<SEC-DOCUMENT>0001279569-20-000242.txt : 20200303
<SEC-HEADER>0001279569-20-000242.hdr.sgml : 20200303
<ACCEPTANCE-DATETIME>20200303134438
ACCESSION NUMBER:		0001279569-20-000242
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200303
DATE AS OF CHANGE:		20200303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Equinox Gold Corp.
		CENTRAL INDEX KEY:			0001756607
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39038
		FILM NUMBER:		20681160

	BUSINESS ADDRESS:	
		STREET 1:		700 WEST PENDER ST., SUITE 1501
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8
		BUSINESS PHONE:		604-558-0560

	MAIL ADDRESS:	
		STREET 1:		700 WEST PENDER ST., SUITE 1501
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>equinox6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt 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;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 <BR>
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</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">For the month of <B>March, 2020</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commission File Number&nbsp;<B>001-39038</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 24pt"><B><FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>Equinox Gold Corp.</B></FONT></B></FONT></TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 1501 - <FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px">700
                            West Pender Street</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px">Vancouver,
        British Columbia V6C 1G8</FONT>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive office)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 40%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; padding-right: -9.7pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form
    40-F &nbsp;&nbsp;&nbsp;&#9746;</FONT></TD>
    <TD STYLE="width: 38%; padding-left: 5.2pt; font: 12pt Times New Roman, Times, Serif; text-indent: 9pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 99%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Note:</B>&nbsp;&nbsp;Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 99%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Note: </B>Regulation S-T
    Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that
    the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant
    is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of
    the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is
    not a press release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if
    discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Documents filed as part of this Form
6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><U>Exhibit</U></TD>
    <TD STYLE="width: 90%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">Consolidated Financial Statements the years ended December 31, 2019 and 2018</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex992.htm">99.2</A></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex992.htm">Management&rsquo;s Discussion and Analysis for the three months and year ended December 31, 2019</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

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

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 8.25pt; text-indent: 18pt; color: #231F20">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<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="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><B>Equinox Gold Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">March 2, 2020</TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 42%; border-bottom: Black 1pt solid; padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Susan Toews</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 5.4pt; padding-left: 5.4pt">Susan Toews, General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS THE YEARS ENDED DECEMBER 31, 2019 AND 2018
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt/107% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt/107% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: center"><B>&nbsp;<IMG SRC="equinoxlogo.jpg" ALT=""></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>Consolidated Financial Statements</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>For the years ended December 31,
2019 and 2018</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">(Expressed in thousands of United
States dollars, unless otherwise stated)</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Management&rsquo;s Responsibility for Financial Statements</B></P>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying consolidated financial
statements have been prepared by and are the responsibility of the Board of Directors and Management of the Company. The consolidated
financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board and reflect Management&rsquo;s best estimates and judgments based on currently available information.
The Company has developed and maintains a system of internal controls in order to ensure, on a reasonable and cost effective basis,
the reliability of its financial information. The consolidated financial statements have been audited by KPMG LLP, Chartered Professional
Accountants. Their report outlines the scope of their examination and opinion on the consolidated financial statements.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">/s/ Peter Hardie</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Peter Hardie</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chief Financial Officer</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">February 28, 2020</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 8pt/9.5pt Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="kpmg1.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 8pt/9.5pt Arial, Helvetica, Sans-Serif; width: 29%">&nbsp;</TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: bold 8pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 0">KPMG LLP</P>
        <P STYLE="font: bold 8pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 0">Chartered Professional Accountants</P>
        <P STYLE="font: 8pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 0">PO Box 10426 777 Dunsmuir Street</P>
        <P STYLE="font: 8pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 0">Vancouver BC V7Y 1K3</P>
        <P STYLE="font: 8pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">Canada</FONT></P></TD>
    <TD STYLE="width: 6%">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">Telephone</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">Fax</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">Internet</P></TD>
    <TD STYLE="padding-left: 8pt; width: 36%">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">(604) 691-3000</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">(604) 691-3031</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-indent: -45.35pt">www.kpmg.ca</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 20pt 30pt; text-align: center"><FONT STYLE="font-size: 10pt">Report
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">To the Shareholders and Board of Directors of Equinox
Gold Corp.</P>

<P STYLE="font: italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt">Opinion on the Consolidated Financial Statements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">We have audited the accompanying
consolidated statements of financial position of Equinox Gold Corp. (the Company) as at December&nbsp;31, 2019 and 2018, