;<B>Company</B>&rdquo;), as overseen by its Board of Directors (the &ldquo;<B>Board</B>&rdquo;), has primary
responsibility for the Company&rsquo;s financial reporting, accounting systems and internal controls. The Audit Committee (the
&ldquo;<B>Committee</B>&rdquo;) is a standing committee of the Board established for the purposes of overseeing:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">the quality and integrity of the Company&rsquo;s
                                         financial and accounting reporting processes and internal accounting and financial control
                                         systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">the external auditor&rsquo;s qualifications
                                         and independence;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">management&rsquo;s responsibility for
                                         assessing the effectiveness of internal controls; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">the Company&rsquo;s compliance with
                                         legal and regulatory requirements in connection with financial and accounting matters.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">COMPOSITION AND OPERATION</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The Committee shall be composed of
                                         at least three independent directors<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
                                         and all members of the Committee shall, to the satisfaction of the Board, be Financially
                                         Literate and at least one member will be a Committee Financial Expert (&ldquo;<B>Financially
                                         Literate</B>&rdquo; and &ldquo;<B>Committee Financial Expert</B>&rdquo; are defined in
                                         the Definitions section of this Charter).</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The members of the Committee shall
                                         be appointed by the Board, based on the recommendation of the Nominating and Governance
                                         Committee, to serve a one-year term and are permitted to serve an unlimited number of
                                         consecutive terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">The Committee shall appoint a chair
                                         (the &ldquo;<B>Chair</B>&rdquo;) from among its members who shall be an independent director.
                                         If the Chair is not present at any meeting of the Committee, one of the other Committee
                                         members present at the meeting shall be chosen to preside at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT>
In order to be considered &ldquo;<B>independent</B>&rdquo;, the following applies:</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the Canadian Securities Administrators&rsquo;
Multilateral Instrument 52-110 &ldquo;<B>Audit Committees</B>&rdquo;, a member of the Committee must not have a direct or indirect
material relationship with the Company. A &ldquo;<B>material relationship</B>&rdquo; is a relationship which could, in the view
of the Company&rsquo;s Board, be reasonably expected to interfere with the exercise of a member&rsquo;s independent judgment.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to United
States securities laws, a member of the Committee may not accept directly or indirectly any consulting, advisory, or other compensatory
fee from the Company or any of its subsidiaries; nor be an affiliated person, as such term is defined in Rule 10A-3 of the <I>Securities
and Exchange Act of 1934</I>, of the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">The Committee will make every effort
                                         to meet at least five times per year and each member is entitled to request that an additional
                                         meeting be called, which will be held within two weeks of the request for such meeting
                                         if practicable. A quorum at meetings of the Committee shall be two members present in
                                         person or by telephone. The Committee may also act by unanimous written consent of its
                                         members as described under the heading &ldquo;<B>Authority</B>&rdquo; in this Charter.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">The external auditor may request the
                                         Chair to call a meeting of the Committee to consider any matter that the auditor believes
                                         should be brought to the attention of the directors or the shareholders of the Company.
                                         In addition to the external auditor, each committee chair, members of board, as well
                                         as the Chief Executive Officer or Chief Financial Officer shall be entitled to request
                                         the Chair to call a meeting, which meeting shall be held as soon as practicable after
                                         receiving the request.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">Notice of the time and place of every
                                         meeting shall be given in writing or by email communication to each member of the Committee
                                         at least 24 hours prior to the time fixed for such meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">The Committee shall fix its own procedure
                                         at meetings, keep records of its proceedings and provide a verbal report to the Board
                                         routinely at the next regularly scheduled Board meeting and shall provide copies of finalized
                                         minutes of meetings to the Corporate Secretary to be kept with the official minute books
                                         of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">The Committee will review and approve
                                         its minutes of meetings and copies will be made available to the external auditor or
                                         its members as requested.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">In camera sessions will be scheduled
                                         for each regularly scheduled quarterly Committee meeting, and as needed from time to
                                         time.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify">On an ad hoc basis, the Committee may
                                         also meet separately with head of internal audit, the Chief Executive Officer, the Chief
                                         Financial Officer, the General Counsel and such other members of management as they may
                                         deem necessary.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">RESPONSIBILITIES AND DUTIES</P>

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

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Overall Committee:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To fulfill its responsibilities and duties
the Committee will:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">review this Charter periodically, but
                                         at least once per annum, and recommend to the Board any necessary amendments;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">review and, where necessary, recommend
                                         revisions to the Company&rsquo;s disclosure in the Management Information Circular regarding
                                         Committee&rsquo;s composition and responsibilities and how they are discharged;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">assist the Board in the discharge of
                                         its responsibilities relating to the quality, acceptability and integrity of the Company&rsquo;s
                                         accounting policies and principles, reporting practices and internal controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">review and recommend approval by the
                                         Board of all significant and material financial disclosure documents to be released by
                                         the Company, including but not limited to, quarterly and annual financial statements
                                         and management discussion and analysis, annual reports, Form 40-F, annual information
                                         forms, and prospectuses containing material information of a financial nature; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">oversee the relationship and maintain
                                         a direct line of communication with the Company&rsquo;s internal and external auditors
                                         and assess their respective performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Public Filings, Policies and Procedures:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Committee is responsible for:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">ensuring adequate procedures are in
                                         place for the review of the Company&rsquo;s disclosure of financial information extracted
                                         or derived from the Company&rsquo;s financial statements and periodically assess the
                                         Company&rsquo;s disclosure controls and procedures, and management&rsquo;s evaluation
                                         thereof, to ensure that financial information is recorded, processed, summarized and
                                         reported within the time periods required by law;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">reviewing disclosures made to the Committee
                                         by the Chief Executive Officer and the Chief Financial Officer during their certification
                                         process for any significant deficiencies in the design or operation of internal controls
                                         or material weaknesses therein and any fraud involving management or other employees
                                         who have a significant role in internal controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">reviewing with management and the external
                                         auditor any correspondence with securities regulators or other regulatory or government
                                         agencies which raise material issues regarding the Company&rsquo;s financial reporting
                                         or accounting policies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">regularly reviewing with management,
                                         the external auditors and the Company&rsquo;s legal counsel, any claim or other contingency,
                                         including tax assessments, that could have a material effect upon the financial position
                                         or operating results of the Company and the manner in which these matters have been disclosed
                                         in the financial statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">External Auditors</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The responsibilities and duties of the
Committee as they relate to the external auditor are to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">consider and make recommendations to
                                         the Board with respect to the external auditor to be nominated for appointment by shareholders
                                         at each annual general meeting of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">review the performance of the external
                                         auditor and, where appropriate, recommend to the Board the removal of the external auditor;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">confirm the independence and effectiveness
                                         of the external auditor, which will require receipt from the external auditor of a formal
                                         written statement delineating all relationships between the auditor and the Company and
                                         any other factors that might affect the independence of the auditor;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">oversee the work of the external auditor
                                         generally, and review and report to the Board on the planning and results of external
                                         audit work, including:</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the external auditor&rsquo;s engagement
                                         letter or other reports of the auditor;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">the reasonableness of the estimated
                                         fees and other compensation to be paid to the external auditor;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the form and content of the quarterly
                                         and annual audit report, which should include, <I>inter alia</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">a
                                         summary of the Company&rsquo;s internal controls and procedures;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 81pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">any
                                         material issues raised in the most recent meeting of the Committee; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 81pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">any
                                         other related audit, review or attestation services performed for the Company by the
                                         external auditors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 81pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 81pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">actively engage in dialogue with the
                                         external auditor with respect to any disclosed relationships or services that may affect
                                         the independence and objectivity of the external auditor and take, or recommend that
                                         the Board take, appropriate actions to oversee the independence of the external auditor;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">review and pre-approve all non-audit
                                         services provided to the Company or its subsidiaries by the external auditor prior to
                                         the commencement of such services and pre-approval of non-audit services will be satisfied
                                         only if the requirements as set out in <I>National Instrument 52-110 &ldquo;Audit Committees&rdquo;
                                         </I>are satisfied;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">monitor the relationship between management
                                         and the external auditor and resolve any disagreements between them regarding financial
                                         reporting;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">engage the external auditor in discussions
                                         regarding any amendments to critical accounting policies and practices; alternative treatments
                                         of financial information within generally accepted accounting principles related to material
                                         items that have been discussed with management, including any potential ramifications
                                         and the preferred treatment by the independent auditor; and lastly, written communication
                                         between management and the independent auditor, including but not limited to, the management
                                         letter and schedules of adjusted and unadjusted differences, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Internal Controls and Financial Reporting</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Committee will:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">obtain reasonable assurance from discussions
                                         with (and/or reports from) management, and reports from external and internal auditors
                                         that the Company&rsquo;s financial and accounting systems are reliable and that the prescribed
                                         internal controls are operating effectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">in consultation with the external auditor,
                                         the CEO, the CFO, and where necessary, other members of management, review the integrity
                                         of the Company&rsquo;s financial reporting process and the internal control structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">review the acceptability of the Company&rsquo;s
                                         accounting principles and direct the auditors&rsquo; examinations to particular areas
                                         of question or concern, as required;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">request the auditors to undertake special
                                         examinations (e.g., review compliance with conflict of interest policies) when it deems
                                         necessary;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">together with management, review control
                                         weaknesses identified by the external and internal auditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">review the appointments of the chief
                                         financial officer and key financial executives;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">ensure CEO and CFO certifications pursuant
                                         to Sarbanes-Oxley Act sections 302 and 906 and pursuant to Canadian securities laws are
                                         prepared and filed and will make inquiry and initiate discussion as necessary with management
                                         regarding the practices and procedures adopted to permit management&rsquo;s assurance
                                         on the underlying controls; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">during the annual audit process, consider
                                         if any significant matters regarding the Company&rsquo;s internal controls and procedures
                                         over financial reporting, including any significant deficiencies or material weaknesses
                                         in their design or operation, need to be discussed with the external auditor, and review
                                         whether internal control recommendations made by the auditor have been implemented by
                                         management.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Internal Audit</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Committee shall be responsible for
reviewing:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">activities, organization structure
                                         and qualifications of the internal audit function;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">the resources, budget, reporting relationships
                                         and planned activities of the internal audit function;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">internal audit findings and determine
                                         that they are being properly followed up;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">the internal audit procedures and recommending
                                         changes, if any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">the adequacy of the line of communication
                                         between internal audit and the Committee, ensuring that it is maintained.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Ethical and Legal Compliance and Risk Management</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The responsibilities and duties of the
Committee as they relate to compliance and risk management are to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">satisfy itself as to the integrity
                                         of the CEO and other senior management and that the CEO and other senior management strive
                                         to create a culture of integrity throughout the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">review the adequacy, appropriateness
                                         and effectiveness of the Company&rsquo;s policies and business practices which impact
                                         on the integrity, financial and otherwise, of the Company, including those relating to
                                         hedging, insurance, accounting, information services and systems, financial controls
                                         and management reporting;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">receive a report from management on
                                         tax issues and planning, including compliance with the Company&rsquo;s source deduction
                                         obligations and other remittances under applicable tax or other legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">receive a report on the annual policy
                                         attestation process for the Company&rsquo;s Global Code of Ethical Conduct (the &ldquo;<B>Code</B>&rdquo;)
                                         and Global Anti-Corruption Policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">review annually the adequacy and quality
                                         of the Company&rsquo;s financial and accounting staffing, including the need for and
                                         scope of internal audit reviews (if any);</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">receiving reports from management and
                                         other Board committees, including without limitation the Health Safety, Environment and
                                         Community Committee, on the identification, assessment and management of risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">in conjunction with any other committee
                                         designated by the Board from time to time, reviewing major financial, audit and accounting
                                         related risks and the policies, guidelines and mechanisms that management has put in
                                         place to govern the process of monitoring, controlling and reporting such risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">establish procedures for:</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">the
                                         receipt, retention and treatment of complaints received by the Company regarding accounting,
                                         internal controls, or auditing matters; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">the
                                         confidential, anonymous submission by employees of the Company of concerns regarding
                                         questionable accounting or auditing matters. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">review any complaints and concerns
                                         received regarding accounting, internal controls, or auditing matters or with respect
                                         to the Code, and the investigation and resolution thereof, and provide all relevant information</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">relating
to such complaints and concerns to the Nominating and Governance Committee, taking into account complainant confidentiality concerns
and the roles and responsibilities of each Committee;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify">review and monitor the Company&rsquo;s
                                         compliance with applicable legal and regulatory requirements related to financial reporting
                                         and disclosure;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">k.</TD><TD STYLE="text-align: justify">review all related-party transactions;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">l.</TD><TD STYLE="text-align: justify">carry the responsibility for reviewing
                                         reports from management, internal and external auditors with respect to the Company&rsquo;s
                                         compliance with the laws and regulations having a material impact on financial reporting
                                         and disclosure, including: tax and financial reporting laws and regulations; legal withholding
                                         requirements; environmental protection laws and regulations; and any other laws and regulations
                                         which expose directors to liability.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The Committee shall have the authority
                                         to:</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">engage independent counsel and
                                         other advisors as it determines necessary to carry out its duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">set and pay the compensation for
                                         any advisors employed by the Committee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">communicate directly with the
                                         internal and external auditors.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The Committee shall have the power,
                                         authority and discretion delegated to it by the Board which shall not include the power
                                         to change the membership of or fill vacancies in the Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">A resolution approved in writing by
                                         the members of the Committee shall be valid and effective as if it had been passed at
                                         a duly called meeting. Such resolution shall be filed with the minutes of the proceedings
                                         of the Committee and shall be effective on the date stated thereon or on the latest date
                                         stated in any counterpart.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">The Board shall have the power at any
                                         time to revoke or override the authority given to or acts done by the Committee except
                                         as to acts done before such revocation or act of overriding and to terminate the appointment
                                         or change the membership of the Committee or fill vacancies in it as it shall see fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">The Committee shall have unrestricted
                                         and unfettered access to all Company personnel and documents and shall be provided with
                                         the resources necessary to carry out its responsibilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">At the invitation of the Chair, one
                                         or more officers or employees of the Company may, and if required by the Committee, shall
                                         attend a meeting of the Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">The Committee, upon approval by a majority
                                         of the members of the Committee, may delegate certain of its duties and responsibilities
                                         to subcommittees of the Committee, which must report back to the full Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Capitalized terms used in this Charter
and not otherwise defined have the meaning attributed to them below:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Financially Literate</B>&rdquo;
means the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting
issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised
in the Company&rsquo;s financial statements.</P>

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Committee Financial Expert</B>&rdquo;
means a person who has the following attributes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">an understanding of generally accepted
                                         accounting principles and financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">the ability to assess the general application
                                         of such principles in connection with the accounting for estimates, accruals and reserves;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">experience preparing, auditing, analyzing
                                         or evaluating financial statements that present a breadth and level of complexity of
                                         accounting issues that are generally comparable to the breadth and level of complexity
                                         of issues that can reasonably be expected to be raised in the Company&rsquo;s financial
                                         statements, or experience actively supervising one or more persons engaged in such activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">an understanding of internal controls
                                         and procedures for financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">an understanding of audit committee
                                         functions; acquired through any one or more of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">education
                                         and experience as a principal financial officer, principal accounting officer, controller,
                                         public accountant or auditor or experience in one or more positions that involve the
                                         performance of similar functions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">experience
                                         actively supervising a principal financial officer, principal accounting officer, controller,
                                         public accountant, auditor or person performing similar functions; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">experience
                                         overseeing or assessing the performance of companies or public accountants with respect
                                         to the preparation, auditing or evaluation of financial statements; or other relevant
                                         experience.</FONT></TD></TR></TABLE>

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


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<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>v435068_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit
1.2</B></FONT></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>&nbsp;<IMG SRC="tex1-3logo.jpg" ALT=""></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>Management&rsquo;s Discussion and Analysis</B></P>

<P STYLE="font: 18pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>for the year ended December 31, 2015</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 14pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font: 14pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 92%; font-family: Arial,sans-serif"><B>Introduction</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; font-family: Arial,sans-serif; text-align: right"><B>3</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Core Business and Strategy</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>4</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>2015 Highlights and Key Notes</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>5</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>2016 Operating Outlook</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>6</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Mid-Term Outlook</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>14</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>2015 Operating Performance</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>14</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>2015 Project Development Update</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>30</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Overview of 2015 Financial Results</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>33</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Liquidity Position</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>46</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Capital Resources</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>47</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Financial Instruments</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>48</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Closure and Decommissioning Cost Provision</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>49</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Contractual Commitments and Contingencies</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>50</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Related Party Transactions</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>51</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Alternative Performance (non-GAAP) Measures</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>51</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Risks and Uncertainties</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>58</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Significant Judgments and Key Sources of Estimation Uncertainty in the Application of Accounting Policies</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>65</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Changes in Accounting Standards</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>69</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Corporate Governance, Social Responsibility, and Environmental Stewardship</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>71</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Disclosure Controls and Procedures</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>73</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif"><B>Mineral Reserves and Resources</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right"><B>75</B></TD></TR>
</TABLE>
<P STYLE="font: 17pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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

<P STYLE="font: 17pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</B></FONT></P>

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

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify">March 24, 2016</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Introduction</P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This Management&rsquo;s Discussion and Analysis
(&ldquo;MD&amp;A&rdquo;) is intended to help the reader understand the significant factors that have affected the performance of
Pan American Silver Corp. and its subsidiaries (collectively &ldquo;Pan American&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;
or the &ldquo;Company&rdquo;) and such factors that may affect its future performance. This MD&amp;A should be read in conjunction
with the Company&rsquo;s Audited Consolidated Financial Statements for the year ended December 31, 2015 (the &ldquo;2015 Financial
Statements&rdquo;) and the related notes contained therein. All amounts in this MD&amp;A and in the 2015 Financial Statements are
expressed in United States dollars (&ldquo;USD&rdquo;), unless identified otherwise. The Company reports its financial position,
results of operations and casflows in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&ldquo;IFRS&rdquo;). Pan American&rsquo;s significant accounting policies are set out in Note 2 of
the 2015 Financial Statements.</P>



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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">This MD&amp;A refers to various non-Generally Accepted
Accounting Principles (&ldquo;non-GAAP&rdquo;) measures, such as &ldquo;all-in sustaining cost per silver ounce sold&quot;, &ldquo;cash
costs per ounce of silver&rdquo;, &ldquo;working capital&rsquo;, &ldquo;general and administrative cost per silver ounce produced&rdquo;,
&ldquo;adjusted earnings&rdquo; and &ldquo;basic adjusted earnings per share&rdquo;, which are used by the Company to manage and
evaluate operating performance at each of the Company&rsquo;s mines and are widely reported in the mining industry as benchmarks
for performance, but do not have standardized meaning. To facilitate a better understanding of these non-GAAP measures as calculated
by the Company, additional information has been provided in this MD&amp;A. Please refer to the section of this MD&amp;A entitled
&ldquo;Alternative Performance (Non-GAAP) Measures&rdquo; for a detailed description of &ldquo;all-in sustaining cost per silver
ounce sold&rdquo;, &ldquo;cash costs per ounce of silver&rdquo;, &ldquo;working capital&rdquo;, &ldquo;general and administrative
cost per silver ounce produced&rdquo;, &ldquo;adjusted earnings&ldquo; and &ldquo;basic adjusted earnings per share&rdquo;, as
well as details of the Company&rsquo;s by-product credits and a reconciliation of these measures to the 2015 Financial Statements.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Any reference to &ldquo;cash costs&rdquo; or &ldquo;cash
costs per ounce of silver&rdquo; in this MD&amp;A should be understood to mean cash costs per ounce of silver, net of by-product
credits.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Except for historical information contained
in this MD&amp;A, the following disclosures are forward-looking statements within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian provincial securities laws or are
future oriented financial information and as such are based on an assumed set of economic conditions and courses of action. Please
refer to the cautionary note regarding forward-looking statements and information at the back of this MD&amp;A and the &ldquo;Risks
Related to Pan American&rsquo;s Business&rdquo; contained in the Company&rsquo;s most recent Annual Information Form on file with
the Canadian provincial securities regulatory authorities and Form 40-F on file with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;). Additional information about Pan American and its business activities, including its Annual Information
Form, is available on SEDAR at <U>www.sedar.com</U></P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Core Business and Strategy</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American engages in silver mining and related activities,
including exploration, mine development, extraction, processing, refining and reclamation. The Company owns and operates silver
mines located in Peru, Mexico, Argentina, and Bolivia. In addition, the Company is exploring for new silver deposits and opportunities
throughout North and South America. The Company is listed on the Toronto Stock Exchange (&ldquo;TSX&rdquo;) (Symbol: PAA) and on
the Nasdaq Global Select Market (&ldquo;NASDAQ&rdquo;) in New York (Symbol: PAAS).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Pan
American&rsquo;s vision is <B><I>to be the world&rsquo;s pre-eminent silver producer, with a reputation for excellence in discovery,
engineering, innovation and sustainable development</I></B>. To achieve this vision, we base our business on the following strategy:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><I>Generate sustainable profits and superior returns
on investments through the safe, efficient and environmentally sound development and operation of silver assets </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><I>Constantly replace and grow our mineable silver
reserves and resources through targeted near-mine exploration and global business development </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><I>Foster positive long term relationships with our
employees, our shareholders, our communities and our local governments through open and honest communication and ethical and sustainable
business practices </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><I>Continually search for opportunities to upgrade
and improve the quality of our silver assets both internally and through acquisition </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><I>Encourage our employees to be innovative, responsive
and entrepreneurial throughout our entire organization </I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">To execute this strategy, Pan American has assembled
a sector leading team of mining professionals with a depth of knowledge and experience in all aspects of our business that allows
the Company to confidently advance early stage projects through construction and into operation.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American is determined to conduct its business in
a responsible and sustainable manner. Caring for the environment in which we operate, contributing to the long-term development
of our host communities and ensuring that our employees can work in a safe and secure manner are core values at Pan American. We
are committed to maintaining positive relations with our employees, the local communities and the government agencies, all of whom
we view as partners in our enterprise.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">2015 HIGHLIGHTS AND KEY NOTES</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">OperationS &amp; PROJECT DEVELOPMENT</P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Record Silver Production of 26.12 Million Ounces</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American produced a record 26.12 million ounces
of silver in 2015, compared to the 26.11 million ounces of silver produced in 2014. The 2015 production was achieved through production
increases at La Colorada, Dolores, Huaron, and San Vicente, which offset production declines at Alamo Dorado, Morococha and Manantial
Espejo.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Record Gold Production of 183.7 Thousand Ounces</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company set a new annual gold production
record in 2015, producing 183.7 thousand ounces of gold, a 22.2 thousand or 14% increase from 2014. This was achieved through record
production levels at Dolores, Alamo Dorado and Manantial Espejo.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Reduced Annual Cash Costs Lower than Forecast </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Despite substantially lower by-product metal prices,
the Company recorded consolidated cash costs, net of by-product credits, of $9.70 per payable ounce of silver, a 15% reduction
from 2014 cash costs of $11.46 per payable ounce of silver, lower than initial 2015 forecast of $10.80 to $11.80 per ounce and
lower than the November 12, 2015 revised 2015 full year forecast of $10.00 to $10.50 per payable ounce of silver. The 2015 decrease
was due to higher gold production, record-breaking consolidated copper production, as well as substantially lower unit operating
costs per tonne at all of the Company&rsquo;s mines.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Progress on the La Colorada &amp; Dolores Expansion Projects</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Substantial progress was made on the La Colorada mine
expansion project during 2015 with approximately 50% of the new shaft, and 70% of the new sulphide processing plant being completed
at year-end 2015. Overall, the La Colorada expansion is advancing on budget and remains on schedule to reach the planned 1,800
tonnes-per-day ore production rate by the end of 2017.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Dolores mine expansion projects also
advanced well in 2015, including: the commencement of engineering work on the new agglomeration plant, with construction expected
to commence in the first half of 2016; advancing the underground ramp a total of 866 metres; and advancing the new high voltage
power-line to the site to approximately 74% completion by year-end 2015.</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Financial</P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><I>Reduced Annual All-in Sustaining Costs per Silver Ounce Sold Lower than Forecast</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Consolidated annual all-in sustaining costs
per silver ounce sold net of by-product credits (&ldquo;AISCSOS&rdquo;) of $14.92 was lower than the initial 2015 forecast of $15.50
to $16.50, lower than the revised full year 2015 guidance issued on November 12, 2015 of $15.00 to $15.50, and was 17% lower than
2014 AISCSOS. This reduction in AISCSOS was achieved through lower sustaining capital expenditures, lower net realizable value
adjustments to inventories, lower direct operating costs, and higher by-product production offsetting lower by-product metal prices.</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD>Strong Liquidity and Working Capital Position, and Continued Returns to Shareholders</TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company had cash and short-term investment balances
of $226.6 million and working capital of $392.2 million as at December 31, 2015. The Company had total debt outstanding of</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">$59.8 million at the end of 2015. The Company&rsquo;s
$300.0 million revolving credit facility, established in the second quarter of 2015, had a $263.8 million undrawn and available
balance to the Company as of December 31, 2015. The Company&rsquo;s strong balance sheet and positive operating cash flow facilitated
the continued return of value to shareholders in the three months ended December 31, 2015 (&ldquo;Q4 2015&rdquo;) by way of $7.6
million in dividend payments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Financial Results</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">A net loss of $231.6 million was recorded in 2015, which
corresponds to a basic loss per share of $1.49. The majority of the net loss was due to non-cash impairment charges on certain
mineral properties, plant and equipment assets. Mine operating losses incurred in 2015 were primarily attributable to lower realized
metal prices partially offset by increased sales volumes and positive variances in production costs. Cash flow from operations
remained strong in 2015, generating $88.7 million.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2015 Impairment Charges to Mine Assets </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As a result of further declines in metal prices in 2015,
the Company reduced its long-term reserve metal price outlooks and triggered total after-tax impairment charges of $106.0 million
in 2015 relating to the Company&rsquo;s valuation of the Morococha, Dolores, Manantial Espejo and Alamo Dorado mines.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">2016 Operating Outlook</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">These estimates are forward-looking statements and information
that are subject to the cautionary note associated with forward-looking statements and information at the end of this MD&amp;A.</P>

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

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 Silver Production, Cash Costs and AISCSOS Forecasts:</B></P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: top; width: 33%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 22%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Silver Production</B></FONT><BR>
<FONT STYLE="font-size: 10pt; color: white"><B>(million ounces)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 22%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Cash Costs </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>per ounce<SUP> (1)</SUP></B></P></TD>
    <TD NOWRAP STYLE="width: 23%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>AISCSOS<SUP> (1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">La Colorada</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">5.60 &ndash; 5.70</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$7.75 &ndash; $8.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$9.25 &ndash; $10.30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Dolores</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">3.40 &ndash; 3.60</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$5.00 &ndash; $6.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$17.00&ndash; $18.90</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Alamo Dorado <FONT STYLE="font-family: Arial Bold,sans-serif"><B><SUP>(2)</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">1.00 &ndash; 1.20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$13.50 &ndash; $14.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$13.80 &ndash; $15.30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Huaron</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">3.65 &ndash; 3.80</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$12.25 &ndash; $13.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$14.40 &ndash; $16.00</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Morococha (92.3%)<FONT STYLE="font-family: Arial Bold,sans-serif"><B><SUP>(3)</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">2.45 &ndash; 2.60</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$12.00 &ndash; $13.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$15.40 &ndash; $17.10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">San Vicente (95.0%)<FONT STYLE="font-family: Arial Bold,sans-serif"><B><SUP>(3)</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">4.30 &ndash; 4.35</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$11.25 &ndash; $11.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$12.00 &ndash; $13.30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">3.60 &ndash; 3.75</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$9.25 &ndash; $10.75</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$10.00 &ndash; $11.10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black"><B>Consolidated Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 35pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>24.00 &ndash; 25.00</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>$9.45 &ndash; $10.45</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 20pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>$13.60 &ndash; $ 14.90</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Cash costs per ounce and AISCSOS are non-GAAP measurements. Please
refer to section &ldquo;Alternative Performance (Non-GAAP) Measures&rdquo; for a detailed reconciliation of how these measures
are calculated. The cash cost forecasts assume by-product credit prices of $1,800/tonne ($0.82/lb) for zinc, $1,800/tonne ($0.82/lb.)
for lead, $5,000/tonne ($2.27/lb.) for copper, and $1,180/oz. for gold.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Alamo Dorado production to be entirely sourced from previously mined
stockpiles.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Reflects Pan American&rsquo;s ownership in the operation.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company expects its seven mines to deliver between
24.00 million and 25.00 million ounces of silver in 2016, lower than 2015 consolidated production of 26.12 million ounces, with
year over year production decreases at Alamo Dorado and Dolores expected to be only partially offset by anticipated increases at
all other mines. The 2016 production at the Alamo Dorado mine is expected to decrease 60% to 66% from 2015 as a result of completing
the last of the open pit mining during 2015 and therefore only production from the processing of available lower grade surface
stockpiled ores will continue through the first half of 2016.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Dolores&rsquo; 2016 silver production is expected to
decrease by 15% to 20% from 2015, due to mine sequencing that will result in higher gold grades and lower silver grades during
the year. It is</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">expected that these production declines at Alamo Dorado
and Dolores will only be partially offset by production increases at all other mines in 2016, with notable increases at the Morococha
and La Colorada mines. Silver production at Morococha is expected to increase by 13% to 20% as the mine sequences into higher silver
grade ores from the Isabel and Morro Solar zones. At La Colorada, the expected commissioning of the new mineshaft in the fourth
quarter of 2016 will lead to an estimated 5% to 7% increase to annual silver production. Silver production at Manantial Espejo
for 2016 is expected to be slightly higher than what was achieved in 2015, while the final open pit mining phase of the operation
will come to an end during the year shifting towards underground and stockpiled ore processing thereafter.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Consolidated cash costs for 2016 are forecasted to be
between $9.45 and $10.45 per payable ounce of silver, net of by-product credits, similar to 2015 cash costs of $9.70 per ounce.
The Company expects cash costs to decrease at the Morococha mine because of higher silver, zinc and lead production, and at the
Dolores mine due to higher gold production. These decreases are expected to partially offset anticipated cash cost increases at
Manantial Espejo due to lower gold production and lower gold prices for 2016. In addition, with the closure of the Alamo Dorado
mine anticipated in mid-2016, the percentage of higher cost ounces attributable to the consolidated total will be reduced.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Consolidated AISCSOS in 2016 is expected to be between
$13.60 and $14.90 per ounce, lower than the 2015 annual consolidated AISCSOS of $14.92 per ounce. The expected year-over-year AISCSOS
decrease is primarily driven by the following anticipated factors:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decrease in cost of sales due primarily to continued operating costs reductions (including those
achieved via foreign currency devaluations), and to lower net realizable value adjustments expected for 2016;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A reduction in sustaining capital expenditures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decrease in royalty payments resulting from lower metal prices.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 By-product Production Forecasts:</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Gold </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(koz) </B></P></TD>
    <TD STYLE="width: 19%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Zinc </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(kt)</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Lead</B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>(kt)</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Copper</B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>(kt)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">La Colorada </FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">2.7 &nbsp;- &nbsp;2.9</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">9.50 &ndash; 10.00</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">4.80 &ndash; 4.90</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Dolores</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">97.0 &ndash; 102.0</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">7.0 &ndash; 8.0</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">0.01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Huaron</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">0.7 &ndash; 0.8</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">13.00 &ndash; 13.50</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">6.70 &ndash;<B> </B>6.90</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">5.50 &ndash;<B> </B>5.70</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Morococha</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">3.0 &ndash; 3.2 </FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">16.10 &ndash; 17.00</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">2.70 &ndash;<B> </B>2.80</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">7.49 &ndash; 7.79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">San Vicente</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">7.40 &ndash; 7.50</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">0.80 &ndash;<B> </B>0.90</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">64.6 &ndash; 68.1</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black"><B>Consolidated Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>175.0 &ndash;185.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>46.00 &ndash; 48.00 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>15.00 &ndash; 15.50</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>13.00 &ndash; 13.50</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">2016 gold production is expected to be between 175.0
thousand and 185.0 thousand ounces, reasonably similar to the 183.7 thousand ounces produced in 2015. The potential gold production
decrease is due to anticipated production decreases at Alamo Dorado and Manantial Espejo, as open pit mining is completed at each
of these mines. These decreases are expected to be largely offset by increased production at Dolores with the anticipation of improved
grades as the mine develops into the higher gold grade portion of the deposit. Copper production is expected to decline between
10% to 14% as the Peruvian mines shift mine sequencing out of the copper-rich zones targeted in 2015. Primarily as a result of
this mine sequencing at the Morococha mine, consolidated zinc production is expected to increase between 13% to 18% from 2015 production
levels. For similar reasons, and with an expected 2016 increase in </P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 3 -->
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">throughput at La Colorada, consolidated lead production in 2016
is expected to increase between 4% and 8% from 2015 production levels.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 Capital Expenditure Forecasts</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In 2016, Pan American expects sustaining
capital investments of between $65 and $75 million at its seven operating mines, comparable to the $73.7 million of sustaining
capital invested in 2015. Sustaining capital investments during 2016 are expected to include: an estimated $12.0 million reduction
in sustaining capital investments at Manantial Espejo, largely driven by the elimination of open pit pre-stripping; and an estimated
$6.0 - $7.5 million reduction in sustaining capital investments at Huaron, given the large advances completed on the tailings storage
expansion and powerline upgrade during 2015. These decreases are expected to be partially offset by an expected $13.8 million to
$16.8 million increase in sustaining capital investments at Dolores largely related to building of the next phase of leach pads.
Further details of planned sustaining capital at each operation can be found in the &ldquo;2016 Mine Operations Forecasts&rdquo;
section of this MD&amp;A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pan American also expects to invest between
$135.0 million and $140.0 million to advance on long-term development expansion projects at La Colorada and Dolores which are already
underway. The following table details the forecast capital investments at the Company's operations and projects in 2016:</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2016 Forecast Capital<BR>
        Investment</B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>($ millions)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">La Colorada</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">8.0 &ndash; 10.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Dolores</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">39.0 &ndash; 42.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Huaron</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">6.0 &ndash; 7.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Morococha</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">7.0 &ndash; 8.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">San Vicente</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">3.0 &ndash; 4.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">2.0 &ndash; 2.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black"><B>Sustaining Capital Total</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>65.0 &ndash; 75.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">La Colorada Expansion Project</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">64.0 &ndash;&nbsp;&nbsp;66.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black">Dolores projects</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">71.0 &ndash; 73.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black"><B>Project Capital Total</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>135.0 &ndash; 140.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: black"><B>Consolidated Total</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>200.0 &ndash; 215.0</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The primary objective of the $137 million La Colorada
expansion project approved in December 2013 continues to increase the mine production rate from the 2013 level of 1,250 tonnes
per day (&ldquo;tpd&rdquo;) to the targeted rate of 1,800 tpd, which is expected to be achieved by the end of 2017. Targeted La
Colorada project goals for 2016 include:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Commissioning the new sulphide plant in mid 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Completion of the new shaft during the fourth quarter of 2016, which involves slashing the top
200 metres of the shaft excavation from the 2.8 meter diameter opening to 5.1-meter and outfitting entire 617 meter deep excavated
shaft. Installation of the headframe and commissioning the new hoist will occur in early 2016, with the excavations and equipping
of the 558 meter below surface loading pocket level and equipment installation being completed in parallel with shaft equipping
during the year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A temporary power line service will be commissioned in time for ramping-up production of the new
sulphide plant during the last half of 2016 with the expected completion of a new 115 kV supply powerline in early 2017; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The completion of<I> </I>approximately 3 kilometres of underground development in support of the
expanded production in 2016 and beyond.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In May 2015, the Board of Directors of the Company approved
a $112.4 million expansion project at the Dolores mine for the development of a 1,500 tpd underground mine and construction of
a 5,600 tpd pulp agglomeration plant to treat high-grade ore supplementing the existing open pit mine and heap leach operation.
For 2016, the Company anticipates advancing underground mine developments to intersect the main ore body, installing the first
ventilation raise, commencing lateral developments, and performing initial stope definition drilling. The Company also anticipates
completing the engineering, completing the procurement of all major equipment and beginning ground-breaking excavations for the
new pulp agglomeration plant during the first half of 2016. It is expected that substantial advancement of the construction of
the pulp agglomeration plant will be made during the second half of 2016 targeting the commissioning of the pulp agglomeration
plant in mid-2017 while ramping-up underground operations to the full 1,500 tpd design capacity by the end of 2017. In addition
to the expansion project, the Company expects to complete and energize a new 115 kV powerline by mid-year 2016.<FONT STYLE="font-family: Verdana,sans-serif; font-size: 10.5pt">
</FONT></P>

<P STYLE="font: 10.5pt Verdana,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 General and Administrative Cost Forecast</B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Our 2016 general and administrative costs (&ldquo;G&amp;A&rdquo;),
including share based compensation, are expected to be approximately $16.2 million, 10% lower than our 2015 G&amp;A. This figure
is subject to fluctuations in the Canadian dollar (&ldquo;CAD&rdquo;) to USD exchange rate, and the Company&rsquo;s ability to
allocate certain costs incurred at head office that are directly attributable to operating subsidiaries.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table compares our 2016 forecast G&amp;A
against those incurred over the previous two years, as well as G&amp;A on a per ounce of silver produced basis, which is a non-GAAP
measure.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt; color: #F2F2F2"><B>Forecast</B></FONT></TD>
    <TD COLSPAN="4" STYLE="font: 12pt Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: #F2F2F2"><B>Actual</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="width: 58%; font: 12pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt; color: #F2F2F2"><B>2016</B></FONT></TD>
    <TD STYLE="width: 2%; font: 12pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt; color: #F2F2F2"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%; font: 12pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt; color: #F2F2F2"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left">General and administrative costs</P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left">(in &lsquo;000s of USD)</P></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 9pt">$16,179</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: right"><FONT STYLE="font-size: 9pt">18,027</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">17,908</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">Silver production (in &lsquo;000s of ounces)<SUP> (1)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 9pt">24,500</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: right"><FONT STYLE="font-size: 9pt">26,119</FONT></TD>
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">26,112</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">General and administrative costs per silver ounce produced<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 9pt">0.66</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; background-color: #DBE5F1; text-align: right"><FONT STYLE="font-size: 9pt">0.69</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 12pt Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">0.69</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Forecast silver production at the mid-point of the guidance given
in this MD&amp;A for the Company&rsquo;s existing operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">G&amp;A cost per silver ounce produced is a non-GAAP measure used
by the Company to assess G&amp;A costs relative to production. It is calculated as G&amp;A costs divided by total ounces of silver
production in the period.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 Exploration and Project Development Expense
Forecast</B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Exploration and project development expenses for Pan
American in 2016 are expected to total approximately $8.9 million, which is a $3.0 million decrease from 2015 exploration and project
development expenses of $11.9 million. These expenses will continue to include advancing surface exploration on targets defined
for certain Mexican and Peruvian properties, as well as holding costs for various exploration properties, including Navidad.</P>

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


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>2016 Mine Operation Forecasts</B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management&rsquo;s expectations of each mine&rsquo;s
operating performance in 2016 are set out below, including discussion on expected production, cash costs and AISCSOS, and capital
expenditures.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>La Colorada mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">La Colorada&rsquo;s 2016 silver production is expected
to be 5.60 million to 5.70 million ounces which is higher than the 5.33 million ounces produced in 2015. The 2016 mine plan contemplates
a production rate of 1,350 tpd for the first nine months, with an increase to 1,600 tpd for the fourth quarter as the new sulphide
plant and shaft are phased into production. With a combination of greater sulphide tonnages mined throughout the year and the additional
capacity in the sulphide plant coming in during the fourth quarter, it is expected that base metal by-product production will also
be increasing relative to 2015, with zinc increasing 7% to 12% to between 9.50 and 10.00 thousand tonnes, and lead increasing 13%
to 15% to between 4.80 and 4.90 thousand tonnes.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">2016 cash costs per ounce of $7.75 to $8.25 are expected
to be slightly higher than the $7.41 per ounce 2015 cash costs, primarily due to minor interferences expected from the continued
expansion project, and the decline in by-product metal prices, which are expected to be partially offset by the Mexican peso devaluation.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Sustaining capital expenditures at La Colorada in 2016
are expected to be between $8.0 to $10.5 million, comparable to the $9.9 million spent in 2015. The major elements making up the
expected 2016 sustaining capital include: (i) approximately $4.3 million in mine capital, the largest components being a ventilation
raise and numerous equipment overhauls; (ii) $1.2 million in brownfield exploration; (iii) $1.8 million in tailings storage expansion
work; and (iv) $1.0 million in general capital expenditures including access road improvements, and mine rescue equipment.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at La Colorada for 2016 is expected to be between
$9.25 and $10.30, in-line with the $9.57 AISCSOS reported in 2015.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In addition, capital expenditures relating to an expansion
project for the La Colorada mine are expected to require $64.0 million to $66.5 million in 2016. Please see the &ldquo;2016 Capital
Expenditure Forecast&rdquo; section for a detailed description of these expenditures.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Dolores mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2016, the Company expects to stack an average
of 16,200 tpd onto leach pads at Dolores, approximately a 3% reduction from 2015 stacking due to extensive crushing plant
rebuilds planned for 2016. The ore processed at Dolores in 2016, is expected to have higher gold and lower silver grades
compared to 2015 according to the mine sequencing. In 2016, silver production at Dolores is expected to be between 3.40
million and 3.60 million ounces or 15% to 20% lower than the 4.25 million ounces produced in 2015; and gold production is
expected to increase to 97.0 to 102.0 million ounces from the 79.14 million ounces produced in 2015.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">2016 cash costs per ounce are expected to be $5.00 to
$6.50, a $2.78 to $4.28 per ounce decrease from 2015 cash costs of $9.28 per ounce. Despite relatively consistent operating costs
per tonne expected in 2016 cash costs are expected to decrease as a result of higher gold credits, partially offset by lower silver
production and lower gold prices compared to 2015.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Sustaining capital expenditures at Dolores during 2016
are expected to be between $39.0 million and $42.0 million, a 55% to 67% increase from the $25.2 million spent in 2015. The increase
is largely due to approximately $12.5 million of sustaining capital required for a leach pad</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">extension. The other major components of 2016 anticipated
sustaining capital investment at Dolores include: approximately $17.0 million for open pit mine pre-stripping; approximately $9.0
million in mining and drilling equipment rehabilitations; and approximately $1.5 million in various plant equipment rehabilitations
and replacements.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at Dolores for 2016 is expected to be between
$17.00 and $18.90, higher than the $12.67 AISCSOS reported in 2015 due primarily to the increased sustaining capital investments
described above and decreased silver production, which is expected to be partially offset by the positive impact of increased gold
production.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In addition, capital expenditures relating to Dolores
expansion projects are expected to require $71.0 million to $73.5 million in 2016. Please see the section &ldquo;2016 Capital Expenditure
Forecast&rdquo; for a detailed description of these expenditures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Alamo Dorado mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As planned with open pit mining completed by year-end
2015, the Alamo Dorado mine will only process stockpiles during the first half of 2016 resulting in an expected 45% to 50% decrease
in throughputs as well as declined silver and gold grades and recoveries. The combination of the lower throughput grades and recoveries
is reflected in the expected 60% to 66% reduction in both silver and gold production, which are expected to be between 1.0 million
to 1.2 million ounces and 7.0 thousand to 8.0 thousand ounces, respectively.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The end of open pit activities at Alamo Dorado also
results in a significant reduction to mining and overhead costs, leading to reduced unit costs per tonne. Despite the costs per
tonne reductions, cash costs per ounce are expected to increase from $11.41 in 2015 to $13.50 to $14.50 per ounce in 2016 as result
of the lower production levels and lower gold prices.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As with 2015, no sustaining capital expenditure has
been planned for 2016 given the mine is at the end of its life.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at Alamo Dorado for 2016 is expected to be between
$13.80 and $15.30, up from $12.72 AISCSOS reported in 2015 due to anticipated decreases in silver sales from processing lower grade
mined ores and stockpiles.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Huaron mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2016, throughput at Huaron is expected to increase
3% to the plant capacity of 920 thousand tonnes per year, given the unscheduled mill breakdown that was reported during the third
quarter of 2015. The slightly improved throughput in 2016 is expected to be coupled with a slight increase in silver grades from
mine sequencing resulting in a small increase in silver production to between 3.65 million to 3.80 million ounces, comparable to
the 3.71 million ounces produced in 2015. Copper production is expected to decrease between 15% and 18%, due to mine sequencing
away from the high-copper Travieso vein system. Zinc and lead production are expected to be relatively similar to 2015 levels.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Cash costs per ounce of between $12.25 and $13.25 are
expected to increase from the 2015 level of $10.91 per ounce, primarily driven by a decline in by-product credits which is only
partially offset by expected lower operating costs, and slightly higher silver payable production expected for 2016.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We have forecasted sustaining capital expenditures of
between $6.0 million and $7.5 million for 2016, which are lower than the $13.6 million spent in 2015. The 2016 capital budget is
primarily comprised of: $0.8 million for completion of the tailings storage expansion; $1.4 million in</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">brownfield diamond drilling; and $1.2 million in mining
equipment refurbishments and replacements.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at Huaron for 2016 is expected to be between
$14.40 and $16.00, representing a 5% to 15% decrease from the $16.89 AISCSOS reported in 2015 due primarily to lower sustaining
capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Morococha mine </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Significant changes in mine sequencing are expected
at Morococha during 2016, resulting in a change of the plant feed composition towards higher grade zinc and silver zones. Silver
grades are expected to increase by up to 14% to 16%, while zinc grades are expected to increase up to 27% to 28%. Increases to
both silver and zinc recoveries and grades are expected to result in silver production of between 2.45 million to 2.60 million
ounces for the Company, a 13% to 20% increase from the 2.17 million ounces produced in 2015. Similarly, zinc production for the
Company is expected to increase 42% to 50% to between 16.10 thousand and 17.00 thousand tonnes, and 2016 lead production is also
expected to increase 5% to 9% to between 2.70 thousand to 2.80 thousand tonnes from 2015 production. Copper production for the
Company is expected to decrease between 4% and 8% in 2016 to between 7.49 thousand and 7.79 thousand tonnes.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Cash costs are forecast to be between $12.00 and $13.75
per ounce in 2016, comparable to 2015 cash costs of $13.03 per ounce. The potential reduction to 2016 cash costs represented by
the low end of 2016 guidance could be achieved through increased payable silver production and reduced operating costs and by-product
production more than offsetting lower overall by-product metal prices and increased treatment and refining charges due primarily
to the higher tonnage of zinc and lead concentrate production.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Morococha&rsquo;s sustaining capital for 2016 is expected
to be between $7.0 million and $8.5 million, comparable to the 2015 capital spending of $7.7 million. The major components of the
2016 capital expenditures include: $4.2 million in mine development related to deepening the Manuelita shaft and development level,
and $0.9 million for brownfield exploration.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at Morococha for 2016 is expected to be between
$15.40 and $17.10, a 11% to 20% decrease from the $19.21 AISCSOS reported in 2015 primarily due to an expected increase in silver
and by-product production levels and an expected decrease in operating costs more than offsetting the lower by-product metal prices.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>San Vicente mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Throughput rates at San Vicente are expected to increase
up to 4% in 2016 while silver grades and recoveries are expected to be consistent with 2015 levels. The aggregate expected effect
to 2016 silver production for the Company is a 4% to 6% increase to between 4.30 million and 4.35 million ounces, from the 4.12
million ounces produced in 2015. The increased throughput, improved zinc recoveries, and improved zinc grades are expected to drive
increased zinc by-product production for the Company by 8% to 10%.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Expected 2016 cash costs per ounce of between $11.25
and $11.75 are comparable to the 2015 cash costs of $11.57 per ounce, due primarily to the offsetting effects of expected increased
operating costs and lower by-product metal prices by the positive effects of expected increased silver production, improvement
in zinc production, and reductions in royalties from reduced metal prices.</P>

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


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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The  expected sustaining capital at San Vicente
in 2016 is between $3.0 million and $4.0 million, which is consistent with the $3.3 million of sustaining capital in 2015.
Major components of 2016 sustaining capital budget include: $1.0 million on brownfield exploration; $0.7 million on mine
equipment refurbishment and replacements; $0.4 million on a ventilation raise; and $0.3 million on environmental related
expenditures including a water treatment plant.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at San Vicente for 2016 is expected to be between
$12.00 and $13.30, comparable to the $11.91 AISCSOS reported in 2015. The same offsetting factors affecting cash costs along with
expected sustaining capital investments are expected to result in a slight increase to AISCSOS.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Manantial Espejo mine</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The open pit operation is scheduled to end in
mid-2016 and will affect grades and production thereafter. Plant throughput is expected to increase by 3% to 10% in early
2016, while additional material from stockpiles will be processed to compensate for the reduced open pit ore feed, along with
additional ore production from the underground mine. The increased throughput is expected to offset the decline in open pit
mining and result in forecasted 2016 silver production of between 3.60 million and 3.75 million ounces, which is consistent
with the 3.58 million ounces produced in 2015. The increased tonnage, however, does not offset the expected 18% to 19%
decline in gold grades resulting in a forecasted decrease in gold production of between 12% to 16% to between 64.60 thousand
and 68.10 thousand ounces in 2016 from the 77.3 thousand ounces produced in 2015.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Under the assumption that the devaluation of the Argentine
peso will keep pace with local inflation rates during 2016, we expect that production costs will decrease from productivity improvements
and the decommissioning of open pit mining activities by mid-2016. The effect of these reductions is expected to be offset by non-cash
inventory variations from the drawdown of stockpiles in the calculations of cash costs. In 2015, stockpile inventory build-up reduced
operating costs by $8.7 million, while in 2016 we expect to process stockpiles adding $9.1 million of non-cash charges to cash
costs. The aggregate expected effect of these net cost increases, along with decreased gold production, is an increase in cash
costs to $9.25 to $10.75 per ounce from the $7.33 per ounce reported for 2015. <FONT STYLE="background-color: yellow"> </FONT></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Sustaining capital expenditure in 2016 is expected to
be between $2.0 million and $2.5 million, a significant decrease from the $14.1 million spent in 2015. The majority of the decrease
is a result of no open pit pre-stripping activities in 2016. The majority of the 2016 sustaining capital budget is for brownfield
exploration.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS at Manantial Espejo for 2016 is expected to
be between $10.00 and $11.10, a significant decrease from the $18.81 AISCSOS reported in 2015 due mainly to the lower sustaining
capital and lower net realizable value adjustments than those incurred in 2015.</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 13; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">MID-TERM Outlook</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">These estimates are forward-looking statements and information
that are subject to the cautionary note associated with forward-looking statements and information at the end of this MD&amp;A.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2017 and 2018 Silver Production, Gold Production, Cash Costs, Sustaining Capital and AISCSOS Forecasts:</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As a result of the transformational nature of the Company&rsquo;s
mine expansion projects at La Colorada and Dolores and the contemporaneous completion of open pit mining at both Alamo Dorado and
Manantial Espejo, the following silver production, gold production, cash costs, sustaining capital expenditures, and AISCSOS are
expected for fiscal 2017 and 2018:</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt; margin-left: 45.35pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 46%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Silver Production &ndash; million ounces</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">22.50 &ndash; 24.00</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">25.0 &ndash; 27.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Gold production &ndash; thousand ounces</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">155.0 &ndash; 165.0</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">160.0 &ndash; 180.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Cash costs <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$8.20 &ndash; $9.70</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$5.50 &ndash; $7.50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Sustaining capital (millions)</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$75.0 &ndash; $85.0</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$75.0 &ndash; $90.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">AISCSOS <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$13.20 &ndash; $14.80</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">$10.00 &ndash; $12.20</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 63.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top">(1)</TD><TD STYLE="text-align: justify; vertical-align: bottom">2017 and 2018 forecasted cash costs per silver ounce, net of by-product credits, and AISCSOS were
calculated using the following by-product metal prices assumptions: Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne, Cu $4,600/tonne.
Exchange rates used relative to US$: Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1, Bolivian Boliviano 7:1. Cash
costs and AISCSOS are non-GAAP measures, please refer to the Alternative Performance (Non-GAAP) Measures section of the MD&amp;A
for detailed descriptions of how these measures are calculated.</TD></TR></TABLE>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 63.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">2015 Operating Performance</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table compares silver production and cash
costs, net of by-product credits, at each of Pan American&rsquo;s operations for the respective three and twelve month periods
ended December 31, 2015 and 2014:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Silver Production</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(ounces &lsquo;000s)</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Cash Costs<SUP>(1)</SUP></B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>($ per ounce)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three months ended&nbsp;<BR>
December &nbsp;31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Twelve months ended&nbsp;<BR>
December 31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three months ended<BR>
&nbsp;December 31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Twelve months ended<BR>
December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">La Colorada</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,423 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">1,286</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;5,327 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">4,979</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>7.28 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">7.57</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>7.41 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">8.14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Dolores</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>947&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">954</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,250
</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,982</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.64 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">12.99</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.28 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">12.94</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Alamo Dorado</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>818 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">865</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,970 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,473</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>5.49 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">14.07</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.41 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">12.89</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Huaron</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;987 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">952</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,705 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,635</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.35 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">12.22</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>10.91 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">11.56</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Morococha<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;524 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">603</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,165 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">2,370</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>12.99 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">12.53</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>13.03 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">13.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">San Vicente<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,081 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">1,172</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;4,118 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,949</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.12 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">11.88</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.57 </B></FONT></TD>
    <TD STYLE="padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">13.16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,005 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">913</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,583 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #375F91 1pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,725</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>6.48 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">13.93</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>7.33 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">10.12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 13pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Consolidated Total<FONT STYLE="font-family: Arial Bold,sans-serif"><SUP> (</SUP></FONT></B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>4)</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;6,785 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">6,745</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;26,119 </B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #375F91 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">26,112</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.09 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">11.92</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.70 </B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 13pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">11.46</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the section &ldquo;Alternative
Performance (Non-GAAP) Measures&rdquo; of this MD&amp;A for a detailed description of the cash cost calculation, details of the
Company&rsquo;s by-product credits and a reconciliation of this measure to the 2015 Financial Statements. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Morococha data represents Pan American's 92.3% interest in the mine's
production.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">San Vicente data represents Pan American's 95.0% interest in the mine's
production.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><I>2015 Silver Production </I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The chart below presents silver production by mine in
2015:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.5in"><IMG SRC="tpg15.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Consolidated silver production of 6.79 million ounces
in Q4 2015 was 0.04 million ounces higher than that produced in the three months ended December 31, 2014 (&ldquo;Q4 2014&rdquo;).
Production increases at La Colorada, Huaron, and Manantial Espejo resulted in a net 0.26 million ounce quarter over quarter increase
as they partially offset production declines at the Company&rsquo;s other operations. The largest quarter over quarter increases
came from the La Colorada and Manantial Espejo mines with an additional 0.14 million ounces and 0.09 million ounces produced, respectively.
The largest decreases came from the San Vicente and Morococha mines where 0.09 million and 0.08 million fewer ounces were produced
for the Company respectively.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Record consolidated silver production for 2015 of 26.12
million ounces was similar to 2014 consolidated silver production of 26.11 million ounces, with increases at the La Colorada, Dolores,
Huaron, and San Vicente mines resulting in additional production of 0.86 million ounces, which offset a total 0.85 million ounce
production decline from the Alamo Dorado, Morococha and Manantial Espejo mines. The largest year over year production increases
came from La Colorada and Dolores, which added 0.35 million ounces and 0.27 million ounces, respectively. The most significant
production decline was at Alamo Dorado where 0.5 million fewer ounces were produced in 2015.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2015 By-Product Production </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following tables set out the Company&rsquo;s by-product
production for the three and twelve months ended December 31, 2015, together with amounts for the comparable periods in 2014:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>By-Product Production</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="border-right: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="width: 36%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>48.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;43.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>183.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;161.5 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.5</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;10.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>40.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;43.5 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lead &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>4.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;3.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;15.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Copper &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>4.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;3.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>15.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;9.0 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Gold production during Q4 2015 rose 10% from Q4 2014,
driven by increased production at Alamo Dorado, Manantial Espejo, and Dolores, which was offset by slight decreases at the Company&rsquo;s
other gold producing mines. Alamo Dorado and Manantial Espejo production made up the majority of the increase, with improved gold
grades resulting in each mine producing an additional 2.2 thousand ounces of gold compared to the amount produced in Q4 2014.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2015 the Company produced 183.7 thousand ounces of
gold, 22.2 thousand ounces or 14% more than in 2014. The 2015 record gold production was achieved by increased throughput and improved
gold grades at Dolores delivering an additional 12.3 thousand ounces, and improved gold grades at Manantial Espejo and Alamo Dorado
driving increased production of 6.9 thousand ounces and 2.8 thousand ounces, respectively.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During Q4 2015, Pan American also produced 11.5 thousand
tonnes of zinc, 4.1 thousand tonnes of lead and 4.0 thousand tonnes of copper, 12%, 5% and 34% more than in Q4 2014, respectively.
Copper production rose significantly in 2015 due to mine sequencing at the Company&rsquo;s Peruvian mines, where production continued
to focus on copper-rich areas.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American&rsquo;s consolidated base metals production
during 2015 was 40.6 thousand tonnes of zinc, 14.6 thousand tonnes of lead and 15.0 thousand tonnes of copper. Zinc production
declined 7% and lead production declined 3% from 2014, mainly due to lower production at Morococha due to a change in mine sequencing
targeting higher value ores from the copper-rich Esperanza area that drove consolidated copper production up 66% from 2014.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2015 Average Market Metal Prices </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following tables set out the average market price
for each metal produced for the three and twelve months ended December 31, 2015 together with prices for the comparable periods
in 2014:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #767171">
    <TD NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; color: white"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="8" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Average Market Metal Prices</B></FONT></TD></TR>
<TR STYLE="background-color: #767171">
    <TD NOWRAP STYLE="border-right: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #767171">
    <TD NOWRAP STYLE="width: 39%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: white 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 12%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 12%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Silver/ounce</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.77</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">16.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>15.68</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">19.08</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Gold/ounce</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,106</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,201</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,266</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Zinc/tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,613</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,237</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,928</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,164</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lead/tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,681</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,002</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,784</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,096</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Copper/tonne</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,892</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,628</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DEEAF6; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,495</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,862</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2015 Cash Costs </I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Consolidated cash costs per ounce of silver for the
three and twelve months ended December 31, 2015, were $9.09 per ounce and $9.70 per ounce, respectively, which compared to $11.92
per ounce and $11.46 per ounce for the three and twelve months ended December 31, 2014.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Despite substantially lower prices for all
by-products, consolidated cash costs during Q4 2015 declined 24% from those in Q4 2014 due to higher production of all by-product
metals, and lower direct unit operating costs at all mines, particularly at Huaron, Morococha, Manantial Espejo and Alamo Dorado.
The most significant contribution to the decrease to consolidated cash costs came from the Alamo Dorado mine, which had an $8.58
per ounce quarter over quarter cash cost decrease from decreased mining rates and improved by-product gold production. Each operation&rsquo;s
cash costs are separately discussed in the &rdquo;Individual Mine Performance&rdquo; section of this MD&amp;A.</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Similarly, despite the substantially lower by-product
metal prices, the Company reduced annual consolidated cash costs by 15% from 2014 due to record-breaking consolidated gold and
copper</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">production, as well as substantially lower unit operating
costs per tonne at all of the Company&rsquo;s mines due to improved productivities, favorable currency exchange rates and lower
costs for certain consumables, especially diesel fuel. Each mine contributed to the year over year decline in consolidated cash
costs, with the most significant impacts from the Dolores, Manantial Espejo and Alamo Dorado operations, which all experienced
both decreased direct operating costs per ounce and increased by-product credits on the back of increased gold production. <FONT STYLE="font-size: 10pt; color: white"><B>
</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>2015 AISCSOS</I></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table reflects the quantities of payable
silver sold and AISCSOS at each of Pan American&rsquo;s operations for the three and twelve months ended December 31, 2015, as
compared to the same periods in 2014.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Payable Silver Sold</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(ounces &lsquo;000s)</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>AISCSOS<FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(1)
        </SUP></FONT></B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>($ per ounce)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three months ended<BR>
December 31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Twelve months ended<BR>
December 31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three months ended<BR>
December 31,</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Twelve months ended<BR>
December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #767171; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt; color: white">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">La Colorada</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,263</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">1,099</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,109</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">4,726</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.75</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">9.20</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>9.57</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">10.90</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Dolores</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,048</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">883</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,448</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,912</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>21.55</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">31.20</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>12.67</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">27.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Alamo Dorado </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>726</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">816</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,944</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,606</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>7.93</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">17.39</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>12.72</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">13.05</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Huaron</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>774</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">788</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,009</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,025</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>18.74</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">22.35</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>16.89</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">19.07</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Morococha</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>483</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">537</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,995</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>21.02</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">20.20</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>19.21</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">19.39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">San Vicente </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,448</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">1,117</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,019</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">4,177</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.00</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">11.90</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>11.91</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">13.78</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>978</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">1,113</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,655</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">3,860</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>10.96</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">17.21</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>18.81</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">17.93</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 5.4pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Consolidated Total </B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,719</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">6,353</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>25,180</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">25,431</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>14.76</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">18.62</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>14.92</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 8pt">17.88</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 7pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">AISCSOS
                                         is a non-GAAP measure. Please refer to the section &ldquo;Alternative Performance (Non-GAAP)
                                         Measures&rdquo; of this MD&amp;A for a detailed description of the AISCSOS calculation
                                         and a reconciliation of this measure to the 2015 Financial Statements. &ldquo;G&amp;A&rdquo;
                                         costs are included in the consolidated AISCSOS, but not allocated in calculating AISCSOS
                                         for each operation.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 7pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Totals
                                         may not add due to rounding.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Consolidated AISCSOS for the three and twelve months
ended December 31, 2015 was $14.76 and $14.92, respectively, a 21% and 17% reduction, respectively from AISCSOS of $18.62 and $17.88
for the respective 2014 comparable periods.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The $3.86 per ounce decline in quarter over quarter
consolidated AISCSOS resulted primarily from: (i) $15.6 million lower direct operating costs; (ii) $8.0 million higher by-product
credits, particularly from more gold by-product production at Dolores and Alamo Dorado; and (iii) a 6% or 0.37 million ounce increase
in the number of silver ounces sold. These factors were partially offset by higher general and administrative expenses and higher
treatment and refining charges (&ldquo;TCRCs&rdquo;).<FONT STYLE="font-family: Verdana,sans-serif; font-size: 10.5pt"> </FONT>AISCSOS
in Q4 2015 and Q4 2014 were adversely impacted by negative net realizable value adjustments to inventories (&ldquo;NRV adjustments&rdquo;),
which increased production costs by $5.0 million and $2.0 million, respectively, which increased AISCSOS by $0.75 per ounce and
$0.35 per ounce, respectively.</P>

<P STYLE="font: 10.5pt Verdana,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The $2.96 per ounce decline in 2015 annual consolidated
AISCSOS from 2014 resulted primarily from: (i) $25.4 million lower sustaining capital; (ii) $19.1 million less in negative NRV
adjustments; (iii) $17.1 million lower direct operating costs; and (iv) $16.6 million higher by-product credits, particularly from
more gold by-product production at Dolores. These factors were partially offset by a 0.25 million ounce decrease in the number
of silver ounces sold, and higher TCRCs.<FONT STYLE="font-family: Verdana,sans-serif; font-size: 10.5pt"> </FONT>AISCSOS in 2015
and 2014 were adversely impacted by negative NRV adjustments to inventories, which increased production costs by $10.9 million
and $30.0 million, respectively, increasing AISCSOS by $0.43 per ounce, and $1.17 per ounce, respectively.</P>

<P STYLE="font: 10.5pt Verdana,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10.5pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B><I>Individual Mine Performance</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following tables summarize the 2015
metal production, cash costs and AISCSOS achieved for each individual operation compared to the amounts forecasted in the annual
MD&amp;A for the fiscal year ended December 31, 2014. Following the summary tables is an analysis of each operation&rsquo;s 2015
operating performance as compared to 2014, as well as an analysis of the 2015 operating performance compared to management&rsquo;s
initial 2015 forecast guidance. Actual 2015 results that met or exceeded 2015 guidance have been noted with a &ldquo;<FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT>&#8221;
in the following tables, 2015 results did not meet 2015 guidance have been noted with a &#8220;<FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT>&#8221;.
Reported metal figures included in tables in this section are volumes of metal produced.</P>



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<P STYLE="font: 10.5pt Verdana,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Silver Production</B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(million ounces)</B></P></TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Cash Costs<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>($ per ounce)</B></P></TD>
    <TD COLSPAN="3" NOWRAP STYLE="background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 AISCSOS<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>($ per ounce)</B></P></TD>
    <TD NOWRAP STYLE="font-family: Arial,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 90px; background-color: #4472C4; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 60px; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 60px; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; background-color: #4472C4; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1px; font-family: Arial,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">La Colorada</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>4.90 &ndash; 5.00 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>5.33</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$8.50 &ndash; $9.25</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$7.41</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$10.95 &ndash; $11.70</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$9.57</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Dolores</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>4.00 &ndash; 4.15</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>4.25</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$8.50 &ndash; $10.00</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>9.28</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$17.00 &ndash; $18.50</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$12.67</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Alamo Dorado</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>2.95 &ndash; 3.20 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>2.97</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$14.00
    &ndash;  $14.50</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>11.41</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$14.30 &ndash; $14.80</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$12.72</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Huaron</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>3.70 &ndash; 3.80</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>3.71</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$13.00 &ndash; $13.75</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>10.91</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$16.00 &ndash; $17.00</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$16.89</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Morococha</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>2.30 &ndash; 2.40</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>2.17</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$12.75 &ndash; $14.25</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>13.03</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$16.00 &ndash; $17.50</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$19.21</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">San Vicente</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>4.00 &ndash; 4.15</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>4.12</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$11.00 &ndash; $12.00</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>11.57</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$12.25 &ndash; $13.25</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$11.91</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>3.65 &ndash; 3.80</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>3.58</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$10.50 &ndash; $11.75</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>7.33</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$13.80 &ndash; $15.05</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$18.81</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Consolidated Total<SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>25.50 &ndash; 26.50</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center; text-indent: -1.1pt"><FONT STYLE="font-size: 9pt"><B>26.12</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$10.80 &ndash; $11.80</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$9.70</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$15.50 &ndash; $16.50</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$14.92</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4472C4 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Cash costs and AISCSOS are non-GAAP measures. Please refer to the
&ldquo;Alternative Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation
and a reconciliation of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Forecasted amount per guidance included in the annual MD&amp;A for
fiscal 2014 dated March 26, 2015.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Gold Production </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(koz)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Zinc Production </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(kt)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast</B></FONT><FONT STYLE="font-size: 9pt"><SUP> <FONT STYLE="color: white"><B>(1)</B></FONT></SUP></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast</B></FONT><B><FONT STYLE="font-size: 9pt; color: white"><SUP> (1)</SUP></FONT></B></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 29%; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">La Colorada</FONT></TD>
    <TD STYLE="width: 21%; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2.5 &ndash; 2.7</B></FONT></TD>
    <TD STYLE="width: 13%; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>2.6</B></FONT></TD>
    <TD STYLE="width: 4%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="width: 17%; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>7.00 &ndash; 7.50</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>8.91</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Dolores</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>75.0 &ndash; 80.0 </B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>79.1</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Alamo Dorado</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>15.5 &ndash; 16.6</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>20.3</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Huaron</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>1.0 &ndash; 1.2</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>1.1</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>13.50 &ndash; 14.00</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.55</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Morococha</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2.0 &ndash; 2.5</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>3.2</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14.50 &ndash; 15.00</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.37</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">San Vicente</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>6.00 &ndash; 6.50</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6.82</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>69.0 &ndash; 72.0</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>77.3</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Consolidated Total</B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>165.0 &ndash; 175.0</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 11.2pt"><FONT STYLE="font-size: 9pt"><B>183.7</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>41.00 &ndash; 43.00</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>40.65</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Lead Production </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(kt)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>2015 Copper Production </B></P>
        <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>(kt)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast</B></FONT><FONT STYLE="font-size: 9pt"><SUP> <FONT STYLE="color: white"><B>(1)</B></FONT></SUP></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast</B></FONT><B><FONT STYLE="font-size: 9pt; color: white"><SUP> (1)</SUP></FONT></B></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 21%; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">La Colorada</FONT></TD>
    <TD STYLE="width: 26%; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>3.70 &ndash; 3.80</B></FONT></TD>
    <TD STYLE="width: 14%; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>4.26</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="width: 18%; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Dolores</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Alamo Dorado</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>0.01 &ndash;&nbsp;&nbsp;0.01</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.10</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Huaron</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>6.10 &ndash; 6.20</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>6.92</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>4.75 &ndash; 5.00</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6.70</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Morococha</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>4.20 &ndash; 4.40</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2.56</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>3.24 &ndash; 3.49</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>8.16</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">San Vicente</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>0.50 &ndash; 0.60</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>0.84</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 10pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Manantial Espejo</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 10pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: #538135">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Consolidated Total</B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14.50 &ndash; 15.00</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14.58</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>8.00 &ndash; 8.50</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.96</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Forecasted amount per guidance included in the annual MD&amp;A for
fiscal 2014 dated March 26, 2015.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>Capital
Investment ($ millions)&nbsp;</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="width: 45%; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Forecast <FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(1)</SUP></FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Actual</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">La Colorada</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$11.0 &ndash; $12.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$9.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Dolores</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$30.0 &ndash; $35.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$25.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Huaron</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$8.0 &ndash; $10.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$13.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Morococha</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$6.0 &ndash; $8.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$7.7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">San Vicente</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$4.0 &ndash; $5.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$3.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Manantial Espejo</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$12.0 &ndash; $14.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$14.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Sustaining Capital Sub-total</B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$71.0 &ndash; $84.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$73.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">La Colorada Expansion Project</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$75.0 &ndash; $80.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$48.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Dolores Project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$15.0 &ndash; $17.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black">$28.0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: red"><B>&ucirc;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Project Sub-total</B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$90.0 &ndash; $97.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$76.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>2015 Total Capital</B><FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$161.0 &ndash; $181.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; background-color: #E7E6E6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$149.8</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Wingdings; font-size: 12pt; color: #538135"><B>&uuml;</B></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Forecasted amount per guidance included in the annual MD&amp;A for
fiscal 2014 dated March 26, 2015.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">An analysis of each operation for the year ended December
31, 2015, as compared to the operating performance for the year ended December 31, 2014, follows.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 19; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><B><I>La Colorada mine</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right; width: 19%"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right; width: 19%"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Tonnes milled - kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>485.4 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">471.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>379 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">366</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>90.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">89.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0.25in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,327 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">4,979</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0.25in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.63 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2.57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0.25in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>8.91 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">7.70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0.25in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lead &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>4.26 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3.74</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>7.41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">8.14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>9.57</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">10.90</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Payable silver sold - koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,109</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">4,726</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 0pt; padding-left: 0pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Sustaining capital -&nbsp;&nbsp;(&rsquo;000s)<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>9,869</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 10pt; padding-left: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">13,476</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Sustaining capital expenditures excludes $48.2 million of investing
activity cash outflow for the year ended December 31, 2015 (2014: $17.9 million) related to investment capital incurred on the
expansion project as disclosed in the &ldquo;2015 Project Development Update&rdquo; section of this MD&amp;A.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">La Colorada achieved record silver production in 2015,
7% more than in 2014, due to increases in throughput, grades and recoveries. Ore mining rates increased in 2015 with benefits realized
from the new mining equipment purchased as part of the mine expansion project that allowed for the development of new mining areas.
During 2015, the mine produced 8.9 thousand tonnes of zinc and 4.3 thousand tonnes of lead, 16% and 14% more than in 2014, respectively.
The increased base metal production was a function of the increased throughput in 2015 combined with improved zinc and lead grades
of 13% and 10%, respectively.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">La Colorada&rsquo;s cash costs per ounce during 2015
declined $0.73, or 9%, due to lower direct operating costs and a 7% increase in payable silver ounces produced. The decrease in
unit operating costs per tonne primarily resulted from the devaluation of the Mexican peso and lower costs of certain consumables.
2015 by-product credits per ounce remained relatively consistent with 2014, as increased by-product metal production was largely
offset by lower metal prices.</P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">2015 AISCSOS of $9.57 decreased 12% from $10.90 in the
previous year, primarily due to a $3.6 million decrease in sustaining capital expenditures, a $1.2 million decrease in production
costs and an 8% increase in the amount of payable silver ounces sold.</P>

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

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">2015 silver production at La Colorada of 5.33 million
ounces exceeded the high end of management&rsquo;s forecast range of 4.90 million to 5.00 million ounces primarily as a result
of realizing higher than expected throughput rates, and slightly higher than expected silver grades and recoveries. Similarly,
base metal production benefited from the better than expected</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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

<!-- Field: Page; Sequence: 20; Value: 3 -->
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<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">throughput rates, grades and recoveries, resulting
in zinc and lead production which exceeded our guidance. The higher throughput also resulted in 2015 gold production being on the
high end of the amount forecasted for 2015.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actual cash costs of $7.41 per ounce were lower
than management&rsquo;s forecast range of between $8.50 and $9.25 per ounce. Cash costs at La Colorada in 2015 were positively
influenced by better than expected silver production and the previously discussed lower direct operating costs.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $9.57 was lower than management&rsquo;s
forecast range of between $10.95 and $11.70. The positive influences to 2015 AISCSOS were higher than expected quantities of silver
sold, lower than forecasted sustaining capital expenditures during the year, and low direct operating costs.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sustaining capital expenditures at La Colorada
during 2015 totalled $9.9 million, which is 27% lower than 2014 sustaining capital, and lower than the 2015 forecast of $11.0 million
- $12.0 million. This is partially due to the devaluation of the Mexican peso. Sustaining capital included expenditures on mine
infrastructure, exploration drilling, a mine dewatering treatment plant, mine equipment replacement and rehabilitations, process
plant improvements, and access road upgrades. This sustaining capital excludes $48.2 million spent on the La Colorada expansion
project during the year, which is further described in the 2015 Project Development Update section of this MD&amp;A.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Twelve
                                         months ended</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December
        31,</B></FONT></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; border-top: white 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: white 1pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: white 1pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tonnes
    placed - kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,108.9
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,053.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>44
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.57
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    silver produced to placed ratio - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49.7
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    gold produced to placed ratio - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>70.9
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Silver
    &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,250
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,982</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gold
    &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>79.14
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66.82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
    cost per ounce net of by-products<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9.28</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.94</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AISCSOS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.67</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27.02</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Payable
    silver sold - koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,448</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,912</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sustaining
    capital -&nbsp;&nbsp;(&rsquo;000s)<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,162</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,632</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Sustaining capital expenditures exclude $28.0 million of investing
activity cash outflow for the year ended December 31, 2015 (2014: $17.3 million) related to investment capital incurred on Dolores
expansion projects as disclosed in the &ldquo;Project Development Update&rdquo; section of this MD&amp;A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: -9.35pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B><I>2015 versus
2014</I></B></FONT>.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dolores produced 4.25 million ounces of silver
in 2015, which is 7% higher than the 3.98 million ounces produced in 2014, a result of record throughput and higher grades. Gold
production of 79.1 thousand ounces in 2015 was 18% higher than the 66.8 thousand ounces produced in 2014, and primarily a result
of a 30% improvement to grades.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Despite lower gold prices, cash costs at the
mine declined 28% due to higher gold by-product production, favourable currency exchange rate movements, and lower costs for certain
consumables, particularly diesel fuel.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $12.67 decreased 53% from $27.02.
The decrease was primarily due to NRV adjustments, which reduced  production costs by $11.4 million in 2015 and increased 2014
production costs by $23.3 million, representing a $34.7 million favorable year over year impact to 2015 AISCSOS. Other significant
positive impacts to 2015 AISCSOS included: a $14.7 million increase in by-product credits, with increased gold production more
than offsetting lower gold prices; a $2.5 million decrease in sustaining capital expenditures; and a 14% increase in the amount
of silver sold.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2015, silver production of 4.25 million ounces
at Dolores exceeded the top-end of management&rsquo;s guidance range of 4.00 million to 4.15 million ounces, a result of better
than anticipated stacking rates and silver grades. Gold production was within management&rsquo;s guidance range of 75.0 thousand
to 80.0 thousand ounces.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash costs for 2015 of $9.28 per ounce of silver
fell within the $8.50 to $10.0 per ounce 2015 forecast range provided by management.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $12.67 was lower than management&rsquo;s
forecast range of between $17.00 and $18.50. The primarily positive influences to 2015 AISCSOS were the positive net NRV adjustments
in the year, higher than expected quantities of silver sold, and lower than forecasted sustaining capital expenditures during the
year.</P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Sustaining capital expenditures at Dolores
in 2015 totalled $25.2 million, which is 16% lower than the low end of managements forecast of $30 million to $35.0 million, primarily
due to the timing of certain payments that were carried forward to the first quarter of 2016. Similarly, 2015 sustaining capital
expenditures were 9% lower than the $27.6 million spent in 2014, again largely due to the timing of expenditures. The 2015 sustaining
capital was mainly spent on pre-stripping activities, investments in mine and process equipment replacement and rehabilitations,
exploration activities, surface water diversion upgrades, as well as camp and site access improvements. Sustaining capital excludes
$28.0 million in project capital, which is further described in the &ldquo;2015 Project Development Update&rdquo; section of this
MD&amp;A.</P>



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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Tonnes milled - kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,798.6 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,763.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>62 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">75</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.39 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>82.9 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">81.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,970 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,473</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>20.34 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">17.56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Copper &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.10 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">12.89</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>12.72</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.05</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Payable silver sold - koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,944</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,606</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Sustaining capital -&nbsp;&nbsp;(&rsquo;000s) </B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">293</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As expected, 2015 silver production of 3.0 million
ounces at Alamo Dorado was 14% less than the 3.5 million ounces produced in 2014 as open pit mining ramped down and concluded by
year-end, which resulted in less throughput tonnage of mined ore and switching to more from lower grade stockpiled ores. Gold production
rose 16% to a record high due to higher grades and recoveries due to mining a high grade gold zone in the final stages of the pit.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Despite lower gold prices, Alamo Dorado&rsquo;s
cash costs per ounce declined by 11% due to the combined effect of higher gold production and lower unit operating costs per tonne
given the reduced mining rates, the favorable depreciation of the Mexican Peso, and the lower costs of certain consumables.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $12.72 decreased $0.33 from
$13.05 in 2014. The 3% year over year reduction was attributable to a 12% decrease in production costs which benefited from the
lower operating costs and a $2.5 million decrease in negative NRV adjustments, as well as a 5% increase in by-product credits on
account of improved gold production. These positive influences more than offset the negative impact of an 18% reduction in the
amount of silver ounces sold.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Alamo Dorado&rsquo;s silver production in 2015
of 2.97 million ounces was consistent with management&rsquo;s forecast range of 2.95 million to 3.20 million ounces. This was the
result of better than expected throughput rates and recoveries compensating for lower than anticipated grade ore processed in the
year. Gold production of 20.3 thousand ounces was 22% higher than the high end of management&rsquo;s guidance range of 15.5 thousand
to 16.6 thousand ounces, resulting from the combined results of superior grades and throughput rates being stronger than expected.</P>

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


<!-- Field: Page; Sequence: 23; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actual cash costs of $11.41 per ounce were lower
than management&rsquo;s forecast range of $14.00 to $14.50, due to the favorable impacts of the previously discussed lower than
expected direct operating costs, and superior by-product credits from gold production.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $12.72 was lower than management&rsquo;s
forecast range of $14.30 to $14.80 per ounce. The primarily positive influences to 2015 AISCSOS were the lower than expected production
costs, and higher than expected by-product credits from gold production.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There were no sustaining capital expenditures
at Alamo Dorado during 2015 as it approaches the end of mine life.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1.5pt solid; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Tonnes milled - kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>894.5 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">892.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>157 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">154</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc grade &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.41</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2.41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average copper grade &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.97</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.86</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead grade &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1.08</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.97</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>83.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">83.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc recovery &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>63.8</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">68.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average copper recovery &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>78.5</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">77.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead recovery &ndash; %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>73.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">71.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,705 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,635</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1.05 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1.16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.55 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">14.20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Copper &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6.70 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">5.88</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Lead &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6.92 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">6.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP>(1) </SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>10.91</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">11.56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>16.89</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">19.07</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Payable silver sold &ndash; koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,009</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,025</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Sustaining capital - (&rsquo;000s)</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13,610</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">17,327</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With comparable year over year throughput rates,
silver grades and recoveries, silver production during 2015 was similar to that in 2014. During 2015, Huaron produced 6.9 thousand
tonnes of lead and 6.7 thousand tonnes of copper, which was 15% and 14%, respectively, more than in 2014, while zinc production
of 13.6 tonnes was 5% less than 2014. The year over year difference in base metal production was a function of grades and recoveries
on account of mine sequencing.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Huaron cash costs of $10.91 per ounce declined
6% as a result of substantially lower unit operating costs per tonne driven by benefits from the on-going mechanization efforts,
while higher by-product lead and copper production was more than offset by lower base metal prices.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $16.89 was 11% lower than the
$19.07 in the previous year. The decrease was attributable to a reduction in production costs, a $3.7 million decline in sustaining
capital expenditures, and a reduction in TCRCs, which more than offset lower by-product credits driven by the decline in base metal
prices.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As 2015 throughput rates, silver grades and
recoveries were consistent with expectations, the 2015 silver production of 3.71 million ounces at Huaron was within management&rsquo;s
2015 guidance of 3.70 million ounces to 3.80 million ounces. Similarly, 2015 by-product metal production met or exceeded management&rsquo;s
forecasted amounts with superior grades leading to lead and copper production of 6.9 thousand tonnes and 6.7 thousand tonnes, respectively,
exceeding the high end of management&rsquo;s forecasted ranges of between 6.1 thousand and 6.2 thousand tonnes and between 4.8
thousand and 5.0 thousand tonnes, respectively.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actual 2015 cash costs of $10.91 per ounce were
16% less than the low end of our forecast range of $13.00 to $13.75 per ounce. This positive performance was attributable to the
lower than expected operating costs which more than compensated for lower than anticipated by-product credits that resulted from
the 2015 decline in all base metal prices.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $16.89 was consistent with management&rsquo;s
forecast range of $16.00 to $17.00 AISCSOS, a result of lower than expected production costs compensating for higher than planned
sustaining capital and lower than expected by-product credits from deteriorated base metal prices.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Capital expenditures at Huaron during 2015 totalled
$13.6 million, which was higher than our forecasted range of $8.0 million to $10.0 million. The increase in sustaining capital
expenditure compared to guidance was primarily related to additional mine equipment, increased costs for a power supply upgrade,
and a tailings storage expansion. Sustaining capital expenditures in 2015 were significantly lower than the $17.3 million spent
in 2014 as the multi-year mine mechanization efforts were largely completed in the prior year. 2015 sustaining capital was primarily
related to equipment refurbishments and replacements, the tailings storage expansion, site infrastructure upgrades, as well as
exploration drilling.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Morococha mine<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-right: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Tonnes milled &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>637.2 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">566.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>124 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">152</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc grade &nbsp;- %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.83</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3.60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead grade &nbsp;- %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.71</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1.12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average copper grade &nbsp;- %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1.52</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.75</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>85.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">86.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>64.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">77.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>59.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">74.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average copper recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>85.8</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">72.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,165 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2,370</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.22 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2.92</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.37 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">15.80</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Lead &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.56 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4.74</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Copper &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>8.16 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3.08</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP> (2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.03</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>19.21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">19.39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Payable silver sold (100%) - koz </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,995</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 39.9pt; text-align: right; text-indent: -39.9pt"><FONT STYLE="font-size: 9pt">2,125</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Sustaining capital (100%) -&nbsp;&nbsp;(&rsquo;000s)</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,713</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">10,199</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Production figures are for Pan American&rsquo;s 92.3% share only,
unless otherwise noted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2015, lower silver grades, partially offset
by increased throughput, led to a silver production decline of 9% as compared to 2014, a result of a change in mine sequencing
made in early 2015 that targeted higher value higher copper grade ore during the year. This increased throughput was partially
offset by the impact of intersecting unexpected water in-flows in the high-value Esperanza copper-rich zones during the last four
months of 2015, an issue that has now been resolved.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result of targeting the Esperanza copper-rich
zones in 2015, Morococha produced 8.2 thousand tonnes of copper, more than twice that produced in 2014. The prioritization of copper-rich
zones negatively impacted 2015 production of lead and zinc which were 46% and 28% less than in 2014, respectively, a result of
lower grades and recoveries<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.5pt">. </FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash costs of $13.03 per ounce declined 1% as
a result of substantially lower unit operating costs per tonne driven by benefits from the on-going mechanization efforts and increased
by-product credits per ounce from copper production. These positive variances more than compensated for the 8% decline in payable
silver production and lower base metal prices.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $19.21 was $0.18 lower than
$19.39 in 2014. The slight year over year reduction was attributable to a 4% decrease in production costs and a 24% reduction in
sustaining capital which more than offset the 6% decrease in the amount of silver sold, and the 59% increase in TCRCs that resulted
from the higher treatment and refining costs associated with the copper concentrate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">2015 silver production at Morococha was
6% lower than the bottom end of management&rsquo;s initial guidance range of 2.3 million to 2.4 million ounces. 2015 actual silver
production was the result of lower than initially planned silver grades due to an early 2015 mine plan change to target a higher
value copper-rich zone in 2015. This in turn resulted in copper production of 8.2 thousand tonnes, which was more than twice the
3.5 thousand tonne high end of management&rsquo;s initial 2015 forecast. This changed mine sequencing reduced lead and zinc production
below the low end of management&rsquo;s original forecasted ranges of between 4.2 thousand and 4.4 thousand tonnes and between
14.5 thousand and 15.0 thousand tonnes, respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actual 2015 cash costs of $13.03 per ounce were
within our forecast range of $12.75 to $14.25 per ounce. This positive performance was attributable to the lower than expected
operating costs and high copper production more than compensating for the lower than anticipated silver production and deteriorated
base metal prices that drove the decision to change the mine sequencing early in the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $19.21 was higher than management&rsquo;s
forecast range of $16.00 to $17.50 AISCSOS, a result of lower than anticipated quantities of silver sold, due to the change in
mine sequencing, and lower than expected base metal prices which were only partially offset by lower than expected production costs
and higher copper production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sustaining capital expenditures at Morococha
during 2015 totalled $7.7 million, which is consistent with management&rsquo;s guidance range of $6.0 to $8.0 million, and as expected
24% lower than the $10.2 million spent in 2014. The planned year over year reduction was the result of the vast majority of the
multi-year mine mechanization efforts being completed in 2014. The majority of the capital expenditures in 2015 were on equipment
refurbishments and replacements as well as exploration drilling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>San Vicente mine <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-left: white 1.5pt solid; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Tonnes milled &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>330.8 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">316.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>422 </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">417</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc grade - %</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.65</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2.37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead grade - %</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.32</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>92.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">93.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average zinc recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>77.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">78.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average lead recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>80.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">81.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,118 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,949</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Zinc &ndash; kt</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6.82 </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">5.84</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Lead &ndash; kt</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>0.84</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">0.50</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP> (2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.57</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>11.91</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Payable silver sold (100%) - koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4,177</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Sustaining capital (100%) -&nbsp;&nbsp;(&rsquo;000s)</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,286</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,415</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Production figures are for Pan American&rsquo;s 95.0% share only,
unless otherwise noted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9.35pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">San Vicente achieved record silver production
in 2015, which was 4%, higher than in 2014 due to higher throughputs which, when combined with higher base metal grades also drove
17% higher zinc production to 6.8 thousand tonnes, and 68% higher lead production to 0.8 thousand tonnes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 cash costs of $11.57 per ounce declined
12% aided by lower royalties, due to lower metal prices, along with higher zinc and lead by-product production, which were offset
by the lower by-product metal prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS decreased by 14% to $11.91 from
$13.78 in 2014. This decrease was primarily attributable to the lower royalty costs and TCRCs that resulted from lower metal prices
and increased by-product credits, which more than offset a 4% decrease in the number of silver ounces sold.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Attributable silver production in 2015 of 4.12
million ounces was in line with management&rsquo;s forecast range of 4.00 million to 4.15 million ounces with throughput rates,
silver grades and recovery rates all consistent with expectations. Higher than anticipated base metal by-product grades resulted
in 2015 zinc and lead production both exceeding the high end of management&rsquo;s forecasted ranges between 6.0 thousand and 6.5
thousand tonnes and between 0.5 thousand and 0.6 thousand tonnes, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actual cash costs of $11.57 per ounce of silver
were consistent with management&rsquo;s forecasted range of $11.00 to $12.00 per ounce with higher than expected base metal production
and lower than anticipated royalty costs compensating for the lower than expected base metal prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $11.91 were lower than management&rsquo;s
forecast range of between $12.25 and $13.25. The primarily positive influences to 2015 AISCSOS were lower than expected royalty
costs, slightly higher than expected quantities of silver sold, and slightly lower than forecasted sustaining capital expenditures
during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Capital expenditures at San Vicente during 2015
totalled $3.3 million, which was $0.7 million lower than management&rsquo;s forecasted range of between $4.0 and $5.0 million,
and consistent with the $3.4 million incurred in 2014. Capital spending in 2015 was primarily on mine infrastructure, equipment
overhauls, and mine site exploration.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Manantial Espejo mine</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Twelve months ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; width: 58%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1pt solid; border-right: white 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Tonnes milled - kt</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>774.9 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">796.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>158 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">157</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average gold grade &ndash; grams per tonne</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.31 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2.82</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average silver recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>91.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">92.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Average gold recovery - %</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>95.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">95.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Production:</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Silver &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,583 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,725</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 9pt">Gold &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>77.32 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">70.47</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Cash cost per ounce net of by-products<SUP> (1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7.33</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">10.12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>AISCSOS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>18.81</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">17.93</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Payable silver sold - koz</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,655</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,860</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Sustaining capital -&nbsp;&nbsp;(&rsquo;000s)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #365F91 1.5pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>14,061</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #365F91 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #365F91 1.5pt solid; padding-right: 5.4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt">26,741</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Cash costs is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed reconciliation of this measure to our cost of sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">AISCSOS is a non-GAAP measure. Please refer to the &ldquo;Alternative
Performance (non-GAAP) Measures&rdquo; section of this MD&amp;A for a detailed description of the AISCSOS calculation and a reconciliation
of this measure to the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Manantial Espejo produced 4% less silver in
2015 due to lower throughput caused by a two-week shut-down of the open pit operations in the second quarter of 2015. The mine
achieved record gold production during 2015 due to significantly higher gold grades with the mine sequencing into the final mineralized
zone of the Maria open pit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2015, cash costs at Manantial Espejo decreased
by 28% compared to 2014 due to substantial productivity improvements that drove unit operating costs per tonne lower, while the
10% increase in gold production was mostly offset by the 8% lower gold price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS increased 5% to $18.81 from $17.93
in 2014, due largely to production costs increases from an $18.0 million increase in negative NRV adjustments to inventories, and
a 5% reduction in silver sales volumes which more than offset the benefits of a 47% reduction in sustaining capital expenditures,
and a 5% increase in by-product credits with the significant</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 3 -->
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">increase in gold production. Inventory NRV adjustments
increased production costs by $22.8 million in 2015 and reduced production costs by $4.8 million in 2014.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>2015 versus 2015 Guidance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 silver production at Manantial Espejo was
2% lower than the bottom end of management&rsquo;s forecasted range of 3.65 million to 3.80 million ounces due to throughput being
hampered by an unanticipated mid year two week shut down. 2015 gold production of 77.3 thousand ounces was 7% more than the high
end of management&rsquo;s 2015 forecast of 69.0 thousand to 72.0 thousand ounces, a result of higher than anticipated gold grades
in the final ore zones of the Maria open pit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 cash costs of $7.33 per silver ounce were
significantly lower than the forecast range of $10.50 to $11.75 per ounce. The main drivers for the lower than expected cash costs
were higher than expected by-product credits as higher than expected gold production more than offset declining gold prices, and
lower than expected direct operating costs achieved from the productivity improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 AISCSOS of $18.81 was higher than management&rsquo;s
forecast range of between $13.80 and $15.05, and this was mainly due to an unexpected $22.8 million in negative NRV adjustments
which added $6.24 per ounce to 2015 AISCSOS, and more than offset the benefits of reduced direct operating costs and higher than
planned gold production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sustaining capital expenditures at Manantial
Espejo during 2015 totalled $14.1 million, consistent with the forecasted range of $12.0 to $14.0 million and significantly lower
than the $26.7 million spent in 2014. The year over year decrease was due to the anticipated reduction in pre-stripping activities.
The 2015 sustaining capital expenditures were primarily for open pit pre-stripping and exploration drilling.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase">2015 Project Development Update</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table reflects the amounts spent
at each of Pan American&rsquo;s significant projects in 2015 as compared to 2014. Our accounting policies determine which portion
of the amounts spent at our projects is capitalized and which portion is expensed during the period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 52%; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt; color: white"><B>Project
    Development Investment</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 0.5in; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 0.5in; padding-left: 1.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt; color: white"><B>(thousands of USD)</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white"><B>2014
    <SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">La Colorada Expansion
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>48,601</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">19,615</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">Dolores Projects
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>25,093</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">20,607</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #5B9BD5 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">Navidad <B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #5B9BD5 1pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #5B9BD5 1pt solid; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,827</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #5B9BD5 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #5B9BD5 1pt solid; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,437</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>80,521</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1.5pt solid; padding-right: 0.5in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt">44,659</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53pt"></TD><TD STYLE="width: 13.5pt">(1)</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0">Previously
reported Project Capital Spending amounts for the year ended 2014 were $17.9 million for the La Colorada Expansion, and $17.3
million for the Dolores Projects, and represented outflows of cash relating to the projects in 2014. The Project Development Investment
amounts presented in the table above represent total investments made on the projects on an accrual basis during 2015 and 2014.</P>


</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53pt"></TD><TD STYLE="width: 13.5pt">(2)</TD><TD STYLE="text-align: justify">Development spending at Navidad is expensed as incurred which will continue until such time that
a change in circumstances regarding the project warrant project costs being capitalized.</TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><I>La Colorada Expansion Project</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2015, $48.6 million was invested in the
La Colorada expansion project comprised primarily of: (i) purchasing of new process equipment, engineering, and construction of
the new sulphide plant; (ii) raise boring of the new shaft, commencement of shaft sinking, and installation of the new hoist; (iii)
initial permitting work related to a new 115 kV powerline; (iv) underground mine development in support of the future increased
production levels; and (v) development of project site infrastructure required for the expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There were $0.4 million less in investing
activity cash outflows relating to the expansion project in 2015 resulting from changes in accounts payable (2014, $1.7
million less).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following progress on the La Colorada expansion
project was achieved during 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Construction of the new sulphide plant commenced in April and progressed as scheduled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">All of the major pieces of process equipment for the plant arrived at site for installation by
year-end, and mechanical installation was well advanced with the construction of the plant approximately 70% complete by year-end.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Some challenging ground conditions were overcome in the raise boring of the 617-meter shaft, which
was completed in early November, with the top portion of the shaft subsequently being remotely shotcreted as a means of temporary
ground support.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">By the end of 2015, the top 30 metres of the shaft had been sunk and partially concrete-lined,
allowing the suspension of the pre-fabricated Galloway work platform structure in the shaft. As of year-end, the shaft and hoisting
plant portion of the project was approximately 50% complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Fabrication of the headframe continued on schedule and the headframe was delivered to the site.
In addition, the permanent double-drum hoist was installed in early 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Negotiations with the local power authorities and land owners continued on schedule for the new
115 kV powerline.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Construction of the new substation at Chalchihuites commenced, with environmental approvals for
the construction of the powerline awaiting approval by the regulatory authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">2,107 metres of underground mine development was completed during the year.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company anticipates that the construction
and commissioning of the new headframe, sinking winches, and hoist will begin in Q1 2016, which will be used to outfit the remaining
shaft length from the top down with concrete lining, shaft steel and services. Pan American expects that the new shaft will be
fully commissioned by year-end 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company will also advance the necessary
underground development during 2016 to prepare new areas for production in order to ramp up ore production in late 2016 and beyond
as anticipated in the original schedule. In addition, the Company is making provisions to provide necessary temporary power supplies,
with the anticipated completion of the new 115 kV power line by early 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Overall, the La Colorada expansion is advancing
on-budget and Pan American anticipates overcoming the three-month delay in the shaft excavation that occurred during 2015 due to
the challenging ground conditions encountered in the shaft raise boring. The project remains on schedule to reach the planned 1,800
tpd ore production rate by the end of 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B><I>Dolores Projects</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2015, the Company invested $25.1 million
in Dolores projects comprised primarily of: (i) $11.5 million for construction of a new power line; (ii) $5.3 million to advance
the new underground ramp decline; and (iii) $5.7 million on the new pulp agglomeration plant. Additional capital work on the leach
pads, including the installation of a new permanent conveyor, was completed in 2016 constituting the balance of the capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There was an additional $2.9 million of
investing activity cash outflows relating to Dolores projects in 2015 resulting from changes in accounts payable during the
year (2014, $3.4 million less).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company successfully completed the right
of way agreements for the new 115 kV line in the first quarter of 2015, and an agreement for the construction of the new line was
negotiated with a Chihuahua based company. The necessary environmental permit relating to the line was obtained, and the installation
of the new 115 kV line advanced during 2015. The powerline installation was approximately 74% complete by year-end and remains
on budget and on schedule for an anticipated commissioning by mid-year 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Underground ramp development advanced a total
of 866 metres from the portal to the face as of year-end, with an additional 110 metres developed on auxiliary headings during
2015. The Company anticipates advancing the underground mine developments to intersect the main ore body, installing the first
ventilation raise, commencing lateral development, and performing initial stope definition drilling during 2016 in accordance with
the project schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Engineering and procurement for the pulp agglomeration
plant proceeded as planned. An environmental assessment document relating to the new plant was prepared and submitted to the authorities
in December 2015. The Company anticipates completing engineering, continuing with the procurement of all major equipment, and beginning
ground-breaking excavations for the new pulp agglomeration plant during the first half of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Overall, the Dolores expansion project is on
budget and the Company anticipates meeting a scheduled start-up of the pulp agglomeration plant by mid-2017, while ramping up underground
operations to the full 1,500 tpd design capacity by the end of 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Apart from the expansion project, the projects
team has also initiated the next phase of the leach pad sustaining capital expansion at Dolores, which is scheduled for completion
by mid-year 2016 and will provide an additional 18 million tonnes of ore stacking capacity on Leach Pad 3.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase">Overview of 2015 Financial Results</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B><I>Selected Annual and Quarterly Information</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables set out selected quarterly
results for the past twelve quarters as well as selected annual results for the past three years, which are stated in thousands
of USD, except for the per share amounts. The dominant factors affecting results in the quarters and years presented below are
volatility of metal prices realized, industry wide cost pressures, and the timing of the sales of production which varies with
the timing of shipments. The fourth quarter of 2015 included impairment charges to Morococha, Dolores, and Alamo Dorado, while
the third quarter of 2015 included impairment charges to Manantial Espejo. The fourth quarter of 2014 included impairment charges
related to Dolores, Manantial Espejo, Alamo Dorado and certain exploration and development properties, including Navidad. The fourth
quarter of 2013 included impairment charges to Dolores, and the second quarter of 2013 included impairment charges to Dolores and
certain exploration and development properties.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD COLSPAN="7" ROWSPAN="2" STYLE="border-top: #F2F2F2 1pt solid; border-right: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Quarter Ended (unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #F2F2F2 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #F2F2F2 1pt solid; border-right: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Year</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Ended</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-right: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; border-left: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(In thousands of USD, other than per share amounts)&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%; background-color: rgb(68,114,196)"></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>March 31<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>June 30</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Sept 30</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">178,125</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">174,189</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">159,414</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">162,960</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">674,688</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mine operating earnings (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,630</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(952)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(25,996)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(7,771)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(32,089)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Attributable loss for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(19,371)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(7,322)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(67,048)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(132,909)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(226,650)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic loss per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.13)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.05)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.44)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.88)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1.49)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diluted loss per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.13)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.44)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.88)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.49)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,848</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,577</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,866</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,401</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,692</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash dividends paid per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.275</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Other financial information</I></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total assets</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,715,037</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total long term financial liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,354</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total attributable shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,297,222</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">During the second quarter of 2015 it was determined that certain unrealized gains and losses relating
to outstanding commodity contracts were incorrectly included in cash flow from operating activities for the three months ended
March 31, 2015 (&ldquo;Q1 2015&rdquo;), as such Q1 2015 operating cash flows have been revised from those previously reported.
&nbsp;The effect of this correction was a $98 thousand decrease to the $11.9 million previously reported Q1 2015 operating cash
flows.</TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: bottom; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Quarter Ended (unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #F2F2F2 1.5pt solid; border-right: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Year</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Ended</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="width: 45%; border-bottom: white 1pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(In thousands of USD, other than per share amounts)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>March 31</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>June&nbsp;&nbsp;30</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Sept 30</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%; background-color: rgb(68,114,196)">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Revenue</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">209,734</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">200,847</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">178,265</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">163,096</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">751,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mine operating earnings (loss)</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">31,576</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,245</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(12,378)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(21,369)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,073</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Attributable earnings (loss) for the period</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,844</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5,472)</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(20,254)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(526,706)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(545,588)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic earnings (loss) per share</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.05</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.04)</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(0.13)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3.48)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3.60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04)</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.15)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.48)</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,125</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,895</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,345</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">823</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,188</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash dividends paid per share</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Other financial information</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,017,873</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total long term financial liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,823</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total attributable shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,563,092</FONT></TD></TR>
</TABLE>


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<!-- Field: Page; Sequence: 33; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; border-left: white 1pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Quarters Ended (unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Year</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Ended</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="border-left: white 1pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>(In thousands of USD, other than per share amounts)</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>March 31 </B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>June 30</B></FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Sept 30</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Dec 31</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Dec 31</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 45%; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">243,012</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="width: 10%; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">175,576</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #F2F2F2 1.5pt solid; border-right: #F2F2F2 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">213,556</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="width: 10%; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">192,360</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="width: 10%; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">824,504</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Mine operating earnings </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">74,816</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,814</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">33,934</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">18,955</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">131,519</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Attributable earnings (loss) for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">20,148</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(186,539)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">14,154</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(293,615)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(445,851)</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Basic earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(1.23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(1.94)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(2.94)</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.09</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.94)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.96)</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,251</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">469</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,730</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,156</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119,606</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash dividends paid per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.125</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.125</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.125</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.125</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.50</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Other financial information</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,767,456</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total long term financial liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,088</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: white 1pt solid; border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total attributable shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1pt solid; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: white; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1pt solid; background-color: #D9D9D9; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,182,334</FONT></TD></TR>
</TABLE>


<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B><I>Income Statement, 2015 annual vs. 2014 annual: </I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>A net loss </I></B>of $231.6 million was
recorded in 2015 compared to a net loss of $544.8 million in 2014, which corresponds to basic losses per share of $1.49 and $3.60,
respectively.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table highlights the key items
that resulted in the net loss for the year ended December 31, 2015, differing from the net loss for the year ended December 31,
2014:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 71%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>Net loss, year ended December 31, 2014 </B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>(in thousands of USD)</B></P></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>$</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>(544,823)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 13.5pt; text-indent: -9.9pt"><FONT STYLE="font-size: 9pt"><B>Decreased revenue:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Lower realized metal prices </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(128,901)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Higher quantities of metal sold</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">65,442</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Increased settlement adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(9,407)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Increased treatment and refining charges </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,388)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B><I>Total decrease in revenue</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(77,254)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B>Decreased cost of sales</B>:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Lower production costs and royalty charges</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">40,227</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Higher depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,135)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B><I>Total decrease in cost of sales</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>37,092</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Decreased impairment charges</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">445,994</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Decreased exploration and project development expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,285</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Decreased interest and finance expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">287</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Decreased foreign exchange loss</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">271</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Decreased income tax recovery</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(88,295)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Increased other expense and investment income, net </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,827)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Increased net loss on commodity contracts, asset sales and derivatives</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,167)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt"><FONT STYLE="font-size: 9pt">Increased general and administrative expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(119)</FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: white"><B>Net loss, year ended December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: white"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>(231,556)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The $313.3 million year over year decrease to
net losses is primarily attributable to the $392.7 million decrease in net of tax impairment charges, which was partially offset
by the $77.3 million decline in revenue from 2014, both of which are described in detail below.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Revenue</I></B> for the year ended December
31, 2015 was $674.7 million, a 10% decrease from the $751.9 million of revenue recognized in 2014. The major factors behind the
revenue decrease were: (i) a $128.9 million price variance from lower metal prices realized for all metals; (ii) a $9.4 million
increase in negative settlement adjustments; and (iii) a $4.4 million increase in treatment and refining charges. Offsetting these
revenue effects was a positive $65.4 million variance from higher quantities of gold and copper sold, net of lower quantities of
other metals sold.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table reflects the metal prices
that the Company realized, and the quantities of metal sold during each year. During 2015, the Company sold 20% more ounces of
gold and 73% more tonnes of copper than in 2014 due to record annual gold and copper production. The Company&rsquo;s 2015 average
realized prices for silver and gold declined 16% and 8% from 2014, respectively. Pan American received an average of $15.53 per
ounce of silver and $1,162 per ounce of gold in 2015. The Company received $1,889 per tonne of zinc in 2015, which is 13% less
than in 2014, $1,745 per tonne of lead in 2015, which is 16% less than in 2014, and $5,314 per tonne of copper in 2015, which is
22% less than in 2014. These realized prices are inclusive of negative settlement adjustments on concentrate sales totaling approximately
$9.4 million.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Realized Metal&nbsp;&nbsp;Prices</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1.5pt solid; background-color: #7B7B7B; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Quantities of Metal Sold </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Year ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: white"><B>December
        31,</B></P></TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1.5pt solid; background-color: #7B7B7B; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Year ended</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: white"><B>December
        31,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 0.5in; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 0.5in; padding-left: 1.45pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 0.5in; padding-left: 1.45pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; background-color: #7B7B7B; padding-right: 0.5in; padding-left: 1.45pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #7B7B7B; padding-right: 0.5in; padding-left: 1.45pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Silver<SUP>(1)</SUP> &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>15.53</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">18.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; background-color: #EDEDED; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>25,180</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">25,431</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Gold<SUP>(1)</SUP> &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,162</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">1,268</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #EDEDED; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>190.2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">158.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Zinc<SUP>(1)</SUP> &ndash; kt</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,889</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">2,160</FONT></TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>34.7</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">37.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Lead<SUP>(1)</SUP> &ndash; kt </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,745</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">2,085</FONT></TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.5</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">14.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Copper<SUP>(1)</SUP> &ndash; kt<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,314</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">6,825</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #EDEDED; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>12.8</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 0.5in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">7.4</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Metal price stated as dollars per ounce for silver and gold, and dollars per tonne for zinc, lead
and copper.</TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Mine operating losses</I></B><I> </I>for
the year ended December 31, 2015 were<I> </I>$32.1 million, a $40.2 million deterioration from mine operating earnings of $8.1
million earned in the year ended December 31, 2014. Mine operating losses are equal to revenue less cost of sales, which is considered
to be substantially the same as gross margin. The year over year decrease was largely the result of the previously discussed $77.3
million decrease in revenues.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Offsetting the decreased revenues was a $36.2
million decrease in production costs, driven largely from reductions in labour and consumable raw materials costs, particularly
at the Huaron and Alamo Dorado mines, aided by favorable exchange rate changes; and lower negative NRV inventory adjustments in
the year. There was $19.1 million less of negative NRV adjustments in 2015 compared to 2014, the combined impact of a $34.7 million
positive variance at Dolores (which had positive NRV adjustments of $11.4 million in 2015 and negative NRV adjustments of $23.3
million in 2014), which is partially offset by an $18.0 million negative variance at Manantial Espejo (which had negative NRV adjustments
of $22.8 million in 2015 and negative adjustments of $4.8 million in 2014). Offsetting these reductions to production costs were
increased production costs at Dolores mine driven by year over year increases in throughput and quantities of metals sold.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2015 royalties of $23.9 million were $4.1 million
lower than those in 2014, a result of the year over year declines in metal prices discussed above. Depreciation and amortization
of $150.8 million and $147.7 million was comparable for the years ended December 31, 2015 and 2014, respectively, changing 2%.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Impairments of mineral property plant
and equipment assets and goodwill</I></B> of $150.3 million pre-tax ($106.0 million net of tax) in 2015 compared to the pre-tax
non-cash impairments of $596.3 million ($498.7 million net of tax) recorded in 2014. As described below, the impairments were determined
in relation to certain assets of the Company, and where applicable were allocated pro-rata amongst: depletable and non-depletable
mineral property; exploration and evaluation property; and plant and equipment assets. The total 2015 pre-tax impairment of $150.3
million (2014, $596.3 million) was comprised of total impairments of: $90.4 million to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">depletable mineral properties (2014, $142.3
million); $14.6 million to non-depletable mineral properties (2014, $72.0 million); $nil to exploration and evaluation property
(2014, $310.6 million); $45.3 million to plant and equipment assets (2014, $67.3 million); and $nil to goodwill (2014, $4.1 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table summarizes the before and
after tax impairment charges taken on the Company&rsquo;s mineral property assets in 2015 and 2014:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse; margin-left: 0.13in">
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31, 2015</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(millions)</B></P></TD>
    <TD COLSPAN="4" STYLE="background-color: gray; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>December 31, 2014</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(millions)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Pre-tax</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Net of tax</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Pre-tax</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: gray; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white">Net of tax</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 48%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt"><B>Mine assets:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Morococha mine</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">80.7</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">59.1</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Dolores mine</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">31.7</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">20.7</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">170.6</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">110.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Manantial Espejo mine </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">28.8</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">20.2</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">23.7</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">17.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Alamo Dorado mine </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">9.1</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">6.0</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">76.7</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">55.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.45pt; padding-left: 0.8pt"><FONT STYLE="font-size: 9pt"><B>Total mine assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>150.3</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>106.0</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">271.0</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">184.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.45pt; padding-left: 0.8pt"><FONT STYLE="font-size: 9pt"><B>Development properties:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Navidad property</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">286.1</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">286.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Minefinders exploration properties<B><SUP> (1)</SUP></B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">34.4</FONT></TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">23.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 14.3pt"><FONT STYLE="font-size: 9pt">Pico Machay property</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">4.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">4.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.2pt"><FONT STYLE="font-size: 9pt"><B>Total development properties</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">325.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">314.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.45pt; padding-left: 0.8pt"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>150.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>106.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">596.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #E7E6E6; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #E7E6E6; padding-right: 0.3in; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt">498.7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">The 2014 Exploration asset impairment includes a $4.1 million write-down to related goodwill.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The decrease in metal prices was most pronounced
during the second half of 2015 and led to the Company lowering its price assumptions used to estimate long-term reserves at year-end.
As a result of the year-end reserve price reduction and observed declines in near-term and mid-term consensus metal prices referenced
in the Company&rsquo;s life of mine cash flow models, management concluded that there was an indication of impairment to certain
assets in the third and fourth quarter of 2015. Based on the Company&rsquo;s estimation of the recoverable amounts of its mineral
properties as at September 30, 2015, and December 31, 2015, determined on a fair value less costs to sell basis, the Company concluded
that impairment charges were required during the year in respect of the Dolores, Alamo Dorado, Morococha, and Manantial Espejo
mines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s key assumptions for each
impairment test included the most current operating and capital costs information and risk adjusted project specific discount rates.
The Company used a median of analysts&rsquo; consensus pricing for the first four years of its economic modeling for impairment
purposes, and long-term reserve prices for the remainder of each asset&rsquo;s life. The prices used can be found in the key assumptions
and sensitivity section below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at December 31, 2015, the Company determined
that the $434.3 million net carrying amount of the Dolores mine, including mineral properties, plant and equipment, and stockpile
inventories, net of associated deferred tax assets and closure and decommissioning liabilities (the &ldquo;Net Carrying Amount&rdquo;),
was greater than its then estimated recoverable amount of $413.6 million when using a 5.25% risk adjusted discount rate. Based
on the assessment at December 31, 2015, the Company recorded a further impairment charge related to the Dolores mine of $31.7 million
before tax ($20.7 million net of tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at December 31, 2015, the Company determined
that the $12.9 million Net Carrying Amount of the Alamo Dorado mine, was greater than its then estimated recoverable amount of
$nil when using a 4.00% risk adjusted discount rate. Based on this assessment, the Company wrote&ndash;off</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the carrying value of the Alamo Dorado mine&rsquo;s
mineral property, plant and equipment assets included in the impairment charge of $9.1 million before tax ($6.0 million net of
tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at December 31, 2015, the Company determined
that the $112.4 million Net Carrying Amount of the Morococha mine, was greater than its then estimated recoverable amount of $36.3
million when using a 6.50% risk adjusted discount rate. Based on the assessment at December 31, 2015, the Company recorded an impairment
charge related to the Morococha mine of $80.7 million before tax ($59.1 million net of tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at September 30, 2015, the Company determined
that the Net Carrying Amount of the Manantial Espejo mine of approximately $83.4 million was greater than its then estimated recoverable
amount of $29.9 million, when using an 8.25% risk adjusted discount rate. Based on this assessment, the Company recorded an impairment
charge related to the Manantial Espejo mineral property, plant and equipment assets of $28.8 million before tax ($20.2 million
net of tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Similarly, primarily due to the sustained decrease
in metal prices that began during the third quarter and continued through the balance of 2014, the Company concluded that impairment
indicators existed and ultimately impairments were required as of December 31, 2014.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the fourth quarter of 2014, the Company lowered
the metal prices assumed in its reserve and resource estimates and its life of mine cash flow models which ultimately lead to a
conclusion that a total impairment charge of $596.3 million ($498.7 million, net of tax) was required, made up of impairments on
the Dolores, Alamo Dorado, Manantial Espejo and Navidad assets, as well as certain other exploration properties and goodwill. The
pre and post-tax impairments relating to each of these assets is summarized in the table above. Impairments were allocated pro-rata
amongst: depletable and non-depletable mineral property; exploration and evaluation property; and, plant and equipment assets.
The total 2014 pre-tax impairment was comprised of: $142.3 million to depletable mineral properties; $72.0 million to non-depletable
mineral properties; $310.6 million to exploration and evaluation property; and, $67.3 million to plant and equipment assets. For
the purposes of the December 31, 2014 impairment review, the Company&rsquo;s key assumptions included the most current information
on operating and capital costs, and the metal price assumptions summarized in the &ldquo;Key assumptions and sensitivity&rdquo;
section below.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Key assumptions and sensitivity </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The metal prices used to calculate the recoverable
amounts at December 31, 2015, September 30, 2015 and December 31, 2014 are based on analyst consensus prices and the Company&rsquo;s
long-term reserve prices, and are summarized in the following tables:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Metal prices used at December 31, 2015</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt; color: white">Commodity</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-bottom: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Consensus prices</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Long term prices</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2018</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2019</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Silver $/oz</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16.01</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16.78</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17.11</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17.56</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17.00</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gold&nbsp;&nbsp;$/oz</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,156</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,174</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,192</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,214</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,180</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zinc - $/tonne</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,026</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,224</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,341</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,465</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,800</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Copper - $/tonne</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,219</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,528</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,926</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,087</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt">Lead - $/tonne $/oz</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,836</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: right">$</P></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,949</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,943</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,011</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,800</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Metal prices used at September 30, 2015</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt; color: white">Commodity</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-bottom: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Consensus prices</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Long term prices</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Silver $/oz</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16.17</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16.35</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17.35</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18.06</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18.50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt">Gold&nbsp;&nbsp;$/oz</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,183</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$</P></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,183</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,201 </FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,227</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,250</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Metal prices used at December 31, 2014</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt; color: white">Commodity</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-bottom: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Consensus prices</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Long term prices</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: white 1pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Silver $/oz</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18.31</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18.72</FONT></TD>
    <TD STYLE="width: 3%; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19.51</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19.59</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18.50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gold&nbsp;&nbsp;$/oz</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,253</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,270</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,271</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,270</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,250</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zinc - $/tonne</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,376</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,530</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,592</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,194</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Copper - $/tonne</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,856</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7,048</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7,443</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,637</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,800</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt"><FONT STYLE="font-size: 10pt">Lead - $/tonne $/oz</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,211</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$</P></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,296</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DBE5F1; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,327</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,068</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 1.4pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; padding-right: 0.3in; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company assesses impairment, when events
or changes in circumstances indicate that the related carrying value may not be recoverable at the cash-generating unit level (&ldquo;CGU&rdquo;),
which is considered to be individual mine sites or development properties. The discount rates used to present value the Company&rsquo;s
life of mine cash flows are derived from the Company&rsquo;s weighted average cost of capital which was calculated as 6.4% for
2015 (2014 &ndash; 7.5%), with rates applied to the various mines and projects ranging from 4.00% to 10.00% depending on the Company&rsquo;s
assessment of country risk, project risk, and other potential risks specific to each CGU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The key assumptions in determining the recoverable
value of the Company&rsquo;s mineral properties are metal prices, operating and capital costs, foreign exchange rates and discount
rates. At December 31, 2015, the Company performed a sensitivity analysis on all key assumptions that assumed a negative 10% change
to each individual assumption while holding the other assumptions constant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At December 31, 2015, an adverse 10% movement
in any of the major assumptions in isolation did not cause the recoverable amount to be equal to the CGU carrying value for any
of La Colorada, San Vicente and Huaron. At December 31, 2014, some of these factors did affect the Huaron mine; however, improvements
in operating costs more than offset the decline in metal prices experienced. In 2014, any of the following in isolation would have
caused the estimated recoverable amount of the Huaron property to be equal to the December 31, 2014 CGU carrying value of $72.0
million: a 2% decrease in the long term silver price, a 4% decrease in the long term zinc price; a 6% decrease in the long term
lead price; a 9% decrease in the long term copper price; a 1% increase in operating costs; a 4% appreciation of the Peruvian sol;
or an 8% increase in capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the case of the Dolores mine, the Alamo Dorado
mine, the Manantial Espejo mine, the Morococha mine, the Navidad project and certain non-core exploration properties, which all
have had their carrying values adjusted to fair value less cost to sell through impairment charges, a modest decrease in any one
key assumption would reduce the recoverable amount below the carrying amount.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>G&amp;A</I></B> expenses including
share-based compensation expenses for the years ended December 31, 2015 and 2014 were $18.0 million and $17.9 million, respectively.
The comparable G&amp;A amounts in each year was the net result of increased year over year CAD denominated corporate costs, particularly
relating to non-recurring termination of services payments, which was offset by the devaluation of the Canadian dollar in the year.
Share-based compensation included in 2015 G&amp;A totalled $2.6 million, comparable to the $2.5 million included in 2014 G&amp;A.</P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Exploration and project development</I></B>
expenses for the year ended December 31, 2015 were $11.9 million, which was a $1.3 million decrease compared to the $13.2 million
expense in 2014. Both 2015 and 2014 exploration and project development expenditures were primarily related to activities near
the Company&rsquo;s existing mines, at select greenfield projects, and on the holding and maintenance costs associated with the
Navidad project, where approximately $6.8 million was spent in 2015 compared to approximately $4.4 million in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Foreign exchange (&ldquo;FX&rdquo;) losses</I></B>
for the year ended December 31, 2015 were $13.0 million comparable to the $13.3 million of losses incurred in 2014. The compared
losses in each year is largely the net result of FX losses on Mexican Peso (&ldquo;MXN&rdquo;) and on CAD denominated treasury
balances. The MXN devalued approximately 24% during 2015 compared to an approximate 6% decline in 2014. Although the approximate
21% devaluation of the CAD in 2015 was much higher than the approximate 11% devaluation in 2014, the 2015 losses were lower due
to the Company holding approximately 74% less CAD denominated treasury balances in 2015 than in 2014.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Investment income</I></B> for the year
ended December 31, 2015 totalled $2.5 million, comparable to $2.8 million in 2014, and continued to consist mainly of interest
income and net gains from the sale of securities within the Company&rsquo;s short-term investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Interest and finance expense</I></B> for
the year ended December 31, 2015 was $8.5 million, which was $0.2 million less than the $8.7 million recorded for the year ended
December 31, 2014. The expenses were comprised of accretion of the Company&rsquo;s closure liabilities and interest and fees associated
with the revolving credit facility, short-term loans, leases and the outstanding convertible notes. The comparable year over year
amounts were the net result of comparable accretion amounts and decreased implied interest rate on loans payable, which were offset
by increased interest and finance fees attributable to a new revolving credit facility that was established in April 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Income tax recovery </I></B>for the year
ended December 31, 2015 was $4.2 million, which was an $88.3 million decrease from the $92.5 million annual recovery recorded in
2014. The 2015 and 2014 income tax recoveries were comprised of current and deferred income taxes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0.2in"><FONT STYLE="color: white"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0.2in"><FONT STYLE="color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 70%; font-size: 10pt">Current tax expense</TD>
    <TD STYLE="vertical-align: top; width: 1%; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 11.25pt; font-size: 10pt">Current tax expense in respect of the current year</TD>
    <TD STYLE="background-color: #DEEAF6; font-size: 10pt; text-align: center"><B>$</B></TD>
    <TD STYLE="background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>18,079</B></TD>
    <TD STYLE="background-color: #F2F2F2; font-size: 10pt; text-align: center">$</TD>
    <TD STYLE="background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">35,763</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 11.25pt; font-size: 10pt">Adjustments recognized in the current year with respect to prior years</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(2,225)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">44</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 18.75pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>15,854</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">35,807</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Deferred tax recovery</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 11.25pt; font-size: 10pt">Deferred tax recovery recognized in the current year</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-left: 5.25pt; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(14,241)</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(20,199)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 11.25pt; font-size: 10pt">Adjustments recognized in the current year with respect to prior years</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(1,747)</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">2,862</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 11.25pt; font-size: 10pt">Adjustments to deferred tax attributable to changes in tax rates and laws</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(2,876)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 11.25pt; font-size: 10pt">Reduction in deferred tax liabilities due to tax impact of impairment of mineral property, plant, and equipment </TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(44,512)</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(97,541)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 11.25pt; font-size: 10pt">Derecognition of previously recognized deferred tax assets</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>44,218</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 11.25pt; font-size: 10pt">Reduction in deferred tax liabilities due to tax impact of net realizable value charge to inventory</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(3,771)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(10,547)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(20,053)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(128,301)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 10pt">Income tax recovery </TD>
    <TD STYLE="border-bottom: Black 1.5pt double; background-color: #DEEAF6; font-size: 10pt; text-align: center"><B>$</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.2in"><B>(4,199)</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; background-color: #F2F2F2; font-size: 10pt; text-align: center">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.2in">(92,494)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The decrease in income tax recovery from 2014
was primarily a consequence of the decrease in the non-taxable portion of impairment charges, and the derecognition of previously
recognized deferred tax assets, as well as the effects of various temporary and permanent differences as shown in the table below.
These result in an effective tax rate that varies considerably from the comparable period and from the amount that would result
from applying the Canadian federal and provincial statutory income tax rates to earnings before income taxes, as shown in the following
table:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: white">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.1in">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: white"><B>2015</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt; color: white">2014 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">Loss before taxes </FONT></TD>
    <TD STYLE="background-color: #DEEAF6; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(235,755)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(637,317)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 9pt">Statutory tax rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>26.00%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1.5pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1.5pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">26.00%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 9pt">Income tax recovery based on above rates</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(61,296)</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(165,702)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 9pt">Increase (decrease) due to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>5,683</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">4,902</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Foreign tax rate differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(17,626)</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(61,445)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Change in net deferred tax assets not recognized:</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 50.1pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">-&#9;Argentina exploration expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>2,717</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">2,289</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 50.1pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">-&#9;Other deferred tax assets not recognized</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>8,800</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">5,762</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 13.5pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Derecognition of deferred tax assets previously recognized</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>44,218</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 13.5pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Non-taxable portion of net earnings of affiliates</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(4,915)</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(4,915)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 13.5pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Change to temporary differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(1,767)</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">2,862</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Non-taxable unrealized gains on derivative financial instruments </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(72)</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(350)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Effect of other taxes paid (mining and withholding)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>6,628</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">8,050</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Effect of foreign exchange on tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>12,941</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">4,430</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Impact of Peruvian tax rate change</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(2,876)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Effect of change in deferred tax resulting from prior asset purchase accounting under IAS12</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>2,600</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">3,272</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Impairment charges with no tax benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>2,219</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">110,692</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-left: 14.1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">Other </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(4,329)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">535</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4472C4 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 9pt">Income tax recovery</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>(4,199)</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">(92,494)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 9pt">Effective tax rate</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #DEEAF6; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt"><B>1.78%</B></FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt solid; background-color: #F2F2F2; font-size: 10pt; text-align: right; padding-right: 0.1in"><FONT STYLE="font-size: 9pt">14.51%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In addition to the specific items noted below, the main
factors which affected the effective tax rate for the year ended December 31, 2015 and the comparable period of 2014 were the non-deductible
foreign exchange losses, foreign tax rate differences, mining taxes paid, and withholding tax on payments from foreign subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As previously discussed in both 2015 and 2014, the Company
recorded non-cash impairment charges on several properties. In 2015, the Company recorded impairment charges on non-current assets
at its Alamo Dorado, Manantial Espejo, Dolores, and Morococha properties. A deferred tax benefit was recorded on these impairment
charges.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2015, the Company determined that it could not support
the utilization of certain deferred tax assets related to the Alamo Dorado, Manantial Espejo and Morococha properties. As a result,
a deferred tax expense of $44.2 million was recorded to derecognize these assets.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2014, the Company recorded a non-cash impairment
charge on non-current assets on several properties, with no tax benefit recognized on a substantial portion of the properties including
Navidad. A non-cash impairment charge was also recorded on goodwill associated with the La Virginia property with no tax benefit
recognized.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company expects that these and other factors will
continue to cause volatility in effective tax rates in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><B><I>Statement of Cash Flows, 2015 annual vs. 2014 annual: </I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Cash flow from operations</I></B> for the year
ended December 31, 2015 generated $88.7 million, which is $35.5 million less than the $124.2 million generated in 2014. The operating
cash flow decrease was predominantly due to the decline in cash revenue due to the previously discussed decline in metal prices.
Offsetting this decrease was a reduction of $19.2 million in income taxes paid in 2015 compared to 2014, and an $8.2 million year
over year increase in sources of cash from changes in non-cash operating working capital accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The net increase in sources of cash from
non-cash working capital movements arose on changes in trade and other receivables balances (&ldquo;Receivables&rdquo;), accounts
payable and accrued liability balances (&ldquo;Payables&rdquo;), and inventory balances. Receivables changes in 2015 resulted in
a $27.5 million source of cash, $20.1 million more than the $7.4 million source of cash in 2014. Similarly, inventory balance changes
resulted in a $23.4 million cash flow source in 2015, $12.1 million more than the $11.3 million source in 2014. The year over year
cash flow increases were partially offset by changes in Payables, which were an $18.4 million increased cash flow used in 2015
compared to 2014.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Investing activities</I></B> utilized $52.4 million
for the year ended December 31, 2015, inclusive of $91.3 million generated on net sales of short-term investments. Other investing
activities for the period consisted primarily of $146.7 million on mineral properties, plant and equipment investments. 2014 investing
activities used $143.2 million, inclusive of $13.5 million used on net purchases of short-term investments, and $131.8 million
spent on mineral properties, plant and equipment at the Company&rsquo;s various operations and projects.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Financing activities</I></B> in 2015 used $47.8
million, 43% less than the $83.9 million for the year ended December 31, 2014. Cash used in financing activities during 2015 consisted
of $41.7 million paid as dividends, $34.1 million less than the $75.8 million paid in 2014. The $36.2 million repayment of convertible
debentures in the fourth quarter was offset by a corresponding $36.2 million draw on the revolving credit facility. In 2015 there
were $7.5 million of lease repayments and $2.0 million generated from additional short-term debt proceeds, compared to</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 41; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">$5.3 million
in lease payments and $2.4 million was spent on short-term debt repayment (net of proceeds) in 2014.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><B><I>Income Statement: </I>Q4 2015 versus Q4 2014</B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>A net loss </I></B>of $137.0 million was recorded
in Q4 2015 compared to a net loss of $525.7 million in Q4 2014, which corresponds to basic losses per share of $0.88 and $3.48
in Q4 2015 and Q4 2014, respectively.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table highlights the key items driving
the difference between the net loss in Q4 2015 as compared to the net loss recorded in Q4 2014:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 72%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; color: white"><B>Net loss, three months ended December 31, 2014 </B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; color: white"><B>(in thousands of USD)</B></P></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; color: white"><B>$</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>(525,727)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-indent: -9.9pt"><FONT STYLE="font-size: 9pt"><B>Decreased revenue:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lower realized metal prices </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(24,237)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Higher quantities of metal sold</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">31,086</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased settlement adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(6,149)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased treatment and refining charges </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(836)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B><I>Total decrease in revenue</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(136)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B>Decreased cost of sales</B>:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lower production costs and royalty charges</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">12,158</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lower depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,576</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif; text-indent: -8.1pt"><FONT STYLE="font-size: 9pt"><B><I>Total decrease in cost of sales</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>13,734</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Decreased impairment charges</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">474,750</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Decreased exploration and project development expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,958</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased investment income and other expense, net </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,967</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Decreased foreign exchange loss</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">515</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Decreased income tax recovery</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(97,278)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased general and administrative expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,839)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased net loss on commodity contracts, asset sales and derivatives</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,650)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 8.1pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Increased interest and finance expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,252)</FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: white"><B>Net loss,&nbsp;&nbsp;three months ended December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: white"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>(136,958)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The $388.8 million quarter over quarter decrease to
net losses is primarily attributable to the $412.9 million decrease in impairment charges, net of tax.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Revenue</I></B> for Q4 2015 was $163.0 million,
which is similar to the $163.1 million of revenue recognized in Q4 2014. The consistent quarter over quarter revenue was primarily
the result of higher quantities of all metals sold having a positive $31.1 million variance on quarter over quarter revenue, offsetting
both a $24.2 million negative variance from lower metal prices realized for all metals sold and a $6.1 million increase in negative
settlement adjustments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table reflects the metal prices realized
by the Company and the quantities of metal sold during each quarter:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR>
    <TD NOWRAP STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Realized Metal&nbsp;&nbsp;Prices</B></FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #7B7B7B; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Quantities of Metal Sold </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended<BR>
</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>December 31,</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; background-color: #7B7B7B; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1.5pt solid; background-color: #4472C4; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; padding-right: 10pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1.5pt solid; border-right: white 1.5pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; padding-right: 10pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; font: 10pt Arial,sans-serif; background-color: #7B7B7B; padding-right: 10pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1.5pt solid; font: 10pt Arial,sans-serif; background-color: #7B7B7B; padding-right: 10pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Silver<SUP>(1)</SUP> &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.66</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">15.70</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; background-color: #EDEDED; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,719</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,353</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Gold<SUP>(1)</SUP> &ndash; koz</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,109</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,205</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #EDEDED; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>47.3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">35.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Zinc<SUP>(1)</SUP> &ndash; kt</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,672</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,233</FONT></TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>10.2</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">8.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Lead<SUP>(1)</SUP> &ndash; kt </FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,684</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,960</FONT></TD>
    <TD STYLE="background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #EDEDED; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.7</B></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Copper<SUP>(1)</SUP> &ndash; kt<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #DBE5F1; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,871</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-top: 3pt; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,621</FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #EDEDED; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; background-color: #EDEDED; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.4</B></FONT></TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-right: 1.45pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; padding-top: 3pt; padding-right: 10pt; padding-left: 1.45pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2.3</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.3pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Metal price stated as dollars per ounce for silver and gold, and dollars
per tonne for zinc, lead and copper, inclusive of final settlement adjustments on concentrate sales. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Realized prices for all metals sold decreased from those
realized in Q4 2014. Copper, zinc and lead experienced the most significant decreases, falling 26%, 25% and 14%, respectively,
while quarter over quarter gold and silver prices decreased 8% and 7%, respectively. The decline in prices was also the primary
driver in the increased negative settlement adjustments. The most significant sales volumes impact on quarter over quarter revenues
were from gold, copper, and silver sales which increased 32%, 48% and 6%, respectively.</P>




<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Mine operating losses </I></B>of $7.8 million
in Q4 2015 were $13.6 million lower than the $21.4 million of mine operating losses recorded in Q4 2014. With comparable revenues
in Q4 2014 and Q4 2015 the quarter over quarter decline in mine operating losses was the result of decreases to cost of sales.
Q4 2015 production costs of $127.9 million were $12.8 million lower than the $140.7 million in Q4 2014. The production cost decline
was largely from quarter over quarter labour and consumable raw materials cost reductions at certain mines, particularly at Manantial
Espejo and Alamo Dorado, which also experienced lower quarter over quarter quantities of metal sold. Mine operating results in
both periods were adversely impacted by negative NRV adjustments to inventories, which increased production costs by $5.0 million
and $2.2 million in Q4 2015 and Q4 2014, respectively. Q4 2015 royalties remained relatively consistent with those in Q4 2014,
as did depreciation and amortization of $36.9 million in Q4 2015 compared to $38.5 million Q4 2014.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Exploration and project development</I></B> expenses
of $2.3 million in Q4 2015 compared to the $4.3 million incurred in Q4 2014. The expenses recorded in each quarter primarily related
to exploration and project development activities near the Company&rsquo;s existing mines, at select greenfield projects, and on
the holding and maintenance costs associated with the Navidad project, where approximately $0.9 million was spent in 2015 compared
to approximately $1.7 million in 2014. During Q4 2015 there were no significant developments affecting the status of the Navidad
project.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>G&amp;A </I></B>expense, including share-based
compensation expense, was $5.9 million in Q4 2015 compared to a $3.1 million expense recorded in Q4 2014. The $2.8 million increase
was driven largely by increased payroll and salary costs relating to certain annual bonuses and non-recurring payments, which were
partially offset by the devaluation in the CAD from Q4 2014 to Q4 2015, as a large portion of G&amp;A expenses are CAD denominated.
Share-based compensation was $0.1 million in Q4 2015 compared to the $0.5 million in Q4 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Impairments of mining assets </I></B>during Q4
2015 were $121.5 million before tax ($85.4 million net of tax) compared to Q4 2014 pre-tax impairments of $596.3 million ($498.7
million net of tax). The Q4 2015 impairments related to the previously discussed 2015 impairments, with the exception of the Manantial
Espejo impairment which occurred in the third quarter of the year. All of the previously discussed 2014 impairments occurred in
the fourth quarter of 2014.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Foreign exchange losses</I></B> for the quarter
ended December 31, 2015 were $4.0 million, $0.5 million less than the $4.5 million of losses incurred in Q4 2014. The decreased
loss was primarily the result of decreased quarter over quarter losses on CAD denominated treasury balances. With similar CAD devaluation
in Q4 2015 and Q4 2014 of approximately 5%, the decreased quarter over quarter loss was due to the Company holding approximately
80% less CAD denominated treasury in Q4 2015 compared to Q4 2014.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Investment income</I></B> for Q4 2015 totaled
$1.4 million compared to $0.6 million in Q4 2014 and continued to consist mainly of interest income and net gains from the sale
of securities within the Company&rsquo;s short-term investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Interest and finance expense</I></B> for Q4 2015
was $2.5 million as compared to $1.3 million in Q4 2014, and consisted of accretion of the Company&rsquo;s closure liabilities
and interest expense</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">associated with the revolving credit facility, short-term loans, leases and the outstanding convertible notes.
The increase in Q4 2015is attributable to the new revolving credit facility that was established in April 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Income tax recovery </I></B>during Q4 2015 was
$8.0 million compared to $105.3 million in Q4 2014. The main factors which impacted the effective tax rates for Q4 2015 versus
the expected statutory rate were similar to those described above for the full year 2015. The primary reasons for the change in
the quarter over quarter recovery were the tax impact of impairment charges and the derecognition of previously recognized deferred
tax assets.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><B><I>Statement of Cash Flows: Q4 2015 versus Q4 2014 </I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Cash flow from operations</I></B> in Q4 2015 generated
$23.4 million, significantly more than the $0.8 million generated in Q4 2014. The $22.6 million increase in quarterly operating
cash flows was primarily the result of a $15.0 million quarter over quarter increase in operating cash flows before payments on
interest and taxes, and working capital movements, which in turn were largely due to reduced cash production costs. The increased
Q4 operating cash flows were further benefited by a $4.5 million reduction to income taxes paid, along with an additional $2.2
million quarter over quarter increase in sources of cash from changes in non-cash operating working capital accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The net increase in sources of cash from non-cash working
capital movements arose on changes to Receivables, Payables, and inventory balances Receivables changes in Q4 2015 resulted in
a $20.0 million source of cash, $19.3 million more than the $0.8 million source of cash in Q4 2014. Similarly, inventory balance
changes resulted in a $6.6 million cash flow source in 2015, $6.0 million more than the $0.6 million source in Q4 2014. The year
over year cash flow increases were partially offset by changes in Payables, which were a $23.7 million increased cash flow use
in Q4 2015 compared to Q4 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Investing activities</I></B> utilized $35.0 million
in Q4 2015, inclusive of $18.2 million generated on the sale of short-term investments. The balance of Q4 2015 investing activities
consisted primarily of spending $53.7 million on mineral property, plant and equipment at the Company&rsquo;s mines and projects
as previously described in the &ldquo;Operating Performance&rdquo; section of this MD&amp;A. In Q4 2014, investing activities generated
$6.4 million inclusive of $33.7 million generated on the net sale of short-term investments, and $30.1 million spent on mineral
property, plant and equipment additions at the Company&rsquo;s various operations and projects.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Financing activities</I></B> in Q4 2015 used $8.6
million compared to $20.9 million in Q4 2014. Cash used in financing activities in Q4 2015 consisted of $7.6 million paid as dividends
to shareholders, $0.4 million used for short-term debt repayment (net of proceeds), and $0.6 million of lease repayments. In Q4
2014 $18.9 million of dividends were paid, $0.4 million used for short-term debt repayment (net of proceeds), and $1.5 million
of lease payments were made. The $36.2 million repayment of convertible debentures in Q4 2015 was offset by a corresponding $36.2
million draw on the revolving credit facility.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><B><I>2015 Annual and Q4 Adjusted Earnings</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Adjusted earnings and basic adjusted earnings per share
are non-GAAP measures that the Company considers to better reflect normalized earnings as it eliminates items that may be volatile
from period to period, relating to positions which will settle in future periods, and items that are non-recurring. Neither adjusted
earnings nor basic adjusted earnings per share have any standardized meaning prescribed by GAAP and are therefore unlikely to be
comparable to similar measures presented by other companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Please refer to the section of this MD&amp;A entitled
&ldquo;Alternative Performance (Non-GAAP) Measures&rdquo; for a detailed description of &ldquo;adjusted earnings&rdquo; and &ldquo;basic
adjusted earnings per share&rdquo;, and a reconciliation of these annual and fourth quarter measures to the 2015 Financial Statements.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Annual Adjusted Net Loss </I></B>in 2015 was $58.0
million, representing a basic adjusted loss per share of $0.38, which was $37.1 million, or $0.24 per share, higher than 2014 adjusted
net losses and basic losses per share of $20.8 million, and $0.14, respectively. The year over year increased adjusted loss was
largely attributable to the previously discussed decline in revenues, offset by reduced production costs and royalties and lower
income taxes.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following chart illustrates the key factors leading
to the change from adjusted net loss for the year ended December 31, 2014 to the adjusted net loss incurred in 2015:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><B><img src="tpg45.jpg"></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Q4 Adjusted Net Loss </I></B>in 2015 was $17.5
million, representing a basic adjusted loss per share of $0.12, which was $3.7 million, or $0.02 per share, lower than Q4 2014
adjusted net losses and basic losses per share of $21.2 million, and $0.14, respectively. The quarter over quarter decline in adjusted
net loss was primarily the result of the previously discussed decline in production costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following chart illustrates the key factors leading
to the change from adjusted net loss for the year ended December 31, 2014 to the adjusted net loss incurred in 2015:</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><B><img src="tpg46.jpg"></B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Liquidity Position</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s cash balance at December 31, 2015
was $134.0 million, which was a decrease of $12.2 million from the balance at December 31, 2014. The balance of the Company&rsquo;s
short-term investments at December 31, 2015, was $92.7 million, which was a decrease of $91.5 million from the $184.2 million balance
at December 31, 2014. The combined liquidity decrease in 2015 of $103.8 million resulted primarily from an additional $146.7 million
in capital expenditures used on mineral properties, plant and equipment, and an additional $41.7 million used for the payment of
dividends, which were partially offset by the $88.7 million in cash generated from operating activities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American&rsquo;s investment objectives for its cash
balances are to preserve capital, to provide liquidity and to maximize returns. The Company&rsquo;s strategy to achieve these objectives
is to invest excess cash balances in a portfolio of primarily fixed income instruments with specified credit rating targets established
by the Board of Directors, and by diversifying the currencies in which it maintains its cash balances. The Company does not own
any asset-backed commercial paper or other similar, known, at-risk investments in its investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Working capital at December 31, 2015, was
$392.2 million, which was a decrease of $130.5 million from December 31, 2014 working capital of $522.7 million. The decrease in
working capital was due to the previously described $103.8 million decrease in cash and short-term investments and a net $26.6
million decrease in other working capital accounts that arose primarily from: a $48.2 million decrease in inventories (primarily
associated with metal price declines and related NRV adjustments); an $18.6 million decrease in trade and other receivables; partially
offset by a $48.1 million decrease in current liabilities, which was largely</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">due to the fourth quarter settlement of the current
convertible debenture liabilities.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On April 15, 2015, the Company entered into
a senior secured revolving credit facility (the &quot;Facility&quot;) with a syndicate of eight lenders. The Facility is a $300.0
million secured revolving line of credit that matures on April 15, 2019, and is available for general corporate purposes, including
acquisitions. The terms of the Facility provide the Company with the flexibility of various borrowing and letter of credit options.
With respect to loans drawn based on the average annual rate of interest at which major banks in the London interbank market are
offering deposits in US Dollars (&quot;LIBOR&quot;), the interest margin on such loan is between 2.125% and 3.125% over LIBOR,
depending on the Company's leverage ratio at the time of a specified reporting period.<FONT STYLE="font-size: 10pt; color: red">
</FONT>On December 29, 2015 the Company made a $36.2 million drawdown on the Facility by way of Libor loan at an annual rate of
2.55%. Subsequent to December 31, 2015, and at the date of this MD&amp;A, $36.2 million remained drawn on the Facility through
LIBOR loans with an average annual rate of 2.55%.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial position at
December 31, 2015, and the operating cash flows that are expected over the next twelve months lead management to believe that the
Company&rsquo;s liquid assets are sufficient to satisfy our 2016 working capital requirements, fund currently planned capital expenditures
for existing operations, and to discharge liabilities as they come due. The Company remains well positioned to take advantage of
further strategic opportunities as they become available. Liquidity risks are discussed further in the &ldquo;Risks and Uncertainties&rdquo;
section of this MD&amp;A.</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The impact of inflation on the Company&rsquo;s financial
position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Capital Resources</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Total attributable shareholders&rsquo; equity at December
31, 2015, was $1,297.2 million, a decrease of $265.9 million from December 31, 2014, primarily because of the $231.6 million net
loss for the year ended December 31, 2015 and $41.7 million in dividends paid in 2015. As of December 31, 2015, the Company had
approximately 151.9 million common shares outstanding for a share capital balance of $2,298.4 million (December 31, 2014, 151.6
million and $2,296.7 million). The basic weighted average number of common shares outstanding was 151.7 million and 151.5 million
for the year ended December 31, 2015, and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On December 17, 2014, the Company announced that the
TSX accepted the Company&rsquo;s notice of its intention to make a normal course issuer bid (&ldquo;NCIB&rdquo;) to purchase up
to 7,575,290 of its common shares, representing up to 5% of Pan American&rsquo;s issued and outstanding shares. The period of the
bid began on December 22, 2014 and ended on December 21, 2015. No shares were repurchased under that program, and the Company has
not made any subsequent NCIB. This was the Company&rsquo;s fourth consecutive NCIB program. Since initiating share buy backs in
2011, the Company has acquired and cancelled approximately 6.5 million of its shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Purchases pursuant to the historic NCIB were required
to be made on the open market through the facilities of the TSX and the NASDAQ at the market price at the time of acquisition of
any common shares, and in accordance with the rules and policies of the TSX and NASDAQ and applicable securities laws. Pan American
was not obligated to make any purchases under the program. All common shares acquired by the Company under the share buy back programs
have been cancelled and purchases were funded out of Pan American&rsquo;s working capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">A copy of the Company&rsquo;s notice of its intention
to make a NCIB filed with the TSX can be obtained from the Corporate Secretary of Pan American without charge.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, the Company had approximately
1.6 million stock options outstanding, with exercise prices in the range of CAD $9.76 to CAD $40.22 and a weighted average life
of 60 months. Approximately 1.0 million of the stock options were vested and exercisable at December 31, 2015, with an average
weighted exercise price of CAD $19.23 per share.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table sets out the common shares and options
outstanding as at the date of this MD&amp;A:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 55%; border-collapse: collapse">
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; width: 37%; border-bottom: white 1pt solid; font: 11pt Arial,sans-serif; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 63%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Outstanding as at</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>March 24, 2016</B></P></TD></TR>
<TR>
    <TD STYLE="font: 11pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">Common shares</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Arial,sans-serif; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">152,008,083</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,505,764</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #375F91 1.5pt solid; font: 11pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #375F91 1.5pt solid; font: 11pt Arial,sans-serif; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>153,513,847</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Financial Instruments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A part of the Company&rsquo;s operating
and capital expenditures is denominated in local currencies other than USD. These expenditures are exposed to fluctuations in USD
exchange rates relative to the local currencies. From time to time, the Company mitigates part of this currency exposure by accumulating
local currencies, entering into contracts designed to fix or limit the Company&rsquo;s exposure to changes in the value of local
currencies relative to the USD, or assuming liability positions to offset financial assets subject to currency risk. The Company
held cash and short-term investments of $13.0 million in CAD, $9.2 million in MXN, $1.7 million in Peruvian Soles, and $1.3 million
in Bolivian Bolivianos (&ldquo;BOB&rdquo;) at December 31, 2015. At December 31, 2015, the Company has collared its foreign currency
exposure of MXN purchases with put and call contracts which have a nominal value of $35.7 million and have settlement dates between
January, 2016 and December, 2016. The positions have a weighted average floor of $16.41 and average cap of $18.49. The Company
recorded losses of $nil million and $0.2 million on the MXN forward contracts in the three and twelve months ended December 31,
2015, respectively (three and twelve months ended December 31, 2014 - $nil). Risks relating to foreign exchange rates is discussed
in the &ldquo;Risks and Uncertainties&rdquo; section of this MD&amp;A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From time to time, Pan American mitigates
the price risk associated with its base metal production by committing some of its future production under forward sales or option
contracts. Risks relating to metal prices and hedging activities undertaken in relation to metal prices are discussed in the &ldquo;Risks
and Uncertainties&rdquo; section of this MD&amp;A.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During Q2 2015, the Company entered into copper swap
contracts designed to fix or limit the Company&rsquo;s exposure to lower copper prices (the &ldquo;Copper Swaps&rdquo;). The Copper
Swaps were on 4,080 metric tonnes (&ldquo;MT&rdquo;) of copper at an average fixed price of $6,044 USD/MT. As of December 31, 2015
none of the Copper Swaps remained outstanding. The Company recorded gains of $0.4 million and $3.0 million on the Copper Swaps
during the three and twelve months ended December 31, 2015. Of these gains, $1.8 million and $3.0 million were realized in the
three and twelve months ended December 31 2015. No such gains or losses were recorded in the three and twelve months ended December
31, 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During Q1 2015, the Company entered into diesel swap
contracts designed to fix or limit the Company&rsquo;s exposure to higher fuel prices (the &ldquo;Diesel Swaps&rdquo;). The Diesel
Swaps had an initial</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">notional value of $13.0 million. During Q4 2015, the Company entered into additional Diesel Swaps with an
initial notional value of $12.5 million. A total of $14.7 million of the notional amounts of the Diesel Swaps remained outstanding
as of December 31, 2015. The Company recorded losses of $2.4 million and $3.1 million on the Diesel Swaps during the three and
twelve months ended December 31, 2015, respectively. Of these losses, $0.8 million and $0.4 million were realized in the three
and twelve months ended December 2015, respectively. No such gains or losses were recorded in the three and twelve months ended
December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Other than the Diesel Swaps, Copper Swaps and the MXN
forward contract positions there were no other gains or losses on any commodity or foreign currency contracts in either the three
or twelve months ended December 31, 2015, and 2014.</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company maintains short term bank loans in Argentina
and at December 31, 2015, had a balance outstanding of $19.6 million (December 31, 2014: $17.6 million). These loans were denominated
in USD and Argentine pesos as at December 31, 2015, were denominated in Argentine pesos at December 31, 2014, and were drawn for
the purposes of short-term cash management and to partially offset the foreign exchange exposure of holding local currency denominated
financial assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The carrying value of the conversion feature on convertible
notes assumed by the Company in the Minefinders transaction, which was settled in December 2015, was at fair value; while cash,
accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short periods
to maturity of these financial instruments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company had the right to pay all or part of the
liability associated with the Company&rsquo;s previously outstanding convertible notes in cash on the conversion date. Accordingly,
the Company classified the convertible notes as a financial liability with an embedded derivative. The financial liability and
embedded derivative were recognized initially at their respective fair values. The embedded derivative was recognized at fair value
with changes in fair value reflected in profit or loss and the debt liability component is recognized as amortized cost using the
effective interest method. Interest gains and losses related to the debt liability component or embedded derivatives were recognized
in profit or loss. On conversion, the equity instrument is measured at the carrying value of the liability component and the fair
value of the derivative component on the conversion date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2015 and 2014, the Company
recorded a gain (loss) on the revaluation of the conversion feature of the convertible notes of $nil and $(0.3) million, respectively.
For the years ended December 31, 2015, and December 31, 2014, the Company recorded a gain on the revaluation of the conversion
feature of the convertible notes of $0.3 million and $1.1 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Fair value estimates are made at a specific point in
time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature
and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions
could significantly affect the estimates. The classification of financial instruments and the significant assumptions made in determining
the fair value of financial instruments is described in note 7 of the 2015 Financial Statements.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Closure and Decommissioning Cost Provision</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The estimated future closure and decommissioning costs
are based principally on the requirements of relevant authorities and the Company&rsquo;s environmental policies. The provision
is measured using management&rsquo;s assumptions and estimates for future cash outflows. The</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 49; Value: 3 -->
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Company accrues these costs initially
at their fair value, which are determined by discounting costs using rates specific to the underlying obligation. Upon recognition
of a liability for the closure and decommissioning costs, the Company capitalizes these costs to the related mine and amortizes
such amounts over the life of each mine on a unit-of-production basis except in the case of exploration projects for which the
offset to the liability is expensed. The accretion of the discount due to the passage of time is recognized as an increase in the
liability and a finance expense.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The total inflated and undiscounted amount of estimated
cash flows required to settle the Company&rsquo;s estimated future closure and decommissioning costs is $107.2 million (2014 -
$99.7 million) which has been inflated using inflation rates of between 1% and 17%. The inflated and discounted (using discount
rates between 1% and 20%) provision on the statement of financial position as at December 31, 2015 is $50.5 million (2014 - $43.2
million). Spending with respect to decommissioning obligations at the Alamo Dorado and Manantial Espejo mines is expected to be
begin in 2016, while the remainder of the obligations are expected to be paid through 2035 or later if mine life is extended. Revisions
made to the reclamation obligations in 2015 were primarily a result of increased site disturbance from the ordinary course of operations
at the mines as well as revisions to the estimates based on periodic reviews of closure plans and related costs, actual expenditures
incurred, and concurrent closure activities completed. These obligations will be funded from operating cash flows, reclamation
deposits, and cash on hand.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The accretion of the discount charged to 2015 earnings
as finance expense was $3.2 million, in line with $3.2 million in 2014. Reclamation expenditures incurred during the current year
were $2.8 million (2014 - $2.0 million).</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Contractual Commitments and Contingencies</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company does not have any off-balance sheet arrangements
or commitments that have a current or future effect on its financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources, that are material. The Company had the following contractual
obligations at December 31, 2015:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP COLSPAN="11" STYLE="border-top: Black 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white">&nbsp;</P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Payments due by period
</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: white 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Total</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Within 1 <BR>
year<FONT STYLE="font-family: Arial Bold,sans-serif"><SUP>(2)</SUP></FONT></B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>2 - 3 years</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>4- 5 years</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>After 5 <BR>
years</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 38%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Current liabilities</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">111,700</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">111,700</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Credit facility </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">39,400</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">960</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,920</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">36,520</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Loan obligation </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">19,680</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">19,680</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Finance lease obligations<SUP>(1)</SUP> &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">4,124</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,319</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,805</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Severance accrual</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3,811</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">720</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,444</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">975</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">672</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Employee compensation<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3,178</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,707</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">1,471</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Loss on commodity contracts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,835</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,835</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Provisions<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">4,419</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,962</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">405</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">733</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">319</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Income taxes payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">13,481</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">13,481</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Total contractual obligations</B><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>202,628</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>156,364</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,045</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>38,228</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>991</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes lease obligations in the amount of $4.1 million (December
31, 2014 - $8.4 million) with a net present value of $4.0 million (December 31, 2014 - $8.0 million) discussed further in Note
16 of the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes all current liabilities as per the statement of financial
position plus items presented separately in this table that are expected to be paid but not accrued in the books of the Company.
A reconciliation of the current liabilities balance per the statement of financial position to the total contractual obligations
within one year per the commitment schedule is shown in the table below.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 50; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: -13.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>December 31, 2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 7pt"><B>Future interest component</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Within 1 year</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 47%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Current portion of:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Accounts payable and other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>111,700</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>111,700</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Credit facility</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>960</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>960</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Loan obligation</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>19,578</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>102</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>19,680</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Current portion of finance lease</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,238</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>81</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,319</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Current severance liability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>720</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>720</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Employee Compensation &amp; Restricted Share Units</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>409</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,298</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,707</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Unrealized loss on commodity contracts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,835</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,835</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Provisions</FONT><FONT STYLE="font-size: 9pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,962</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,962</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 9.3pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax payable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,481</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,481</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Total contractual obligations within one year</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>153,923</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,441</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 7pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>156,364</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: -13.7pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: -13.7pt"><SUP></SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes RSU obligation in the amount of $2.5 million (December 31,
2014 &ndash; $2.2 million) that will be settled in cash or shares. The restricted share units vest in two instalments, 50% in December
2016, and 50% in December 2017. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Amounts above do not include payments related to the Company&rsquo;s
anticipated closure and decommissioning obligation, the deferred credit arising from the Aquiline acquisition discussed in Note
18 of the 2015 Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Related Party Transactions</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">During
the year ended December 31, 2015, a company indirectly owned by a trust of which a director of the Company is a beneficiary, was
paid approximately $1.4 million (2014 - $0.4 million) for consulting services. These transactions are in the normal course of operations
and are measured at the exchange amount, which is the amount of consideration established and agreed to by the parties. There are
not any ongoing contractual or other commitments associated with this arrangement or with another related party.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Alternative Performance (non-GAAP) Measures</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: left; vertical-align: top"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">AISCSOS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">AISCSOS is a non-GAAP financial measure. AISCSOS does
not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by
other companies. We believe that AISCSOS reflects a comprehensive measure of the full cost of operating our consolidated business
given it includes the cost of replacing silver ounces through exploration, the cost of ongoing capital investments (sustaining
capital), general and administrative expenses, as well as other items that affect the Company&rsquo;s consolidated earnings and
cash flow. To facilitate a better understanding of this measure as calculated by the Company, the following table provides the
detailed reconciliation of this measure to the applicable cost items, as reported in the consolidated income statements for the
respective periods:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left; color: white"></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left; color: white"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Three months ended<BR>
 December 31,</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Twelve months ended<BR>
 December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD STYLE="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD STYLE="width: 4%; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Direct operating costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>122,845</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">138,484</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>521,169</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">538,251</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Net realizable value (&ldquo;NRV&rdquo;) inventory adjustments </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,028</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">2,212</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>10,861</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">29,953</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Production costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>127,873</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">140,695</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>532,031</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">568,204</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Royalties</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,941</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">5,277</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,901</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">27,955</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Smelting, refining and transportation charges<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>24,995</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">24,159</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>90,858</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">86,470</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Less by-product credits<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(92,138)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(84,141)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(377,954)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(361,309)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Cash cost of sales net of by-products</B><SUP> (2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>66,671</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">85,990</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>268,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">321,319</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Sustaining capital<B><SUP>(3)</SUP></B><SUP> </SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0 5.75pt; text-align: center; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,476</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">24,172</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>73,701</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">99,083</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Exploration and project development</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; text-align: center; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,320</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">4,278</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>11,940</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">13,225</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Reclamation cost accretion</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; text-align: center; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>810</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">809</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,239</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3,238</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">General &amp; administrative expense&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; text-align: center; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; background-color: #DEEAF6; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; background-color: #DEEAF6; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,890</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3,051</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; background-color: #DEEAF6; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>18,027</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 2pt 5.75pt 0; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">17,908</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>All-in sustaining costs<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>A</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>99,167</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">118,299</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>375,744</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">454,744</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Payable ounces sold (in thousands)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>B</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,719.5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,352.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>25,179.8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right; text-indent: -4.5pt"><FONT STYLE="font-size: 9pt">25,430.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>A/B</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.76</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">18.62</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.92</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">17.88</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>All-in sustaining cost per silver ounce sold, net of by-products (excludes NRV) adjustments)</B></FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.01</B></FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">18.27</FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; background-color: #DEEAF6; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>14.49</B></FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: #1F3864 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">16.71</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Included in the revenue line of the unaudited condensed interim consolidated
income statements and are reflective of realized metal prices for the applicable periods.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Please refer to the table below.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As part of the AISCSOS measure, sustaining capital is
included while expansionary or acquisition capital (referred to by the Company as investment capital) is not. Inclusion of sustaining
capital only is a better measure of capital costs associated with current ounces sold as opposed to investment capital, which is
expected to increase future production. For the periods under review, the below noted items associated with the La Colorada expansion
project, and Dolores&rsquo; leach pad and other expansionary expenditures are considered investment capital projects.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD NOWRAP STYLE="border-right: White 1pt solid; border-top: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: white"><B>Reconciliation of payments for mineral property,<BR>
 plant and equipment and sustaining capital</B></FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended<BR>
</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Twelve months ended<BR>
</B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="border-right: White 1pt solid; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; width: 48%"><FONT STYLE="font-size: 9pt; color: white"><B>(in thousands of USD)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; border-top: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 11%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Payments for mineral property, plant and equipment<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>53,705</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">30,131</FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>146,735</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">131,761</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Add/(Subtract)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Advances received for leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,571</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">636</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,491</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">3,230</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">Non-Sustaining capital (Dolores, La Colorada projects, and other)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(32,800)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(6,595)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(76,524)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(35,908)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>Sustaining Capital</B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,476</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">24,172</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; background-color: #DEEAF6; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>73,701</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">99,083</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">As presented on the unaudited condensed interim consolidated statements of cash flows.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">Totals may not add due to rounding</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.7pt">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 13.7pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 13.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Three months ended December 31, 2015</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 29%; padding-right: 0; padding-left: 5.4pt; text-align: left; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>La Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Alamo<BR>
 Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Morococha</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>San<BR>
 Vicente</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Manantial<BR>
Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>PASCORP</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Direct operating costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,454 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">29,065</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,034</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">16,999 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,707 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,747</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,837 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">122,845 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">NRV inventory adjustments </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,132 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">684 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,212 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,028 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Production costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,454</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">32,198</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,718</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">16,999</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,707 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,747 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26,049 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">127,873 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">73 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,225 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">97 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,542 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,004 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,941 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Smelting, refining and transportation charges</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,009 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">31 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">252 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">7,451 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">7,711 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,615 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,926 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,995 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less by-product credits</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(5,415)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(21,110)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(9,369)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(14,752)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(15,587)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(5,031)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(20,874)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(92,138)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost of sales net of by-products</B><SUP> (1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>9,121 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12,344 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>5,698 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>9,698 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6,831 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>14,873 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>8,105 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>66,671 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Sustaining capital</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,965 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,064 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;4,599 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,516 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">996 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,337 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">23,476 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Exploration and project development</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">172 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">86 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;53 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">722 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,287 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,320 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Reclamation cost accretion</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">59 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">90 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">58 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">150 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">96 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;56 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">274 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">810 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">General &amp; administrative expense&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,890 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,890 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining costs<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">12,317 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">22,585 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,756 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,500 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,165 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">15,925 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,716 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">7,202 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">99,167 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Payable ounces sold </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;1,262,660 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,048,000 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>726,214 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>773,799 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>483,481 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,447,582 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>977,754 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6,719,489 </B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 5.4pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.55 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.74 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.02 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.76 </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products (excludes NRV adjustments)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.56 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.98 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.74 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.02 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 13.7pt"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-size: 7pt">
Totals may not add due to rounding.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Twelve months ended December 31, 2015</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 29%; padding-right: 0; padding-left: 5.4pt; text-align: left; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>La Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Alamo<BR>
 Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Morococha</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>San<BR>
 Vicente</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Manantial<BR>
 Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>PASCORP</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Direct operating costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">48,842 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">132,343 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">60,159 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">66,878 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">66,096 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">32,211 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">114,640 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">521,169 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">NRV inventory adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(11,417)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(522)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">22,800 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,861 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Production costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">48,842 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">120,926 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">59,637 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">66,878 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">66,096 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">32,211 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">137,440 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">532,031 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">385 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,289 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;344 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,051 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,832 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">23,901 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Smelting, refining and transportation charges</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,877 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">132 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">682 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26,986 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">31,424 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,147 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">8,609 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">90,858 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less by-product credits</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(22,585)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(96,066)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(23,446)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(58,027)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(68,480)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(13,047)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(96,302)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(377,954)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost of sales net of by-products</B><SUP> (1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>38,519 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>30,281 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>37,217 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>35,837 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>29,041 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>44,362 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>53,579 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>268,836 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Sustaining capital</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9,869 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">25,162 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">13,610 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">7,713 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,286 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,061 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">73,701 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Exploration and project development</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">254 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">544 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;765 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,202 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9,175 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,940 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Reclamation cost accretion</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">237 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">362 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">232 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;600 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">384 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">226 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,096 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">103 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,239 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">General &amp; administrative expense&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">18,027 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">18,027 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining costs<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">48,879 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">56,348 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">37,450 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">50,813 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">38,339 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">47,873 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">68,736 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">27,305 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">375,744 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Payable ounces sold </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;5,108,985 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>4,448,000 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>2,944,491 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,009,185 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,995,307 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>4,019,265 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,654,556 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>25,179,788 </B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 5.4pt; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.72 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.21 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.91 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.81 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.92 </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products (excludes NRV adjustments)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.24 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.21 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.91 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.57 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><SUP></SUP></P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 5.4pt; text-align: justify"><SUP>(1)</SUP> Totals may not add due to rounding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 53; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Three months ended December 31, 2014</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 29%; padding-right: 0; padding-left: 5.4pt; text-align: left; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>La Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Alamo<BR>
 Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Morococha</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>San <BR>
Vicente</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Manantial<BR>
 Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>PASCORP</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-indent: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Direct operating costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;11,676 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">29,668 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">18,309 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">20,589 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">16,583 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">8,353 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">33,307 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">138,484 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">NRV inventory adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">6,341 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,248 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(5,377)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,212 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Production costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;11,676 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">36,009 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">19,557 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">20,589 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">16,583 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;8,353 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">27,929 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">140,696 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">95 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,023 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">96 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,112 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">951 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,277 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Smelting, refining and transportation charges</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,775 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;49 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;149 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,363 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,163 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,471 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,188 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,159 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less by-product credits</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(5,980)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(17,859)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(5,870)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(18,525)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(15,198)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(2,681)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(18,027)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(84,141)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost of sales net of by-products</B><SUP> (1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>8,565 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>19,222 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13,931 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12,428 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6,549 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12,254 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13,041 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>85,990 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Sustaining capital</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,488 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">7,962 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">67 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,970 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,149 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">992 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,543 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,172 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Exploration and project development</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">264 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">135 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">59 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,056 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">294 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,469 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,278 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Reclamation cost accretion</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">59 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">90 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">58 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">150 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">96 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">56 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">274 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">25 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">809 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">General &amp; administrative expense&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,051 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,051 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining costs<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;10,113 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">27,538 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">14,191 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">17,607 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,849 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">13,302 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">19,152 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,545 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">118,299 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 5.4pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Payable ounces sold </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,098,949 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>882,500 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>816,061 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>787,616 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>537,071 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,117,385 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>1,112,980 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6,352,562 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.20 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.39 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.35 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.20 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.90 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products (excludes NRV adjustments)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.02 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.86 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.35 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.20 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.90 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27 </B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">Totals may not add due to rounding.</TD></TR></TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD COLSPAN="10" STYLE="padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Twelve months ended December 31, 2014</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 29%; padding-right: 0; padding-left: 5.4pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>La Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Alamo <BR>
Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Morococha</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>San<BR>
 Vicente</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Manantial<BR>
 Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>PASCORP</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-left: 0; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Direct operating costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">49,992 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">129,154 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">65,519 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">77,013 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">68,873 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">34,126 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">113,573 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">538,250 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">NRV inventory adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">23,253 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,947 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,753 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">29,953 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Production costs</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">49,992 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">152,407 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">67,466 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">77,013 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">68,873 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">34,126 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">118,326 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">568,203 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">436 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,888 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">457 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">17,900 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,273 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">27,955 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Smelting, refining and transportation charges</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,142 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">178 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">633 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">32,146 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">19,799 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">13,638 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">8,934 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">86,470 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less by-product credits</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(23,761)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(81,377)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(22,370)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(70,723)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(59,487)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(11,753)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(91,838)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(361,309)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost of sales net of by-products</B><SUP> (1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>37,808 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>76,097 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>46,187 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>38,437 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>29,185 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>53,911 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>39,695 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>321,319 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font: 7pt Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Sustaining capital</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">13,476 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">27,632 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">293 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">17,327 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,199 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,415 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26,741 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">99,083 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Exploration and project development</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;1,602 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">336 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,312 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,453 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,657 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">6,855 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">13,225 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Reclamation cost accretion</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">237 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">362 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">232 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">600 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">384 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">226 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,096 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">102 </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,238 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">General &amp; administrative expense&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">17,908 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">17,908 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining costs<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">51,530 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">105,693 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">47,048 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">57,676 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">41,221 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">57,552 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">69,189 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,865 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">454,773 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Payable ounces sold </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>4,726,138 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,911,600 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,605,832 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,024,572 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>2,125,430 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>4,177,048 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>3,859,900 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>25,430,519 </B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 5.4pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 7pt Arial,sans-serif; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.02 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$&nbsp;
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.88 </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 5.4pt; font-family: Arial,sans-serif; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>All-in sustaining cost per silver ounce sold, net of by-products (excludes NRV adjustments)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.08 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.69 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F3864 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-family: Arial,sans-serif; text-align: right; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.71 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-size: 7pt">
Totals may not add due to rounding.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 54; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;<FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: left; vertical-align: top"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Cash Costs per Ounce of Silver, net of by-product credits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American produces by-product metals incidentally
to our silver mining activities. We have adopted the practice of calculating the net cost of producing an ounce of silver, our
primary payable metal, after deducting revenues gained from incidental by-product production, as a performance measure. This performance
measurement has been commonly used in the mining industry for many years and was developed as a relatively simple way of comparing
the net production costs of the primary metal for a specific period against the prevailing market price of that metal.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Cash costs per ounce metrics, net of by-product credits,
were utilized extensively in our internal decision making processes. We believe they are useful to investors as these metrics facilitate
comparison, on a mine by mine basis, notwithstanding the unique mix of incidental by-product production at each mine, of our operations&rsquo;
relative performance on a period by period basis, and against the operations of our peers in the silver industry on a consistent
basis. Cash costs per ounce is conceptually understood and widely reported in the silver mining industry. However, cash cost per
ounce of silver is a non-GAAP measure and does not have a standardized meaning prescribed by GAAP and the Company&rsquo;s method
of calculating cash costs may differ from the methods used by other entities.<FONT STYLE="font-size: 7pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">To facilitate a better understanding of these measures
as calculated by the Company, the following table provides the detailed reconciliation of these measures to the production costs,
as reported in the consolidated income statements for the respective periods:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: #4472C4">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt; color: white"><B>Total Cash Costs per ounce of Payable Silver, net of<BR>
 by-product credits</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: White 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three months ended<BR>
 December 31,</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Twelve months ended<BR>
 December 31,</B></FONT></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: White 1pt solid; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;&nbsp;&nbsp;(in thousands of U.S. dollars except as noted)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: White 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Production costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt"><B>127,873</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">140,695</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>532,031 </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">568,204</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Add/(Subtract)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,941 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">5,277</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,901</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">27,955</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Smelting, refining, and transportation charges</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>24,319 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">21,195</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>94,804</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;76,968</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 8pt">Worker&rsquo;s participation and voluntary payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>62 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">113</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(147)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(484)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Change in inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(3,115)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">8,966</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(19,114)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">15,835</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>882 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,461)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(6,537)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(5,653)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Non-controlling interests <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(1,072)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,204)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(4,331)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(4,746)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Metal inventories recovery (write-down)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;(5,028)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,212)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(10,861)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(29,953)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Cash Operating Costs before by-product credits</B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>149,860 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">171,369</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>609,746 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">648,126 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.15in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Less gold credit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(52,562)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(51,794)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(208,800)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(201,317)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.15in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Less zinc credit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(15,855)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(19,676)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(66,831)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(81,357)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.15in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Less lead credit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(6,477)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(7,412)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(24,488)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(29,903)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.15in; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">Less copper credit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(17,030)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(16,935)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(71,635)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">(52,856)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Cash Operating Costs net of by-product credits </B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>A</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>57,936 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">75,554</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>237,992 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">282,693 </FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 7pt Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Payable Silver Production (koz)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>B</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,370.8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">6,340.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>24,530.8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">24,663.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Cash Costs per ounce net of by-product credits</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>(A*$1000)</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>/B</B></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>9.09</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">11.92</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>9.70</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 8pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right; border-right: Black 1.5pt solid"><FONT STYLE="font-size: 9pt">11.46</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal; font-style: normal">(1)</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">Figures presented in the reconciliation table above are on a 100% basis
as presented in the unaudited condensed interim consolidated financial statements with an adjustment line item to account for the
portion of the Morococha and San Vicente mines owned by non-controlling interests, an expense item not included in operating cash
costs. The associated tables below are for the Company&rsquo;s share of ownership only.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal; font-style: normal">(2)</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">Figures in this table and in the associated tables below may not add
due to rounding.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 55; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 12pt Arial,sans-serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: italic 12pt Arial,sans-serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="19" STYLE="vertical-align: top; border-right: White 1pt solid; border-bottom: White 1pt solid; border-left: Black 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt; color: White"><B>Three
    months ended December 31, 2015 <SUP>(1) </SUP><BR>
    (in thousands of USD except as noted)</B></FONT></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: White 1pt solid; border-left: Black 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; font: 11pt Arial,sans-serif; background-color: #4472C4; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; padding-right: 0">
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white">La<BR>
</P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white">Colorada</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Dolores</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Alamo<BR>
 Dorado</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Huaron</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Morococha</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">San<BR>
 Vicente</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: White 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Manantial<BR>
 Espejo</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: White 1pt solid; background-color: #4472C4; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Consolidated<BR>
 Total</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>A</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>15,861 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>31,089 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13,353 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>23,380 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>21,143 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>14,376 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>29,203 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;148, 405 </B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less gold credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(595)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(20,095)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(8,726)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(330)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(22,699)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(52,531)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less zinc credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b2</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(3,420)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(5,299)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(3,664)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(3,006) </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(15,390)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less lead credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b3</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(1,956)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(3,107)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(1,040)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(6,376)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less copper credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(181)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(5,750)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(10,241)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(16,172)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Sub-total by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>B=( b1+ b2+ b3+ b4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(5,971)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(20,095)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(8,907)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(14,179)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(15,275)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(3,343)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(22,699)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(90,469)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Cash Costs net of by-product credits</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">C=(A+B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9,890</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">10,995</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,446</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,868</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">11,033</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">6,505</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>57,936</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Payable ounces of silver (thousand)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,359</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">945</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">810</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">810</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 2.15pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">452</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">992</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,003</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6,371</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost per ounce net of by-products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>C/D</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>7.28</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.64</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>5.49</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.35</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.99</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>6.48</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>9.09</B></FONT></TD>
    </TR>
</TABLE>


<P STYLE="font: italic 12pt Arial,sans-serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-top: 2pt"></TD><TD STYLE="width: 0.25in; padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">(1)</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="19" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center"><FONT STYLE="font-size: 8pt; color: White"><B>Twelve
    months ended December 31, 2015<SUP>(1)</SUP><BR>
(in thousands of USD except as noted)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #4472C4; font-family: Arial,sans-serif; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #4472C4; padding-right: 0">
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; color: white">La</P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white">Colorada</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Dolores </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Huaron</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Morococha</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">San Vicente</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; font: 8pt Arial,sans-serif; background-color: #4472C4; padding-top: 3pt; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Manantial Espejo</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; background-color: #4472C4; text-align: center; text-indent: 4.5pt; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Consolidated<BR>
 Total</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>A</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>61,748 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>130,918 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>57,178 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>93,503 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: white 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>88,542 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: white 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>56,262 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>115,548 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>603,698 </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; padding-left: 9.25pt; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less gold credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(2,586)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(91,551)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(23,187)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(174)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(1,594)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(241)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(89,320)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(208,654)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; padding-left: 9.25pt; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less zinc credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b2</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(14,429)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(21,416)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(17,973)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 2.15pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(10,932)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(64,750)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; padding-left: 9.25pt; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less lead credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b3</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(7,049)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(11,586)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(4,261)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(1,173)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(24,069)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; padding-left: 9.25pt; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less copper credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(439) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(27,189)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(40,606)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>&nbsp;(68,233)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Sub-total by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>B=( b1+ b2+ b3+ b4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(24,064)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(91,551)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(23,626)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(60,365)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(64,434)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt"><B>$</B></P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 2.15pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(12,346)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(89,320)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(365,706)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Cash Costs net of by-product credits</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">C=(A+B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">37,683 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">39,367</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">33,553</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">33,137</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,107</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">43,916</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>237,992</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Payable ounces of silver (thousand)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">5,089</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,242</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,941</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,037</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,851</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,796</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,576</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>24,531</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost per ounce net of by-products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>C/D</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>7.41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>9.28</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>10.91</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13.03</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: center; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.57</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>7.33</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 10pt Arial,sans-serif; text-align: right; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>9.70</B></FONT></TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-top: 2pt"></TD><TD STYLE="width: 0.25in; padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">(1)</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">Totals may not add due to rounding.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 56; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 7pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: italic 7pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD COLSPAN="19" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: white 1pt solid; border-left: Black 1pt solid; padding-top: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white"><B>Three months
        ended December 31, 2014 <SUP>(1)</SUP></B></P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white"><B>(in thousands
        of USD except as noted)</B></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0; text-indent: 0; padding-right: 0">
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; color: white">La</P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white">Colorada</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Dolores</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Alamo<BR>
 Dorado</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Huaron</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Morococha</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">San Vicente</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Manantial<BR>
 Espejo</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Consolidated Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash Costs before by-product credits</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; border-right: Black 1pt solid; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>15,824 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>33,909 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>18,896 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>29,001 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>22,046 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>15,736 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>34,500 </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>169,913
</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0; text-align: left; font-family: Arial,sans-serif; padding-top: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less gold credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b1</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(681)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(21,555)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(6,775)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(798)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(21,812)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(51,724)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0; text-align: left; font-family: Arial,sans-serif; padding-top: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less zinc credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b2</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(4,154)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(6,177)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(6,110)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(2,586)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(19,028)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0; text-align: left; font-family: Arial,sans-serif; padding-top: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less lead credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b3</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(1,897)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(3,049)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(2,069)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(211)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(7,227)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0; text-align: left; font-family: Arial,sans-serif; padding-top: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less copper credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(32)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(9,746)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(6,604)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(16,382)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Sub-total by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>B=( b1+ b2+ b3+ b4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(6,731)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(21,555) </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(6,807)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(19,009)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(15,581)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(2,684)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(21,812) </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(94,360)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Cash Costs net of by-product credits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">C=(A+B)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">9,093
</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">12,354</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">12,089
</TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,993 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">6,465
</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">12,872
</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">12,688
</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">75,553
</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Payable ounces of silver (thousand)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,202
</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;951
</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">859</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">818
</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">516</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">1,084
</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">911</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">6,340
</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash cost per ounce net of by-products</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>C/D</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>7.57</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.99</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>14.07</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.22</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.53</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.88</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 0; padding-top: 0; padding-left: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13.93</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 0; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 11pt Arial,sans-serif; text-align: right; padding-top: 0; padding-left: 0; text-indent: 0; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.92
</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: italic 7pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-top: 2pt"></TD><TD STYLE="width: 0.25in; padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">(1)</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD COLSPAN="19" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: white 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white"><FONT STYLE="font-size: 8pt"><B>Twelve
        months ended December 31, 2014 <SUP>(1)</SUP></B></FONT></P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0pt 0; text-align: center; text-indent: 4.5pt; color: white"><FONT STYLE="font-size: 8pt"><B>(in
        thousands of USD except as noted)</B></FONT></P></TD></TR>
<TR STYLE="background-color: #4472C4">
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><FONT STYLE="font-size: 8pt">La</FONT></P>
        <P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><FONT STYLE="font-size: 8pt">Colorada</FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Dolores</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Alamo<BR>

    Dorado</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Huaron</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Morococha</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: white 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">San<BR>

    Vicente</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; padding-right: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Manantial<BR>

    Espejo</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; padding-right: 0"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: white">Consolidated<BR>

    Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash
    Costs before by-product credits</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>62,635
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>135,665
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>66,727
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>107,990
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>83,915
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>59,287
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>126,500
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>642,720
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less
    gold credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b1</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(2,534)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(84,317)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(22,048)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(295)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(2,730)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(254)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(88,898)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(201,075)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less
    zinc credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b2</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(14,128)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-
    </FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 2.15pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(25,414)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(28,381)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(10,504)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(78,426)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less
    lead credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b3</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(7,265)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-
    </FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(11,817)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(9,340)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(663)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(29,086)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9.25pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Less
    copper credit</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">b4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(164)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(34,394)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(16,884)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">&nbsp;(51,442)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Sub-total
    by-product credits</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>B=(
    b1+ b2+ b3+ b4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(23,927)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">(84,317)
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(22,212)
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Arial,sans-serif; text-indent: 2.4pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(71,920)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(57,335)
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(11,420)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(88,898)
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>(360,028)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Cash
    Costs net of by-product credits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">C=(A+B)</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">38,708</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">51,347</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">44,516&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">36,070</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">26,581</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">47,867</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">37,602</FONT></TD>
    <TD STYLE="font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">282,692</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">Payable
    ounces of silver (thousand)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">4,756</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,969
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,454&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,120</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">2,010</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,636</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">3,717</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt">24,663</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.5pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Cash
    cost per ounce net of by-products</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>C/D</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>8.14</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.94</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>12.89</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.56</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13.22</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; border-left: Black 1pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>13.16</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>10.12</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; font: 8pt Arial,sans-serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #1F497D 1.5pt solid; text-align: right; font-family: Arial,sans-serif; text-indent: 4.3pt; padding-right: 0.05in"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>11.46</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-top: 2pt"></TD><TD STYLE="width: 0.25in; padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">(1)</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-weight: normal; font-style: normal">Totals may not add due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 7pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD>Adjusted Earnings and Basic Adjusted Earnings Per Share</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Adjusted earnings and basic adjusted earnings per share
are non-GAAP measures that the Company considers to better reflect normalized earnings as it eliminates items that may be volatile
from period to period, relating to positions which will settle in future periods, and items that are non-recurring. Certain items
that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment
for such items and conversely, items no longer applicable may be removed from the calculation. The Company adjusts certain items
in the periods that they occurred but does not reverse or otherwise unwind the effect of such items in future periods. Neither
adjusted earnings nor basic adjusted earnings per share have any standardized meaning prescribed by GAAP and are therefore unlikely
to be comparable to similar measures presented by other companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table shows a reconciliation of adjusted
loss and earnings for the three and twelve months ended December, 2015 and 2014, to the net (loss) earnings for each period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Three months ended December 31,</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>Year ended </B></P>
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center; color: white"><B>December 31,</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #4472C4">
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt; color: white"><B>(In thousands of USD, except as noted)</B></FONT></TD>
    <TD STYLE="width: 4%; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: White 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: White 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: white">2014</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(136,958)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(525,727)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt; color: black"><B>$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>&nbsp;(231,556)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(544,823)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust derivative gain </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">252 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>(278)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(1,348)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust impairment of mineral properties </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>121,512 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">596,262 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>150,268 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">596,262 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust write-down of other assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;2,678 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>22,812 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust unrealized foreign exchange (gain) losses </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;(1,319)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;(618)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>860 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">4,034 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust net realizable value of heap inventory </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,366 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">10,982 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>6,401 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">36,578 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust unrealized&nbsp;&nbsp;loss on commodity contracts </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,989 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>2,835 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust gain on sale of assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(38)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(945)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>(372)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(1,145)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 9pt">&nbsp;Adjust for effect of taxes </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(12,743)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(101,413)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>(8,938) </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(110,383)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri,sans-serif; color: black"><B>&nbsp;Adjusted loss for the period </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(17,517)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(21,207)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>(57,968)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(20,825)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri,sans-serif; color: black"><B>&nbsp;Weighted average shares for the period </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>151,715 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">151,534 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>151,664 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">151,511 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri,sans-serif; color: black"><B>&nbsp;Adjusted loss per share for the period </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>(0.12)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(0.14)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black"><B>&nbsp;(0.38)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 9pt; color: black">(0.14)</FONT></TD></TR>
</TABLE>


<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Working Capital</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Working capital is a non-GAAP measure calculated as
current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore
unlikely to be comparable to similar measures presented by other companies. The Company and certain investors use this information
to evaluate whether the Company is able to meet its current obligations using its current assets.</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">General and Administrative Costs per Silver Ounce</TD></TR></TABLE>

<P STYLE="font: italic bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">General and administrative costs per silver ounce produced
(&ldquo;G&amp;A per ounce&rdquo;) is a non-GAAP measure that is calculated by dividing G&amp;A expense recorded in a period by
the number of silver ounces produced in the same period. G&amp;A per ounce does not have any standardized meaning prescribed by
GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. The Company and certain investors
use this information to evaluate corporate expenses incurred in a period in relation to the amount of consolidated silver produced
during the same period.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Risks and Uncertainties</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company is exposed to many risks in conducting its
business, including but not limited to: metal price risk as the Company derives its revenue from the sale of silver, zinc, lead,
copper, and gold; credit risk in the normal course of dealing with other companies; foreign exchange risk as the Company reports
its financial statements in USD whereas the Company operates in jurisdictions that utilize other currencies; the inherent risk
of uncertainties in estimating mineral reserves and mineral resources; political risks; and environmental risks and risks related
to its relations with employees.&nbsp; These and other risks are described below and in Pan American&rsquo;s Annual Information
Form (available on SEDAR at www.sedar.com), Form 40-F filed with the</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">SEC, and the 2015 Financial Statements. Readers are encouraged
to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to Pan American&rsquo;s
business.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Foreign Jurisdiction Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American currently conducts operations in
Peru, Mexico, Argentina and Bolivia. All of these jurisdictions are potentially subject to a number of political and economic
risks, including those described in the following section. The Company is unable to determine the impact of these risks on
its future financial position or results of operations and the Company&rsquo;s exploration, development and production
activities may be substantially affected by factors outside of Pan American&rsquo;s control. These potential factors include,
but are not limited to: royalty and tax increases or claims by governmental bodies, expropriation or nationalization, lack of
an independent judiciary, foreign exchange controls, import and export regulations, cancellation or renegotiation of
contracts and environmental and permitting regulations. The Company currently has no political risk insurance coverage
against these risks.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">All of Pan American&rsquo;s current production and revenue
is derived from its operations in Peru, Mexico, Argentina and Bolivia. As Pan American&rsquo;s business is carried on in a number
of developing countries, it is exposed to a number of risks and uncertainties, including the following: expropriation or nationalization
without adequate compensation, particularly in jurisdictions such as Argentina and Bolivia who have a history of expropriation;
changing political and fiscal regimes, and economic and regulatory instability; unanticipated changes to royalty and tax regulations;
unreliable or undeveloped infrastructure; labour unrest and labour scarcity; difficulty obtaining key equipment and components
for equipment; regulations and restrictions with respect to imports and exports; high rates of inflation; extreme fluctuations
in currency exchange rates and the imposition of currency controls; the possible unilateral cancellation or forced renegotiation
of contracts, and uncertainty regarding enforceability of contractual rights; inability to obtain fair dispute resolution or judicial
determinations because of bias, corruption or abuse of power; difficulties enforcing judgments generally, including judgments obtained
in Canadian or United States courts against assets and entities located outside of those jurisdictions; difficulty understanding
and complying with the regulatory and legal framework respecting the ownership and maintenance of mineral properties, mines and
mining operations, and with respect to permitting; local opposition to mine development projects, which include the potential for
violence and property damage; violence and more prevalent or stronger organized crime groups; terrorism and hostage taking; military
repression and increased likelihood of international conflicts or aggression; and increased public health concerns. Certain of
these risks and uncertainties are illustrated well by circumstances in Bolivia and Argentina.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Mexican operations, Alamo Dorado
and La Colorada, have suffered from armed robberies of dor&eacute; in the past. The Company has instituted a number of additional
security measures and a more frequent shipping schedule in response to these incidents. The Company has subsequently renewed its
insurance policy to mitigate some of the financial loss that would result from such criminal activities in the future, however
a substantial deductible amount would apply to any such losses in Mexico.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Local opposition to mine development projects has arisen
periodically in some of the jurisdictions in which we operate, and such opposition has at times been violent. There can be no assurance
that similar local opposition will not arise in the future with respect to Pan American&rsquo;s foreign operations. If Pan American
were to experience resistance or unrest in connection with its foreign operations, it could have a material adverse effect on Pan
American&rsquo;s operations or profitability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In early 2009, a new constitution was enacted in Bolivia
that further entrenched the government&rsquo;s ability to amend or enact laws, including those that may affect mining, and which
enshrined the concept that all natural resources belong to the Bolivian people and that the state was entrusted with its administration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On May 28, 2014, the Bolivian government enacted Mining
Law No. 535 (the &ldquo;New Mining Law&rdquo;). Among other things, the New Mining Law established a new Bolivian mining authority
to provide principal mining oversight (varying the role of COMIBOL) and set out a number of new economic and operational requirements
relating to state participation in mining projects. Further, the New Mining Law provided that all pre-existing contracts were to
migrate to one of several new forms of agreement within a prescribed period of time. As a result, we anticipate that our current
joint venture agreement with COMIBOL relating to the San Vicente mine will be subject to migration to a new form of agreement and
may require renegotiation of some terms in order to conform to the New Mining Law requirements. We are assessing the potential
impacts of the New Mining Law on our business and are awaiting further regulatory developments, but the primary effects on the
San Vicente operation and our interest therein will not be known until such time as we have, if required to do so, renegotiated
the existing contract, and the full impact may only be realized over time. In the meantime, we understand that pre-existing agreements
will be respected during the period of migration and we will take appropriate steps to protect and, if necessary, enforce our rights
under our existing agreement with COMIBOL. There is, however, no guarantee that governmental actions, including possible expropriation
or additional changes in the law, and the migration of our contract will not impact our involvement in the San Vicente operation
in an adverse way and such actions could have a material adverse effect on us and our business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On June 25, 2015, the Bolivian government enacted the
new Conciliation and Arbitration Law No. 708 (the &ldquo;New Conciliation and Arbitration Law&rdquo;), which endeavors to set out
newly prescribed arbitral norms and procedures, including for foreign investors. However, whether the New Conciliation and Arbitration
Law applies specifically to pre-existing agreements between foreign investors and COMIBOL, and how this new legislation interacts
with the New Mining Law, remains somewhat unclear. As a result, we await clarification by regulatory authorities and will continue
to assess the potential impacts of the New Conciliation and Arbitration Law on our business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Meanwhile, under the previous political regime in Argentina,
the government intensified the use of price, foreign exchange, and import controls in response to unfavourable domestic economic
trends. Among other the things, the Argentine government has imposed restrictions on the importation of goods and services and
increased administrative procedures required to import equipment, materials and services required for operations at Manantial Espejo.
In support of this policy, in May 2012, the government mandated that mining companies establish an internal function to be responsible
for substituting Argentinian-produced goods and materials for imported goods and materials and required advance government review
of plans to import goods and materials. In addition, the government of Argentina also tightened control over capital flows and
foreign exchange in an attempt to curtail the outflow of hard currencies and protect its foreign currency reserves, including mandatory
repatriation and conversion of foreign currency funds in certain circumstances, informal restrictions on dividend, interest, and
service payments abroad and limitations on the ability of individuals and businesses to convert Argentine pesos into USD or other
hard currencies, exposing us to additional risks of Peso devaluation and high domestic inflation. While a new federal government
was elected in Argentina in late 2015 and has since taken steps to ease some of the previously instituted controls and restrictions,
particularly relaxing certain rules relating to the inflow and outflow of foreign currencies, many of the policies of the previous
government continue to adversely affect the Company&rsquo;s Argentine operations. It is unknown whether these recent changes will
be lasting, what, if any, additional steps will be taken by the new administration or what financial and operational impacts these
and any future</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">changes might have on the Company. As such, the Company continues to monitor and assess the situation in Argentina.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In most cases, the effect of these risks and uncertainties
cannot be accurately predicted and, in many cases, their occurrence is outside of our control. Although we are unable to determine
the impact of these risks on our future financial position or results of operations, many of these risks and uncertainties have
the potential to substantially affect our exploration, development and production activities and could therefore have a material
adverse impact on our operations and profitability. Management and the Board of Directors continuously assess risks that the Company
is exposed to, and attempt to mitigate these risks where practical through a range of risk management strategies, including employing
qualified and experienced personnel.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Metal Price Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American derives its revenue from the sale of silver,
zinc, lead, copper, and gold. The Company&rsquo;s sales are directly dependent on metal prices that have shown significant volatility
and are beyond the Company&rsquo;s control. The table below illustrates the effect of changes in silver and gold prices on anticipated
revenues for 2016, expressed in percentage terms. This analysis assumes that quantities of silver and gold produced and sold remain
constant under all price scenarios presented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>2016 Revenue and Metal Price Sensitivity</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><B><img src="tpg61.jpg"></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American Silver takes the view that its precious
metals production should not be hedged, thereby, allowing the Company to maintain maximum exposure to precious metal prices. From
time to time, Pan American mitigates the price risk associated with its base metal production by committing some of its forecasted
base metal production under forward sales and option contracts, as described under the &ldquo;Financial Instruments&rdquo; section
of this MD&amp;A. Decisions relating to hedging may have material adverse effects upon our financial performance, financial position,
and results of operations. Since base metal and gold revenue are treated as a by-product credit for purposes of calculating cash
costs per ounce of silver and AISCSOS, these non-GAAP measures are highly sensitive to base metal and gold prices. The table below
illustrates this point by plotting the expected cash cost per ounce according to our 2016 forecast against various price assumptions
for the Company&rsquo;s two main by-product credits, zinc and gold expressed in percentage terms:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>2016 Cash Cost and Metal Price Sensitivity </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><B><img src="tpg62.jpg"></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Board of Directors continually assesses the Company&rsquo;s
strategy towards its base metal exposure, depending on market conditions. If metal prices decline significantly below levels used
in the Company&rsquo;s most recent impairment tests, for an extended period of time, the Company may need to reassess its price
assumptions, and a significant decrease in the price assumptions could be an indicator of potential impairment. A description of
the impact of metal price changes on certain Company assets is included in the Key Assumption and Sensitivity sections included
in both the 2015 Financial Statements (included in Note 11), and in this MD&amp;A (included in the Income Statement analysis section).</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Trading and Credit Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The zinc, lead, and copper concentrates produced by
us are sold through long-term supply arrangements to metal traders or integrated mining and smelting companies. The terms of the
concentrate contracts may require us to deliver concentrate that has a value greater than the payment received at the time of delivery,
thereby introducing us to credit risk of the buyers of our concentrates. Should any of these counterparties not honour supply arrangements,
or should any of them become insolvent, we may incur losses for products already shipped and be forced to sell our concentrates
in the spot market or we may not have a market for our concentrates and therefore our future operating results may be materially
adversely impacted. For example, the Doe Run Peru smelter, a significant buyer of our production in Peru, experienced financial
difficulties in the first quarter of 2009 and closed. We continued to sell copper concentrates to other buyers but on inferior
terms. The Doe Run Peru smelter remains closed and we are owed approximately $8.2 million under the terms of our contract with
Doe Run Peru. We continue to pursue all legal and commercial avenues to collect the amount outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, we had receivable balances
associated with buyers of our concentrates of $21.3 million (2014 - $29.3 million). All of this receivable balance is owed by eight
well known concentrate buyers and the vast majority of our concentrate is sold to those same counterparts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Silver dor&eacute; production is refined under long
term agreements with fixed refining terms at three separate refineries worldwide. We generally retain the risk and title to the
precious metals throughout the process of refining and therefore are exposed to the risk that the refineries will not be able to
perform in accordance with the refining contract and that we may not be able to fully recover our precious metals in such circumstances.
As at December 31, 2015, we had approximately $21.4 million contained in precious metal inventory at refineries (2014 - $44.7 million).
We maintain insurance coverage against the loss of precious metals at our mine sites, in-transit to refineries, and while at the
refineries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Refined silver and gold is sold in the spot market to
various bullion traders and banks. Credit risk may arise from these activities if we are not paid for metal at the time it is delivered,
as required by spot sale contracts.</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We maintain trading facilities with several banks and
bullion dealers for the purposes of transacting our trading activities. None of these facilities are subject to margin arrangements.
Our trading activities can expose us to the credit risk of our counterparties to the extent that our trading positions have a positive
mark-to-market value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management constantly monitors and assesses the credit
risk resulting from our concentrate sales, refining arrangements, and commodity contracts. Furthermore, management carefully considers
credit risk when allocating prospective sales and refining business to counterparties. In making allocation decisions, management
attempts to avoid unacceptable concentration of credit risk to any single counterparty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">From time to time, we may invest in equity securities
of other companies. Just as investing in Pan American is inherent with risks such as those set out in this AIF, by investing in
other companies we will be exposed to the risks associated with owning equity securities and those risks inherent in the investee
companies.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Liquidity Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that we will not be able
to meet our financial obligations as they come due. The volatility of the metals markets can impact our ability to forecast cash
flow from operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We must maintain sufficient liquidity to meet our short-term
business requirements, taking into account our anticipated cash flows from operations, our holdings of cash and cash equivalents,
and committed loan facilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We manage our liquidity risk by continuously monitoring
forecasted and actual cash flows. We have in place a rigorous reporting, planning and budgeting process to help determine the funds
required to support our normal operating requirements on an ongoing basis and our expansion plans. We continually evaluate and
review capital and operating expenditures in order to identify, decrease, and limit all non-essential expenditures.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Exchange Rate Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American reports its financial statements in USD;
however, the Company operates in jurisdictions that utilize other currencies. As a consequence, the financial results of the Company&rsquo;s
operations, as reported in USD, are subject to changes in the value of the USD relative to local currencies. Since the Company&rsquo;s
revenues are denominated in USD and a portion of the Company&rsquo;s operating costs and capital spending are in local currencies,
the Company is negatively impacted by strengthening local currencies relative to the USD and positively impacted by the inverse.
The local currencies that the Company has the most exposure to are the Peruvian soles (&ldquo;PEN&rdquo;), Mexican pesos (&ldquo;MXN&rdquo;)
and Argentine pesos (&ldquo;ARS&rdquo;). The following table illustrates the effect of changes in the exchange rate of PEN and
MXN against the USD on anticipated cost of sales for 2016, expressed in percentage terms:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: center"><B>2016 Cost of Sales and Exchange Rate Sensitivity </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><B><img src="tpg64.jpg"></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In order to mitigate this exposure, the Company maintains
a portion of its cash balances in PEN, MXN and CAD and, from time to time, enters into forward currency positions to match anticipated
spending as discussed in this in MD&amp;A in the &ldquo;Financial Instruments&rdquo; section.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s balance sheet contains various monetary
assets and liabilities, some of which are denominated in foreign currencies. Accounting convention dictates that these balances
are translated at the end of each period, with resulting adjustments being reflected as foreign exchange gains or losses on the
Company&rsquo;s income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Our balance sheet contains various monetary assets and
liabilities, some of which are denominated in foreign currencies. Accounting convention dictates that these balances are fair valued
at the end of each period, with resulting adjustments being reflected as foreign exchange gains or losses on our statement of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In addition to the foregoing, governmental restrictions
and controls relating to exchange rates also impact our operations. In Argentina, for example, the government has at times established
official exchanges rates that were significantly different than the unofficial exchange rates more readily utilized in the local
economy to determine prices and value. Our investments in Argentina are primarily funded from outside of the country, and therefore
conversion of foreign currencies, like USD, at the official exchange rate has had the effect of reducing purchasing power and substantially
increasing relative costs in an already high inflationary market. Maintaining monetary assets in ARS also exposes us to the risks
of ARS devaluation and high domestic inflation.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Taxation Risks</TD></TR></TABLE>

<P STYLE="font: italic bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">Pan
American is exposed to tax related risks, in assessing the probability of realizing income tax assets recognized, the Company makes
estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals
of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable
tax authorities. In making its assessments, we give additional weight to positive and negative evidence that can be objectively
verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing
tax laws in each jurisdiction. We consider relevant tax planning opportunities that are within the Company&rsquo;s control, are
feasible and within management&rsquo;s ability to implement. Examination by applicable tax authorities is supported based on individual
facts and circumstances of the relevant tax position examined in light of all available evidence. Where applicable tax laws and
regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates
can occur that materially affect the amounts of income tax assets recognized. Also, future changes in tax</FONT></P>

<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal"></FONT></P>


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<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">laws could limit the
Company from realizing the tax benefits from the deferred tax assets. We reassess unrecognized income tax assets at each reporting
period.</FONT></P>

<P STYLE="font: italic 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-weight: normal; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom">Claims and Legal Proceedings</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American is subject to various claims and legal
proceedings covering a wide range of matters that arise in the ordinary course of business activities. Many of these claims relate
to current or ex-employees, some of which involve claims of significant value, for matters ranging from workplace illnesses such
as silicosis to claims for additional profit-sharing and bonuses in prior years. Furthermore, we are in some cases the subject
of claims by local communities, indigenous groups or private land owners relating to land and mineral rights and such claimants
may seek sizeable monetary damages against us and/or the return of surface or mineral rights that are valuable to us and which
may impact our operations and profitability if lost. Each of these matters is subject to various uncertainties and it is possible
that some of these matters may be resolved unfavourably to us. We carry liability insurance coverage and establish provisions for
matters that are probable and can be reasonably estimated. In addition, we may be involved in disputes with other parties in the
future that may result in litigation, which may result in a material adverse effect on our financial position, cash flow and results
of operations.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Significant Judgments and Key Sources of
Estimation Uncertainty in the Application of Accounting Policies</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In preparing financial statements in accordance with
International Financial Reporting Standards, management is required to make estimates and assumptions that affect the amounts reported
in the consolidated financial statements. These critical accounting estimates represent management estimates and judgments that
are uncertain and any changes in these could materially impact the Company&rsquo;s financial statements. Management continuously
reviews its estimates, judgments, and assumptions using the most current information available.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Readers should also refer to Note 2 of the 2015 Financial
Statements, for the Company&rsquo;s summary of significant accounting policies.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Significant Judgments in the Application
of Accounting Policies</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Judgments that have the most significant effect on the
amounts recognized in the Company&rsquo;s consolidated financial statements are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Capitalization of evaluation costs</I></B>: The
Company has determined that evaluation costs capitalized during the year relating to the operating mines and certain other exploration
interests have potential future economic benefits and are potentially economically recoverable, subject to impairment analysis.
In making this judgement, the Company has assessed various sources of information including but not limited to the geologic and
metallurgic information, history of conversion of mineral deposits to proven and probable mineral reserves, scoping and feasibility
studies, proximity to existing ore bodies, operating management expertise and required environmental, operating and other permits.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Commencement of commercial production:</I></B><I>
</I>During the determination of whether a mine has reached an operating level that is consistent with the use intended by management,
costs incurred are capitalized as mineral property, plant and equipment and any consideration from commissioning sales are offset
against costs capitalized. The Company defines commencement of commercial production as the date that a mine has achieved a sustainable
level of production based on a percentage of design capacity along with various qualitative factors including but not</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">limited to
the achievement of mechanical completion, continuous nominated level of production, the working effectiveness of the plant and
equipment at or near expected levels and whether there is a sustainable level of production input available including power, water
and diesel.</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Assets&rsquo; carrying values and impairment charges:</I></B>
In determining carrying values and impairment charges, the Company looks at recoverable amounts, defined as the higher of value
in use or fair value less cost to sell in the case of assets, and at objective evidence that identifies significant or prolonged
decline of fair value on financial assets indicating impairment. These determinations and their individual assumptions require
that management make a decision based on the best available information at each reporting period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Functional currency:</I></B><I> </I>The functional
currency for the Company and its subsidiaries is the currency of the primary economic environment in which each operates. The Company
has determined that its functional currency and that of its subsidiaries is the USD. The determination of functional currency may
require certain judgments to determine the primary economic environment. The Company reconsiders the functional currency used when
there is a change in events and conditions which determined the primary economic environment.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Business combinations:</I></B> Determination of
whether a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgments,
taking into account all facts and circumstances. A business consists of inputs, including non-current assets and processes, including
operational processes, that when applied to those inputs have the ability to create outputs that provide a return to the Company
and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Deferral of stripping costs:</I></B> <I> </I>In
determining whether stripping costs incurred during the production phase of a mining property relate to mineral reserves and mineral
resources that will be mined in a future period and therefore should be capitalized, the Company treats the costs of removal of
the waste material during a mine&rsquo;s production phase as deferred, where it gives rise to future benefits. These capitalized
costs are subsequently amortized on a unit of production basis over the reserves that directly benefit from the specific stripping
activity. As at December&nbsp;31, 2015, the carrying amount of stripping costs capitalized was $39.5 million comprised of Manantial
- $3.2 million and Dolores - $36.3 million (2014 - $46.2 million was capitalized comprised of Manantial Espejo $13.0 million, Dolores
$28.4 million, and Alamo Dorado $4.8 million).</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: bold 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Replacement convertible debenture:
</I><FONT STYLE="font-weight: normal">As part of the 2009 Aquiline transaction, the Company issued a replacement convertible debenture
that allowed the holder to convert the debenture into either 363,854 Common Shares or a silver stream contract. The holder subsequently
selected the silver stream contract. The convertible debenture is classified and accounted for as a deferred credit. In determining
the appropriate classification of the convertible debenture as a deferred credit, the Company evaluated the economics underlying
the contract as of the date the Company assumed the obligation. As at December 31, 2015, the carrying amount of the deferred credit
arising from the Aquiline acquisition was $20.8 million (2014 - $20.8 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Convertible Notes:</I></B> The Company has the
right to pay all or part of the liability associated with the Company&rsquo;s outstanding convertible notes in cash on the conversion
date. Accordingly, the Company classifies the convertible notes as a financial liability with an embedded derivative. The financial
liability and embedded derivative are recognized initially at their respective fair values. The embedded derivative is subsequently
recognized at fair value with changes in fair value reflected in profit or loss and the debt liability component is recognized
at amortized cost using the effective interest method. Interest gains and losses related to the debt liability component or embedded
derivatives are recognized in profit or loss. On conversion, the equity instrument is measured at the carrying value of the liability
component and the fair value of the derivative</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">component on the conversion date. The notes, were settled in December 2015 along
with all accrued interest.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><I>Key Sources of Estimation Uncertainty
in the Application of Accounting Policies</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Key sources of estimation uncertainty that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities are:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Revenue recognition:</I></B> Revenue from the
sale of concentrate to independent smelters is recorded at the time the risks and rewards of ownership pass to the buyer using
forward market prices on the expected date that final sales prices will be fixed. Variations between the prices set under the smelting
contracts may be caused by changes in market prices and result in an embedded derivative in the accounts receivable. The embedded
derivative is recorded at fair value each period until final settlement occurs, with changes in the fair value classified in revenue.
In a period of high price volatility, as experienced under current economic conditions, the effect of mark-to-market price adjustments
related to the quantity of metal which remains to be settled with independent smelters could be significant. For changes in metal
quantities upon receipt of new information and assay, the provisional sales quantities are adjusted.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Estimated recoverable ounces</I></B><I>:</I> The
carrying amounts of the Company&rsquo;s mining properties are depleted based on recoverable ounces. Changes to estimates of recoverable
ounces and depletable costs including changes resulting from revisions to the Company&rsquo;s mine plans and changes in metal price
forecasts can result in a change to future depletion rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Mineral reserve estimates:</I></B> The figures
for mineral reserves and mineral resources are determined in accordance with NI 43-101 issued by the Canadian Securities Administrators,
and in accordance with &ldquo;Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines &ndash; adopted November
23, 2003&rdquo; prepared by the Canadian Institute of Mining, Metallurgy and Petroleum (&ldquo;CIM&rdquo;) Standing Committee on
Reserve Definitions. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including
many factors beyond the Company&rsquo;s control. Such estimation is a subjective process, and the accuracy of any mineral reserve
or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments
used in engineering and geological interpretation. Differences between management&rsquo;s assumptions including economic assumptions
such as metal prices and market conditions could have a material effect in the future on the Company&rsquo;s financial position
and results of operation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Valuation of Inventory</I></B>: In determining
mine production costs recognized in the consolidated income statement, the Company makes estimates of quantities of ore stacked
in stockpiles, placed on the heap leach pad and in process and the recoverable silver in this material to determine the average
costs of finished goods sold during the period. Changes in these estimates can result in a change in mine operating costs of future
periods and carrying amounts of inventories.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Depreciation and amortization rates for mineral
property, plant and equipment and mineral interests:</I></B> Depreciation and amortization expenses are allocated based on assumed
asset lives and depreciation and amortization rates. Should the asset life or depreciation rate differ from the initial estimate,
an adjustment would be made in the consolidated income statement prospectively. A change in the mineral reserve estimate for assets
depreciated using the units of production method would impact depreciation expense prospectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Impairment of mining interests:</I></B> While
assessing whether any indications of impairment exist for mining interests, consideration is given to both external and internal
sources of information. Information the Company considers include changes in the market, economic and legal</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">environment in which
the Company operates that are not within its control and affect the recoverable amount of mining interests. Internal sources of
information include the manner in which mineral property, plant and equipment are being used or are expected to be used and indications
of the economic performance of the assets. Estimates include but are not limited to estimates of the discounted future after-tax
cash flows expected to be derived from the Company&rsquo;s mining properties, costs to sell the mining properties and the appropriate
discount rate. Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future
capital costs, reductions in the amount of recoverable mineral reserves and mineral resources and/or adverse current economics
can result in a write-down of the carrying amounts of the Company&rsquo;s mining interests. Impairments of mining interests are
discussed in Note 11<B> </B>of the 2015 Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Estimation of decommissioning and restoration
costs and the timing of expenditures:</I></B> The cost estimates are updated annually during the life of a mine to reflect known
developments, (e.g. revisions to cost estimates and to the estimated lives of operations), and are subject to review at regular
intervals. Decommissioning, restoration and similar liabilities are estimated based on the Company&rsquo;s interpretation of current
regulatory requirements, constructive obligations and are measured at the best estimate of expenditure required to settle the present
obligation of decommissioning, restoration or similar liabilities that may occur upon decommissioning of the mine at the end of
the reporting period. The carrying amount is determined based on the net present value of estimated future cash expenditures for
the settlement of decommissioning, restoration or similar liabilities that may occur upon decommissioning of the mine. Such estimates
are subject to change based on changes in laws and regulations and negotiations with regulatory authorities. Refer to Note 15 of
the 2015 Financial Statements for details on decommissioning and restoration costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Income taxes and recoverability of deferred tax
assets:</I></B> In assessing the probability of realizing income tax assets recognized, the Company makes estimates related to
expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary
differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making
its assessments, the Company gives additional weight to positive and negative evidence that can be objectively verified. Estimates
of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction.
The Company considers relevant tax planning opportunities that are within the Company&rsquo;s control, are feasible and within
management&rsquo;s ability to implement. Examination by applicable tax authorities is supported based on individual facts and circumstances
of the relevant tax position examined in light of all available evidence. Where applicable tax laws and regulations are either
unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that
materially affect the amounts of income tax assets recognized. Also, future changes in tax laws could limit the Company from realizing
the tax benefits from the deferred tax assets. The Company reassesses unrecognized income tax assets at each reporting period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Accounting for acquisitions:</I></B> The provisional
fair value of assets acquired and liabilities assumed and the resulting goodwill, if any, requires that management make certain
judgments and estimates taking into account information available at the time of acquisition about future events, including, but
not restricted to, estimates of mineral reserves and mineral resources required, exploration potential, future operating costs
and capital expenditures, future metal prices, long-term foreign exchange rates and discount rates. Changes to the provisional
values of assets acquired and liabilities assumed, deferred income taxes and resulting goodwill, if any, are retrospectively adjusted
when the final measurements are determined (within one year of the acquisition date).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Contingencies:</I></B> Due to the size, complexity
and nature of the Company&rsquo;s operations, various legal and tax matters are outstanding from time to time. In the event the
Company&rsquo;s estimates of the future resolution of these matters changes, the Company will recognize the effects of the changes
in its consolidated financial statements on the date such changes occur. Refer to Note 28 of the 2015 Financial Statements for
further discussion on contingencies.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 14pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none"><I>Changes
in Accounting Standards</I></FONT></P>




<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Effective January 1, 2015, the Company adopted the following
new and revised IFRSs that were issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), effective for annual
periods beginning on or after July 1, 2014:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IFRS 2 Share-based Payment</B><I>,
</I>the amendment to IFRS 2 re-defines the definition of &ldquo;vesting condition.&rdquo; The application of this IFRS did not
have a material impact on the amounts reported for the current or prior years but may affect the presentation of future transactions
or arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IFRS 3 Business Combinations,</B>
the amendment to IFRS 3 provides further clarification on the accounting treatment for contingent consideration, and provides a
scope exception for joint ventures. The application of this IFRS did not have a material impact on the amounts reported for the
current or prior years but may affect the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IFRS 8 Operating Segments</B>, the
amendments to IFRS 8 provides further clarification on the disclosure required for the aggregation of segments and the reconciliation
of segment assets. The application of this IFRS did not have a material impact on the disclosure required for the current or prior
years but may affect the disclosure required in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IFRS 13 Fair Value Measurement,</B>
the amendment to IFRS 13 provides further details on the scope of the portfolio exception. The application of this IFRS did not
have a material impact on the amounts reported for the current or prior years but may affect the presentation of future transactions
or arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IAS 16 Property, Plant and Equipment,</B>
the amendment to IAS 16 deals with the proportionate restatement of accumulated depreciation on revaluation. The application of
this IFRS did not have a material impact on the amounts reported for the current or prior years but may affect the presentation
of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IAS 24 Related Party Disclosures</B><I>,
</I>the amendment to IAS 24 deals with the disclosure required for management entities. The application of this IFRS did not have
a material impact on the disclosure required for the current or prior years but may affect the disclosure required in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Amended standard IAS 38 Intangible Assets</B>, the
amendment to IAS 38 deals with the proportionate restatement of accumulated depreciation on revaluation. The application of this
IFRS did not have a material impact on the amounts reported for the current or prior years but may affect the presentation of future
transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Accounting Standards</B></FONT><B> Issued but Not Yet Effective
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>IFRS 9 Financial Instruments (&ldquo;IFRS 9&rdquo;)</B>
was issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;) on July 24, 2014 and will replace IAS 39 Financial
Instruments: Recognition and Measurement. IFRS 9 utilizes a single approach to determine whether a financial asset is measured
at amortized cost or fair value and a new mixed measurement model for debt</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">instruments having only two categories: amortized cost
and fair value. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business
model and the contractual cash flow characteristics of the financial assets. Final amendments released on July 24, 2014 also introduce
a new expected loss impairment model and limited changes to the classification and measurement requirements for financial assets.
IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The Company is currently evaluating the impact the
final standard and amendments on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>IFRS 15, <I>Revenue from Contracts with Customers</I>
(&ldquo;IFRS 15&rdquo;)</B> In May 2014, the IASB and the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) completed its
joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for IFRS and US GAAP.
As a result of the joint project, the IASB issued IFRS 15, Revenue from Contracts with Customers, and will replace IAS 18, Revenue,
IAS 11, Construction Contracts, and related interpretations on revenue. IFRS 15 establishes principles to address the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity&rsquo;s contracts with customers. Companies can elect to
use either a full or modified retrospective approach when adopting this standard. On July 22, 2015, the IASB confirmed a one-year
deferral of the effective date of IFRS 15 to January 1, 2018. The Company is in the process of analyzing IFRS 15 and determining
the effect on our consolidated financial statements as a result of adopting this standard.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>IFRS 16,<I> Leases</I></B><I> </I><B>(&ldquo;IFRS
16&rdquo;)</B> In January 2016, the IASB issued IFRS 16 &ndash; <I>Leases</I> which replaces IAS 17 &ndash; <I>Leases </I>and its
associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease
and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined to meet
the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on-balance
sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases
of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods
beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company is currently
evaluating the impact the final standard is expected to have on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Corporate Governance, Social Responsibility,
and Environmental Stewardship</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Governance</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American adheres to high standards of corporate
governance and closely follows the requirements established by both the Canadian Securities Administrators and the SEC in the United
States. We believe that our current corporate governance systems meet or exceed these requirements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Our Board of Directors oversees the direction and strategy
of the business and the affairs of the Company. The Board is comprised of eight directors, six of whom are independent. The Board&rsquo;s
wealth of experience allows it to effectively oversee the development of corporate strategies, provide management with long-term
direction, consider and approve major decisions, oversee the business generally and evaluate corporate performance. The Health,
Safety and Environment Committee, appointed by the Board of Directors, provides oversight for the corporate social initiatives
of the Company and reports directly to the Board.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We believe that good corporate governance is important
to the effective performance of the Company and plays a significant role in protecting the interests of all stakeholders while
helping to maximize value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Community relations </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We are committed to creating sustainable value in the
communities where our people work and live. Guided by research conducted by our local offices, we participate in, and contribute
to numerous community programs. They typically center on education and health, nutrition, environmental awareness, local infrastructure
and alternative economic activities. Some of our key initiatives are:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Strengthening the production chain of livestock breeding.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Value adding through the development of alpaca textiles weaving workshops with product commercialization
in North America. </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Improving nutrition, focusing on children and pregnant women.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Promoting community health with emphasis on immunizations, optometry, and focusing on oral health.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Promoting tourism and local areas of interest such as the Stone Forest in Huayllay in Peru.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Encouraging education for children and adults by contributing to teacher&rsquo;s salaries, and
providing continuous support through different scholarships at a local and national level.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Environmental Stewardship</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We are committed to operating our mines and developing
our new projects in an environmentally responsible manner. Guided by our Corporate Environmental Policy, we take every practical
measure to minimize the environmental impacts of our operations in each phase of the mining</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">cycle, from early exploration through
development, construction and operation, up to and after the mine&rsquo;s closure.</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We build and operate mines in varied environments across
the Americas. From the Patagonian plateau to the Sierra Madre in Mexico, our mines are generally located in isolated places where
information about environmental and cultural values is often limited. Our mines in Peru and Bolivia are situated in historic mining
districts where previous operations have left significant environmental liabilities that have potential to impact on surrounding
habitats and communities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We manage these challenges using best practice methods
in environmental impact assessment and teams of leading local and international professionals who clearly determine pre-existing
environmental values at each location. These extensive baseline studies often take years of work and cover issues such as biodiversity
and ecosystems, surface and groundwater resources, air quality, soils, landscape, archeology and paleontology, and the potential
for acid rock drainage in the natural rocks of each new mineral deposit or historic waste or tailings dump. The data collected
often significantly advances scientific knowledge about the environments and regions where we work.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The baseline information is then used interactively
in the design of each new mine or to develop management and closure plans for historic environmental liabilities, in open consultation
with local communities and government authorities. We conduct detailed modeling and simulation of the environmental effects of
each alternative design in order to determine the optimum solution, always aiming for a net benefit.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Once construction and operations begin, we conduct regular
monitoring of all relevant environmental variables in order to measure real impacts against baseline data and report to the government
and communities on our progress. Community participation in environmental monitoring is encouraged across all our mines. We implement
management systems, work procedures and regular staff training to ensure optimum day-to-day management of issues like waste separation
and disposal, water conservation, spill prevention, and incident investigation and analysis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">We conduct corporate environmental audits of our operations
to ensure optimum environmental performance. Environmental staffs from all mines participate in the audits which improves integration
and consolidation of company-wide standards across our operations. In 2015, audits were conducted on the La Colorada, Dolores,
Alamo Dorado, and Manantial Espejo mines<FONT STYLE="font-size: 12pt">. </FONT>In 2014, audits were conducted on the Morococha,
San Vicente and Huaron mines<FONT STYLE="font-size: 12pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">Disclosure Controls and Procedures</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pan American&rsquo;s management considers the meaning
of internal control to be the processes established by management to provide reasonable assurance about the achievement of the
Company&rsquo;s objectives regarding operations, reporting and compliance. Internal control is designed to address identified risks
that threaten any of these objectives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As of December 31, 2015, the Company carried out an
evaluation, under the supervision and with the participation of the Company&rsquo;s management, including the Company&rsquo;s Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company&rsquo;s disclosure
controls and procedures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that,
as of December 31, 2015, the Company&rsquo;s disclosure controls and procedures were effective.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Changes in Internal Controls over Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">There has been no change in the Company&rsquo;s internal
control over financial reporting during the year ended December 31, 2015 that has materially affected or is reasonably likely to
materially affect, its internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Management&rsquo;s Report on Internal Control over
Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management of Pan American is responsible for establishing
and maintaining an adequate system of internal control, including internal controls over financial reporting. Internal control
over financial reporting is a process designed by, or under the supervision of, the President and Chief Executive Officer and the
Chief Financial Officer and effected by the Board of Directors, management and other personnel to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with International Financial Reporting Standards. It includes those policies and procedures that:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">a)</TD><TD STYLE="text-align: justify">pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of Pan American,</TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">b)</TD><TD STYLE="text-align: justify">are designed to provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with International Financial Reporting Standards, and that receipts and expenditures
of Pan American are being made only in accordance with authorizations of management and Pan American&rsquo;s directors, and</TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">c)</TD><TD STYLE="text-align: justify">are designed to provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of Pan American&rsquo;s assets that could have a material effect on the annual financial statements
or interim financial reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s management, including its President
and Chief Executive Officer and Chief Financial Officer, believe that due to its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements on a timely basis. Also, projections of any evaluation of the effectiveness of
internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management assessed the effectiveness of Pan American&rsquo;s
internal control over financial reporting as at December 31, 2015, based on the criteria set forth in Internal Control &ndash;
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Commission (COSO). Based on this
assessment, management concludes that, as of December 31, 2015, Pan American&rsquo;s internal control over financial reporting
is effective.</P>




<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management reviewed the results of management&rsquo;s
assessment with the Audit Committee of the Company&rsquo;s Board of Directors. Deloitte LLP, an independent registered public accounting
firm, were engaged, as approved by a vote of the Company&rsquo;s shareholders, to audit and provide independent opinions on the
Company&rsquo;s consolidated financial statements and the effectiveness of the Company&rsquo;s internal control over financial
reporting as of December 31, 2015. Deloitte LLP has provided such opinions.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 16pt Arial,sans-serif; margin: 0pt 0 0pt 12pt; text-transform: uppercase">Mineral Reserves and Resources</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">MINERAL RESERVES &ndash; PROVEN AND PROBABLE</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Zn</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Location</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Classification</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Mt)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Moz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(000's
    oz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">6.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">172</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">33.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.41</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.40</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.99</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">167</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">19.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.27</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.58</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Morococha
    (92.3%) <SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">176</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">13.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.78</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.18</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.57</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">202</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">12.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.53</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.35</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.70</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Colorada </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">474</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">49.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.35</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">36.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.69</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">346</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">41.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.30</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">35.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.18</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.06</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">23.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">28</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">20.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.96</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">706.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">29.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">34</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">32.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.92</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">864.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Alamo
    Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">55</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.23</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">12.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.00</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Bolsa</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">9.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">10</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">203.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">6.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.57</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">113.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Manantial
    Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">120</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">9.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.60</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">126.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">262</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.90</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">35.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>San
    Vicente (95%) <SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Bolivia</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Proven</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">482</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">30.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.35</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.66</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Probable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">511</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">6.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.48</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.24</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>TOTALS
    <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Proven
    + Probable</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>95.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>91</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>280.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>0.84</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>2,132.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.45</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.30</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.97</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">MINERAL RESOURCES &ndash; MEASURED AND INDICATED</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Zn</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Location</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Classification</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Mt)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Moz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(000's
    oz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">166</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.27</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.66</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.93</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">167</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">7.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.58</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.95</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Morococha
    (92.3%)<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">124</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.35</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.96</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.04</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.6</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">155</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.39</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.00</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">234</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.22</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.47</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.85</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">288</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">17.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.26</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">16.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.64</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.88</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">11.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">17</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">6.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.29</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">109.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">20.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">16.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.62</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">400.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Alamo
    Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">50</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.23</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">8.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">78</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.40</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">10.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Bolsa</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">11</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.90</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">31.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.50</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">59.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Manantial
    Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">99</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.14</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">33.6</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">188</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.84</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">26.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>San
    Vicente (95%)<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Bolivia</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">194</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">5.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.15</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">207</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.16</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.57</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Navidad</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">15.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">137</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">67.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.10</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.44</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">139.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">126</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">564.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.04</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.79</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Pico
    Machay</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Measured</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.91</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">137.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">5.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">127.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Calcatreu</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Indicated</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">8.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">26</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">6.6</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.63</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">676.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>TOTALS
    <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt"><P STYLE="font: 7pt Calibri,sans-serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Measured+</B></FONT></P>
        <P STYLE="font: 7pt Calibri,sans-serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Indicated</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>222.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>106</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>721.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>0.83</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>1,640.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.06</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.86</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.21</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 75; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Pan American Silver Corp.</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">MINERAL RESOURCES &ndash; INFERRED</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 11pt">
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Contained
    Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Zn</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Location</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>Classification</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Mt)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(Moz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(000's
    oz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B><U>(%)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Huaron</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">7.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">153</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">36.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.32</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.48</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.75</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Morococha
    (92.3%) <SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">239</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">37.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.33</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Colorada</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">374</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">23.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.39</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">24.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.27</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Dolores</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.17</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">155.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Alamo
    Dorado</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">39</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.54</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>La
    Bolsa</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Mexico</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">13.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.51</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">222.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Manantial
    Espejo</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.5</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">208</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.64</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">41.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>San
    Vicente (95%) <SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Bolivia</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.2</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">318</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">22.1</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Navidad</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">45.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">81</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">119.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.02</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.57</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Pico
    Machay</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Peru</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">23.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.58</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">445.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Calcatreu</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Argentina</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inferred</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">3.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">17</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.06</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">226.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -0.9pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>TOTALS
    <SUP>(2)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Inferred</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>107.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>93</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>250.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>0.73</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>1,115.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.08</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">0.77</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2.36</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">HISTORICAL ESTIMATES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 11pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Contained Ag</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Contained Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Cu</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>Property</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>Location</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>Unclassified</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(Mt)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(Moz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(g/t)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(000's oz)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(%)</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B><U>(%)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Hog Heaven </B></FONT><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">USA</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">Historical <SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">2.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">14.6</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">0.62</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">53.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Hog Heaven </B></FONT><B><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><SUP>(3)</SUP></FONT></B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">USA</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">Historical <SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">7.6</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">133</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">32.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">0.70</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">171.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Waterloo </B></FONT><B><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><SUP>(4)</SUP></FONT></B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">USA</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">Historical</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">33.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">100.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>TOTAL</B></FONT><B><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"> <SUP>(2)</SUP></FONT></B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>Historical</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>44.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>104</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>148.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Calibri Light,sans-serif; font-size: 8pt"><B>225.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">This information represents
the portion of mineral reserves and resources attributable to Pan American based on its ownership interest in the operating entity
as indicated.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Totals may not add-up due to rounding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The historical estimate for Hog Heaven was prepared by Gregory Hahn,
Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property, in a report titled &ldquo;Hog Heaven Project Optimization
Study&rdquo; dated May 1989, prior to implementation of NI 43-101. The historical estimate was based on extensive diamond drilling,
and was estimated using a silver price of $6.50 per ounce and a gold price of $400 per ounce (these were relevant prices at the
time of the estimate). Michael Steinmann, P.Geo, has reviewed the available data, including drill sections, surface maps, and additional
supporting information sources, and believes that the historic estimate was conducted in a professional and competent manner and
is relevant for the purposes of the Company's decision to maintain its interest in this property. In the study, the historic estimate
was sub-categorized as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 65%; border-collapse: collapse; font-size: 11pt; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 46%; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 9pt"><B><U>Category</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 21%; padding-top: 0; padding-left: 13.5pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 9pt"><B><U>Tons</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 17%; padding-top: 0; padding-left: 13.5pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 9pt"><B><U>oz/ton <BR>
Ag</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 16%; padding-top: 0; padding-left: 13.5pt; font-family: Arial,sans-serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 9pt"><B><U>oz/ton<BR>
 Au</U></B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: justify"><FONT STYLE="font-size: 9pt">Proven Reserves</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">2,981,690</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">4.88</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">0.018</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: justify"><FONT STYLE="font-size: 9pt">Probable &amp; Possible Reserves</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">904,200</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">10.40</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">0.020</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: justify"><FONT STYLE="font-size: 9pt">Heap leach ore</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">316,100</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">1.56</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">0.014</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: justify"><FONT STYLE="font-size: 9pt">Possible Resources</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">4,500,000</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">2.41</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">0.020</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: justify"><FONT STYLE="font-size: 9pt">Inferred Resources</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">2,700,000</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">4.44</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 6pt; padding-left: 13.5pt; font-family: Arial,sans-serif; text-align: left"><FONT STYLE="font-size: 9pt">0.022</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify">However, the Company has not completed the work necessary
to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101-compliant
mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied
upon.&#9;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company believes that the historical estimate category
of &quot;proven reserves&quot; for Hog Heaven most closely corresponds to 2,705,000 tonnes in the CIM definition category of &quot;indicated
mineral resources&quot;.&#9;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company believes that the historical estimate categories
of &quot;proven &amp; possible reserves&quot;, &quot;heap leach ore stockpile&quot;, &quot;possible resources&quot; and &quot;inferred
resources&quot; most closely correspond to 7,639,000 tonnes in the CIM definition category of &quot;inferred mineral resources&quot;.&#9;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The historical estimate
for Waterloo was initially prepared by Asarco Inc. in 1968. In September 1994 Robert J. Rodger, P.Eng., reviewed the Asarco reports
and prepared a Technical Evaluation Report on the Waterloo property, prior to the implementation of NI 43-101. The Technical Evaluation
Report confirmed that the historical estimate was based on reverse circulation drilling and underground sampling, and concluded
the estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver price of $5.00 per
ounce (the relevant price at the time of the</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 9pt"></FONT></P>

<!-- Field: Page; Sequence: 76; Value: 3 -->
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 9pt">estimate). Michael Steinmann, P.Geo., has reviewed the Technical
Evaluation Report and believes the historic estimate was conducted in a professional and competent manner and is relevant for purposes
of the Company's decision to maintain its interest in the property. The Company believes that the historical estimate category
of 37,235,000 tons (at 2.71 ounces per ton silver) of &quot;measured and indicated reserves&quot; most closely corresponds to 33,758,000
tonnes in the CIM definition category of &quot;indicated mineral resource&rdquo;. However, the Company has not completed the work
necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101
compliant mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should
not be relied upon.&#9;</FONT></P>




<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0"><B><U>General Notes
Applicable to the Foregoing Tables:</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.2pt">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">Mineral reserves and resources are
as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. &#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">Mineral resources that are not mineral
reserves have no demonstrated economic viability. &#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">Pan American does not expect these
mineral reserve and resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation,
socio-economic, political, and marketing or other relevant issues.&#9;&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">See the Company&rsquo;s Annual
Information Form dated March 24, 2016, available at <U>www.sedar.com</U>, for more information concerning associated QA/QC and
data verification matters, the key assumptions, parametres and methods used by the Company to estimate mineral reserves and mineral
resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect
the Company&rsquo;s business and the potential development of the Company&rsquo;s mineral reserves and resources. &#9;&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">Grades are shown as contained metal
before mill recoveries are applied.&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Pan American reports mineral resources and mineral reserves
separately. Reported mineral resources do not include amounts identified as mineral reserves.&#9;.&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Prices used to estimate mineral reserves for 2015 were $17.00 per ounce of
silver, $1,180 per ounce of gold, $1,800 per tonne of lead, $1,800 per tonne of zinc, and $5,000 per tonne of copper, except at
Manantial Espejo where $14.50 per ounce of silver and $1,100 per ounce of gold was used for planned 2016 production, reverting
to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metal prices of $15.00 per ounce of silver
and $1,100 per ounce of gold were used due to their planned processing in the short term.&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Metal prices for Dolores, Manantial Espejo and Alamo Dorado resources were
$25 per ounce of silver and $1,400 per ounce of gold.&#9;&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Metal prices used for Navidad were $12.52 per ounce of silver and $1,100 per
tonne of lead.&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Metal prices used for Calcatreu were $12.50 per ounce of silver and $650 per
ounce of gold&#9;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per
ounce of gold.</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-indent: 0">Mineral resource and reserve estimates for Huaron, Morococha, La Colorada,
Dolores, Alamo Dorado, Manantial Espejo, San Vicente, La Bolsa, Pico Machay, and Calcatreu were prepared under the supervision
of, or were reviewed by Martin Dupuis, P. Geo., Director, Geology and Martin G. Wafforn, P. Eng., Vice-President Technical Services,
each of whom are Qualified Persons as that term is defined in National Instrument 43-101 (&ldquo;NI 43-101&rdquo;). Navidad mineral
resource estimates were prepared by Pamela De Mark, P. Geo., Director, Resources, formerly Sr. Consultant of Snowden Mining Industry
Consultants, also a Qualified Person as that term is defined in NI 43-101. Mineral resource estimates for Hog Heaven and Waterloo
are based on historical third party estimates.</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Technical
Information </B></FONT></P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify">Martin Wafforn and Martin Dupuis, each of whom are Qualified
Persons, as the term is defined in NI 43-101, have reviewed and approved the contents of this MD&amp;A.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.15in; text-align: justify">For more detailed information regarding
the Company&rsquo;s material mineral properties and technical information related thereto, including a complete list of current
technical reports applicable to such properties, please refer to the Company&rsquo;s Annual Information Form dated March 24, 2016
 filed at <U>www.sedar.com</U> or the Company&rsquo;s most recent Form 40-F filed with the SEC.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
AND INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">CERTAIN
OF THE STATEMENTS AND INFORMATION IN THIS MD&amp;A CONSTITUTE &ldquo;FORWARD-LOOKING STATEMENTS&rdquo; WITHIN THE MEANING OF THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND &ldquo;FORWARD-LOOKING INFORMATION&rdquo; WITHIN THE MEANING
OF APPLICABLE CANADIAN PROVINCIAL SECURITIES LAWS RELATING TO THE COMPANY AND ITS OPERATIONS. ALL STATEMENTS, OTHER THAN STATEMENTS
OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS. WHEN USED IN THIS MD&amp;A THE WORDS, &ldquo;WILL&rdquo;, &ldquo;BELIEVES&rdquo;,
&ldquo;EXPECTS&rdquo;, &ldquo;INTENDS&rdquo;, &ldquo;PLANS&rdquo;, &ldquo;FORECAST&rdquo;, &ldquo;OBJECTIVE&rdquo;, &ldquo;GUIDANCE&rdquo;,
&ldquo;OUTLOOK&rdquo;, &ldquo;POTENTIAL&rdquo;, &ldquo;ANTICIPATED&rdquo;, &ldquo;BUDGET&rdquo;, AND OTHER SIMILAR WORDS AND EXPRESSIONS,
IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER THINGS:
FUTURE PRODUCTION OF SILVER, GOLD AND OTHER METALS PRODUCED BY THE COMPANY; FUTURE CASH COSTS PER OUNCE OF SILVER AND ALL-IN SUSTAINING
COSTS PER SILVER OUNCE SOLD; THE PRICE OF SILVER AND OTHER METALS; THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT POLICIES AFFECTING
PAN AMERICAN&rsquo;S OPERATIONS OR POTENTIAL FUTURE OPERATIONS, INCLUDING but NOT LIMITED TO THE laws in THE PROVINCE OF CHUBUT,
ARGENTINA, WHICH CURRENTLY HAVE SIGNIFICANT RESTRICTIONS ON MINING, AND THE NEW MINING LAW AND THE NEW CONCILIATION AND ARBITRATION
LAW IN BOLIVIA, each of WHICH COULD PLACE ADDITIONAL FINANCIAL OBLIGATIONS ON OUR SUBSIDIARIES; THE CONTINUING NATURE OF HIGH INFLATION,
RISING CAPITAL AND OPERATING COSTS, CAPITAL RESTRICTIONS AND RISKS OF EXPROPRIATION RELATIVE TO CERTAIN OF OUR OPERATIONS, PARTICULARLY
IN ARGENTINA and bolivia, AND THEIR EFFECTS ON OUR BUSINESS; THE SUFFICIENCY OF THE COMPANY&rsquo;S CURRENT WORKING CAPITAL, ANTICIPATED
OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY FUNDS; TIMING OF PRODUCTION AND THE CASH AND TOTAL COSTS OF PRODUCTION AT
EACH OF THE COMPANY&rsquo;S PROPERTIES; THE ESTIMATED COST OF AND AVAILABILITY OF FUNDING NECESSARY FOR SUSTAINING CAPITAL; the
successful implementation and effects of ONGOING OR FUTURE DEVELOPMENT and expansion PLANS AND CAPITAL REPLACEMENT, IMPROVEMENT
OR REMEDIATION PROGRAMS; FORECAST CAPITAL AND NON-OPERATING SPENDING; FUTURE SALES OF THE METALS, CONCENTRATES OR OTHER PRODUCTS
PRODUCED BY THE COMPANY; AND THE COMPANY&rsquo;S PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS; AND the timing and method
of REPAYMENT OF Restricted share units AND performance share units. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">THESE
STATEMENTS REFLECT THE COMPANY&rsquo;S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS
AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE,
POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE
OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED
BY SUCH FORWARD-LOOKING STATEMENTS or information CONTAINED IN THIS MD&amp;A AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES
BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS
FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY
MARKETS (SUCH AS THE PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO, BOLIVIAN BOLIVIANO and canadian dollar VERSUS THE U.S. DOLLAR);
RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY&rsquo;S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT,
LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU,
ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED WITH
THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR
UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL
CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN
INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS
POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION
AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT
MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES
OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; THE COMPANY&rsquo;S ABILITY TO COMPLETE AND SUCCESSFULLY
INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY&rsquo;S
TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC
EVALUATIONS, AND CHANGES IN PROJECT PARAMETRES TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN THE
MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; HAVING SUFFICIENT CASH TO PAY OBLIGATIONS AS THEY
COME DUE AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION &ldquo;RISKS RELATED TO PAN AMERICAN&rsquo;S BUSINESS&rdquo; IN THE COMPANY&rsquo;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. INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING
STATEMENTS or information. 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. THE
COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT
CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS
REQUIRED BY APPLICABLE LAW.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: bold 8pt Arial,sans-serif; margin: 0pt 0; text-transform: uppercase; text-align: justify">CAUTIONARY NOTE TO US
INVESTORS CONCERNING ESTIMATES OF MINERAL RESERVES AND RESOURCES</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal">This
MD&amp;A has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements
of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this news release have
been prepared in accordance with Canadian National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects (''NI
43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by
the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of
the United States Securities and Exchange Commission (the &quot;SEC&quot;), and information concerning mineralization, deposits,
mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed
by U.S. companies. In particular, and without limiting the generality of the foregoing, this MD&amp;A uses the terms ''measured
resources'', ''indicated resources'' and ''inferred resources''. U.S. investors are advised that, while such terms are recognized
and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI&nbsp;43-101 for identification
of ''reserves'' are not the same as those of the SEC, and reserves reported by Pan American in compliance with NI&nbsp;43-101 may
not qualify as ''reserves'' under SEC standards. Under U.S. standards, mineralization may not be classified as a ''reserve'' unless
the determination has been made that the mineralization could be economically and legally produced or extracted at the time the
reserve determination is made. U.S. investors are cautioned not to assume that any part of a &quot;measured resource&quot; or &quot;indicated
resource&quot; will ever be converted into a &quot;reserve&quot;. U.S. investors should also understand that &quot;inferred resources&quot;
have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of &quot;inferred resources&quot; exist, are economically or legally mineable or will ever be upgraded
to a higher category. Under Canadian securities laws, estimated &quot;inferred resources&quot; may not form the basis of feasibility
or pre-feasibility studies except in rare cases.Disclosure of &quot;contained ounces&quot; in a mineral resource is permitted disclosure
under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute
&quot;reserves&quot; by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information
concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance
with U.S. standards.</FONT></P>



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<TYPE>EX-1.3
<SEQUENCE>4
<FILENAME>v435068_ex1-3.htm
<DESCRIPTION>EXHIBIT 1.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit
1.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="tex1-3logo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSOLIDATED FINANCIAL
STATEMENTS AND NOTES</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FOR THE YEARS ENDED DECEMBER 31, 2015
AND DECEMBER 31, 2014</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><img src="tex1-3logo1.jpg"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Management&rsquo;s Responsibility For Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The accompanying Consolidated Financial
Statements of Pan American Silver Corp. were prepared by management, which is responsible for the integrity and fairness of the
information presented, including the many amounts that must of necessity be based on estimates and judgments. These Consolidated
Financial Statements were prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&ldquo;IFRS&rdquo;). Financial information appearing throughout our management&rsquo;s discussion
and analysis is consistent with these Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In discharging our responsibility for the
integrity and fairness of the consolidated financial statements and for the accounting systems from which they are derived, we
maintain the necessary system of internal controls designed to ensure that transactions are authorized, assets are safeguarded
and proper records are maintained. These controls include quality standards in hiring employees, policies and procedure manuals,
a corporate code of conduct and accountability for performance within appropriate and well-defined areas of responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Board of Directors oversees management&rsquo;s
responsibilities for financial reporting through an Audit Committee, which is composed entirely of directors who are neither officers
nor employees of Pan American Silver Corp. This Committee reviews our consolidated financial statements and recommends them to
the Board for approval. Other key responsibilities of the Audit Committee include reviewing our existing internal control procedures
and planned revisions to those procedures, and advising the directors on auditing matters and financial reporting issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deloitte LLP, Independent Registered Public
Accounting Firm appointed by the shareholders of Pan American Silver Corp. upon the recommendation of the Audit Committee and
Board, have performed an independent audit of the Consolidated Financial Statements and their report follows. The auditors have
full and unrestricted access to the Audit Committee to discuss their audit and related findings.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>&ldquo;signed&rdquo;</I></FONT></td>
    <TD STYLE="width: 10%">&nbsp;</td>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>&ldquo;signed&rdquo;</I></FONT></td></tr>
<tr style="vertical-align: top">
    <TD>Michael Steinmann</td>
    <TD>&nbsp;</td>
    <TD>A. Robert Doyle</td></tr>
<tr style="vertical-align: top">
    <TD>Chief Executive Officer</td>
    <TD>&nbsp;</td>
    <TD>Chief Financial Officer</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>March 24, 2016</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><img src="tex1-3logo2.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EPORT
OF </FONT><FONT STYLE="font-size: 10pt">I</FONT><FONT STYLE="font-size: 9pt">NDEPENDENT </FONT><FONT STYLE="font-size: 10pt">R</FONT><FONT STYLE="font-size: 9pt">EGISTERED
</FONT><FONT STYLE="font-size: 10pt">P</FONT><FONT STYLE="font-size: 9pt">UBLIC </FONT><FONT STYLE="font-size: 10pt">A</FONT><FONT STYLE="font-size: 9pt">CCOUNTING
</FONT><FONT STYLE="font-size: 10pt">F</FONT><FONT STYLE="font-size: 9pt">IRM</FONT></B></P>

<P STYLE="font: 9pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">To the Board of Directors and Shareholders of Pan American Silver
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">We have audited the accompanying consolidated financial statements
of Pan American Silver Corp. and subsidiaries (the &ldquo;Company&rdquo;), which comprise the consolidated statements of financial
position as at December 31, 2015 and December 31, 2014, and the consolidated income statements, consolidated statements of comprehensive
loss, consolidated statements of cash flows and consolidated statements of changes in equity for the years then ended, and a summary
of significant accounting policies and other explanatory information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>Management's Responsibility for the Consolidated Financial
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Management is responsible for the preparation and fair presentation
of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>Auditor's Responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards
and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements
are free from material misstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">We believe that the audit evidence we have obtained in our audits
is sufficient and appropriate to provide a basis for our audit opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of Pan American Silver Corp. and subsidiaries as at December 31, 2015 and December
31, 2014, and their financial performance and their cash flows for the years then ended in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>Other Matter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: ArialNarrow,sans-serif">We have also
audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&rsquo;s
internal control over financial reporting as of December 31, 2015, based on the criteria established in </FONT><FONT STYLE="font-family: ArialNarrow-Italic,sans-serif"><I>Internal
Control </I></FONT><FONT STYLE="font-family: ArialNarrow,sans-serif">&ndash; </FONT><FONT STYLE="font-family: ArialNarrow-Italic,sans-serif"><I>Integrated
Framework (2013) </I></FONT><FONT STYLE="font-family: ArialNarrow,sans-serif">issued by the Committee of Sponsoring Organizations
of the Treadway Commission and our report dated March 24, 2016 expressed an unqualified opinion on the Company&rsquo;s internal
control over financial reporting.</FONT></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">/s/ Deloitte LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Chartered Professional Accountants</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Vancouver, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">March 24, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><img src="tex1-3logo2.jpg"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EPORT
OF </FONT><FONT STYLE="font-size: 10pt">I</FONT><FONT STYLE="font-size: 9pt">NDEPENDENT </FONT><FONT STYLE="font-size: 10pt">R</FONT><FONT STYLE="font-size: 9pt">EGISTERED
</FONT><FONT STYLE="font-size: 10pt">P</FONT><FONT STYLE="font-size: 9pt">UBLIC </FONT><FONT STYLE="font-size: 10pt">A</FONT><FONT STYLE="font-size: 9pt">CCOUNTING
</FONT><FONT STYLE="font-size: 10pt">F</FONT><FONT STYLE="font-size: 9pt">IRM</FONT></B></P>

<P STYLE="font: 9pt ArialNarrow-Bold,sans-serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">To the Board of Directors and Shareholders of Pan American Silver
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: ArialNarrow,sans-serif">We have audited
the internal control over financial reporting of Pan American Silver Corp. and subsidiaries (the &ldquo;Company&rdquo;) as of
December 31, 2015, based on the criteria established in </FONT><FONT STYLE="font-family: ArialNarrow-Italic,sans-serif"><I>Internal
Control-Integrated Framework (2013) </I></FONT><FONT STYLE="font-family: ArialNarrow,sans-serif">issued by the Committee of Sponsoring
Organizations of the Treadway Commission. The Company's management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the
accompanying Management&rsquo;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion
on the Company's internal control over financial reporting based on our audit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for
our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">A company's internal control over financial reporting is a process
designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing
similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board. A company's internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error
or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal
control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: ArialNarrow,sans-serif">In our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015,
based on the criteria established in </FONT><FONT STYLE="font-family: ArialNarrow-Italic,sans-serif"><I>Internal Control </I></FONT><FONT STYLE="font-family: ArialNarrow,sans-serif">&ndash;
</FONT><FONT STYLE="font-family: ArialNarrow-Italic,sans-serif"><I>Integrated Framework (2013) </I></FONT><FONT STYLE="font-family: ArialNarrow,sans-serif">issued
by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">We have also audited, in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial
statements as of and for the year ended December 31, 2015 of the Company and our report dated March 24, 2016 expressed an unmodified/unqualified
opinion on those financial statements.</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">/s/ Deloitte LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Chartered Professional Accountants</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">Vancouver, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt ArialNarrow,sans-serif; margin: 0pt 0">March 24, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Pan American Silver Corp.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Consolidated Statements of Financial Position</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As at December 31, 2015 and 2014</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(in thousands of U.S. dollars)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>December 31,</B></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>2015</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Cash and cash equivalents (Note 24)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">133,963</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">146,193</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Short-term investments (Note 8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">92,678</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade and other receivables (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">87,041</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,644</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income taxes receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,373</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Inventories (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">204,361</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252,549</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Prepaid expenses and other current assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,748</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,464</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">552,164</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non-current assets</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Mineral properties, plant and equipment (Note 10)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,145,221</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,266,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long-term refundable tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,994</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,698</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred tax assets (Note 27)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,730</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other assets (Note 12)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,871</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Goodwill (Note 11)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,057</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,057</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Total Assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,715,037</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,017,873</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts payable and accrued liabilities (Note 13)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">112,829</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">126,209</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loans payable (Note 14)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,578</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion of long term debt (Note 17)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Derivative financial instruments (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion of provisions (Note 15)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,979</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current portion of finance lease (Note 16)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Current income tax liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,481</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,321</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">159,940</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,041</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non-current liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Long-term portion of provisions (Note 15)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45,892</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred tax liabilities (Note 27)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">142,127</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Long-term portion of finance lease (Note 16)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,759</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,044</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long-term debt (Note 17)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36,200</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other long-term liabilities (Note 18)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">30,503</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,716</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">416,421</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">447,936</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Equity</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><B>Capital and reserves</B> (Note 19)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Issued capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,298,390</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,296,672</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share option reserve</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,829</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,091</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment revaluation reserve</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(458</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(485</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,023,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(755,186</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Equity attributable to equity holders of the Company</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,297,222</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,563,092</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,394</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,845</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Equity</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,298,616</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,569,937</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Total Liabilities and Equity</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,715,037</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,017,873</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Commitments and Contingencies (Notes 7, 28)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See accompanying notes to the consolidated financial statements</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>APPROVED BY THE BOARD ON MARCH 24, 2016</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 15%; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 8pt"><I>&ldquo;signed&rdquo;</I></FONT></td>
    <TD STYLE="width: 25%; text-align: right"><FONT STYLE="font-size: 8pt"><I>Ross Beaty, Director</I></FONT></td>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 8pt"><I>&ldquo;signed&rdquo;</I></FONT></td>
    <TD STYLE="width: 45%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt"><I>Michael Steinmann, Director</I></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Pan American Silver Corp.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Consolidated Income Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the years ended December 31, 2015 and 2014</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(in thousands of U.S. dollars except per share amounts)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Revenue (Note 25)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">674,688</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">751,942</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of sales</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Production costs (Note 20)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(532,031</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(568,204</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Depreciation and amortization (Note 10)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(150,845</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,710</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt">Royalties</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(23,901</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,955</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(706,777</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(743,869</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Mine operating (loss) earnings</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(32,089</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,073</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">General and administrative</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(18,027</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,908</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exploration and project development</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(11,940</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,225</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Impairment charge (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(150,268</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(596,262</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign exchange losses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(13,004</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,275</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Losses on commodity and foreign currency contracts</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(324</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on sale of mineral properties, plant and equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">372</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other expenses (Note 26)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,762</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,314</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Loss from operations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(230,042</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(632,766</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on derivatives (Note 17)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,348</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investment income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,461</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Interest and finance expense (Note 22)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,452</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,739</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss before income taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(235,755</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(637,317</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income taxes recovery (Note 27)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,494</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Net loss for the year</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(231,556</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(544,823</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">See
accompanying notes to the consolidated financial statements.</FONT></TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity holders of the Company</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(226,650</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(545,588</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Non-controlling interests</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,906</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">765</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(231,556</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(544,823</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Loss per share attributable to common shareholders (Note 23)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Basic and Diluted loss per share</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(1.49</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3.60</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Weighted average shares outstanding (in 000&rsquo;s) Basic and Diluted</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">151,664</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Consolidated Statements of Comprehensive Loss</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">For the years ended December 31, 2015 and 2014 <BR>(in thousands of U.S. dollars)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2014</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss for the year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(231,556</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(544,823</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Items that may be reclassified subsequently to net earnings:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Unrealized net losses on available for sale securities <BR>
(net of zero dollars tax in 2015 and 2014)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,459</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,429</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Reclassification adjustment for net losses on available for sale securities included in earnings <BR>(net of zero dollars tax in 2015 and 2014)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,486</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,081</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Total comprehensive loss for the year</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(231,529</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(545,171</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive loss attributable to:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Equity holders of the Company</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(226,623</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(545,936</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,906</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">765</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(231,529</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(545,171</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See
accompanying notes to the consolidated financial statements.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Pan American Silver Corp.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Consolidated Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the years ended December 31, 2015 and 2014</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(in thousands of U.S. dollars)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Cash flow from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 9pt; text-align: left">Net loss for the year</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 9pt; font-weight: bold; text-align: right">(231,556</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 9pt; text-align: right">(544,823</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Current income tax expense (Note 27)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">15,854</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">35,807</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Deferred income tax recovery (Note 27)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(20,053</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(128,301</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Interest expense (Note 22)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">3,640</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,072</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Depreciation and amortization (Note 10)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">150,845</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">147,710</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Impairment charge of mineral properties and goodwill (Note 11)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">150,268</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">596,262</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Accretion on closure and decommissioning provision (Note 15)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">3,239</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,238</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Unrealized losses on foreign exchange</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">860</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">4,034</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Share-based compensation expense</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,569</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2,529</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Losses on commodity and foreign currency contracts</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">324</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Gain on derivatives (Note 17)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(278</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1,348</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Gain on sale of mineral properties, plant and equipment</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(372</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1,145</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Net realizable value adjustment for inventory</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">10,861</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">29,953</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Changes in non-cash operating working capital (Note 24)</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">19,840</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">11,597</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Operating cash flows before interest and income taxes</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">106,041</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">160,585</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Interest paid</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(4,472</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5,051</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Interest received</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,012</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,792</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Income taxes paid</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(13,889</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(33,138</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net cash generated from operating activities</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">88,692</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">124,188</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Cash flow from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Payments for mineral properties, plant and equipment</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(146,735</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(131,761</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from sales (purchase) of short term investments</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">91,296</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(13,524</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from settlement of commodity contracts</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,511</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from sale of mineral properties, plant and equipment</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">647</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,852</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Net refundable tax and other asset expenditures</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(111</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">187</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net cash used in investing activities</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(52,392</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(143,246</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Cash flow from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from issue of equity shares</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Dividends paid</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(41,703</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(75,751</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Payment of Convertible Debenture</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(36,235</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from credit facility</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">36,200</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Proceeds from (payment of) short term loan (Note 14)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,978</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(2,438</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Payment of equipment leases</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(7,531</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5,347</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Distributions to non-controlling interests</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(545</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(375</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net cash used in financing activities</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(47,836</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(83,908</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Effects of exchange rate changes on cash and cash equivalents</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(694</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(778</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Net decrease in cash and cash equivalents</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(12,230</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(103,744</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Cash and cash equivalents at the beginning of the year</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">146,193</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">249,937</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Cash and cash equivalents at the end of the year</TD><TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">133,963</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">146,193</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See accompanying notes to the consolidated financial statements.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Pan American Silver Corp.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Consolidated Statements of Changes in Equity</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>For the years ended December 31, 2015
and 2014</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(in thousands of U.S. dollars, except for number of shares)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Attributable to equity holders of the Company</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Issued</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>shares</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Issued</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>capital</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Share</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>option</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>reserve</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Investment</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>revaluation</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>reserve</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Retained</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>deficit</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Non-</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>controlling</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>interests</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total</B></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>equity</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">151,500,294</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,295,208</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,110</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(137</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(133,847</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,182,334</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,455</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,188,789</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Net loss for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(544,823</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Other comprehensive loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(348</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(348</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(348</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(348</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545,936</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545,171</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Shares issued as compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,461</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Shares repurchased and cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Distributions by subsidiaries to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(375</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(375</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Share-based compensation on option grants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Dividends paid</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,751</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,751</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,751</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">151,643,372</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,296,672</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,091</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(485</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(755,186</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,563,092</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,845</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,569,937</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total comprehensive loss</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Net loss for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,906</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(231,556</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Other comprehensive income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,623</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,906</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(231,529</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Shares issued as compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,718</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Distributions by subsidiaries to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(545</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Stock-based compensation on option grants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Dividends paid</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,703</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,703</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,703</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">151,883,734</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,298,390</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,829</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(458</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,023,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,297,222</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,394</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,298,616</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See accompanying notes to the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">1.</FONT></TD><TD><FONT STYLE="font-variant: normal">Nature
                                         of Operations</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">Pan
American Silver Corp. is the ultimate parent company of its subsidiary group (collectively, the &ldquo;Company&rdquo;, or &ldquo;Pan
American&rdquo;). Pan American Silver Corp is incorporated and domiciled in Canada, and its office is at Suite 1500 &ndash; 625
Howe Street, Vancouver, British Columbia, V6C 2T6.</FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
Company is engaged in the production and sale of silver, gold and base metals including copper, lead and zinc as well as other
related activities, including exploration, extraction, processing, refining and reclamation. The Company&rsquo;s primary product
(silver) is produced in Peru, Mexico, Argentina and Bolivia. Additionally, the Company has project development activities in Peru,
Mexico and Argentina, and exploration activities throughout South America, Mexico, and the United States.</FONT></P>

<P STYLE="font: small-caps bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">At
December 31, 2015 the Company&rsquo;s principal producing properties were comprised of the Huaron and Morococha mines located
in Peru, the Alamo Dorado, La Colorada and Dolores mines located in Mexico, the San Vicente mine located in Bolivia and the Manantial
Espejo mine located in Argentina.</FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
Company&rsquo;s significant development project at December 31, 2015 was the Navidad project in Argentina.</FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">2.</FONT></TD><TD><FONT STYLE="font-variant: normal">Summary
                                         of Significant Accounting Policies</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Statement of Compliance</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International
Accounting Standards Board (&ldquo;IASB&rdquo;). IFRS comprises IFRSs, International Accounting Standards (&ldquo;IAS&rdquo;),
and interpretations issued by the IFRS Interpretations Committee (&ldquo;IFRICs&rdquo;) and the former Standing Interpretations
Committee (&ldquo;SIC&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
were approved for issuance by the Board of Directors on March 24, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Basis of Preparation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s accounting policies
have been applied consistently in preparing these consolidated annual financial statements for the year ended December 31, 2015,
and the comparative information as at December 31, 2014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD STYLE="text-align: justify">Significant Accounting Policies</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Principles
of Consolidation</U></FONT>: The financial statements consolidate the financial statements of Pan American and its subsidiaries.
All intercompany balances, transactions, unrealized profits and losses arising from intra-company transactions, have been eliminated
in full. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passes.
Control is achieved where the Company is exposed, or has rights, to variable returns from its involvement with an investee and
has the ability to affect those returns through its power over the investee. This occurs when the Company has existing rights
that give it the current ability to direct the relevant activities, is exposed, or has rights, to variable returns from its involvement
with the investee when the investor's returns from its involvement have the potential to vary as a result of the investee's performance
and the ability to use its power over the investee to affect the amount of the investor's returns. Where there is a loss of control
of a subsidiary, the consolidated financial statements include the results for the part of the reporting period during which the
Company has control. Subsidiaries use the same reporting period and same accounting policies as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For partly owned subsidiaries, the net
assets and net earnings attributable to non-controlling shareholders are presented as &ldquo;net earnings attributable to non-controlling
interests&rdquo; in the consolidated statements of financial position, and in the consolidated income statements. Total comprehensive
income is attributable to the owners of the Company and to the non-controlling interests even if this results in the non-controlling
interest having a deficit balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the wholly-owned and partially-owned subsidiaries of the Company; the most significant at December 31, 2015 and 2014 are presented
in the following table:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Subsidiary</B></FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Location</B></FONT></td>
    <TD NOWRAP STYLE="vertical-align: top; width: 13%; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Ownership</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Interest </B></P></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Status</B></FONT></td>
    <TD NOWRAP STYLE="width: 27%; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><B>Operations and Development</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><B>Projects Owned</B></P></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Pan American Silver Huaron S.A.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Peru</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Huaron mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Compa&ntilde;&iacute;a Minera Argentum S.A.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Peru</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">92%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Morococha mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Minera Corner Bay S.A. de C.V.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Mexico</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Alamo Dorado mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Plata Panamericana S.A. de C.V.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Mexico</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">La Colorada mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Compa&ntilde;&iacute;a Minera Dolores S.A. de C.V.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Mexico</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Dolores mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Minera Trit&oacute;n Argentina S.A.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Argentina</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Manantial Espejo mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 9pt">Pan American Silver (Bolivia) S.A.</FONT></td>
    <td style="padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Bolivia</FONT></td>
    <td style="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">95%</FONT></td>
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">San Vicente mine</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="border-bottom: Black 1.5pt double; font-size: 10pt"><FONT STYLE="font-size: 9pt">Minera Argenta S.A.</FONT></td>
    <td style="border-bottom: Black 1.5pt double; padding-left: 13pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9pt">Argentina</FONT></td>
    <td style="border-bottom: Black 1.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">100%</FONT></td>
    <td style="border-bottom: Black 1.5pt double; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></td>
    <td style="border-bottom: Black 1.5pt double; padding-left: 49.5pt; font-size: 10pt; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Navidad
    Project</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Investments in associates:</U> An associate
is an entity over which the investor has significant influence but not control and that is neither a subsidiary nor an interest
in a joint venture. Significant influence is presumed to exist where the Company has between 20% and 50% of the voting rights,
but can also arise where the Company has less than 20%, if the Company has the power to participate in the financial and operating
policy decisions affecting the entity. The Company&rsquo;s share of the net assets and net earnings or loss is accounted for in
the consolidated financial statements using the equity method of accounting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Basis of measurement</U>: These consolidated
financial statements have been prepared on a historical cost basis except for derivative financial instruments, share purchase
warrants and assets classified as at fair value through profit or loss or available-for-sale which are measured at fair value.
Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash
flow information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Currency of presentation</U>: The consolidated
financial statements are presented in United States dollars (&ldquo;USD&rdquo;), which is the Company&rsquo;s and each of the
subsidiaries functional and presentation currency, and all values are rounded to the nearest thousand except where otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Business combinations</U>: Upon the
acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the
identifiable assets, liabilities and contingent liabilities (identifiable net assets) acquired on the basis of fair value at the
date of acquisition. When the cost of the acquisition exceeds the fair value attributable to the Company&rsquo;s share of the
identifiable net assets, the difference is treated as purchased goodwill, which is not amortized and is reviewed for impairment
annually or more frequently when there is an indication of impairment. If the fair value attributable to the Company&rsquo;s share
of the identifiable net assets exceeds the cost of acquisition, the difference is immediately recognized in the income statement.
Acquisition related costs, other than costs to issue debt or equity securities of the acquirer, including investment banking fees,
legal fees, accounting fees, valuation fees, and other professional or consulting fees are expensed as incurred. The costs to
issue equity securities of the Company as consideration for the acquisition are reduced from share capital as share issuance costs.
The costs to issue debt securities are capitalized and amortized using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Non-controlling interests are measured
either at fair value or at the non-controlling interests&rsquo; proportionate share of the recognized amounts of the acquirers&rsquo;
identifiable net assets as at the date of acquisition. The choice of measurement basis is made on a transaction by transaction
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Control of a business may be achieved in
stages. Upon the acquisition of control, any previously held interest is re-measured to fair value at the date control is obtained
resulting in a gain or loss upon the acquisition of control. Additionally, any change relating to interest previously recognized
in other comprehensive income is reclassified to the income statement upon the acquisition of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the initial accounting for a business
combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional
amounts for the items for which the accounting is incomplete. These provisional amounts are adjusted during the measurement period,
or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed
at the acquisition date that, if known, would have affected the amounts recognized at that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Revenue recognition:
</U>Revenue associated with the sale of commodities is recognized when all significant risks and rewards of ownership of the asset
sold are transferred to the customer, usually when insurance risk and title has passed to the customer and the commodity has been
delivered to the shipping agent. At this point the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the commodities and the costs incurred, or to be incurred, in respect of
the sale, can be reliably measured. Revenue is recognized at the fair value of the consideration receivable, to the extent that
it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Sales revenue is recognized
at the fair value of consideration received, which in most cases is based on invoiced amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company&rsquo;s concentrate
sales contracts with third-party smelters, in general, provide for a provisional payment based upon provisional assays and quoted
metal prices. Final settlement is based on applicable commodity prices set on specified quotational periods, typically ranging
from one month prior to shipment, and can extend to three months after the shipment arrives at the smelter and is based on average
market metal prices. For this purpose, the selling price can be measured reliably for those products, such as silver, gold, zinc,
lead and copper, for which there exists an active and freely traded commodity market such as the London Metals Exchange and the
value of product sold by the Company is directly linked to the form in which it is traded on that market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Sales revenue is commonly subject to adjustments
based on an inspection of the product by the customer. In such cases, sales revenue is initially recognized on a provisional basis
using the Company&rsquo;s best estimate of contained metal, and adjusted subsequently. Revenues are recorded under these contracts
at the time title passes to the buyer based on the expected settlement period. Revenue on provisionally priced sales is recognized
based on estimates of the fair value of the consideration receivable based on forward market prices. At each reporting date provisionally
priced metal is marked to market based on the forward selling price for the quotational period stipulated in the contract. Variations
between the price recorded at the shipment date and the actual final price set under the smelting contracts are caused by changes
in metal prices and result in an embedded derivative in the accounts receivable. The embedded derivative is recorded at fair value
each period until final settlement occurs, with the fair value adjustments recognized in revenue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Refining and treatment charges under the
sales contract with third-party smelters are netted against revenue for sales of metal concentrate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Financial instruments:</U> A financial
instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(i) Financial assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company classifies its financial assets
in the following categories: at fair value through profit or loss, loans and receivables, available-for-sale and held-to-maturity
investments. The classification depends on the purpose for which the financial assets were acquired. Management determines the
classification of financial assets at initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(a) Financial assets at fair value through
profit or loss</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial assets are classified as at fair
value through profit or loss when the financial asset is either held for trading or it is designated as at fair value through
profit and loss. Derivatives are included in this category and are classified as current assets or non-current assets based on
their maturity date. The Company does not acquire financial assets for the purpose of selling in the short term. Financial assets
carried at fair value through profit or loss are initially recognized at fair value. The directly attributable transaction costs
are expensed in the income statement in the period in which they are incurred. Subsequent changes in fair value are recognized
in net earnings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(b) Loans and receivables</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables comprise &lsquo;trade
and other receivables&rsquo;, &lsquo;other assets&rsquo; and &lsquo;cash&rsquo; in the statement of financial position. Loans
and receivables are carried at amortized cost less any impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(c) Available-for-sale financial assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Available-for-sale financial assets are
non-derivatives that are either specifically designated as available-for- sale or not classified in any of the other categories.
They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the statement
of financial position date. Changes in the fair value of available-for-sale financial assets denominated in a currency other than
the functional currency of the holder, other than equity investments, are analyzed between translation differences and other changes
in the carrying amount of the security. The translation differences are recognized in the income statement. Any impairment charges
are also recognized in the income statement, while other changes in fair value are recognized in other comprehensive income. When
financial assets classified as available-for-sale are sold, the accumulated fair value adjustments previously recognized in accumulated
other comprehensive income are reclassified to the income statement. Dividends on available-for-sale equity instruments are also
recognized in the income statement within investment income when the Company&rsquo;s right to receive payments is established.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(d) Held-to-maturity investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Non-derivative financial assets with fixed
or determinable payments and fixed maturity are classified as held-to-maturity when the Company has the positive intention and
ability to hold to maturity. Investments intended to be held for an undefined period are not included in this classification.
Other long-term investments that are intended to be held-to-maturity, such as bonds, are measured at amortized cost. This cost
is computed as the amount initially recognized minus principal repayments, plus or minus the cumulative amortization using the
effective interest method of any difference between the initially recognized amount and the maturity amount. This calculation
includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction
costs and all other premiums and discounts. For investments carried at amortized cost, gains and losses are recognized in income
when the investments are derecognized or impaired, as well as through the amortization process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>ii) Financial liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Borrowings and other financial liabilities
are classified as other financial liabilities and are recognized initially at fair value, net of transaction costs incurred and
are subsequently stated at amortized cost. Any difference between the amounts originally received (net of transaction costs) and
the redemption value is recognized in the income statement over the period to maturity using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Borrowings and other financial liabilities
are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at
least 12 months after the statement of financial position date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(iii) Derivative financial instruments</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">When the Company enters into derivative
contracts these transactions are designed to reduce exposures related to assets and liabilities, firm commitments or anticipated
transactions. All derivatives are initially recognized at their fair value on the date the derivative contract is entered into
and are subsequently re-measured at their fair value at each statement of financial position date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Embedded derivatives: </I>Derivatives
embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics
are not closely related to their host contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(iv) Fair value</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Where relevant market prices are available, these are used to determine fair values. In other cases, fair values are calculated
using quotations from independent financial institutions, or by using valuation techniques consistent with general market practice
applicable to the instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The
                                         fair values of cash, and short term borrowings approximate their carrying values, as
                                         a result of their short maturity or because they carry floating rates of interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Derivative
                                         financial assets and liabilities are measured at fair value based on published price
                                         quotations for the period for which a liquid active market exists.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>(v) Impairment of
financial assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Available-for-sale financial assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company assesses at each statement
of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired.
In the case of equity securities classified as available for sale, an evaluation is made as to whether a decline in fair value
is &lsquo;significant&rsquo; or &lsquo;prolonged&rsquo; based on an analysis of indicators such as significant adverse changes
in the technological, market, economic or legal environment in which the investee operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If an available-for-sale financial asset
is impaired, an amount comprising the difference between its cost (net of any principal payment and amortization) and its current
fair value, less any impairment loss previously recognized in the income statement is transferred from equity to the income statement.
Reversals in respect of equity instruments classified as available-for-sale are not recognized in the income statement. Reversals
of impairment losses on debt instruments are reversed through the income statement; if the increase in fair value of the instrument
can be objectively related to an event occurring after the impairment loss was recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>(vi) Derecognition
of financial assets and liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Financial assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A financial asset is derecognized when
its contractual rights to the cash flows that comprise the financial asset expire or substantially all the risks and rewards of
the asset are transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Financial liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Gains and losses on discharge, cancellation
or expiry of a financial liability are recognized within finance income and finance costs, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a settlement of the original liability and the recognition of a new liability,
and any difference in the respective carrying amounts is recognized in the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>(vii)</I></FONT><I> <FONT STYLE="font-size: 10pt">Trade
receivables</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Trade receivables are recognized initially
at fair value and are subsequently measured at amortized cost reduced by any provision for impairment. A provision for impairment
of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts
due. Indicators of impairment would include financial difficulties of the debtor, likelihood of the debtor&rsquo;s insolvency,
default in payment or a significant deterioration in credit worthiness. Any impairment is recognized in the income</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">statement within &lsquo;doubtful accounts
provision&rsquo;. When a trade receivable is uncollectable, it is written off against the provision for impairment. Subsequent
recoveries of amounts previously written off are credited against &lsquo;doubtful accounts provision&rsquo; in the income statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(viii) Accounts payable and accrued
liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Accounts payable and accrued liabilities
are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Derivative Financial Instruments: </U>The
Company utilizes metals and currency contracts, including forward contracts to manage exposure to fluctuations in metal prices
and foreign currency exchange rates. For metals production, these contracts are intended to reduce the risk of falling prices
on the Company&rsquo;s future sales. Foreign currency derivative financial instruments, such as forward contracts are used to
manage the effects of exchange rate changes on foreign currency cost exposures. Such derivative financial instruments are initially
recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value.
Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative and any gains
or losses arising from changes in fair value on derivatives are taken directly to earnings for the year. The fair value of forward
currency and commodity contracts is calculated by reference to current forward exchange rates and prices for contracts with similar
maturity profiles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Derivatives,
including certain conversion options and warrants with exercise prices in a currency other than the functional currency, are recognized
at fair value with changes in fair value recognized in profit or loss.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"><U>Normal
purchase or sale exemption:</U> Contracts that were entered into and continue to be held for the purpose of the receipt or delivery
of a nonfinancial item in accordance with the Company&rsquo;s expected purchase, sale or usage requirements fall under the exemption
from IAS 32 and IAS 39, which is known as the &ldquo;normal purchase or sale exemption&rdquo; (with the exception of those with
quotational period clauses, which result in the recognition of an embedded derivative. Refer to note 7b for more information).
For these contracts and the host part of the contracts containing embedded derivatives, they are accounted for as executory contracts.
The Company recognizes such contracts in its statement of financial position only when one of the parties meets its obligation
under the contract to deliver either cash or a non-financial asset.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"><U>Convertible
Notes:</U> The Company has the right to pay all or part of the liability associated with the Company&rsquo;s outstanding convertible
notes in cash on the conversion date. Accordingly, the Company classifies the convertible notes as a financial liability with
an embedded derivative. The financial liability and embedded derivative are recognized initially at their respective fair values.
The embedded derivative is subsequently recognized at fair value with changes in fair value reflected in profit or loss and the
debt liability component is recognized at amortized cost using the effective interest method. Interest gains and losses related
to the debt liability component or embedded derivatives are recognized in profit or loss. On conversion, the equity instrument
is measured at the carrying value of the liability component and the fair value of the derivative component on the conversion
date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Cash and cash equivalents:</U> Cash
and cash equivalents include cash on hand and cash in banks. It also includes short-term money market investments that are readily
convertible to cash with original terms of three months or less. Cash and cash equivalents are classified as loans and receivables
and therefore are stated at amortized cost, less any impairment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Short-term
investments:</U></FONT> Short-term investments are classified as &ldquo;available-for-sale&rdquo;, and consist of highly-liquid
debt securities with original maturities in excess of three months and equity securities. These debt and equity securities are
initially recorded at fair value, which upon their initial measurement is equal to their cost. Subsequent measurements and changes
in the market value of these debt and equity securities are recorded as changes to other comprehensive income. Investments are
assessed quarterly for potential impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Inventories:</U> Inventories
include work in progress, concentrate ore, dor&eacute;, processed silver and gold, heap leach inventory, and operating materials,
and supplies. Work in progress inventory includes ore stockpiles and other partly processed material. Stockpiles represent ore
that has been extracted and is available for further processing. The classification of inventory is determined by the stage at
which the ore is in the production process. Inventories of ore are sampled for metal content and are valued based on the lower
of cost or estimated net realizable value based upon the period ending prices of contained metal. Cost is determined on a weighted
average basis or using a first-in-first-out basis and includes all costs incurred in the normal course of business including direct
material and direct labour costs and an allocation of production overheads, depreciation and amortization, and other costs, based
on normal production capacity, incurred in bringing each product to its present location and condition. Material that does not
contain a minimum quantity of metal to cover estimated processing expenses to recover the contained metal is not classified as
inventory and is assigned no value. The work in progress inventory is considered part of the operating cycle which the Company
classifies as current inventory and hence heap leach and stockpiles are included in current inventory. Quantities are assessed
primarily through surveys and assays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The costs incurred in
the construction of the heap leach pad are capitalized. Heap leach inventory represents silver and gold contained in ore that
has been placed on the leach pad for cyanide irrigation. The heap leach process is a process of extracting silver and gold by
placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and
gold, which are then recovered during the metallurgical process. When the ore is placed on the pad, an estimate of the recoverable
ounces is made based on tonnage, ore grade and estimated recoveries of the ore type placed on the pad. The estimated recoverable
ounces on the pad are used to compile the inventory cost.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company uses several integrated steps
to scientifically measure the metal content of the ore placed on the leach pads. The tonnage, grade, and ore type to be mined
in a period was first estimated using the Mineral Reserve model. As the ore body is drilled in preparation for the blasting process,
samples are taken of the drill residue which is assayed to determine their metal content and quantities of contained metal. The
estimated recoverable ounces carried in the leach pad inventory are adjusted based on actual recoveries being experienced. Actual
and estimated recoveries achieved are measured to the extent possible using various indicators including, but not limited to,
individual cell recoveries, the use of leach curve recovery, trends in the levels of carried ounces depending on the circumstances
or cumulative pad recoveries.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company then processes the ore through
the crushing facility where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data
collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then
transported to the leach pad for application of the leaching solution. The samples from the automated sampler are assayed each
shift and used for process control. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation
process. The pregnant solution from the heap leach is collected and passed through the processing circuit to produce precipitate
which is retorted and then smelted to produce dor&eacute; bars.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company allocates direct and indirect
production costs to by-products on a systematic and rational basis. With respect to concentrate and dor&eacute; inventory, production
costs are allocated based on the silver equivalent ounces contained within the respective concentrate and dor&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The inventory is stated at lower of cost
or net realizable value, with cost being determined using a weighted average cost method. The ending inventory value of ounces
associated with the leach pad is equal to opening recoverable ounces plus recoverable ounces placed less ounces produced plus
or minus ounce adjustments.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The estimate of both the ultimate recovery
expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the
use of estimates which rely upon laboratory test work and estimated models of the leaching kinetics in the heap leach pads. Test
work consists of leach columns of up to 400 days duration with 150 days being the average, from which the Company projects metal
recoveries up to three years in the future. The quantities of metal contained in the ore are based upon actual weights and assay
analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory column tests
and actual experience. The assumptions used by the Company to measure metal content during each stage of the inventory conversion</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">process include estimated recovery rates
based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises
its estimates when appropriate. The ultimate recovery will not be known until the leaching operations cease.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Supplies inventories are valued at the
lower of average cost and net realizable value using replacement cost plus cost to dispose, net of obsolescence. Concentrate and
dor&eacute; inventory includes product at the mine site, the port warehouse and product held by refineries. At times, the Company
has a limited amount of finished silver at a minting operation where coins depicting Pan American&rsquo;s emblem are stamped.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Mineral Properties, Plant, and Equipment</U>:
On initial acquisition, mineral properties, plant and equipment are valued at cost, being the purchase price and the directly
attributable costs of acquisition or construction required to bring the asset to the location and condition necessary for the
asset to be capable of operating in the manner intended by management. When provisions for closure and decommissioning are recognized,
the corresponding cost is capitalized as part of the cost of the related assets, representing part of the cost of acquiring the
future economic benefits of the operation. The capitalized cost of closure and decommissioning activities is recognized in mineral
property, plant and equipment and depreciated accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In subsequent periods, buildings, plant
and equipment are stated at cost less accumulated depreciation and any impairment in value, whilst land is stated at cost less
any impairment in value and is not depreciated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Each asset or part&rsquo;s estimated useful
life has due regard to both its own physical life limitations and the present assessment of economically recoverable reserves
of the mine property at which the item is located, and to possible future variations in those assessments. Estimates of remaining
useful lives and residual values are reviewed annually. Changes in estimates are accounted for prospectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The expected useful lives are included
below in the accounting policy for depreciation of property, plant, and equipment. The net carrying amounts of mineral property,
land, buildings, plant and equipment are reviewed for impairment either individually or at the cash-generating unit level when
events and changes in circumstances indicate that the carrying amounts may not be recoverable. To the extent that these values
exceed their recoverable amounts, that excess is recorded as an impairment provision in the financial year in which this is determined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In countries where the Company paid Value
Added Tax (&ldquo;VAT&rdquo;) and where there is uncertainty of its recoverability, the VAT payments have either been deferred
with mineral property costs relating to the property or expensed if it relates to mineral exploration. If the Company ultimately
recovers previously deferred amounts, the amount received will be applied to reduce mineral property costs or taken as a credit
against current expenses depending on the prior treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Expenditure on major maintenance or repairs
includes the cost of the replacement of parts of assets and overhaul costs. Where an asset or part of an asset is replaced and
it is probable that future economic benefits associated with the item will be available to the Company, the expenditure is capitalized
and the carrying amount of the item replaced derecognized. Similarly, overhaul costs associated with major maintenance are capitalized
and depreciated over their useful lives where it is probable that future economic benefits will be available and any remaining
carrying amounts of the cost of previous overhauls are derecognized. All other costs are expensed as incurred.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where an item of mineral property, plant
and equipment is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is disclosed
as earnings or loss on disposal in the income statement. Any items of mineral property, plant or equipment that cease to have
future economic benefits are derecognized with any gain or loss included in the financial year in which the item is derecognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"><U>Operational
Mining Properties and Mine Development:</U></FONT> <FONT STYLE="font-weight: normal">When it has been determined that a mineral
property can be economically developed as a result of establishing proven and probable reserves (which occurs upon completion
of a positive economic analysis of the mineral deposit), the costs incurred to develop such property including costs to further
delineate the ore body and remove overburden to initially expose the ore body prior to the start of mining operations, are also
capitalized. Such costs are amortized using the units-of-production method over the estimated life of the ore body based on proven
and probable reserves.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Costs
associated with commissioning activities on constructed plants are deferred from the date of mechanical completion of the facilities
until the date the Company is ready to commence commercial production. Any revenues earned during this period are recorded as
a reduction in deferred commissioning costs. These costs are amortized using the units-of-production method (described below)
over the life of the mine, commencing on the date of commercial production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Acquisition
costs related to the acquisition of land and mineral rights are capitalized as incurred. Prior to acquiring such land or mineral
rights the Company makes a preliminary evaluation to determine that the property has significant potential to economically develop
the deposit. The time between initial acquisition and full evaluation of a property&rsquo;s potential is dependent on many factors
including: location relative to existing infrastructure, the property&rsquo;s stage of development, geological controls and metal
prices. If a mineable deposit is discovered, such costs are amortized when production begins. If no mineable deposit is discovered,
such costs are expensed in the period in which it is determined the property has no future economic value. In countries where
the Company has paid VAT and where there is uncertainty of its recoverability, the VAT payments have either been deferred with
mineral property costs relating to the property or expensed if it relates to mineral exploration. If the Company ultimately makes
recoveries of the VAT, the amount received will be applied to reduce mineral property costs or taken as a credit against current
expenses depending on the prior treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Major development expenditures on producing
properties incurred to increase production or extend the life of the mine are capitalized while ongoing mining expenditures on
producing properties are charged against earnings as incurred. Gains or losses from sales or retirements of assets are included
in gain or loss on sale of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Depreciation of Mineral Property, Plant
and Equipment:</U> The carrying amounts of mineral property, plant and equipment (including initial and any subsequent capital
expenditure) are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned,
or the estimated life of the associated mine or mineral lease, if shorter. Estimates of residual values and useful lives are reviewed
annually and any change in estimate is taken into account in the determination of remaining depreciation charges, and adjusted
if appropriate, at each statement of financial position date. Changes to the estimated residual values or useful lives are accounted
for prospectively. Depreciation commences on the date when the asset is available for use as intended by management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Units of production basis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For mining properties and leases and certain
mining equipment, the economic benefits from the asset are consumed in a pattern which is linked to the production level. Except
as noted below, such assets are depreciated on a unit of production basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In applying the units of production method,
depreciation is normally calculated using the quantity of material extracted from the mine in the period as a percentage of the
total quantity of material to be extracted in current and future periods based on proven and probable reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Straight line basis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Assets within operations for which production
is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine
are depreciated on a straight line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mineral properties, plant and equipment
are depreciated over their useful life, or over the remaining life of the mine if shorter. The major categories of property, plant
and equipment are depreciated on a unit of production and/or straight-line basis as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Land
                                         &#8211; not depreciated</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Mobile
                                         equipment &#8211; 3 to 7 years</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Buildings
                                         and plant facilities &#8211; 25 to 50 years</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Mining
                                         properties and leases &#8211; based on reserves on a unit of production basis. Capitalized
                                         evaluation and development expenditure &#8211; based on applicable reserves on a unit
                                         of production basis</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Exploration
                                         and evaluation &#8211; not depreciated until mine goes into production</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Assets
                                         under construction &#8211; not depreciated until assets are ready for their intended
                                         use</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Exploration and Evaluation Expenditure:
</U>relates to costs incurred on the exploration and evaluation of potential mineral reserves and resources and includes costs
such as exploratory drilling and sample testing and the costs of pre-feasibility studies. Exploration expenditures relates to
the initial search for deposits with economic potential. Evaluation expenditure arises from a detailed assessment of deposits
or other projects that have been identified as having economic potential.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Expenditures on exploration activity are
not capitalized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Capitalization of evaluation expenditures
commences when there is a high degree of confidence in the project&rsquo;s viability and hence it is probable that future economic
benefits will flow to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Evaluation expenditures, other than that
acquired from the purchase of another mining company, is carried forward as an asset provided that such costs are expected to
be recovered in full through successful development and exploration of the area of interest or alternatively, by its sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Purchased exploration and evaluation assets
are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the case of undeveloped projects there
may be only inferred resources to form a basis for the impairment review. The review is based on a status report regarding the
Company&rsquo;s intentions for the development of the undeveloped project. In some cases, the undeveloped projects are regarded
as successors to ore bodies, smelters or refineries currently in production. Where this is the case, it is intended that these
will be developed and go into production when the current source of ore is exhausted or to replace the reduced output, which results
where existing smelters and/or refineries are closed. It is often the case that technological and other improvements will allow
successor smelters and/or refineries to more than replace the capacity of their predecessors. Subsequent recovery of the resulting
carrying value depends on successful development or sale of the undeveloped project. If a project does not prove viable, all irrecoverable
costs associated with the project, net of any related impairment provisions, are written off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An impairment review is performed, either
individually or at the cash generating unit level, when there are indicators that the carrying amount of the assets may exceed
their recoverable amounts. To the extent that this occurs, the excess is expensed in the financial year in which this is determined.
Capitalized exploration and evaluation assets are reassessed on a regular basis and these costs are carried forward provided that
the conditions discussed above for expenditure on exploration activity and evaluation expenditure are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Expenditures are transferred to mining
properties and leases or assets under construction once the technical feasibility and commercial viability of extracting a mineral
resource are demonstrable and the work completed to date supports the future development of the property. In order to demonstrate
technical feasibility and commercial viability, the Company evaluates the individual project and its established mineral reserves,
assesses the relevant findings and conclusions from the Company&rsquo;s activities and in applicable technical or other studies
relating to the project, and considers whether and how any additional factors and circumstances might impact the project, particularly
in light of the Company&rsquo;s capabilities, risk tolerance and desired economic returns. The Company conducts its managerial
evaluation for commercial viability by assessing the factors it considers relevant to the commercial development of the project,
taking into consideration the exploration and technical evaluation activities and work undertaken in relation to the project.
If the asset demonstrates technical feasibility and commercial viability, the asset is reclassified to mineral properties, plant
and equipment. Assessment for impairment is conducted before reclassification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Deferred Stripping Costs:</U> In open
pit mining operations, it is necessary to remove overburden and other waste in order to access the ore body. During the preproduction
phase, these costs are capitalized as part of the cost of the mine property and subsequently amortized over the life of the mine
(or pit) on a units of production basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The costs of removal of the waste material
during a mine&rsquo;s production phase are deferred, where they give rise to future benefits. These capitalized costs are subsequently
amortized on a unit of production basis over the reserves that directly benefit from the specific stripping activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Asset Impairment:</U> Management reviews
and evaluates its assets for impairment when events or changes in circumstances indicate that the related carrying amounts may
not be recoverable. Impairment is normally assessed at the level of cash-generating units which are identified as the smallest
identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. In
addition, an impairment loss is recognized for any excess of carrying amount over the fair value less costs to sell of a non-current
asset or disposal group held for sale. When an impairment review is undertaken, recoverable amount is assessed by reference to
the higher of value in use (being the net present value of expected future cash flows of the relevant cash generating unit) and
fair value less costs to sell (&ldquo;FVLCTS&rdquo;). The best evidence of FVLCTS is the value obtained from an active market
or binding sale agreement. Where neither exists, FVLCTS is based on the best information available to reflect the amount the Company
could receive for the cash generating unit in an arm&rsquo;s length transaction. This is often estimated using discounted cash
flow techniques.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where the recoverable amount is assessed
using discounted cash flow techniques, the resulting estimates are based on detailed mine and/or production plans. For value in
use, recent cost levels are considered, together with expected changes in costs that are compatible with the current condition
of the business and which meet the requirements of IAS 36 &ldquo;Impairment of Assets.&rdquo; The cash flow forecasts are based
on best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, close
down, restoration and environmental clean-up. These may include net cash flows expected to be realized from extraction, processing
and sale of mineral resources that do not currently qualify for inclusion in proven or probable ore reserves. Such non reserve
material is included where there is a high degree of confidence in its economic extraction. This expectation is usually based
on preliminary drilling and sampling of areas of mineralization that are contiguous with existing reserves. Typically, the additional
evaluation to achieve reserve status for such material has not yet been done because this would involve incurring costs earlier
than is required for the efficient planning and operation of the mine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where the recoverable amount of a cash
generating unit is dependent on the life of its associated ore, expected future cash flows reflect long term mine plans, which
are based on detailed research, analysis and iterative modeling to optimize the level of return from investment, output and sequence
of extraction. The mine plan takes account of all relevant characteristics of the ore, including waste to ore ratios, ore grades,
haul distances, chemical and metallurgical properties of the ore impacting on process recoveries and capacities of processing
equipment that can be used. The mine plan is therefore the basis for forecasting production output in each future year and for
forecasting production costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s cash flow forecasts
are based on estimates of future commodity prices, which assume market prices will revert to the Company&rsquo;s assessment of
the long term average price, generally over a period of three to five years. These assessments often differ from current price
levels and are updated periodically.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The discount rates applied to the future
cash flow forecasts represent an estimate of the rate the market would apply having regard to the time value of money and the
risks specific to the asset for which the future cash flow estimates have not been adjusted, including appropriate adjustments
for the risk profile of the countries in which the individual cash generating units operate. The great majority of the Company&rsquo;s
sales are based on prices denominated in USD. To the extent that the currencies of countries in which the Company produces commodities
strengthen against the USD without commodity price offset, cash flows and, therefore, net present values are reduced. Non-financial
assets other than goodwill that have suffered impairment are tested for possible reversal of the impairment whenever events or
changes in circumstances indicate that the impairment may have reversed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Closure and Decommissioning Costs:</U>
The mining, extraction and processing activities of the Company normally give rise to obligations for site closure or rehabilitation.
Closure and decommissioning works can include facility decommissioning and dismantling; removal or treatment of waste materials;
site and land rehabilitation. The extent of work required and the associated costs are dependent on the requirements of relevant
authorities and the Company&rsquo;s environmental policies. Provisions for the cost of each closure and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">rehabilitation program are recognized at
the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision
is increased accordingly. Costs included in the provision encompass all closure and decommissioning activity expected to occur
progressively over the life of the operation and at the time of closure in connection with disturbances at the reporting date.
Routine operating costs that may impact the ultimate closure and decommissioning activities, such as waste material handling conducted
as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances,
such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event gives rise
to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and decommissioning expenditure
is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions, and the environment
in which the mine operates. Expenditure may occur before and after closure and can continue for an extended period of time dependent
on closure and decommissioning requirements. Closure and decommissioning provisions are measured at the expected value of future
cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows
occurring for each operation. Discount rates used are specific to the underlying obligation. Significant judgements and estimates
are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations
are formed based on existing environmental and regulatory requirements which give rise to a constructive or legal obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">When provisions for closure and decommissioning
are initially recognized, the corresponding cost is capitalized as a component of the cost of the related asset, representing
part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and decommissioning
activities is recognized in Property, plant and equipment and depreciated accordingly. The value of the provision is progressively
increased over time as the effect of discounting unwinds, creating an expense recognized in finance expenses. Closure and decommissioning
provisions are also adjusted for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized
cost, except where a reduction in the provision is greater than the un-depreciated capitalized cost of the related assets, in
which case the capitalized cost is reduced to nil and the remaining adjustment is recognized in the income statement. In the case
of closed sites, changes to estimated costs are recognized immediately in the income statement. Changes to the capitalized cost
result in an adjustment to future depreciation and finance charges. Adjustments to the estimated amount and timing of future closure
and decommissioning cash flows are a normal occurrence in light of the significant judgements and estimates involved.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The provision is reviewed at the end of
each reporting period for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations
and adjusted to reflect current best estimate. The cost of the related asset is adjusted for changes in the provision resulting
from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is depreciated prospectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Foreign Currency Translation:</U> The
Company&rsquo;s functional currency and that of its subsidiaries is the USD as this is the principal currency of the economic
environments in which they operate. Transaction amounts denominated in foreign currencies (currencies other than USD) are translated
into USD at exchange rates prevailing at the transaction dates. Carrying values of foreign currency monetary assets and liabilities
are re-translated at each statement of financial position date to reflect the U.S. exchange rate prevailing at that date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Gains and losses arising from translation
of foreign currency monetary assets and liabilities at each period end are included in earnings except for differences arising
on decommissioning provisions which are capitalized for operating mines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Share-based Payments:</U> The Company
makes share-based awards, including free shares and options, to certain employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For equity-settled awards, the fair value
is charged to the income statement and credited to equity, on a straight-line basis over the vesting period, after adjusting for
the estimated number of awards that are expected to vest. The fair value of the equity-settled awards is determined at the date
of grant. Non-vesting conditions and market conditions, such as target share price upon which vesting is conditioned, are factored
into the determination of fair value at the date of grant. All other vesting conditions are excluded from the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">determination of fair value and included
in management&rsquo;s estimate of the number of awards ultimately expected to vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The fair value is determined by using option
pricing models. At each statement of financial position date prior to vesting, the cumulative expense representing the extent
to which the vesting period has expired and management&rsquo;s best estimate of the awards that are ultimately expected to vest
is computed (after adjusting for non-market performance conditions). The movement in cumulative expense is recognized in the income
statement with a corresponding entry within equity. No expense is recognized for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market
condition is satisfied, provided that all other performance conditions are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where the terms of an equity-settled award
are modified, as a minimum an expense is recognized as if the terms had not been modified over the original vesting period. In
addition, an expense is recognized for any modification, which increases the total fair value of the share-based payment arrangement,
or is otherwise beneficial to the employee as measured at the date of modification, over the remainder of the new vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Where an equity-settled award is cancelled,
it is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the award is recognized
immediately. Any compensation paid up to the fair value of the awards at the cancellation or settlement date is deducted from
equity, with any excess over fair value being treated as an expense in the income statement. However, if a new award is substituted
for the cancelled award, and designated as a replacement award on the date that it is granted, the new awards are treated as if
they are a modification of the original award, as described in the previous paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Leases:</U> The determination of whether
an arrangement is, or contains a lease is based in the substance of the arrangement at the inception date, including whether the
fulfillment of the arrangement is dependent on the use of a specific asset or assets or whether the arrangement conveys a right
to use the asset. A reassessment after inception is only made in specific circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Assets held under finance leases, where
substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalized in the statement
of financial position at the lower of the fair value of the leased property or the present value of the minimum lease payments
during the lease term calculated using the interest rate implicit in the lease agreement. These amounts are determined at the
inception of the lease and are depreciated over the shorter of their estimated useful lives or the lease term. The capital elements
of future obligations under leases and hire purchase contracts are included as liabilities in the statement of financial position.
The interest elements of the lease or hire purchase obligations are charged to the income statement over the periods of the leases
and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Leases where substantially all the risks
and rewards of ownership have not passed to the Company are classified as operating leases. Rentals payable under operating leases
are charged to the income statement on a straight-line basis over the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Income Taxes:</U> Taxation on the earnings
or loss for the year comprises current and deferred tax. Taxation is recognized in the income statement except to the extent that
it relates to items recognized in other comprehensive income or directly in equity, in which case the tax is recognized in other
comprehensive income or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Current tax is the expected tax payable
on the taxable income for the year using rates enacted or substantively enacted at the year end, and includes any adjustment to
tax payable in respect of previous years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred tax is provided using the statement
of financial position liability method, providing for the tax effect of temporary differences between the carrying amount of assets
and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. Where an asset
has no deductible or depreciable amount for income tax purposes, but has a deductible amount on sale or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">abandonment for capital gains tax purposes,
that amount is included in the determination of temporary differences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The tax effect of certain temporary differences
is not recognized, principally with respect to goodwill; temporary differences arising on the initial recognition of assets or
liabilities (other than those arising in a business combination or in a manner that initially impacted accounting or taxable earnings);
and temporary differences relating to investments in subsidiaries, jointly controlled entities and associates to the extent that
the Company is able to control the reversal of the temporary difference and the temporary difference is not expected to reverse
in the foreseeable future. The amount of deferred tax recognized is based on the expected manner and timing of realization or
settlement of the carrying amount of assets and liabilities, with the exception of items that have a tax base solely derived under
capital gains tax legislation, using tax rates enacted or substantively enacted at period end. To the extent that an item&rsquo;s
tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such
amounts are deductible in determining future assessable income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The carrying amount of deferred income
tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that
sufficient taxable earnings will be available to allow all or part of the deferred income tax asset to be utilized. To the extent
that an asset not previously recognized fulfils the criteria for recognition, a deferred income tax asset is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred tax is measured on an undiscounted
basis at the tax rates that are expected to apply in the periods in which the asset is realized or the liability is settled, based
on tax rates and tax laws enacted or substantively enacted at the statement of financial position date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Current and deferred taxes relating to
items recognized in other comprehensive income or directly in equity are recognized in other comprehensive income or equity and
not in the income statement. Mining taxes and royalties are treated and disclosed as current and deferred taxes if they have the
characteristics of an income tax. Judgements are required about the application of income tax legislation. These judgements and
assumptions are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations,
which may impact the amount of deferred tax assets and deferred tax liabilities recognized on the statement of financial position
and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or the entire carrying
amount of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge
to the income statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred tax assets, including those arising
from tax losses, capital losses and temporary differences, are recognized only where it is probable that taxable earnings will
be available against which the losses or deductible temporary differences can be utilized. Assumptions about the generation of
future taxable earnings and repatriation of retained earnings depend on management&rsquo;s estimates of future cash flows. These
depend on estimates of future production and sales volumes, commodity prices, reserves, operating costs, closure and decommissioning
costs, capital expenditures, dividends and other capital management transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Earnings (loss) Per Share:</U> Basic
earnings (loss) per share is calculated by dividing earnings attributable to ordinary equity holders of the parent entity by the
weighted average number of ordinary shares outstanding during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The diluted earnings per share calculation
is based on the earnings attributable to ordinary equity holders and the weighted average number of shares outstanding after adjusting
for the effects of all potential ordinary shares. This method requires that the number of shares used in the calculation be the
weighted average number of shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary
shares. This method assumes that the potential ordinary shares converted into ordinary shares at the beginning of the period (or
at the time of issuance, if not in existence at beginning of the period). The number of dilutive potential ordinary shares is
determined independently for each period presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For convertible securities that may be
settled in cash or shares at the holder&rsquo;s option, returns to preference shareholders and income charges are added back to
net earnings used for basic EPS and the maximum</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">number of ordinary shares that could be
issued on conversion is used in the computing diluted earnings per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"><U>Borrowing
Costs and Upfront Costs:</U> Borrowing costs that are directly attributable to the acquisition, construction or production of
qualifying assets are capitalized. Qualifying assets are assets that require a substantial amount of time to prepare for their
intended use, including mineral properties in the evaluation stage where there is a high likelihood of commercial exploitation.
Qualifying assets also include significant expansion projects at the operating mines. Borrowing costs are considered an element
of the historical cost of the qualifying asset. Capitalization ceases when the asset is substantially complete or if construction
is interrupted for an extended period. Where the funds used to finance a qualifying asset form part of general borrowings, the
amount capitalized is calculated using a weighted average of rates applicable to the relevant borrowings during the period. Where
funds borrowed are directly attributable to a qualifying asset, the amount capitalized represents the borrowing costs specific
to those borrowings. Where surplus funds available out of money borrowed specifically to finance a project are temporarily invested,
the total borrowing cost is reduced by income generated from short-term investments of such funds.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Upfront
costs incurred in connection with entering new credit facilities are recorded as Other assets and are amortized over the life
of the respective credit facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">3.</FONT></TD><TD><FONT STYLE="font-variant: normal">Changes
                                         in Accounting Standards</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Changes in Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2015, the Company
adopted the following new and revised IFRSs that were issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -7.65pt"><I>Effective
for annual periods beginning on or after July 1, 2014</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><I>(i)</I></TD><TD STYLE="text-align: justify"><I>Amended standard</I> <I>IFRS
                                         2 Share-based Payment</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The amendment to IFRS 2 re-defines
the definition of &ldquo;vesting condition.&rdquo; The application of this IFRS did not have a material impact on the amounts
reported for the current or prior years but may affect the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(ii)</I></TD><TD STYLE="text-align: justify"><I>Amended standard IFRS 3 Business Combinations</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendment to IFRS 3 provides
further clarification on the accounting treatment for contingent consideration, and provides a scope exception for joint ventures.
The application of this IFRS did not have a material impact on the amounts reported for the current or prior years but may affect
the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>Amended standard</I> <I>IFRS 8 Operating Segments</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendments to IFRS 8 provides
further clarification on the disclosure required for the aggregation of segments and the reconciliation of segment assets. The
application of this IFRS did not have a material impact on the disclosure required for the current or prior years but may affect
the disclosure required in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(iv)</I></TD><TD STYLE="text-align: justify"><I>Amended standard</I> <I>IFRS 13 Fair Value Measurement</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendment to IFRS 13 provides
further details on the scope of the portfolio exception. The application of this IFRS did not have a material impact on the amounts
reported for the current or prior years but may affect the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><I>(v)</I></TD><TD STYLE="text-align: justify"><I>Amended standard</I> <I>IAS
                                         16 Property, Plant and Equipment</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendment to IAS 16 deals
with the proportionate restatement of accumulated depreciation on revaluation. The application of this IFRS did not have a material
impact on the amounts reported for the current or prior years but may affect the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(vi)</I></TD><TD STYLE="text-align: justify"><I>Amended standard IAS 24 Related Party Disclosures</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendment to IAS 24 deals
with the disclosure required for management entities. The application of this IFRS did not have a material impact on the disclosure
required for the current or prior years but may affect the disclosure required in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(vii)</I></TD><TD STYLE="text-align: justify"><I>Amended standard IAS 38 Intangible Assets</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 92.15pt; text-align: justify">The amendment to IAS 38 deals
with the proportionate restatement of accumulated depreciation on revaluation. The application of this IFRS did not have a material
impact on the amounts reported for the current or prior years but may affect the presentation of future transactions or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Accounting standards issued but not
yet effective</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal">IFRS
9 <I>Financial Instruments</I> (&ldquo;IFRS 9&rdquo;)<FONT STYLE="font-weight: normal"> was issued by the IASB on July 24, 2014
and will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 utilizes a single approach to determine whether
a financial asset is measured at amortized cost or fair value and a new mixed measurement model for debt instruments having only
two categories: amortized cost and fair value. The approach in IFRS 9 is </FONT></FONT></P>

<P STYLE="font: small-caps 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: small-caps 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal">based
on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics
of the financial assets. Final amendments released on July 24, 2014 also introduce a new expected loss impairment model and limited
changes to the classification and measurement requirements for financial assets. IFRS 9 is effective for annual periods beginning
on or after January 1, 2018. The Company is currently evaluating the impact the final standard and amendments on its consolidated
financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>IFRS 15, <I>Revenue from Contracts with
Customers</I> (&ldquo;IFRS 15&rdquo;)</B> In May 2014, the IASB and the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
completed its joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for IFRS
and US GAAP. As a result of the joint project, the IASB issued IFRS 15, Revenue from Contracts with Customers, and will replace
IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations on revenue. IFRS 15 establishes principles to address
the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity&rsquo;s contracts with customers.
On July 22, 2015, the IASB confirmed a one-year deferral of the effective date of IFRS 15 to January 1, 2018. Companies can elect
to use either a full or modified retrospective approach when adopting this standard. The Company will apply IFRS 15 beginning
on January 1, 2018. The Company is in the process of analyzing IFRS 15 and determining the effect on our consolidated financial
statements as a result of adopting this standard.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>IFRS 16,<I> Leases</I></B><I> </I><B>(&ldquo;IFRS
16&rdquo;)</B> In January 2016, the IASB issued IFRS 16 &ndash; <I>Leases</I> which replaces IAS 17 &ndash; <I>Leases </I>and
its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between
a lease and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined
to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single,
on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term
leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective
for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The
Company is currently evaluating the impact the final standard is expected to have on its consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">4.</FONT></TD><TD><FONT STYLE="font-variant: normal">Significant
                                         Judgements in Applying Accounting Policies</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Judgements that have
the most significant effect on the amounts recognized in the Company&rsquo;s consolidated financial statements are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Capitalization
                                         of evaluation costs: </I>The Company has determined that evaluation costs capitalized
                                         during the year relating to the operating mines and certain other exploration interests
                                         have potential future economic benefits and are potentially economically recoverable,
                                         subject to impairment analysis as discussed in Note 11. In making this judgement, the
                                         Company has assessed various sources of information including but not limited to the
                                         geologic and metallurgic information, history of conversion of mineral deposits to proven
                                         and probable mineral reserves, scoping and feasibility studies, proximity to existing
                                         ore bodies, operating management expertise and required environmental, operating and
                                         other permits.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Commencement
                                         of commercial production:</I></FONT><I> </I><FONT STYLE="font-size: 10pt">During the
                                         determination of whether a mine has reached an operating level that is consistent with
                                         the use intended by management, costs incurred are capitalized as mineral property, plant
                                         and equipment and any consideration from commissioning sales are offset against costs
                                         capitalized. The Company defines commencement of commercial production as the date that
                                         a mine has achieved a sustainable level of production based on a percentage of design
                                         capacity along with various qualitative factors including but not limited to the achievement
                                         of mechanical completion, continuous nominated level of production, the working effectiveness
                                         of the plant and equipment at or near expected levels and whether there is a sustainable
                                         level of production input available including power, water and diesel.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Assets&#8217;
                                         carrying values and impairment charges:</I> In determining carrying values and impairment
                                         charges the Company looks at recoverable amounts, defined as the higher of value in use
                                         or fair value less cost to</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">sell in the
case of assets, and at objective evidence that identifies significant or prolonged decline of fair value on financial assets indicating
impairment. These determinations and their individual assumptions require that management make a decision based on the best available
information at each reporting period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Functional
                                         currency: </I>The functional currency for the Company and its subsidiaries is the currency
                                         of the primary economic environment in which each operates. The Company has determined
                                         that its functional currency and that of its subsidiaries is the USD. The determination
                                         of functional currency may require certain judgements to determine the primary economic
                                         environment. The Company reconsiders the functional currency used when there is a change
                                         in events and conditions which determined the primary economic environment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Business
                                         combinations:</I> Determination of whether a set of assets acquired and liabilities assumed
                                         constitute a business may require the Company to make certain judgments, taking into
                                         account all facts and circumstances. A business consists of inputs, including non-current
                                         assets and processes, including operational processes, that when applied to those inputs
                                         have the ability to create outputs that provide a return to the Company and its shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal"><I>Deferral
                                         of stripping costs: </I>In determining whether stripping costs incurred during the production
                                         phase of a mining property relate to mineral reserves that will be mined in a future
                                         period and therefore should be capitalized, the Company treats the costs of removal of
                                         the waste material during a mine&#8217;s production phase as deferred, where it gives
                                         rise to future benefits. These capitalized costs are subsequently amortized on a unit
                                         of production basis over the reserves that directly benefit from the specific stripping
                                         activity. As at December 31, 2015, the carrying amount of stripping costs capitalized
                                         was $39.5 million comprised of Manantial Espejo - $3.2 million and Dolores - $36.3 million
                                         (2014 - $46.2 million was capitalized comprised of Manantial Espejo $13.0 million, Dolores
                                         $28.4 million, and Alamo Dorado $4.8 million).</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal"><I>Replacement
                                         convertible debenture: </I>As part of the 2009 Aquiline transaction the Company issued
                                         a replacement convertible debenture that allowed the holder to convert the debenture
                                         into either 363,854 Pan American shares or a Silver Stream contract. The holder subsequently
                                         selected the Silver Stream contract. The convertible debenture is classified and accounted
                                         for as a deferred credit. In determining the appropriate classification of the convertible
                                         debenture as a deferred credit, the Company evaluated the economics underlying the contract
                                         as of the date the Company assumed the obligation. As at December 31, 2015, the carrying
                                         amount of the deferred credit arising from the Aquiline acquisition was</FONT> <FONT STYLE="font-weight: normal">$20.8
                                         million (2014 - $20.8 million).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal"><I>Convertible
                                         Notes:</I> The Company has the right to pay all or part of the liability associated with
                                         the Company&rsquo;s outstanding convertible notes in cash on the conversion date. Accordingly,
                                         the Company classifies the convertible notes as a financial liability with an embedded
                                         derivative. The financial liability and embedded derivative are recognized initially
                                         at their respective fair values. The embedded derivative is subsequently recognized at
                                         fair value with changes in fair value reflected in profit or loss and the debt liability
                                         component is recognized at amortized cost using the effective interest method. Interest
                                         gains and losses related to the debt liability component or embedded derivatives are
                                         recognized in profit or loss. On conversion, the equity instrument is measured at the
                                         carrying value of the liability component and the fair value of the derivative component
                                         on the conversion date. The notes, were settled in December 2015 along with all accrued
                                         interest. The notes, were settled in December 2015 along with all accrued
interest.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">5.</FONT></TD><TD><FONT STYLE="font-variant: normal">Key
                                         Sources of Estimation Uncertainty in the Application of Accounting Policies</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Key sources of estimation
uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Revenue
                                         recognition:</I> Revenue from the sale of concentrate to independent smelters is recorded
                                         at the time the risks and rewards of ownership pass to the buyer using forward market
                                         prices on the expected date that final sales prices will be fixed. Variations between
                                         the prices set under the smelting contracts</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">may be caused by changes in
market prices and result in an embedded derivative in the accounts receivable. The embedded derivative is recorded at fair value
each period until final settlement occurs, with changes in the fair value classified in revenue. In a period of high price volatility,
as experienced under current economic conditions, the effect of mark-to-market price adjustments related to the quantity of metal
which remains to be settled with independent smelters could be significant. For changes in metal quantities upon receipt of new
information and assay, the provisional sales quantities are adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Estimated
                                         recoverable ounces: </I>The carrying amounts of the Company&#8217;s mining properties
                                         are depleted based on recoverable ounces. Changes to estimates of recoverable ounces
                                         and depletable costs including changes resulting from revisions to the Company&#8217;s
                                         mine plans and changes in metal price forecasts can result in a change to future depletion
                                         rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Mineral
                                         reserve estimates: </I>The figures for mineral reserves and mineral resources are determined
                                         in accordance with National Instrument 43 -101, &#8220;Standards of Disclosure for Mineral
                                         Projects&#8221;, issued by the Canadian Securities Administrators and in accordance with
                                         &#8220;Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines
                                         &#8211; adopted November 23, 2003&#8221;, prepared by the CIM Standing Committee on Reserve
                                         Definitions. There are numerous uncertainties inherent in estimating mineral reserves
                                         and mineral resources, including many factors beyond the Company&#8217;s control. Such
                                         estimation is a subjective process, and the accuracy of any mineral reserve or mineral
                                         resource estimate is a function of the quantity and quality of available data and of
                                         the assumptions made and judgments used in engineering and geological interpretation.
                                         Differences between management&#8217;s assumptions including economic assumptions such
                                         as metal prices and market conditions could have a material effect in the future on the
                                         Company&#8217;s financial position and results of operation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Valuation
                                         of Inventory: </I>In determining mine production costs recognized in the consolidated
                                         income statement, the Company makes estimates of quantities of ore stacked in stockpiles,
                                         placed on the heap leach pad and in process and the recoverable silver in this material
                                         to determine the average costs of finished goods sold during the period. Changes in these
                                         estimates can result in a change in mine operating costs of future periods and carrying
                                         amounts of inventories. Refer to Note 9 for details.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Depreciation
                                         and amortization rates for mineral property, plant and equipment and mineral interests:
                                         </I>Depreciation and amortization expenses are allocated based on assumed asset lives
                                         and depreciation and amortization rates. Should the asset life or depreciation rate differ
                                         from the initial estimate, an adjustment would be made in the consolidated income statement
                                         prospectively. A change in the mineral reserve estimate for assets depreciated using
                                         the units of production method would impact depreciation expense prospectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Impairment
                                         of mining interests: </I>While assessing whether any indications of impairment exist
                                         for mining interests, consideration is given to both external and internal sources of
                                         information. Information the Company considers include changes in the market, economic
                                         and legal environment in which the Company operates that are not within its control and
                                         affect the recoverable amount of mining interests. Internal sources of information include
                                         the manner in which mineral property, plant and equipment are being used or are expected
                                         to be used and indications of the economic performance of the assets. Estimates include
                                         but are not limited to estimates of the discounted future after-tax cash flows expected
                                         to be derived from the Company&#8217;s mining properties, costs to sell the mining properties
                                         and the appropriate discount rate. Reductions in metal price forecasts, increases in
                                         estimated future costs of production, increases in estimated future capital costs, reductions
                                         in the amount of recoverable mineral reserves and mineral resources and/or adverse current
                                         economics can result in a write-down of the carrying amounts of the Company&#8217;s mining
                                         interests. Impairments of mining interests are discussed in Note 11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Estimation
                                         of decommissioning and restoration costs and the timing of expenditures: </I>The cost
                                         estimates are updated annually during the life of a mine to reflect known developments,
                                         (e.g. revisions to cost estimates and to the estimated lives of operations), and are
                                         subject to review at regular intervals. Decommissioning, restoration and similar liabilities
                                         are estimated based on the Company&#8217;s interpretation of current regulatory requirements,
                                         constructive obligations and are measured at the best estimate of expenditure required
                                         to settle the present obligation of decommissioning, restoration or similar liabilities
                                         that may occur upon decommissioning of the mine at the end of the reporting period. The
                                         carrying amount</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">is determined based on the net
present value of estimated future cash expenditures for the settlement of decommissioning, restoration or similar liabilities
that may occur upon decommissioning of the mine. Such estimates are subject to change based on changes in laws and regulations
and negotiations with regulatory authorities. Refer to Note 15 for details on decommissioning and restoration costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Income
                                         taxes and recoverability of deferred tax assets:</I> In assessing the probability of
                                         realizing income tax assets recognized, the Company makes estimates related to expectations
                                         of future taxable income, applicable tax planning opportunities, expected timing of reversals
                                         of existing temporary differences and the likelihood that tax positions taken will be
                                         sustained upon examination by applicable tax authorities. In making its assessments,
                                         the Company gives additional weight to positive and negative evidence that can be objectively
                                         verified. Estimates of future taxable income are based on forecasted cash flows from
                                         operations and the application of existing tax laws in each jurisdiction. The Company
                                         considers relevant tax planning opportunities that are within the Company&#8217;s control,
                                         are feasible and within management&#8217;s ability to implement. Examination by applicable
                                         tax authorities is supported based on individual facts and circumstances of the relevant
                                         tax position examined in light of all available evidence. Where applicable tax laws and
                                         regulations are either unclear or subject to ongoing varying interpretations, it is reasonably
                                         possible that changes in these estimates can occur that materially affect the amounts
                                         of income tax assets recognized. Also, future changes in tax laws could limit the Company
                                         from realizing the tax benefits from the deferred tax assets. The Company reassesses
                                         unrecognized income tax assets at each reporting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Accounting
                                         for acquisitions:</I> The provisional fair value of assets acquired and liabilities assumed
                                         and the resulting goodwill, if any, requires that management make certain judgments and
                                         estimates taking into account information available at the time of acquisition about
                                         future events, including, but not restricted to, estimates of mineral reserves and resources
                                         required, exploration potential, future operating costs and capital expenditures, future
                                         metal prices, long-term foreign exchange rates and discount rates. Changes to the provisional
                                         values of assets acquired and liabilities assumed, deferred income taxes and resulting
                                         goodwill, if any, are retrospectively adjusted when the final measurements are determined
                                         (within one year of the acquisition date).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Contingencies:
                                         </I>Due to the size, complexity and nature of the Company&#8217;s operations, various
                                         legal and tax matters are outstanding from time to time. In the event the Company&#8217;s
                                         estimates of the future resolution of these matters changes, the Company will recognize
                                         the effects of the changes in its consolidated financial statements on the date such
                                         changes occur. Refer to Note 28 for further discussion on contingencies.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: small-caps"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B>Management of Capital</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s objective when managing
its capital is to maintain its ability to continue as a going concern while at the same time maximizing growth of its business
and providing returns to its shareholders. The Company&rsquo;s capital structure consists of shareholders&rsquo; equity (comprising
issued capital plus share option reserve plus retained deficit, plus investment revaluation reserve) with a balance of $1.3 billion
as at December 31, 2015 (2014 - $1.6 billion). The Company manages its capital structure and makes adjustments based on changes
to its economic environment and the risk characteristics of the Company&rsquo;s assets. The Company&rsquo;s capital requirements
are effectively managed based on the Company having a thorough reporting, planning and forecasting process to help identify the
funds required to ensure the Company is able to meet its operating and growth objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company is not subject to externally imposed capital requirements
and the Company&rsquo;s overall strategy with respect to capital risk management remains unchanged from the year ended December
31, 2014. Refer to note 17 for details of the Company&rsquo;s revolving credit facility and related covenants.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%"><FONT STYLE="font-size: 10pt"><B>Pan American Silver Corp</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 8pt">Notes to the Consolidated Financial Statements</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 7pt">As at December 31, 2015 and 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars
    except number of shares, options, warrants, and per share amounts)</FONT></td></tr>
</table>
<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">7.</FONT></TD><TD><FONT STYLE="font-variant: normal">Financial
                                         Instruments</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-variant: normal">a)</FONT></TD><TD><FONT STYLE="font-variant: normal">Financial
                                         assets and liabilities classified as at fair value through profit or loss (&ldquo;FVTPL&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s
financial assets and liabilities classified as at FVTPL are as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 4.5pt"><B>December 31,</B></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 4.5pt"><B>2015</B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current derivative liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; padding-left: 9pt">Diesel fuel swaps and foreign currency contracts</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">2,835</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Conversion feature on convertible notes (Note 17)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">278</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,835</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">278</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">In addition,
trade and other receivables include accounts receivable arising from sales of metal concentrates and have been designated and
classified as at FVTPL. The total trade and other receivables are as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: -6.3pt"><B>December 31,</B></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: -6.3pt"><B>2015 </B></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Trade receivables from provisional concentrates sales</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">21,272</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">29,288</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Not arising from sale of metal concentrates</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">65,769</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76,356</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Trade and other receivables</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,041</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">105,644</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>b)</B></TD><TD STYLE="text-align: left"><B>Normal purchase or sale exemption</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Contracts that were entered into and continue
to be held for the purpose of the receipt or delivery of a nonfinancial item in accordance with the Company&rsquo;s expected purchase,
sale or usage requirements fall in the exemption from IAS 32 and IAS 39, which is known as the &rdquo;normal purchase or sale
exemption&rdquo;. For these contracts and the host part of the contracts containing embedded derivatives, they are accounted for
as executory contracts. The Company recognizes such contracts in its statement of financial position only when one of the parties
meets its obligation under the contract to deliver either cash or a non-financial asset.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-variant: normal">c)</FONT></TD><TD><FONT STYLE="font-variant: normal">Financial
                                         assets designated as available-for-sale</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s
short term investments are designated as available-for-sale. The unrealized losses on available-for-sale investments recognized
in other comprehensive loss for the years ended December 31, were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Twelve months ended December 31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Unrealized net losses on available for sale securities</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">(1,459</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">(1,429</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Reclassification adjustment for net losses on available for sale securities included in earnings</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,486</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,081</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(348</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-variant: normal">d)</FONT></TD><TD><FONT STYLE="font-variant: normal">Risk</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has exposure to risks of varying
degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns.
The principle financial risks to which the Company is exposed are metal price risk, credit risk, interest rate risk, foreign exchange
rate risk, and liquidity risk. The Company&rsquo;s Board of Directors has overall responsibility for the establishment and oversight
of the Company&rsquo;s risk management framework and reviews the Company&rsquo;s policies on an ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Metal Price Risk</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Metal price risk is the risk that changes in metal prices
will affect the Company&rsquo;s income or the value of its related financial instruments. The Company derives its revenue from
the sale of silver, gold, lead, copper, and zinc. The Company&rsquo;s sales are directly dependent on metal prices that have shown
significant volatility and are beyond the Company&rsquo;s control. Consistent with the Company&rsquo;s mission to provide equity
investors with exposure to changes in silver prices, the Company&rsquo;s current policy is to not hedge the price of silver. A
10% increase in all metal prices for the year ended December 31, 2015, would result in an increase of approximately $72.8 million
(2014 &ndash; $79.4 million) in the Company&rsquo;s revenues. A 10% decrease in all metal prices for the same period would result
in a decrease of approximately $76.5 million (2014 - $83.8 million) in the Company&rsquo;s revenues. The Company also enters into
provisional concentrate contracts to sell the zinc, lead and copper concentrates produced by the Huaron, Morococha, San Vicente
and La Colorada mines. A 10% increase in metal prices (zinc, lead, copper and silver) on open positions for provisional concentrate
contracts for the year ended December 31, 2015 would result in an increase of approximately $6.2 million (2014 - $6.3 million)
in the Company&rsquo;s before tax earnings which would be reflected in 2015 results. A 10% decrease in metal prices for the same
period would result in a decrease of approximately $6.2 million (2014 - $6.5 million) in the Company&rsquo;s before tax earnings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company mitigates the price risk associated with
its base metal production by committing some of its forecasted base metal production from time to time under forward sales and
option contracts. The Board of Directors continually assess the Company&rsquo;s strategy towards its base metal exposure, depending
on market conditions. At<FONT STYLE="font-variant: small-caps"><B> </B></FONT>December 31, 2015, the Company had outstanding contracts
to sell some of its base metals production.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Credit Risk</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Credit risk is the risk of financial loss to the Company
if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the
Company&rsquo;s trade receivables. The carrying value of financial assets represents the maximum credit exposure.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company has long-term concentrate contracts to sell
the zinc, lead and copper concentrates produced by the Huaron, Morococha, San Vicente and La Colorada mines. Concentrate contracts
are common business practice in the mining industry.&nbsp;The terms of the concentrate contracts may require the Company to deliver
concentrate that has a value greater than the payment received at the time of delivery, thereby introducing the Company to credit
risk of the buyers of concentrates. Should any of these counterparties not honor supply arrangements, or should any of them become
insolvent, the Company may incur losses for products already shipped and be forced to sell its concentrates on the spot market
or it may not have a market for its concentrates and therefore its future operating results may be materially adversely impacted.
At December 31, 2015 the Company had receivable balances associated with buyers of its concentrates of $21.3 million (2014 - $29.3
million). The vast majority of the Company&rsquo;s concentrate is sold to eight well known concentrate buyers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Silver dor&eacute; production from La Colorada, Alamo
Dorado, Dolores and Manantial Espejo is refined under long term agreements with fixed refining terms at three separate refineries
worldwide. The Company generally retains the risk and title to the precious metals throughout the process of refining and therefore
is exposed to the risk that the refineries will not be able to perform in accordance with the refining contract and that the Company
may not be able to fully recover precious metals in such circumstances. At December 31, 2015 the Company had approximately $21.4
million (2014 - $44.7 million) of value contained in precious metal inventory at refineries. The Company maintains insurance coverage
against the loss of precious metals at the Company&rsquo;s mine sites, in-transit to refineries and whilst at the refineries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company maintains trading facilities with several
banks and bullion dealers for the purposes of transacting the Company&rsquo;s trading activities. None of these facilities are
subject to margin arrangements. The Company&rsquo;s trading activities can expose the Company to the credit risk of its counterparties
to the extent that our trading positions have a positive mark-to-market value. However, the Company minimizes this risk by ensuring
there is no excessive concentration of credit risk with any single counterparty, by active credit management and monitoring.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Refined silver and gold is sold in the spot market to
various bullion traders and banks. Credit risk may arise from these activities if the Company is not paid for metal at the time
it is delivered, as required by spot sale contracts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Management constantly monitors and assesses the credit
risk resulting from its refining arrangements, concentrate sales and commodity contracts with its refiners, trading counterparties
and customers. Furthermore, management carefully considers credit risk when allocating prospective sales and refining business
to counterparties. In making allocation decisions, Management attempts to avoid unacceptable concentration of credit risk to any
single counterparty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2015, the Company has recorded an allowance
for doubtful accounts provision in the amount of $7.6 million (2014 &ndash; $7.6 million). $7.6 million relates to amounts owing
from Doe Run Peru (&ldquo;DRP&rdquo;), one of the buyers of concentrates from the Company&rsquo;s Peruvian operations, for deliveries
of concentrates that occurred in early 2009. The Company will continue to pursue every possible avenue to recover the amounts owed
by DRP. At December 31, 2015, no additional provisions for doubtful accounts were recorded other than those described above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Cash, trade accounts receivable and other receivables
that represent the maximum credit risk to the Company consist of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">December 31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; border-bottom: Black 1pt solid">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">133,963</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">146,193</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade accounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,272</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,288</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Advances to suppliers and contractors</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,502</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,766</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Export tax receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,182</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Insurance receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,713</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Royalty receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">61</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Employee loans</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,140</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,919</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,731</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Total accounts receivable <sup>(1)</sup> &nbsp;</font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48,789</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">70,795</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total cash and cash equivalents, and accounts receivable</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">182,752</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">216,988</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>1)</SUP></FONT><FONT STYLE="font-size: 7pt">Excludes
Value added taxes receivable of $38.3 million (2014 - $34.8 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company invests its cash which also has credit risk,
with the objective of maintaining safety of principal and providing adequate liquidity to meet all current payment obligations.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Interest Rate Risk</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Interest rate risk
is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates.
At December 31, 2015, the Company has $4.0<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> million in lease obligations
(2014 - $8.0 million), that are subject to an annualized interest rate of 2.2% and an amount drawn on the credit facility of $36.2
million (2014 - $nil) at an annual interest rate of 2.125% to 3.125% over LIBOR. At December 31, 2014 the Company had $36.2 million
of unsecured convertible notes that bore interest at 4.5%, payable semi-annually on June 15 and December 15. The interest paid
by the Company for the year ended December 31, 2015 on its lease obligations was $0.4 million (2014 &ndash; $0.4 million). The
Company has received short term loans in Argentina totaling $5.3 million Argentinean Pesos (USD $0.6 million) at an annual interest
rate of 40% and USD $12.3 million at an annual interest rate of 4%. In addition, the Company has also drawn on an available line
of credit in Argentina for $89.1 million Argentinean Pesos (USD $6.7 million) at an interest rate of 30.0%. $113.5 million Argentinean
Pesos are due in January 2016, and USD $5.1 million are due in January 2016, USD$3.2 million is due in February 2016 and USD$4.0
million is due in March 2016. The interest paid by the Company for the year ended December 31, 2015 on the convertible notes was
$1.6 million (2014 &ndash; $1.6 million).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The average interest rate earned by the Company during
the year ended December 31, 2015 on its cash and short term investments was 0.88% (2014 - 0.54%). A 10% increase or decrease in
the interest earned from financial institutions on cash and short term investments would result in a $0.2 million increase or decrease
in the Company&rsquo;s before tax earnings (2014 &ndash; $0.3 million).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Foreign Exchange Rate Risk</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company reports its financial statements in USD;
however, the Company operates in jurisdictions that utilize other currencies. As a consequence, the financial results of the Company&rsquo;s
operations as reported in USD are subject to changes in the value of the USD relative to local currencies. Since the Company&rsquo;s
sales are denominated in USD and a portion of the Company&rsquo;s operating costs and capital spending are in local currencies,
the Company is negatively impacted by strengthening local currencies relative to the USD and positively impacted by the inverse.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">In order to mitigate
this exposure, from time to time the Company has purchased Peruvian Nuevo Sol (&ldquo;PEN&rdquo;), Mexican Peso (&ldquo;MXN&rdquo;)
and CAD to match anticipated spending. At December 31, 2015, the Company had no outstanding contracts to purchase CAD or PEN. At
December 31, 2015, the Company has collared its foreign currency exposure of MXN purchases with puts and call contracts which have
a nominal value of $35.7 million and have settlement dates between January and December, 2016. The positions have a weighted average
floor of $16.42 and average cap of $18.49. The Company&rsquo;s net earnings are affected by the revaluation of its monetary assets
and monetary liabilities at each balance sheet date. The Company has reviewed its monetary assets and monetary liabilities and
is exposed to foreign exchange risk through financial assets and liabilities and deferred income tax liabilities denominated in
currencies other than USD as shown in the table below. The Company estimates that a 10% change in the exchange rate of the foreign
currencies in which its December 31, 2015 non-USD net monetary liabilities were denominated would result in an income before taxes
change of about $12.7 million (2014 - $5.3</FONT> <FONT STYLE="font-weight: normal">million).</FONT></P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is exposed
to currency risk through the following financial assets and liabilities, and deferred income tax assets and liabilities denominated
in foreign currencies: </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">At December 31, 2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Cash and </b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>short-term <BR>
investments</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Other current and <BR>
non-current <BR>
assets</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Income taxes <BR>
receivable <BR>
(payable), <BR>
current and non-<BR>
current</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Accounts payable <BR>
and accrued <BR>
liabilities and non-<BR>
current liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Deferred tax <BR>
assets and &nbsp;<BR>
liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Canadian Dollar </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">12,999</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">229</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(549</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(238</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mexican Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(124,375</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Argentinian Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,961</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bolivian Boliviano</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(556</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,144</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">European Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(373</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Peruvian Nuevo Sol</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,692</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,158</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,454</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,913</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,457</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">25,281</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">67,734</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,893</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(95,469</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(138,397</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">At December 31, 2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Cash and </b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>short-term <BR>
investments</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Other current and <BR>
non-current <BR>
assets</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Income taxes <BR>
receivable <BR>
(payable), <BR>
current and non-<BR>
current</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Accounts payable <BR>
and accrued <BR>
liabilities and non-<BR>
current liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Deferred&nbsp;&nbsp;tax <BR>
assets and <BR>
liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Canadian Dollar </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">74,262</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">232</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(243</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(259</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(180</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mexican Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(136</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,421</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Argentinian Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,600</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,914</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bolivian Boliviano</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,077</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,453</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">European Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Peruvian Nuevo Sol</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,844</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,593</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,266</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,145</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,520</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">98,440</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">56,292</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,305</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(65,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(157,488</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Liquidity Risk</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will not
be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasted
and actual cash flows. The Company has in place a rigorous planning and budgeting process to help determine the funds required
to support the Company&rsquo;s normal operating requirements on an ongoing basis and its expansion plans. The Company strives to
maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from
operations, its holdings of cash and short-term investments, and its committed loan facilities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-variant: normal">e)</FONT></TD><TD><FONT STYLE="font-variant: normal">Commitments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">The Company&rsquo;s commitments have contractual maturities which are summarized
below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Payments due by period 2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 9pt"><b>Within 1 year</b><sup>(2)</sup></font></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 - 3 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4- 5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">After 5 <BR>
years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Current liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">111,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">111,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Credit Facility</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loan obligation (Note 14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-size: 9pt">Finance lease obligations<sup>(1)</sup> &nbsp;</font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Severance accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">672</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><font style="font-size: 9pt">Employee compensation<sup>(3)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss on commodity contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><font style="font-size: 9pt">Provisions<sup>(5)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income taxes payable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,481</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,481</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt"><B>Total contractual
    obligations</B><SUP>(5)</SUP></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">202,628</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">156,364</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,045</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">38,228</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">991</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b></b></P><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Payments due by period 2014</b></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 9pt"><b>Within 1 year</b><sup>(2)</sup></font></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 - 3 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4- 5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">After 5 <BR>
years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Current liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">125,031</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">125,031</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loan obligation (Note 14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-size: 9pt">Finance lease obligations<sup>(1)</sup> &nbsp;</font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Severance accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,135</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">864</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Employee compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-size: 9pt">Current portion of long term debt <sup>(4)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income taxes payable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,321</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,321</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"><b>Total contractual obligations</b><sup>(5)</sup></font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">212,425</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,053</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">864</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes lease obligations in the amount of $4.1 million (December
31, 2014 - $8.4 million) with a net present value of $4.0 million (December 31, 2014 - $8.0 million) discussed further in Note
16.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes all current liabilities as per the statement of financial
position plus items presented separately in this table that are expected to be paid but not accrued in the books of the Company.
A reconciliation of the current liabilities balance per the statement of financial position to the total contractual obligations
within one year per the commitment schedule is shown in the table below.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 7pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2015</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Future interest component</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Within 1 year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0in">Current portion of:</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in">Accounts payable and other liabilities</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">111,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">111,700</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Credit facility</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">960</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Loan obligation</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,680</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Current portion of finance lease</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,319</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Current severance liability</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">720</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Employee Compensation &amp;RSU&rsquo;s</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,707</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Unrealized loss on commodity contracts</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 0.125in"><font style="font-size: 7pt">Provisions</font><font style="font-size: 9pt"><sup>(5)</sup></font></TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,962</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Income tax payable</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,481</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,481</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 7pt">Total contractual obligations within one year</font><font style="font-size: 9pt"><sup>(5)</sup></font></TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">153,923</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,441</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">156,364</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 7pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December 31, 2014</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Future interest component</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Within 1 year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0in">Current portion of:</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in">Accounts payable and other liabilities</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">125,031</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">125,031</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Loan obligation</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,600</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Current portion of finance lease</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Current severance liability</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">749</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Employee Compensation PSU&rsquo;s &amp; RSU&rsquo;s</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Convertible note</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">37,867</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Provisions</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,121</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Income tax payable</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,321</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,321</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total contractual obligations within one year</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">208,041</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,384</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">212,425</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes RSU obligation in the amount of $2.5 million (2014 &ndash;
$2.2 million) that will be settled in cash. The RSUs vest in two instalments, 50% in December 2016 and 50% in December 2017.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Represents the face value of the replacement convertible note and
future interest payments related to the Minefinders acquisition. Refer to Note 17 for further details.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Amounts above do not include payments related to the Company&rsquo;s
anticipated closure and decommissioning obligation (current of $6.0 million, long-term $44.5 million), the deferred credit arising
from the Aquiline acquisition ($20.8 million) discussed in Note 18, and deferred tax liabilities ($142.1 million.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Fair Value of Financial Instruments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The carrying value of share purchase warrants and the
conversion feature on the convertible notes are stated at fair value and the carrying value of cash, short-term investments, trade
and other receivables, accounts payable and accrued liabilities approximate their fair value due to the relatively short periods
to maturity of these financial instruments. Share purchase warrants with an exercise price denominated in a currency other than
the Company's functional currency are classified and accounted for as financial liabilities and, as such, are measured at their
fair values with changes in fair values included in net earnings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Fair value estimates are made at a specific point in
time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature
and involve uncertainties and matters of significant judgement and, therefore, cannot be determined with precision. Changes in
assumptions could significantly affect the estimates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table sets forth the Company&rsquo;s financial
assets and liabilities measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level
1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy
are described as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Level 1: </B>Unadjusted quoted prices in active markets
that are accessible at the measurement date for identical, unrestricted assets or liabilities;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Level 2: </B>Quoted prices in markets that are not
active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;
and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Level 3:</B> Prices or valuation techniques that
require inputs that are both significant to the fair value measurement and unobservable (supported by little or no observable market
data).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2015, the levels in the fair value hierarchy
into which the Company&rsquo;s financial assets and liabilities are measured and recognized on the Consolidated Statements of Financial
Position at fair value are categorized as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Fair Value at December 31, 2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Assets and Liabilities:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Short-term investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">92,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">92,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade receivable from provisional concentrate sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign currency contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(168</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(168</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Diesel swap contracts</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,667</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,667</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">111,115</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">92,678</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,437</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center">Fair Value at December 31, 2014</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Assets and Liabilities:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Short-term investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">184,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">184,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade receivable from provisional concentrate sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Conversion feature of convertible notes</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(278</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(278</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">213,230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">184,220</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,010</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The methodology and assessment of inputs for determining
the fair value of financial assets and liabilities as well as the levels of hierarchy for the Company&rsquo;s financial assets
and liabilities measured at fair value remains unchanged from that at December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Valuation Techniques</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Short-term investments and other investments</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s short-term investments and other
investments are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value
hierarchy and are primarily money market securities and U.S. Treasury securities. The fair value of the investment securities is
calculated as the quoted market price of the investment and in the case of equity securities, the quoted market price multiplied
by the quantity of shares held by the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Derivative Financial Instruments</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s unrealized gains and losses on commodity
swaps, diesel fuel swaps and foreign currency contracts are valued using observable market prices and as such are classified as
Level 2 of the fair market value hierarchy. As of December 31, 2015, the unrealized gains and losses on commodity and foreign currency
contracts was $2.8 (2014 - $nil).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015 the Company
entered into diesel swap contracts designated to fix or limit the Company&rsquo;s exposure to higher fuel prices (the &ldquo;Diesel
fuel swaps&rdquo;). The Diesel fuel swaps had an initial notional value of $25.5 million of which $14.7 million remained outstanding
as at December 31, 2015. The Company recorded losses of $3.1 million on the Diesel fuel swaps in the year ended December 31, 2015
(2014 - $nil).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015 the Company
entered into copper swap contracts designated to fix or limit the Company&rsquo;s exposure to lower copper prices (the &ldquo;Copper
swaps&rdquo;). The copper swaps were on 4,080 metric tonnes (&ldquo;MT&rdquo;) of copper at an average price of $6,044 USD/MT.
The Company recorded gains of $3.0 million on the copper contracts in the year ended December 31, 2015 (2014 - $nil). As at December
31, 2015 there were no Copper Swap contracts outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015 the Company
entered into collared positions for its foreign currency exposure of MXN purchases with puts and call contracts which have a nominal
value of $35.7 million and have settlement dates between January and December, 2016. The positions have a weighted average floor
of $16.42 and average cap of $18.49. The Company recorded losses of $0.2 million on the MXN forward contracts in the year ended
December 31, 2015 (2014 - $nil).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Share purchase warrants </I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">These warrants expired December 7<SUP>th</SUP>, 2014.
During the year ended December 31, 2014, the unrealized gain on share purchase warrants was $0.2 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Convertible notes</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s unrealized gains and losses on conversion
feature of the convertible notes are valued using observable inputs and as such are classified as Level 2 of the fair market value
hierarchy. The conversion feature on the convertible notes is considered an embedded derivative and re-measured at fair value each
reporting period. The fair value of the conversion feature of the convertible notes is determined using a model that includes the
volatility and price of the Company&rsquo;s common shares and a credit spread structure with reference to the corresponding fair
value of the debt component of the convertible notes. During the year ended December 31, 2015, the unrealized gain on the convertible
notes was $0.3 million (2014 &ndash; $1.1 million). The notes, were settled in December 2015 along with all accrued interest.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Receivables from Provisional Concentrate Sales</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s trade receivables arose from provisional
concentrate sales and are valued using quoted market prices based on the forward London Metal Exchange (&ldquo;LME&rdquo;) for
copper, zinc and lead and the London Bullion Market Association P.M. fix (&ldquo;London P.M. fix&rdquo;) for gold and silver.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">8.</FONT></TD><TD><FONT STYLE="font-variant: normal">Short Term Investments </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">Available for Sale</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Fair<BR>
Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Accumulated <BR>
unrealized <BR>
holding losses</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Accumulated <BR>
unrealized <BR>
holding losses</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 8pt Arial,sans-serif; text-align: left; border-bottom: Black 2.5pt double">Short term investments</TD><TD STYLE="width: 1%; font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">92,678</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">93,136</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">(458</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: right">184,220</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: right">184,705</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: right">(485</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Arial,sans-serif; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">9.</FONT></TD><TD><FONT STYLE="font-variant: normal">Inventories</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Inventories consist of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Concentrate inventory</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">17,216</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,679</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><font style="font-size: 9pt">Stockpile ore<sup>(1)</sup></font></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,988</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-size: 9pt">Heap leach inventory and in process <sup>(2)</sup></font></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">82,846</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-size: 9pt">Dor&eacute; and finished inventory<sup> (3)</sup></font></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,981</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Materials and supplies</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">51,330</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">55,895</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">204,361</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">252,549</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes an impairment charge of $28.8 million to reduce the cost
of inventory to NRV at Manantial Espejo, Alamo Dorado and Dolores mines (December 31, 2014 &ndash; $0.9 at Manantial Espejo Mine).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes an impairment charge of $21.3 million to reduce the cost
of inventory to NRV at Dolores and Manantial Espejo mines (December 31, 2014 - $32.3 million at Dolores and Alamo Dorado mines).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes an impairment charge of $3.7 million to reduce the cost of
inventory to NRV at Dolores and Manantial Espejo mines (December 31, 2014 - $9.7 at Dolores, Alamo Dorado and Manantial Espejo
mines).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><BR>
Production costs, including depreciation and amortization, and royalties for the year ended December 31, 2015 were $706.8 million
(2014 - $743.9 million). Production costs represent cost of inventories sold during the year. During 2015, a $10.9 million (2014
- $30.0 million) net realizable value adjustment was recognized and included in production costs (Note 20). Inventories held at
net realizable value amounted to $119.0 million (2014 &ndash; $156.9 million). The Stockpile ore of $4.5 million (2014 &ndash;
$32.7 million) and a portion of the heap leach inventory amounting to $57.6 million (2014 - $54.0 million) are expected to be
recovered or settled after more than twelve months.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">10.</FONT></TD><TD><FONT STYLE="font-variant: normal">Mineral Properties, Plant and Equipment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Acquisition costs of investment and non-producing properties
together with costs directly related to mine development expenditures are capitalized. Exploration expenditures on investment and
non-producing properties are charged to expense in the period they are incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Capitalization of evaluation expenditures commences
when there is a high degree of confidence in the project&rsquo;s viability and hence it is potential that future economic benefits
will flow to the Company. Evaluation expenditures, other than that acquired from the purchase of another mining company, are carried
forward as an asset provided that such costs are expected to be recovered in full through successful development and exploration
of the area of interest or alternatively, by its sale. Evaluation expenditures include delineation drilling, metallurgical evaluations,
and geotechnical evaluations amongst others.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">Mineral properties, plant and equipment consist of:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mining Properties</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Depletable</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-depletable</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Reserves </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>and Resources</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Reserves </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>and Resources</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Exploration<sup> </sup><BR>
and Evaluation</b></font></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plant and <BR>
Equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Carrying value</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>As at January 1, 2015</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Net of accumulated depreciation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">646,374</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">129,944</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">281,401</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">208,672</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,266,391</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,479</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(81,366</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150,845</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation charge captured in inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,661</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairment charges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90,431</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,571</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,266</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><font style="font-size: 8pt">Transfers<sup>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,249</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,094</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,083</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capitalized borrowing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Closure and decommissioning &ndash; changes in estimate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,073</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,073</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">620,035</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">120,351</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">276,307</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,528</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,145,221</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes reclassification to Supply inventory and supplier advances.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">Cost as at December 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,502,411</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">341,331</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">677,846</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">720,786</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,242,374</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Accumulated depreciation and impairments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(882,376</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(220,980</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(401,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(592,258</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,097,153</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0"><b>Carrying value &ndash; </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0"><b>December 31, 2015</b></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">620,035</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">120,351</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">276,307</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">128,528</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,145,221</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mining Properties</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Depletable</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-depletable</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Reserves </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>and Resources</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Reserves </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>and Resources</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Exploration<sup> </sup><BR>
and Evaluation</b></font></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plant and <BR>
Equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Carrying value</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>As at January 1, 2014</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Net of accumulated depreciation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">706,831</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">226,415</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">602,816</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">334,616</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,870,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,911</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(377</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(267</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(644</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,749</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,961</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,710</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation charge captured in inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,418</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairment charges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(142,269</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72,038</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(310,593</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(67,286</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(592,186</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><font style="font-size: 8pt">Transfers<sup>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,433</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,411</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,341</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,112</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capitalized borrowing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Closure and decommissioning &ndash; changes in estimate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(51</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">643</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">646,374</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">129,944</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">281,401</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">208,672</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,266,391</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost as at December 31, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,373,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">336,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">682,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">690,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,082,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Accumulated depreciation and impairments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(726,964</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(206,409</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(401,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(481,696</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,816,608</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0"><b>Carrying value &ndash; </b></P> <P STYLE="font: 8pt Arial,sans-serif; margin: 0pt 0"><b>December 31, 2014</b></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">646,374</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">129,944</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">281,401</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">208,672</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,266,391</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Includes amounts transferred from Accounts Receivable for advances.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">December&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated<BR> Depreciation&nbsp;<BR>
and&nbsp;<BR>
Impairment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying<BR> Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated<BR> Depreciation&nbsp;<BR>
and&nbsp;<BR>
Impairment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Carrying<BR> &nbsp;Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left">Huaron mine, Peru</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">171,574</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(82,896</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">88,678</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 8pt; text-align: right">158,750</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(71,351</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">87,399</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Morococha mine, Peru</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">214,855</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(177,621</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">37,234</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">211,545</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86,936</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Alamo Dorado mine, Mexico</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">198,950</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(198,950</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">193,715</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(179,274</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,441</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">La Colorada mine, Mexico</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">200,083</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(72,732</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">127,351</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">140,784</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,134</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dolores mine, Mexico</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">921,169</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(512,308</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">408,861</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">859,655</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(452,645</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Manantial Espejo mine, Argentina</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">360,735</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(341,457</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">346,498</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(277,296</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,202</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">San Vicente mine, Bolivia</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">130,595</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(72,230</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">58,365</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">128,014</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(63,812</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,202</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">25,237</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(16,441</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,796</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">24,745</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,696</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,049</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,223,198</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,474,635</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">748,563</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,063,706</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: right">(1,208,660</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: right">855,046</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Land and Exploration and Evaluation:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Land</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">3,515</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Navidad project, Argentina</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">190,471</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Minefinders exploration projects, Mexico</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">173,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Morococha, Peru</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,033</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,149</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total non-producing properties</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">396,658</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">411,345</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Total mineral properties, plant and equipment</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,145,221</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,266,391</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Navidad Project, Argentina</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015 the Company
capitalized $nil of evaluation costs and mineral properties, plant and equipment at the Navidad Project in Argentina (2014 - $nil).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2014, it was determined that the estimated
realizable value of the Navidad project was below its carrying value and an impairment charge of $286.1 million was recorded. Refer
to Note 11 for further details.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Morococha Mine, Peru</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the second quarter of 2010, the Company&rsquo;s
subsidiary Compa&ntilde;ia Minera Argentum S.A. (&ldquo;Argentum&rdquo;), reached an agreement with Minera Chinalco Per&uacute;
(&ldquo;MCP&rdquo; or &ldquo;Chinalco&rdquo;), a subsidiary of the Aluminum Corporation of China which clearly defines each party&rsquo;s
long term surface rights in the area of the Morococha mine. The primary focus of the agreement is on the lands and concessions
around the Morococha mine and MCP&rsquo;s Toromocho copper project. MCP requires certain lands and concessions in order to proceed
with the development of Toromocho, including the surface lands within the planned open pit mining area of the Toromocho project.
While Argentum does not own this land, much of the Morococha mine infrastructure and facilities are located on this ground.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Under the terms of the agreement, Argentum would relocate
the core Morococha facilities over a 5 year period and transfer certain mineral concessions and access rights to MCP. In exchange,
Argentum will receive a package of surface rights, easements and other rights that are sufficient to relocate the facilities and
to continue uninterrupted operations. Lastly, Argentum will receive periodic cash payments from MCP totaling $40.0 million, of
which, to December 31, 2015, the Company received $23.8 million (2014 - $23.8 million) which has been recognized as other income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2015, it was determined that the estimated
realizable value of the Morococha mine was below its carrying value and an impairment charge of $80.7 million (net of tax of $59.1million)
was recorded. Refer to Note 11 for further details<B>.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B>Dolores Mine, Mexico</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On March 30, 2012, the Company acquired all of the issued
and outstanding common shares of Minefinders. Minefinders&rsquo; primary mining property was its 100% owned Dolores gold and silver
mine located in Chihuahua, Mexico.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015 the Company
capitalized $53.1 million of mineral properties, plant and equipment (2014 - $49.7 million) which included deferred stripping costs
of $18.1, powerline construction costs of $11.5 and pad 3 construction additions of $2.2 million (2014 - $17.5 million). For the
year ended December 31, 2015, the Company capitalized $2.0 million in interest related to the capital expenditures (2014 - $2.3
million) at a capitalization rate of 8.7% (2014 - 8.7%).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2015, it was determined that the estimated
realizable value of the Dolores mine was below its carrying value and a further impairment charge of $31.8 million (net of tax
of $20.7 million) was recorded. Refer to Note 11 for further details.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2014, it was determined that the estimated
realizable value of the Dolores mine was below its carrying value and an impairment charge of $170.6 million (net of tax of $110.8
million) was recorded. Refer to Note 11 for further details.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">11.</FONT></TD><TD><FONT STYLE="font-variant: normal">Impairment of Non-Current Assets and Goodwill</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal">Non-current
assets are tested for impairment when events or changes in circumstance indicate that the carrying amount may not be recoverable.
The Company performs an impairment test for goodwill at each financial year end and when events or changes in circumstances indicate
that the related carrying value may not be recoverable. The Company considers use of its internal discounted cash flow economic
models as a proxy for the calculation of fair value less cost to sell, given a willing market participant would use such models
in establishing a value for the properties.</FONT> <FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal">The
Company considered impairment at the cash generating unit (&ldquo;CGU&rdquo;) level, which is considered to be an individual mine
or a development property. The CGU carrying amount for purposes of this test includes the carrying value of the mineral properties
plant and equipment less deferred tax liabilities and closure and decommissioning liabilities related to each CGU.</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal"><U>Impairment
at December 31, 2015</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The sustained decrease in metal prices, that was most
pronounced during the second half of 2015, led to the Company lowering its long term reserve prices at year-end. The year-end reserve
price reduction and observed declines in near-term and mid-term period consensus metal prices referenced in the Company&rsquo;s
life of mine cash flow models, led management to conclude that there was an indication of impairment to certain assets in the third
and fourth quarter of 2015. Based on the Company&rsquo;s estimation of the recoverable amounts of its mineral properties as at
September 30, 2015 and December 31, 2015, determined on a fair value less costs to sell basis, the Company concluded that impairment
charges were required during the year on the Dolores, Manantial Espejo, Morococha, and Alamo Dorado mines.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s key assumptions for each impairment
test included the most current operating and capital costs information and risk adjusted project specific discount rates. The Company
used a median of analysts&rsquo; consensus pricing for the first four years of its economic modeling for impairment purposes, and
long term reserve prices for the remainder of each asset&rsquo;s life. The prices used can be found in the key assumptions and
sensitivity section below.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, the Company determined the
carrying value of the Dolores mine, including mineral properties, plant and equipment, and stockpile inventories, net of associated
deferred tax liabilities and closure and decommissioning liabilities of $434.3 million (the &ldquo;Net Carrying Amount&rdquo;),
was greater than its then estimated recoverable amount of $413.6 million when using a 5.25% risk adjusted discount rate. Based
on the assessment at December 31, 2015, the Company recorded a further impairment charge related to the Dolores mine of $31.7 million
before tax ($20.7 million net of tax).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, the Company determined that
the $12.9 million Net Carrying Amount of the Alamo Dorado mine, was greater than its then estimated recoverable amount of $nil
when using a 4.00% risk adjusted discount rate. Based on this assessment the Company wrote&ndash;off the carrying value of the
Alamo Dorado mine&rsquo;s mineral properties, plant and equipment assets of $9.1 million before tax ($6.0 million net of tax).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, the Company determined that
the $112.4 million Net Carrying Amount of the Morococha mine, was greater than its then estimated recoverable amount of $36.3 million
when using a 6.50% risk adjusted discount rate. Based on the assessment at December 31, 2015, the Company recorded an impairment
charge related to the Morococha mine of $80.7 million before tax ($59.1 million net of tax).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at September 30, 2015, the Company determined that
the Net Carrying Amount of the Manantial Espejo mine of approximately $83.4 million was greater than its then estimated recoverable
amount of $29.9 million, when using an 8.25% risk adjusted discount rate. Based on this assessment the Company recorded an impairment
charge related to the Manantial Espejo mineral properties, plant and equipment of $28.8 million before tax ($20.2 million net of
tax).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal"><U>Impairment
at December 31, 2014</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Similarly, as at December 2014 primarily due to the
sustained decrease in metal prices that began during the third quarter and continued through the balance of 2014, the Company concluded
that impairment indicators existed and ultimately impairments were required as of December 31, 2014.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In the fourth quarter of 2014 the Company lowered the
metal prices assumed in its reserve and resource estimates and its life of mine cash flow models which ultimately led to a conclusion
that a total impairment charge of $596.3 million ($498.7 million, net of tax), made up of impairments required on the Dolores,
Alamo Dorado, and Manantial Espejo mines in addition to imparment charges on Navidad assets and other exploration properties including
$4.1 million of goodwill. The pre and post-tax impairments relating to each of these assets is summarized in the table above. Impairments
were allocated pro-rata amongst: depletable and non-depletable mineral property; exploration and evaluation property; and, plant
and equipment assets. The total 2014 pre-tax impairment was comprised of total impairments of: $142.2 million to depletable mineral
properties; $72.1 million to non-depletable mineral properties; $310.5 million to exploration and evaluation property; and, $67.3
million to plant and equipment assets. For the purposes of the December 31, 2014 impairment review, the Company&rsquo;s key assumptions
included the most current information on operating and capital costs, and the metal price assumptions summarized in the &ldquo;Key
assumptions and sensitivity&rdquo; section below.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Key assumptions and sensitivity </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The metal prices used to calculate the recoverable amounts
at December 31, 2015, September 30, 2015 and December 31, 2014 are based on analyst consensus prices and the Company&rsquo;s long
term reserve prices, and are summarized in the following tables:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Metal prices used at December 31, 2015:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse; font-size: 11pt">
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 48%; border: Black 1pt solid">
        <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left"><B>Commodity Prices</B></P></td>
    <TD NOWRAP STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>2016-2019 average</b></font></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>Long term</b></font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Silver price - $/oz.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$16.87</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$17.00</font></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Gold price - $/oz.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,184</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,180</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Zinc price - $/tonne</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$2,264</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,800</font></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Copper price - $/tonne</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$5,690</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$5,000</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Lead price - $/tonne</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,935</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,800</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">Metal prices used at September 30, 2015:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse; font-size: 11pt">
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 48%; border: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>Commodity Prices</b></font></td>
    <TD NOWRAP STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>2015-2018 average</b></font></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>Long term</b></font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Silver price - $/oz.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$16.98</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$18.50</font></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Gold price - $/oz.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,199</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,250</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Metal prices used at December 31, 2014:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse; font-size: 11pt">
<tr>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 48%; border: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>Commodity Prices</b></font></td>
    <TD NOWRAP STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>2015-2018 average</b></font></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt"><b>Long term</b></font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Silver price - $/oz.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$19.03</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$18.50</font></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Gold price - $/oz.</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,266</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$1,250</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Zinc price - $/tonne</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$2,423</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$2,000</font></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Copper price - $/tonne</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$6,996</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$6,800</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">Lead price - $/tonne</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$2,225</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial,sans-serif; text-align: left"><font style="font-size: 9pt">$2,000</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company assesses impairment, when events or changes
in circumstances indicate that the related carrying value may not be recoverable, at the cash-generating unit level (&ldquo;CGU&rdquo;),
which is considered to be individual mine sites or development properties. The discount rates used to present value the Company&rsquo;s
life of mine cash flows are derived from the Company&rsquo;s weighted average cost of capital which was calculated as 6.4% for
2015 (2014 &ndash; 7.5%), with rates applied to the various mines and projects ranging from 4.00% to 10.00% depending on the Company&rsquo;s
assessment of country risk, project risk, and other potential risks specific to each CGU.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The key assumptions in determining the recoverable value
of the Company&rsquo;s mineral properties are metal prices, operating and capital costs, foreign exchange rates and discount rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At December 31, 2015, an adverse 10% movement in any
of the major assumptions in isolation did not cause the recoverable amount to be equal to the CGU carrying value for any of La
Colorada, San Vicente and Huaron.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In the case of the Dolores mine, the Alamo Dorado mine,
the Manantial Espejo mine, the Morococha mine, and the Navidad project, which all have had their carrying values adjusted to fair
value less cost to sell through impairment charges, a modest decrease in any one key assumption would reduce the recoverable amount
below the carrying amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><U>Goodwill </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Goodwill arose when the Company acquired Minefinders
in 2012 and consists of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; padding-left: 0.125in">As at December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 20%; font-weight: bold; text-align: right">7,134</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in"><font style="font-size: 9pt">Impairments<sup>(1)</sup></font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,077</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in">As at December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,057</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Impairments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; padding-left: 0.125in">As at December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,057</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: left">Impairment of exploration properties; La Virginia and other. December, 2014</TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">12.</FONT></TD><TD><FONT STYLE="font-variant: normal">Other Assets</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Other assets consist of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31, </b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%"><font style="font-size: 9pt">Long-term receivable<sup>(1)</sup></font></TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,461</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments in Associates</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,450</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Reclamation bonds</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">199</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">185</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">37</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,871</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,447</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 0in; text-align: left"><SUP>(1) </SUP>Represents a deposit related to the
Gas Line Project at the Manantial Espejo mine.</P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">13.</FONT></TD><TD><FONT STYLE="font-variant: normal">Accounts Payable and Accrued Liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Accounts payable and accrued liabilities consist of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31, </b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left"><font style="font-size: 9pt">Trade accounts payable<sup>(1)</sup></font></TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">53,570</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">52,985</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Royalties payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,947</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other accounts payable and trade related accruals</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,796</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payroll and related benefits</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,366</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Severance accruals</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">720</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,220</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Advances on concentrate inventory</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,210</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,982</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">112,829</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">126,209</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">No interest is charged on the trade accounts payable ranging from 30 to 60 days from the invoice date.
The Company has policies in place to ensure that all payables are paid within the credit terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">14.</FONT></TD><TD><FONT STYLE="font-variant: normal">Loans payable</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%"><FONT STYLE="font-size: 9pt">Loans payable<SUP></SUP></FONT></TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">19,578</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,658</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Unrealized gain on foreign exchange</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(58</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Net loans payable<FONT STYLE="font-weight: normal; font-style: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,578</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,600</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE> <P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: small-caps"><SUP>(1)&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 7pt Arial, Helvetica, Sans-Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2015</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Due</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right">Argentine Peso</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Int. Rate</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total US$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">January 6, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,291</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">406</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 15, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,872</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January 23, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 29, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.30</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January 29, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.82</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>February 28, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>March 9, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">March 9, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">800</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.85</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">800</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">94,356</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,300</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,578</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 7pt Arial, Helvetica, Sans-Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2014</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Due</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right">Argentine Peso</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Int. Rate</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total US$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">October 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">60,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32.90</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,017</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 15, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">February 11, 2015</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,713</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.20</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,713</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">109,500</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,713</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,600</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>



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<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">15.</FONT></TD><TD><FONT STYLE="font-variant: normal">Provisions</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 11pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Closure and <BR>
Decommissioning</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">Litigation</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">December 31, 2013</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">41,469</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">5,520</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">46,989</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Revisions in estimates and obligations incurred</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">421</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">421</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Charged (credited) to earnings:</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-new provisions</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">375</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">375</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-unused amounts reversed</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(91</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(91</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-exchange gains on provisions</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(284</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(284</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Charged in the year</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(1,955</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(509</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(2,464</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid">Accretion expense (Note 22)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">3,238</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">3,238</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">December 31, 2014</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">43,173</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">5,011</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">48,184</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Revisions in estimates and obligations incurred</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">6,859</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">6,859</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Charged (credited) to earnings:</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-new provisions</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">125</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">125</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-unused amounts reversed</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(86</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(86</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">-exchange gains on provisions</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(377</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(377</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Charged in the year</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(2,818</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(255</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(3,073</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid">Accretion expense (Note 22)</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">3,239</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">3,239</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">December 31, 2015</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">50,453</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">4,418</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">54,871</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left"><b>Maturity analysis of total provisions:</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Current</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">8,979</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">3,121</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Non-Current</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">45,892</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,063</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,871</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">48,184</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: small-caps bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: normal"><I>Closure
and Decommissioning Cost Provision</I></FONT></P>

<P STYLE="font: small-caps bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
total inflated and undiscounted amount of estimated cash flows required to settle the Company&rsquo;s closure and decommissioning
provision is $107.2 million (2014 - $99.7 million) which has been discounted using discount rates between 1% and 20% (2014 &ndash;
1% and 21%). Revisions made to the reclamation obligations in 2015 were primarily a result of increased site disturbance at the
mines as well as revisions to the estimate based on periodic reviews of closure plans, actual expenditures incurred and concurrent
closure activities completed. These obligations will be funded from operating cash flows, reclamation deposits and cash on hand.</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
accretion expense charged to 2015 earnings as finance expense was $3.2 million (2014 - $3.2 million). Reclamation expenditures
paid during the current year were $2.8 million (2014 - $2.0 million).</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: normal"><I>Litigation
Provision</I></FONT></P>

<P STYLE="font: small-caps bold 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
litigation provision consists of amounts accrued for labour claims at several of the Company&rsquo;s mine operations. The balance
of $4.4 million at December 31, 2015 (2014 - $5.0 million) represents the Company&rsquo;s best estimate for all known and anticipated
future obligations related to the above claims. The amount and timing of any expected payments are uncertain as their determination
is outside the control of the Company. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">16.</FONT></TD><TD><FONT STYLE="font-variant: normal">Finance Lease Obligations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31, </b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, 2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; border-bottom: Black 2.5pt double"><font style="font-size: 9pt">Lease obligations<sup>(1)</sup></font></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,997</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">8,037</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right">December 31,</P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right">2014</P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maturity analysis of finance leases:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">2,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Non-Current</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,759</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,044</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,997</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,037</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Represents equipment lease obligations at several of the Company&rsquo;s subsidiaries. A reconciliation
of the total future minimum lease payments at December 31 to their present value is presented in the table below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Less than a year</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,319</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>2 years</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,030</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,697</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>3 years</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">775</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>4 years</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">5 years</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,124</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,425</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less future finance charges</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(127</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(388</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Present value of minimum lease payments</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,997</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,037</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">17.</FONT></TD><TD><FONT STYLE="font-variant: normal">Long Term Debt</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; border-bottom: Black 1pt solid">Credit Facility</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,200</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Convertible notes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,519</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Conversion feature on the convertible notes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">278</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total long-term debt</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,200</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,797</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maturity analysis of Long Term Debt:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%">Current</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Non-Current</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,200</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,200</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,797</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On April 15, 2015 the Company entered into a new $300.0
million secured revolving credit facility with a 4-year term (the &ldquo;Credit Facility&rdquo;). In connection with the Credit
Facility the Company paid upfront costs of $3.0 million which have been recorded as an asset under the classification Prepaids
and other current assets and are being amortized over the life of the Credit Facility. The Credit Facility can be drawn down at
any time to finance the Company&rsquo;s working capital requirements, acquisitions, investments and for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">At the option of the Company, amounts can be drawn under
the Credit Facility and will incur interest based on the Company&rsquo;s leverage ratio at either (i) LIBOR plus 2.125% to 3.125%
or; (ii) the Bank of Nova Scotia&rsquo;s Base Rate plus 1.125% to 2.125%. Undrawn amounts under the Revolving Facility are subject
to a stand-by fee of 0.478% to 0.703% per annum, dependent on the Company&rsquo;s leverage ratio.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Under the Credit Facility, the Company is subject to
various general and financial covenants, the financial covenants include the requirement for the Company to maintain: (i) a leverage
ratio less than or equal to 3.5:1; (ii) an interest coverage ratio more than or equal to 3.0:1; and (iii) a tangible net worth
(exclusive of any prospective write-downs of certain assets) of greater than $1,248.0 million plus 50% of the positive net</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">earnings for each subsequent fiscal quarter. As of December
31, 2015 the Company was in compliance with all covenants required by the Credit Facility.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On December 29, 2015 the Company made a $36.2 million
drawdown on the Credit Facility by way of 1-month LIBOR loan at an annual rate of 2.55%. Subsequent to December 31, 2015 the $36.2
million remained drawn under LIBOR loans at an average annual rate of 2.55%</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As part of the Minefinders acquisition and pursuant
to the First Supplemental Indenture Agreement, the Company issued replacement unsecured convertible senior notes with an aggregate
principal amount of $36.2 million (the &ldquo;Notes&rdquo;). Until such time as the earlier of December 15, 2015 and the date the
Notes are converted, each Note shall bear interest at 4.5% payable semi-annually on June 15 and December 15 of each year. The principal
outstanding on the Notes were due and settled on December 15, 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2015, the Company
recorded a $0.3 million gain on the revaluation of the embedded derivative on the convertible notes (2014 &ndash; $1.1 million).</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">18.</FONT></TD><TD><FONT STYLE="font-variant: normal">Other Long Term Liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Other long term liabilities consist of:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right"><b>December 31,</b></P> <P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>2015</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%"><font style="font-size: 9pt">Deferred credit<sup>(1) </sup></font></TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">20,788</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,788</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income tax payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,624</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Severance accruals</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,091</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,386</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,503</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">30,716</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0pt 0 0pt 4.5pt; text-align: justify"><SUP>(1) </SUP>As part of the 2009 Aquiline
transaction the Company issued a replacement convertible debenture that allowed the holder to convert the debenture into either
363,854 Pan American Shares or a Silver Stream contract related to certain production from the Navidad project. Regarding the replacement
convertible debenture, it was concluded that the deferred credit presentation was the most appropriate and best representation
of the economics underlying the contract as of the date the Company assumed the obligation as part of the Aquiline acquisition.
Subsequent to the acquisition, the counterparty to the replacement debenture selected the silver stream alternative. The final
contract for the alternative is being discussed and pending the final resolution of this discussion, the Company continues to classify
the fair value calculated at the acquisition of this alternative, as a deferred credit.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">19.</FONT></TD><TD><FONT STYLE="font-variant: normal">Share Capital and Employee Compensation Plans</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
Company has a comprehensive stock option and compensation share plan for its employees, directors and officers (the &ldquo;Compensation
Plan&rdquo;). The Compensation Plan provides for the issuance of common shares and stock options, as incentives. The maximum number
of shares which may be issued pursuant to options granted or bonus shares issued under the Compensation Plan may be equal to, but
will not exceed 6,461,470 shares. The exercise price of each option shall be the weighted average trading price of the Company&rsquo;s
stock for the five trading days prior to the award date. The options can be granted for a maximum term of 10 years with vesting
provisions determined by the Company&rsquo;s Board of Directors. Subject to certain exceptions, any modifications to the Compensation
Plan require shareholders&rsquo; approval.</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
Board has developed long term incentive plan (&ldquo;LTIP&rdquo;) guidelines, which provide annual compensation to the senior managers
of the Company based on the long term performance of both the Company and the individuals that participate in the plan. The LTIP
consists of an annual grant of options to buy shares of the Company and a grant of the Company&rsquo;s common shares with a two
year no trading legend. The options are seven year options which vest evenly in two annual instalments. Options and common shares
granted under the LTIP plan are based on employee salary levels, individual performance and their future potential. In addition,
the restricted share units (&ldquo;RSUs&rdquo;) plan described below is part of the LTIP plan. In early 2014, the Board approved
the adding of performance share units (&ldquo;PSUs&rdquo;) to the Company&rsquo;s LTIP, plan described below.</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">The
Compensation Committee oversees the LTIP on behalf of the Board of Directors. The LTIP plan guidelines can be modified or suspended,
at the discretion of the Board of Directors. Additionally, from time to time, the Company issues replacement awards and warrants
related to acquisitions. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Transactions concerning stock options and share purchase
warrants are summarized as follows in CAD:</P>



<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Stock Options</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Share Purchase Warrants</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></P><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></P><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Shares</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR> Average Exercise <BR> Price CAD$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></P><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></P><P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>Warrants</b></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR> Average <BR> Exercise Price <BR> CAD$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; border-left: Black 1pt solid">As at December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">1,397,370</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">20.76</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">7,814,605</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">9,211,975</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Granted</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,869</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Exercised</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(92</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(92</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Expired</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(195,562</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,814,513</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,010,075</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in">Forfeited</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,162</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.02</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,162</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">As at December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,394,515</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19.74</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,394,515</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Granted</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,279</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Exercised</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">Expired</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(190,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(190,862</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in">Forfeited</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(97,009</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.21</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(97,009</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; border-left: Black 1pt solid">As at December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,552,923</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15.98</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,552,923</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Long Term Incentive Plan</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the year ended December 31, 2015, the Company awarded 215,234 (2014 - 137,465) shares of common stock with a two year holding
period and granted 446,279 (2014 &ndash; 212,869) options under this plan. During 2015, 25,128 common shares were issued to Directors
in lieu of Directors fees of $0.2 million (2014 - 5,521 of $0.1 million). The Company used as its assumptions for calculating
the fair value a risk free interest rate of 1.5%-2.2% (2014 &ndash; 1.2%), weighted average volatility of 54% using a historical
volatility (2014 &ndash; 50%), expected lives ranging from 3.5 to 4.5 (2014 &ndash; 3.5 to 4.5) years, expected dividend yield
of 5.4%-6.4% (2014 &ndash; 3.4%), and an exercise price of CAD $9.76 (2014 &ndash; CAD $11.58) per share. The weighted average
fair value of each option was determined to be CAD $3.30 (2014 &ndash; CAD $3.51).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the year ended December 31, 2015, nil common shares were issued in connection with the exercise of options under the plan (December
31, 2014 &ndash; nil common shares) 190,862 options expired (2014 - 195,562) and 97,009 options were forfeited (2014 &ndash; 20,162).</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Share Option Plan</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following table summarizes information concerning
stock options outstanding and options exercisable as at December 31, 2015. The underlying option agreements are specified in Canadian
dollar amounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options Outstanding</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options Exercisable</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Range of Exercise <BR>
Prices <BR>CAD$</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number <BR>
Outstanding as <BR>
at December <BR>
31,&nbsp;2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted Average <BR>
Remaining <BR>
Contractual Life <BR>
(months)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted <BR>
Average <BR>
Exercise Price <BR>
CAD$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number <BR>
Exercisable as <BR>
at December 31, <BR>
2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted <BR>
Average <BR>
Exercise <BR>
Price CAD$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">$9.76 - $11.57</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">743,826</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">73.78</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">297,547</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11.49</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$11.58 - $17.01</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">233,511</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">127,079</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.76</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$17.02 - $18.53</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">184,130</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">184,130</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.43</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$18.54 - $24.90</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">314,520</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">314,520</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$24.91 - $40.22</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">76,936</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.33</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40.22</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">76,936</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40.22</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,552,923</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60.31</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.98</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,000,212</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19.23</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2015, the total employee stock-based compensation expense recognized in the
income statement was $2.6 million (2014 - $2.5 million).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Share Purchase Warrants</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">During 2014, 92 warrants
were exercised for common shares for proceeds of $0.003 million. The outstanding warrants of 7,814,513 expired on December 7, 2014
as per the agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s share purchase warrants are classified
and accounted for as a financial liability at fair value with changes in fair value included in net earnings. During the year ended
December 31, 2014, there was a derivative gain of $0.2 million.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Performance Shares Units</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In early 2014, the Board approved the adding of performance
share units (&ldquo;PSUs&rdquo;) to the Company&rsquo;s LTIP. PSUs are notional share units that mirror the market value of the
Company&rsquo;s common shares (the &ldquo;Shares&rdquo;). Each vested PSU entitles the participant to a cash payment equal to the
value of an underlying share, less applicable taxes, at the end of the term, plus the cash equivalent of any dividends distributed
by the Company during the three-year performance period. PSU grants will vest on the date that is three years from the date of
grant subject to certain exceptions. Performance results at the end of the performance period relative to predetermined performance
criteria and the application of the corresponding performance multiplier determine how many PSUs vest for each participant. The
Board approved the issuance of 73,263 PSUs (2014 &ndash; 30,408) with a share price of CAD $9.33 (2014 &ndash; CAD$11.51) as of
December 31, 2015. Compensation expense for PSUs was $0.08 million in 2015 (2014 - $0.005 million) and is presented as a component
of general and administrative expense.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">At December 31, 2015,
the following PSU&rsquo;s were outstanding:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">PSU</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number Outstanding</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">As at December 31, 2013</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%">Granted</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30,408</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">305</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paid out</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Forfeited</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Change in value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">30,408</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">281</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Granted</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">73,263</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">503</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid out</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Forfeited</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Change in value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(101</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,671</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">683</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Restricted Share Units</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Under the Company&rsquo;s
RSU plan, selected employees are granted RSUs where each RSU has a value equivalent to one Pan American common share. The RSUs
are settled in cash or Common Shares at the discretion of the Board and vest in two instalments, the first 50% vest on the first
anniversary date of the grant and a further 50% vest on the second anniversary date of the grant. Additionally, RSU value is adjusted
to reflect dividends paid on Pan American common share over the vesting period.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Compensation expense
for RSU&rsquo;s was $0.6 million in 2015 (2014 &ndash; $0.9 million) and is presented as a component of general and administrative
expense. </FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">At December 31, 2015,
the following RSU&rsquo;s were outstanding:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">RSU</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number Outstanding</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">As at December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">196,102</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,288</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paid out</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116,381</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,224</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,204</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Change in value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(429</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">As at December 31, 2014</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">240,757</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,261</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">305,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid out</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(148,891</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,068</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,177</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Change in value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(778</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">As at December 31, 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">380,144</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,495</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Issued share capital</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is authorized
to issue 200,000,000 common shares of no par value.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Normal Course Issuer Bid</P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On December 17, 2014
the Company received regulatory approval for a normal course issuer bid to purchase up to 7,575,290 of its common shares, during
one-year period from December 22, 2014 and December 21, 2015.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">No common shares were
purchased during the years ended December 31, 2015 or 2014.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Dividends</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On February 19, 2015,
the Company declared a quarterly dividend of $0.125 per common share paid to holders of record of its common share as of the close
of business on March 2, 2015.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On May 11, 2015, the
Company declared a quarterly dividend of $0.05 per common share paid to holders of record of its common share as of the close of
business on May 22, 2015.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On August 13, 2015,
the Company declared a quarterly dividend of $0.05 per common share paid to holders of record of its common shares as of the close
of business on August 25, 2015.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On November 12, 2015,
the Company declared a quarterly dividend of $0.05 per common share paid to holders of record of its common shares as of the close
of business on November 23, 2015. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On February 18, 2016,
the Company declared a quarterly dividend of $0.0125 per common share paid to holders of record of its common shares as of the
close of business day on February 29, 2016. These dividends were declared subsequent to the year end and have not been recognized
as distributions to owners during the period presented.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">20.</FONT></TD><TD><FONT STYLE="font-variant: normal">Production Costs</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Production costs are comprised of the following:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Consumption of raw materials and consumables</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">202,909</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">223,238</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee compensation and benefits expense (Note 21)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">158,952</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">172,558</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Contractors and outside services</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">84,474</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87,023</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Utilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,656</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,229</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">37,034</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,360</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Changes in inventories <sup>(1)</sup></font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,006</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,796</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">532,031</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">568,204</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal; font-variant: normal">(1)</FONT></TD><TD><FONT STYLE="font-weight: normal; font-variant: normal">Includes NRV charge $10.9 million (2014 - $30.0 million)</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

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<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">21.</FONT></TD><TD><FONT STYLE="font-variant: normal">Employee Compensation and Benefit Expenses</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Wages, salaries and bonuses</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">175,242</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">189,656</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Share-based payments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,569</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,529</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total employee compensation and benefit expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,811</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,185</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less: Expensed within General and Administrative expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(15,134</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,086</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less: Expensed Exploration expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,725</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,541</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Employee compensation and benefits expenses included in production costs (Note 20)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">158,952</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">172,558</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">22.</FONT></TD><TD><FONT STYLE="font-variant: normal">Interest and Finance Expense</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Interest expense</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">3,640</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,072</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance fees</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,573</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Accretion expense (Note 15)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,239</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,238</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,452</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,739</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">23.</FONT></TD><TD><FONT STYLE="font-variant: normal">Loss Per Share (&ldquo;LPS&rdquo;) (Basic and Diluted)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8.5pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8.5pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Earnings <BR>
(Numerator)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8.5pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Shares (000&rsquo;s) <BR>
(Denominator)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Per-Share <BR>
Amount</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Earnings <BR>
(Numerator)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Shares (000&rsquo;s) <BR>
(Denominator)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Per-Share <BR>
Amount</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 9pt Arial,sans-serif"><font style="font-size: 9pt">Net loss<sup>(1)</sup> </font></TD><TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 9pt Arial,sans-serif; text-align: right">(226,650</TD><TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 9pt Arial,sans-serif; text-align: right">(545,588</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Basic LPS</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(226,650</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">151,664</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(1.49</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(545,588</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">151,511</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">(3.60</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">Effect of Dilutive Securities:</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">Stock Options</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Convertible notes</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 2.5pt double">Diluted LPS</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">(226,650</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">151,664</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">(1.49</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: right">(545,588</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: right">151,511</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: right">(3.60</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Net loss attributable to equity holders of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Potentially dilutive securities excluded in the diluted
earnings per share calculation for the twelve months ended December 31, 2015 were 1,552,923 out-of-money options (2014 &ndash;
1,394,515).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">24.</FONT></TD><TD><FONT STYLE="font-variant: normal">Supplemental Cash Flow Information</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The following tables summarize the changes in operating
working capital items and significant non-cash items:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Changes in non-cash operating working capital items:</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Trade and other receivables</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">27,514</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,373</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventories</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,412</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Prepaid expenditures</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,111</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,659</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(26,750</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,398</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,225</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,304</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,840</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,597</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal"></FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Significant non-cash items:</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Advances received for equipment leases</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">3,491</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Share-based compensation issued to employees and directors</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,718</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,461</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Cash and Cash Equivalents</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Cash in banks</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">123,144</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">118,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Short term money markets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,819</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,094</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Cash and cash equivalents</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">133,963</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,193</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">25.</FONT></TD><TD><FONT STYLE="font-variant: normal">Segmented Information</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">All of the Company&rsquo;s operations are within the
mining sector, conducted through operations in six countries. Due to geographic and political diversity, the Company&rsquo;s mining
operations are decentralized in nature whereby Mine General Managers are responsible for achieving specified business results
within a framework of global policies and standards. We have determined that each producing mine and significant development property
represents an operating segment. Country corporate offices provide support infrastructure to the mines in addressing local and
country issues including financial, human resources, and exploration support. The Company has a separate budgeting process and
measures the results of operations and exploration activities independently. Operating results of operating segments are reviewed
by the Company&rsquo;s chief operating decision maker to make decisions about resources to be allocated to the segments and assess
their performance. The Corporate office provides support to the mining and exploration activities with respect to financial, human
resources and technical support. Major products are silver, gold, zinc, lead and copper produced from mines located in Mexico,
Peru, Argentina and Bolivia. Significant information relating to the Company&rsquo;s reportable operating segments is summarized
in the table below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Arial Narrow, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">for the year ended December 31, 2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-right: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Peru</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Mexico</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Bolivia</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Huaron</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Morococha</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Dolores</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Alamo<BR>
Dorado</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">La <BR>Colorada</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Manantial <BR>Espejo</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Navidad</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">San Vicente</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Other</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 20%; border-left: Black 1pt solid">Revenue from external customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="width: 5%; text-align: right">75,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">64,761</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">166,125</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">69,206</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">89,575</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">145,014</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">64,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">674,688</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(11,537</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(20,398</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(48,626</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(11,567</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(10,918</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(38,453</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(175</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,565</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(606</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(150,845</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Exploration and project development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(765</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,202</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(400</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(254</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6,827</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,492</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(11,940</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,012</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Interest and financing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(709</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(565</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">853</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(239</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(258</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,432</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(45</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(226</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,831</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,452</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Gain (loss) on disposition of assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(62</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">372</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Gain on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">278</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Foreign exchange gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,267</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,728</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,488</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12,014</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13,004</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Loss on commodity, fuel swaps and foreign currency contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(324</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(324</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Impairment charge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(62,534</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(31,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(28,755</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(18,125</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150,268</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">(Loss) earnings before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(3,393</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(88,214</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(53,968</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,735</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(75,040</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,422</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6,287</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(235,755</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Income tax (expense) recovery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(2,353</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,892</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(37</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(38</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,209</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,063</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,199</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Net (loss) earnings for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(5,746</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(80,527</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(41,366</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(22,627</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(73,538</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,460</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(11,350</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(231,556</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">11,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">53,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">146,735</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">111,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">62,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">721,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">167,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">95,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">193,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">211,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,715,037</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,576</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,235</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">164,900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,909</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,305</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">63,020</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,379</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,974</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,123</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">416,421</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Arial Narrow, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">for the year ended December 31, 2014</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-right: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Peru</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Mexico</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Bolivia</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 9pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Huaron</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Morococha</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Dolores</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Alamo<BR>
Dorado</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">La <BR>Colorada</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Manantial <BR>Espejo</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Navidad</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">San Vicente</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Other</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; text-align: left; border-left: Black 1pt solid">Revenue from external customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="width: 5%; text-align: right">94,985</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">79,070</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">156,559</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">90,477</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">98,024</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">156,076</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">76,751</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">751,942</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(11,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(18,745</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(47,776</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12,693</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,784</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(38,031</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(166</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,986</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(652</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(147,710</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Exploration and project development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(1,312</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,453</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,242</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(336</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,437</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,779</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(13,225</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,792</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Interest and financing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(751</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(778</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,353</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(241</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(256</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,087</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(45</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(226</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,002</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,739</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Gain (loss) on disposition of assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(102</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,145</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Gain on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,348</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Foreign exchange gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(364</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,143</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(388</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(16,506</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(13,275</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Impairment charge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(170,579</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(23,721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(76,697</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(286,076</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(39,189</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(596,262</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Earnings (loss) before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">3,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13,345</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(251,621</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(17,517</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(87,183</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(292,397</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,587</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(637,317</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Income tax (expense) recovery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">(1,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,566</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,477</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(77</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,544</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6,341</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">92,494</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Net earnings (loss) for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">2,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,780</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(164,271</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(19,083</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(64,105</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(292,474</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,928</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(544,823</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">14,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">44,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">131,761</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">$</TD><TD STYLE="text-align: right">125,071</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">167,862</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">744,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">99,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">183,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">192,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">91,712</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">296,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">2,017,873</TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,162</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,954</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175,195</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,596</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,382</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79,648</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,632</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,589</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,778</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">447,936</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">for the year ended Dec 31,</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Product Revenue</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Refined silver and gold</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">400,790</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">424,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Zinc concentrate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54,239</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,487</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lead concentrate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">135,926</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Copper concentrate</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,733</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90,010</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">674,688</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">751,942</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company has 20 customers that account for 100% of
the concentrate and silver and gold sales revenue. The Company has 7 customers that accounted for 25%, 14%, 11%, 10%, 9%, 8%, and
8% of total sales in 2015, and 7 customers that accounted for 30%, 16%, 13%, 10%, 9%, 8%, and 6% of total sales in 2014. The loss
of certain of these customers or curtailment of purchases by such customers could have a material adverse effect on the Company&rsquo;s
results of operations, financial condition, and cash flows.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">26.</FONT></TD><TD><FONT STYLE="font-variant: normal">Other Income and (expenses)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Royalties income</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">161</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">144</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other (expenses)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,923</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,458</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,762</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,314</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 12pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">27.</FONT></TD><TD><FONT STYLE="font-variant: normal">Income Taxes</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.125in">Current tax expense in respect of the current year</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">18,079</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35,763</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Adjustments recognized in the current year with respect to prior years</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,225</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,854</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,807</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred tax recovery</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Deferred tax recovery recognized in the current year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(14,241</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,199</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Adjustments recognized in the current year with respect to prior years</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,747</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Adjustments to deferred tax attributable to changes in tax rates and laws</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,876</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Reduction in deferred tax liabilities due to tax impact of impairment of mineral properties, plant, and equipment (Note 10,11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(44,512</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97,541</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Derecognition of previously recognized deferred tax assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">44,218</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Reduction in deferred tax liabilities due to tax impact of net realizable value charge to inventory (Note 20)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,771</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,547</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(20,053</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(128,301</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Provision for income tax recovery</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,199</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(92,494</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Income tax expense differs from the amount that would
result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result
from the items shown on the following table which results in an effective tax rate that varies considerably from the comparable
period. In addition to the specific items noted below, the main factors which have affected the effective tax rate for the year
ended December 31, 2015 and the comparable period of 2014 were the non-deductible foreign exchange losses, foreign tax rate differences,
mining taxes paid, and withholding tax on payments from foreign subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2015, the Company determined that it could not support
the utilization of certain deferred tax assets related to the Alamo Dorado, Manantial Espejo and Morococha properties. As a result,
a deferred tax expense of $44.2 million was recorded to de-recognize these assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In 2014, the Company recorded a non-cash impairment
charge on non-current assets on several properties, with no tax benefit recognized on a substantial portion of the properties including
Navidad. A non-cash impairment charge was also recorded on goodwill associated with the La Virginia property with no tax benefit
recognized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company continues to expect that these and other
factors will continue to cause volatility in effective tax rates in the future.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Loss before taxes</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(235,755</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(637,317</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Statutory tax rate</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26.00</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.00</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax recovery based on above rates</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(61,296</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(165,702</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase (decrease) due to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Non-deductible expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,683</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Foreign tax rate differences</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,626</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,445</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Change in net deferred tax assets not recognized:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">-&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina exploration expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,717</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,289</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">-&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred tax assets not recognized</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,800</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,762</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Derecognition of deferred tax assets previously recognized</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">44,218</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Non-taxable portion of net earnings of affiliates</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,915</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,915</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Change to temporary differences</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,767</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Non-taxable unrealized gains on derivative financial instruments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(72</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(350</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Effect of other taxes paid (mining and withholding)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,628</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Effect of &nbsp;foreign exchange on tax expense</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,941</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,430</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Impact of Peruvian tax rate change</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,876</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Effect of change in deferred tax resulting from prior asset purchase accounting under IAS12</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,600</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,272</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Impairment charges with no tax benefit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,219</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in">Other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,329</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">535</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income tax recovery</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(92,494</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Effective tax rate</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1.78</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14.51</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><I>Deferred tax assets and liabilities</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">The following is the analysis of the deferred tax assets (liabilities) presented
in the consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 9pt Arial,sans-serif; text-align: left">Net deferred assets (liabilities) beginning of year</TD><TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 9pt Arial,sans-serif; text-align: right">(157,488</TD><TD STYLE="width: 1%; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 9pt Arial,sans-serif; text-align: right">(285,782</TD><TD STYLE="width: 1%; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">Recognized in net (loss) earnings in year</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">20,053</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">128,301</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">Devaluation of tax credits on the Mexican de-consolidation payments</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">(1,009</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Other</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">47</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">(7</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid">Net deferred liabilities end of year</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">(138,397</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">(157,488</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; padding-left: 0.125in">Deferred tax assets</TD><TD STYLE="font: bold 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: right">3,730</TD><TD STYLE="font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: right">2,584</TD><TD STYLE="font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Deferred tax liabilities</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: right">(142,127</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: right">(160,072</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial,sans-serif; text-align: left; border-bottom: Black 2.5pt double">Net deferred tax liability</TD><TD STYLE="font: bold 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: right">(138,397</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial,sans-serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: right">(157,488</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial,sans-serif; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><I>&nbsp;</I></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><I>Components of deferred tax assets and liabilities</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The deferred tax assets (liabilities) are comprised
of the various temporary differences as detailed below: </FONT><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred tax assets (liabilities) arising from:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.125in">Closure and decommissioning costs</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">5,657</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,273</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Tax losses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,039</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Deductible Mexican mining taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,223</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,633</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Tax credit resulting from Mexican de-consolidation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,671</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,311</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Trade and other receivables</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,641</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,806</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Provision for doubtful debts and inventory adjustments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,802</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,778</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Mineral properties, plant, and equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(176,861</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(197,108</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Estimated sales provisions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(7,675</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,573</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Prepaids and other current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(429</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(959</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Other temporary differences and provisions</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">828</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">934</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Net deferred tax liability</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(138,397</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(157,488</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>&nbsp;</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2015, the net deferred tax liability above, included the benefit of tax losses of $30.0 million of which $99.5 million
of tax losses (deferred tax impact of $29.4 million) will expire after the 2024 year-end if unused. The remaining tax losses of
$1.5 million (deferred tax impact of $0.6 million) are expected to be used against taxable income in 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2014 the net deferred tax liability above, included the benefit of tax losses of $20.9 million of which $39.4 million
of tax losses (deferred tax impact of $11.8 million) will expire after the 2024 year-end if unused, and $34.8 million of tax losses
(deferred tax impact of $9.0 million) that have no expiry.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><I>Unrecognized deductible temporary differences, unused
tax losses and unused tax credits</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Deductible temporary differences, unused tax losses
and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Tax loss (revenue in nature)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">190,464</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">144,287</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net tax loss (capital in nature)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,732</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Resource pools</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,653</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing fees</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">47</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Property plant and equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45,344</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Closure and decommissioning costs</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,788</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exploration expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">52,288</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,783</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Expense not deductible until paid</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,284</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Doubtful debt and inventory</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48,485</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income and estimated&nbsp;&nbsp;sales</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,072</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deductible Mexican mining taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">946</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payroll and vacation accruals</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,257</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other temporary differences</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">827</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">286</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">418,187</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">268,737</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial,sans-serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Included in the above amount are losses, which if not
utilized will expire as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="33" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">At December 31, 2015,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid; padding: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">US</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Spain</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Peru</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Mexico</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Barbados</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Argentina</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; width: 12%"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">104</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">112</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">511</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding: 0"><FONT STYLE="font-size: 8pt">2018 &ndash;
    <BR>and after</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">95,054</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">13,732</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">17,520</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">51,476</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,752</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">10,268</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">189,841</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double; padding: 0"><FONT STYLE="font-size: 8pt">Total
    tax losses</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">95,054</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,732</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">17,520</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">52,086</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,752</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">52</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">10,268</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">190,464</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 11pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font-family: Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-family: Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="font-size: 11pt; text-align: left; border-bottom: Black 1pt solid"><P STYLE="margin: 0"><FONT STYLE="font-size: 8pt"><B>At
                                         December 31, 2014,</B></FONT></P>

</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Canada</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">US</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Spain</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Peru</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Mexico</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: center; border-bottom: Black 1pt solid">Barbados</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">Argentina</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Arial,sans-serif; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font: 8pt Arial,sans-serif; text-align: left">2015</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">20,572</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">31</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">13</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Arial,sans-serif; text-align: right">20,616</TD><TD STYLE="width: 1%; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">2016</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">71</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">7</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">-</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">78</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left; border-bottom: Black 1pt solid">2017 &ndash; <BR>and after</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">90,036</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">13,471</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">17,398</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">1,101</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">1,403</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">99</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: right">123,593</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Arial,sans-serif; text-align: left; border-bottom: Black 2.5pt double">Total tax losses</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">110,608</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">13,471</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">17,398</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">1,203</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">1,403</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">119</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">85</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Arial,sans-serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: right">144,287</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><I>Taxable temporary differences associated with investment
in subsidiaries</I></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As at December 31, 2015, taxable temporary differences
of $55.4 million (2014 &ndash; $144.0 million) associated with the investments in subsidiaries have not been recognized as the
Company is able to control the timing of the reversal of these differences which are not expected to reverse in the foreseeable
future.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">28.</FONT></TD><TD><FONT STYLE="font-variant: normal">Commitments and Contingencies</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 12pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company is subject to various investigations, claims
and legal and tax proceedings covering matters that arise in the ordinary course of business activities. Each of these matters
is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably to the Company. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company. In the opinion
of management none of these matters are expected to have a material effect on the results of operations or financial conditions
of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Purchase Commitments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company had no purchase commitments other than those
commitments described in Note 7.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Credit Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">On
April 15, 2015, Pan American entered into a $300 million secured revolving line of credit facility (&ldquo;the Facility&rdquo;)
with a syndicate of eight lenders (&ldquo;the Lenders&rdquo;). The purpose of the Facility is for general corporate purposes, capital
expenditures, investments or potential acquisitions. The Facility, which is principally secured by a pledge of Pan American&rsquo;s
equity interests in its material subsidiaries, has a term of four years. The interest margin on the Facility ranges from 2.125%
to 3.125% over LIBOR, based on the Company&rsquo;s leverage ratio at the time of a specified reporting period. Pan American has
agreed to pay a commitment fee of between 0.47% and 0.703% on undrawn amounts under the Facility, depending on the Company&rsquo;s
leverage ratio. As at December 31, 2015, the Company has drawn $36.2 million under this Facility.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">Environmental Matters</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s mining and exploration activities
are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually
changing and are generally becoming more restrictive. The Company conducts its operations so as to protect the public health and
environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company
has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full
amount of such future expenditures.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Estimated future reclamation costs are based the extent
of work required and the associated costs are dependent on the requirements of relevant authorities and the Company&rsquo;s environmental
policies. As of December 31, 2015 and December 31, 2014 $50.5 million and $43.2 million, respectively, were accrued for reclamation
costs relating to mineral properties. See also Note 15.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">Income Taxes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company operates in numerous countries around the
world and accordingly it is subject to, and pays annual income taxes under the various income tax regimes in the countries in which
it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined
by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required
income tax returns and to pay the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly
complex and subject to interpretation. From time to time the</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Company is subject to a review of its historic income
tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application
of certain rules to the Company&rsquo;s business conducted within the country involved.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In December 2014, the Peruvian Parliament approved a
bill that decreases the effective tax rate applicable to the Company&rsquo;s Peruvian operations. The law is effective January
1, 2015 and decreases the future corporate income tax rate from 30% in 2014, to 28% in 2015 and 2016, 27% in 2017 and 2018, and
to 26% in 2019 and future years. In addition, this new law increased withholding tax on dividends paid to non-resident shareholders
from 4.1% in 2014, to 6.8% in 2015 and 2016, 8% in 2017 and 2018, and to 9.3% in 2019 and future years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As a result of this law becoming enacted in the fourth
quarter of 2014, the Company recognized a non-cash recovery of $2.9 million related to the deferred tax impacts of the above tax
changes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In December 2013, the Mexican President passed a bill
that increases the effective tax rate applicable to the Company&rsquo;s Mexican operations. The law is effective January 1, 2014
and increases the future corporate income tax rate to 30%, creates a 10% withholding tax on dividends paid to non-resident shareholders
(subject to any reduction by an Income Tax Treaty) and creates a new Extraordinary Mining Duty equal to 0.5% of gross revenues
from the sale of gold, silver, and platinum. In addition, the law requires taxpayers with mining concessions to pay a new 7.5%
Special Mining Duty. The Extraordinary Mining Duty and Special Mining Duty will be tax deductible for income tax purposes. The
Special Mining Duty will generally be applicable to earnings before income tax, depreciation, depletion, amortization, and interest.
In calculating the Special Mining Duty there will be no deductions related to development type costs but exploration and prospecting
costs are deductible when incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">Finance Leases</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The present value of future minimum lease payments classified
as finance leases at December 31, 2015 is $4.0 million (2014 - $8.0 million) and the schedule of timing of payments for this obligation
is found in Note 16.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">Law changes in Argentina</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Government regulation in Argentina related to the economy
has increased substantially over the past few years. In particular, the government has intensified the use of price, foreign exchange,
and import controls in response to unfavourable domestic economic trends. During 2012, an Argentinean Ministry of Economy and Public
Finance resolution reduced the time within which exporters were required to repatriate net proceeds from export sales from 180
days to 15 days after the date of export. As a result of this change, the Manantial Espejo operation temporarily suspended dor&eacute;
shipments while local management reviewed how the new resolution would be applied by the government. In response to petitions from
numerous exporters for relief from the new resolution, on July 17, 2012 the Ministry issued a revised resolution which extended
the 15-day limit to 120 days.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Argentine government has also imposed restrictions
on the importation of goods and services and increased administrative procedures required to import equipment, materials and services
required for operations at Manantial Espejo. In addition, in May 2012, the government mandated that mining companies establish
an internal function to be responsible for substituting Argentinian-produced goods and materials for imported goods and materials.
Under this mandate, the Company is required to submit its plans to import goods and materials for government review 120 days in
advance of the desired date of importation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The government of Argentina has also tightened control
over capital flows and foreign exchange, including informal restrictions on dividend, interest, and service payments abroad and
limitations on the ability of individuals and businesses to convert Argentine pesos into United States dollars or other hard currencies.
These measures, which are intended to curtail the outflow of hard currency and protect Argentina&rsquo;s international currency
reserves, may adversely affect the Company&rsquo;s ability to convert dividends paid by current operations or revenues generated
by future operations into hard currency and to distribute those revenues to offshore shareholders. Maintaining operating revenues
in Argentine pesos could expose the Company to the risks of peso devaluation and high domestic inflation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In September 2013, the provincial government of Santa
Cruz, Argentina passed amendments to its tax code that introduced a new mining property tax with a rate of 1% to be charged annually
on published &ldquo;measured&rdquo; reserves, which has the potential to affect the Manantial Espejo mine as well as other companies
operating in the province. In December 2015, the legislature of the Province of Santa Cruz passed a bill abrogating this mining
property tax and the bill became law and was published in the Official Gazette on December 30, 2015, as Law 3,462. Law 3,462 was
promulgated through a decree that confirmed that the tax was unconstitutional because: (i) it contravened the contents of Federal
Mining Investments Law, and (ii) it attempted to regulate matters reserved to Federal legislation. It is unclear on whether any
or all of the subject taxes already paid will be refunded or credited.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On September 23, 2013, Argentina&rsquo;s federal Income Tax Statute was amended
to include a 10% income tax withholding on dividend distributions by Argentine corporations and branch profit distributions by
foreign corporations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify">Labour law change in Mexico</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In December 2012, the Mexican government introduced
changes to the Federal labour law which made certain amendments to the law relating to the use of service companies and subcontractors
and the obligations with respect to employee benefits. These amendments may have an effect on the distribution of profits to workers
and this could result in additional financial obligations to the Company. At this time, the Company is evaluating these amendments
in detail, but currently believes that it continues to be in compliance with the federal labour law and that these amendments will
not result in any new material obligations for the Company. Based on this assessment, the Company did not accrue any amounts. The
Company will continue to monitor developments in Mexico and to assess the potential impact of these amendments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Political changes in Bolivia</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On May 28, 2014, the Bolivian government enacted Mining
Law No. 535 (the &ldquo;New Mining Law&rdquo;).&nbsp; Among other things, the New Mining Law has established a new Bolivian mining
authority to provide principal mining oversight (varying the role of COMIBOL) and sets out a number of new economic and operational
requirements relating to state participation in mining projects. Further, the New Mining Law provides that all pre-existing contracts
are to migrate to one of several new forms of agreement within a prescribed period of time. As a result, we anticipate that our
current joint venture agreement with COMIBOL relating to the San Vicente mine will be subject to migration to a new form of agreement
and may require renegotiation of some terms in order to conform to the New Mining Law requirements. We are assessing the potential
impacts of the New Mining Law on our business and are awaiting further regulatory developments, but the primary effects on the
San Vicente operation and our interest therein will not be known until such time as we have, if required to do so, renegotiated
the existing contract, and the full impact may only be realized over time.&nbsp; In the meantime, we understand that pre-existing
agreements will be respected during the period of migration and we will take appropriate steps to protect and, if necessary, enforce
our rights under our existing agreement with COMIBOL. There is, however, no guarantee that governmental actions, including possible
expropriation or additional changes in the law, and the migration of our contract will not impact our involvement in the San Vicente
operation in an adverse way and such actions could have a material adverse effect on us and our business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify">Other Legal Matters</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company is subject to various claims and legal proceedings
covering a wide range of matters that arise in the ordinary course of business activities, many of them relating to ex-employees.
Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably
to the Company. The Company establishes provisions for matters that are probable and can be reasonably estimated, included within
current liabilities, and amounts are not considered material.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In assessing loss contingencies related to legal proceedings
that are pending against the Company or un-asserted claims that may result in such proceedings, the Company and its legal counsel
evaluate the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief
sought or expected to be sought. In the opinion of management there are no claims expected to have a material effect on the results
of operations or financial condition of the Company.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>


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    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">k.</TD><TD STYLE="text-align: justify">Title Risk</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Although the Company has taken steps to verify title
to properties in which it has an interest, these procedures do not guarantee the Company&rsquo;s title. Property title may be subject
to, among other things, unregistered prior agreements or transfers and may be affected by undetected defects.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">l.</TD><TD STYLE="text-align: justify">Royalty Agreements and Participation Agreements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company has various royalty agreements on certain
mineral properties entitling the counterparties to the agreements to receive payments per terms as summarized below. Royalty liabilities
incurred on acquisitions of properties are netted against mineral property while royalties that become payable upon production
are expensed at the time of sale of the production.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">On September 22, 2011, Peru&rsquo;s Parliament approved
a law that increased mining taxes to fund anti-poverty infrastructure projects in the country, effective October 1, 2011. The law
changed the scheme for royalty payments, so that mining companies that had not signed legal stability agreements with the government
had to pay royalties of 1% to 12% on operating profit; royalties under the previous rules were 1% to 3% on net sales. In addition
to these royalties, such companies were subject to a &ldquo;special tax&rdquo; at a rate ranging from 2% to 8.4% of operating profit.
Companies that had concluded legal stability agreements (under the General Mining Law) will be required to pay a &ldquo;special
contribution&rdquo; of between 4% and 13.12% of operating profits. The change in the royalty and the new tax had no material impact
on the results of the Company&rsquo;s Peruvian operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In the province of Chubut, Argentina which is the location
of the Company&rsquo;s Navidad property, there is a provincial royalty of 3% of the &ldquo;Operating Income&rdquo;. Operating income
is defined as revenue minus production costs (not including mining costs), treatment and transportation charges. Refer below to
the Navidad project section below for further details.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">As part of the 2009 Aquiline transaction the Company
issued a replacement convertible debenture that allowed the holder to convert the debenture into either 363,854 Pan American shares
or a silver stream contract related to certain production from the Navidad project. Subsequent to the acquisition, the counterparty
to the replacement debenture has indicated its intention to elect the silver stream alternative. The final contract for the alternative
is being discussed and pending the final resolution to this alternative, the Company continues to classify the fair value calculated
at the acquisition of this alternative, as a deferred credit as disclosed in Note 18.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>Huaron and Morococha mines</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In June 2004, Peru&rsquo;s Congress approved a bill
that allows royalties to be charged on mining projects. These royalties are payable on Peruvian mine production at the following
progressive rates: (i) 1.0% for companies with sales up to $60.0 million; (ii) 2.0% for companies with sales between $60.0 million
and $120.0 million; and (iii) 3.0% for companies with sales greater than $120.0 million. This royalty is a net smelter returns
royalty, the cost of which is deductible for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><B><I>Manantial Espejo mine</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Production from the Manantial Espejo property is subject
to royalties to be paid to Barrick Gold Corp. according to the following: (i) $0.60 per metric tonne of ore mined from the property
and fed to process at a mill or leaching facility to a maximum of 1.0 million tonnes; and (ii) one-half of one percent (0.5%) of
net smelter returns derived from the production of minerals from the property. In addition, the Company has negotiated a royalty
equal to 3.0% of operating cash flow payable to the Province of Santa Cruz.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 100%; font: 11pt Arial,sans-serif"><font style="font-size: 10pt"><b>Pan American Silver Corp</b></font><b><font style="font-size: 12pt">. </font></b></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 8pt">Notes to the Consolidated Financial Statements </font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 11pt Arial,sans-serif; text-align: justify"><font style="font-size: 7pt">As at December 31, 2015 and 2014 </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 11pt Arial,sans-serif"><font style="font-size: 7pt">(Tabular amounts are in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><B><I>San Vicente mine </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Pursuant to an option agreement entered into with COMIBOL,
a Bolivian state mining company, with respect to the development of the San Vicente property, the Company is obligated to pay COMIBOL
a participation fee of 37.5% (the &ldquo;Participation Fee&rdquo;) of the operation&rsquo;s cash flow. Once full commercial production
of San Vicente began, the Participation Fee was reduced by 75% until the Company recovered its investment in the property. The
Participation Fee has now reverted back to the original percentage. For the year ended December 31, 2015, the royalties to COMIBOL
amounted to approximately $8.1 million (2014 - $10.4 million).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">A royalty is also payable to EMUSA, a former partner
of the Company on the project. The royalty is a 2% net smelter return royalty (as per the Agreement) payable only after the Company
has recovered its capital investment in the project and only when the average price of silver in a given financial quarter is $9.00
per ounce or greater. In December 2007, the Bolivian government introduced a new mining royalty that affects the San Vicente project.
The royalty is applied to gross metal value of sales (before smelting and refining deductions) and the royalty percentage is a
sliding scale depending on metal prices. At current metal prices, the royalty is 6% for silver metal value and 5% for zinc and
copper metal value of sales. The royalty is income tax deductible.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><B><I>Dolores mine</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">Production from the Dolores mine is subject to underlying
net smelter return royalties comprised of 2% on gold and silver production and 1.25% on gold production. These royalties are payable
to Royal Gold Inc. and were effective in full as of May 1, 2009, on the commencement of commercial production at the Dolores mine.
For the year ended December 31, 2015, the royalties to Royal Gold amounted to approximately $4.3 million (2014 &ndash; $4.9 million).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><B><I>Navidad project </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In late June 2012 the governor of the province of Chubut
submitted to the provincial legislature a draft law which, if passed, would regulate all future oil and gas and mining activities
in the province. The draft legislation incorporated the expected re-zoning of the province, allowing for the development of Navidad
as an open pit mine. However, the draft legislation also introduced a series of new regulations that would have greatly increased
provincial royalties and imposed the province&rsquo;s direct participation in all mining projects, including Navidad.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">In October 2012, the proposed bill was withdrawn for
further study; however, as a result of uncertainty over the zoning, regulatory and tax laws which will ultimately apply, the Company
has been forced to temporarily suspend project development activities at Navidad.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The Company remains committed to the development of
Navidad and to contributing to the positive economic and social development of the province of Chubut upon the adoption of a favorable
legislative framework.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: normal">29.</FONT></TD><TD><FONT STYLE="font-variant: normal">Related Party Transactions</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-variant: normal">During
the year ended December 31, 2015, a company indirectly owned by a trust of which a director of the Company is a beneficiary, was
paid approximately $</FONT><FONT STYLE="font-weight: normal">1.4 <FONT STYLE="font-variant: normal">million (2014 - $0.4 million)
for consulting services. These transactions are in the normal course of operations and are measured at the exchange amount, which
is the amount of consideration established and agreed to by the parties.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"><B><I>Compensation of key management personnel</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">The remuneration of directors and other members of key
management personnel during the year were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Short-term benefits</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">9,069</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,648</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Share-based payments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,161</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,487</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,230</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,135</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</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">We consent to the incorporation by reference in Registration Statement
No. 333-195220 on Form F-10 and Registration Statement Nos. 333-180494, 333-180495 and 333-206162 on Form S-8, and to the use of
our reports dated March 24, 2016 relating to the consolidated financial statements of Pan American Silver Corp. and the effectiveness
of Pan American Silver Corp.&rsquo;s internal control over financial reporting appearing in this Annual Report on Form 40-F of
Pan American Silver Corp. for the year ended December 31, 2015.</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">/s/ Deloitte LLP</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">Chartered Professional Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vancouver, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 24, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>


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<SEQUENCE>6
<FILENAME>v435068_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF MARTIN WAFFORN, P. ENG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Expert Consent for Annual Report on Form 40-F</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Technical reports entitled:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">&ldquo;Manantial-Espejo Project Canadian Standard NI 43-101, Santa Cruz Province, Argentina&rdquo;
dated March 2006 relating to the Manantial Espejo property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">&ldquo;Feasibility Study Volume I &ndash; NI 43-101 Technical Report for Alamo Dorado Project,
Alamos, Sonora, Mexico&rdquo; dated March 31, 2005 relating to the Alamo Dorado property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the San Vincente Property, Potosi Bolivia&rdquo; dated effective December
31, 2014 relating to the San Vincente property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">&ldquo;Pan American Silver Corp. Navidad Project, Chubut Province, Argentina: Preliminary Assessment&rdquo;
dated January 14, 2011 relating to the Navidad property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report &ndash; Preliminary Economic Analysis for the Expansion of the La Colorada
Mine, Zacatecas, Mexico&rdquo; dated effective December 31, 2013 relating to the La Colorada property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Dolores Property, Chihuahua, Mexico &ndash; Preliminary Economic
Assessment of a Pulp Agglomeration Treatment and Underground Option&rdquo; dated effective May 31, 2014 relating to the Dolores
property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Huaron Property, Pasco, Peru&rdquo; dated effective June 30, 2014
relating to the Huaron property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Morococha Property, Yauli, Peru&rdquo; dated effective June 30,
2014 relating to the Morococha property</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(collectively, the &ldquo;<B>Technical Reports</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">were prepared for Pan American Silver Corp.
(the &ldquo;<B>Corporation</B>&rdquo;) in accordance with National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral
Projects</I> by Martin Wafforn, P. Eng., in whole or in part, and filed with applicable securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby consent to the
written disclosure of the Technical Reports and the extracts from, or summary of, or references to the Technical Reports and other
scientific and technical information relating solely to the Corporation by the Corporation in the annual information form of the
Corporation, dated March 24, 2016 (the &ldquo;<B>AIF</B>&rdquo;) and in the Annual Report on Form 40-F of the Corporation, dated
March 24, 2016 (the &ldquo;<B>40-F</B>&rdquo;). The undersigned does also hereby consent to the reference to my name in the AIF
and the 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned consents to the incorporation
by reference in the Registration Statements on Form S-8 (File Nos., 333-180494, 333-180495 and 333-206162) and on Form F-10 (File
No. 333-195220) of the references to my name and the above mentioned information in the AIF and 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby confirm that I
have read the AIF and the 40-F and have no reason to believe that there are any misrepresentations in the information contained
in the AIF or the 40-F that are (a) derived from the Technical Reports; or (b) within my knowledge as a result of the services
I performed in connection with the Technical Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Dated this 24th day of March, 2016.</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Martin Wafforn&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Martin Wafforn, P. Eng.</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>v435068_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF MICHAEL STEINMANN, P. GEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Expert Consent for Annual Report on Form 40-F</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Technical reports entitled:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">&ldquo;Manantial-Espejo Project Canadian Standard NI 43-101, Santa Cruz Province, Argentina&rdquo;
dated March 2006 relating to the Manantial Espejo property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">&ldquo;Feasibility Study Volume I &ndash; NI 43-101 Technical Report for Alamo Dorado Project,
Alamos, Sonora, Mexico&rdquo; dated March 31, 2005 relating to the Alamo Dorado property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the San Vincente Property, Potosi Bolivia&rdquo; dated effective December
31, 2014 relating to the San Vincente property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">&ldquo;Pan American Silver Corp. Navidad Project, Chubut Province, Argentina: Preliminary Assessment&rdquo;
dated January 14, 2011 related to the Navidad property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report &ndash; Preliminary Economic Analysis for the Expansion of the La Colorada
Mine, Zacatecas, Mexico&rdquo; dated effective December 31, 2013 relating to the La Colorada property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Dolores Property, Chihuahua, Mexico &ndash; Preliminary Economic
Assessment of a Pulp Agglomeration Treatment and Underground Option&rdquo; dated effective May 31, 2014 relating to the Dolores
property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Huaron Property, Pasco, Peru&rdquo; dated effective June 30, 2014
relating to the Huaron property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Morococha Property, Yauli, Peru&rdquo; dated effective June 30,
2014 relating to the Morococha property</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(collectively, the &ldquo;<B>Technical Reports</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">were prepared for Pan American Silver Corp.
(the &ldquo;<B>Corporation</B>&rdquo;) in accordance with National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral
Projects</I> by Michael Steinmann, P. Geo., in whole or in part, and filed with applicable securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby consent to the
written disclosure of the Technical Reports and the extracts from, or summary of, or references to the Technical Reports and other
scientific and technical information relating solely to the Corporation by the Corporation in the annual information form of the
Corporation, dated March 24, 2016 (the &ldquo;<B>AIF</B>&rdquo;) and in the Annual Report on Form 40-F of the Corporation, dated
March 24, 2016 (the &ldquo;<B>40-F</B>&rdquo;). The undersigned does also hereby consent to the reference to my name in the AIF
and the 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned consents to the incorporation
by reference in the Registration Statements on Form S-8 (File Nos. 333-180494, 333-180495 and 333-206162) and on Form F-10 (File
No. 333-195220) of the references to my name and the above mentioned information in the AIF and 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby confirm that I
have read the AIF and the 40-F and have no reason to believe that there are any misrepresentations in the information contained
in the AIF or the 40-F that are (a) derived from the Technical Reports; or (b) within my knowledge as a result of the services
I performed in connection with the Technical Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Dated this 24th day of March, 2016.</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Michael Steinmann&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Michael Steinmann, P. Geo.</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>


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<TYPE>EX-23.4
<SEQUENCE>8
<FILENAME>v435068_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF PAMELA DE MARK,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">P. GEO., BAPPSC (APP GEO, HONS), MAUSIMM</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Expert Consent for Annual Report on Form 40-F</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A technical report &ldquo;Pan American Silver
Corp. Navidad Project, Chubut Province, Argentina: Preliminary Assessment&rdquo; and dated effective January 14, 2011, (the &ldquo;<B>Technical
Report</B>&rdquo;) was prepared for Pan American Silver Corp. (the &ldquo;<B>Corporation</B>&rdquo;) in accordance with National
Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> by Pamela De Mark, P. Geo. BAppSc (App Geo, Hons),
MAusIMM, in whole or in part, and filed with applicable securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby consent to the
written disclosure of the Technical Report and the extracts from, or summary of, or references to the Technical Report and other
scientific and technical information relating solely to the Corporation by the Corporation in the annual information form of the
Corporation, dated March 24, 2016 (the &ldquo;<B>AIF</B>&rdquo;) and in the Annual Report on Form 40-F of the Corporation, dated
March 24, 2016 (the &ldquo;<B>40-F</B>&rdquo;). The undersigned does also hereby consent to the reference to my name in the AIF
and the 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned consents to the incorporation
by reference in the Registration Statements on Form S-8 (File Nos. 333-180494, 333-180495 and 333-206162) and on Form F-10 (File
No. 333-195220) of the references to my name and the above mentioned information in the AIF and 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby confirm that I
have read the AIF and the 40-F and have no reason to believe that there are any misrepresentations in the information contained
in the AIF or the 40-F that are (a) derived from the Technical Report; or (b) within my knowledge as a result of the services I
performed in connection with the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 40%">Dated this 24th day of March, 2016.</TD>
    <TD NOWRAP STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Pamela DeMark&rdquo;</I></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Pamela De Mark,</B></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>P. Geo., BAppSc (App Geo, Hons), MAusIMM</B></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-23.5
<SEQUENCE>9
<FILENAME>v435068_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.5</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>CONSENT OF AMERICO DELGADO, P. ENG. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Expert Consent for Annual Report on Form 40-F</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Technical reports entitled:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Dolores Property, Chihuahua, Mexico &ndash; Preliminary Economic
Assessment of a Pulp Agglomeration Treatment and Underground Option&rdquo; dated effective May 31, 2014 relating to the Dolores
property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Huaron Property, Pasco, Peru&rdquo; dated effective June 30, 2014
relating to the Huaron property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the Morococha Property, Yauli, Peru&rdquo; dated effective June 30,
2014 relating to the Morococha property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">&ldquo;Technical Report for the San Vincente Property, Potosi Bolivia&rdquo; dated effective December
31, 2014 relating to the San Vincente property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(collectively, the &ldquo;<B>Technical Reports</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">were prepared for Pan American Silver Corp.
(the &ldquo;<B>Corporation</B>&rdquo;) in accordance with National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral
Projects</I> by Americo Delgado, P. Eng., in whole or in part, and filed with applicable securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby consent to the
written disclosure of the Technical Reports and the extracts from, or summary of, or references to the Technical Reports and other
scientific and technical information relating solely to the Corporation by the Corporation in the annual information form of the
Corporation, dated March 24, 2016 (the &ldquo;<B>AIF</B>&rdquo;) and in the Annual Report on Form 40-F of the Corporation, dated
March 24, 2016 (the &ldquo;<B>40-F</B>&rdquo;). The undersigned does also hereby consent to the reference to my name in the AIF
and the 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned consents to the incorporation
by reference in the Registration Statements on Form S-8 (File Nos. 333-180494, 333-180495 and 333-206162) and on Form F-10 (File
No. 333-195220) of the references to my name and the above mentioned information in the AIF and 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby confirm that I
have read the AIF and the 40-F and have no reason to believe that there are any misrepresentations in the information contained
in the AIF or the 40-F that are (a) derived from the Technical Reports; or (b) within my knowledge as a result of the services
I performed in connection with the Technical Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Dated this 24th day of March, 2016.</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Americo Delgado&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Americo Delgado, P. Eng.</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>10
<FILENAME>v435068_ex23-6.htm
<DESCRIPTION>EXHIBIT 23.6
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.6</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>CONSENT OF MARTIN DUPUIS, P.GEO.</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"><B>To:&#9;United States Securities and Exchange Commission </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Expert Consent for Annual Report on Form 40-F</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby consent to the
written disclosure of the scientific and technical information (the &ldquo;Technical Information&rdquo;) relating solely to the
Corporation by the Corporation in the annual information form of the Corporation, dated March 24, 2016 (the &ldquo;<B>AIF</B>&rdquo;)
and in the Annual Report on Form 40-F of the Corporation, dated March 24, 2016 (the &ldquo;<B>40-F</B>&rdquo;). The undersigned
does also hereby consent to the reference to my name in the AIF and the 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned consents to the incorporation
by reference in the Registration Statements on Form S-8 (File Nos. 333-180494, 333-180495 and 333-206162) and on Form F-10 (File
No. 333-195220) of the references to my name and the above mentioned information in the AIF and 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned does hereby confirm that I
have read the AIF and the 40-F and have no reason to believe that there are any misrepresentations in the information contained
in the AIF or the 40-F that are (a) derived from the Technical Information; or (b) within my knowledge as a result of the services
I performed in connection with the Technical Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Dated this 24th day of March, 2016.</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Martin Dupuis&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Martin Dupuis, P.Geo.</B></TD>
    <TD>&nbsp;</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; text-align: right"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>11
<FILENAME>v435068_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.1</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; text-align: center"><B>Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002</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">I, Michael Steinmann, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this annual report on Form 40-F of Pan American Silver Corp.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented
in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The issuer&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Evaluated the effectiveness of the issuer&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Disclosed in this report any change in the issuer&rsquo;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The issuer&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&rsquo;s auditors and the audit committee of the issuer&rsquo;s board of directors (or persons
performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the issuer&rsquo;s ability to record, process, summarize and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Date: March 24, 2016</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Michael Steinmann&rdquo;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 30%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="width: 34%"><FONT STYLE="font-size: 10pt">Michael Steinmann</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<TYPE>EX-31.2
<SEQUENCE>12
<FILENAME>v435068_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.2</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>Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002</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">I, A. Robert Doyle, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this annual report on Form 40-F of Pan American Silver Corp.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented
in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The issuer&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Evaluated the effectiveness of the issuer&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Disclosed in this report any change in the issuer&rsquo;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The issuer&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&rsquo;s auditors and the audit committee of the issuer&rsquo;s board of directors (or persons
performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the issuer&rsquo;s ability to record, process, summarize and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 0.5in">Date: March 24, 2016</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>A. Robert Doyle&rdquo;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="width: 34%"><FONT STYLE="font-size: 10pt">A. Robert Doyle</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>Title:</TD>
    <TD NOWRAP>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>13
<FILENAME>v435068_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 32.1</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>Certification of CEO and CFO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002</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">In connection with the Annual Report of Pan American Silver Corp.
(the &quot;Registrant&quot;) filed under cover of Form 40-F for the year ended December 31, 2015, as filed with the Securities
and Exchange Commission on the date hereof (the &quot;Report&quot;), Michael Steinmann, as Chief Executive Officer of the Registrant,
and A. Robert Doyle, as Chief Financial Officer of the Registrant, each hereby certifies, pursuant to 18 U.S.C. &sect; 1350, as
adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:</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; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report
fairly presents, in all material respects, the financial condition and result of operations of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>Michael Steinmann&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 34%">Michael Steinmann</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>President &amp; Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">March 24, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">Signed: &ldquo;<I>A. Robert Doyle&rdquo;</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD>A. Robert Doyle</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">March 24, 2016</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This certification accompanies the Report pursuant
to &sect; 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002,
be deemed filed by the Registrant for purposes of &sect;18 of the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
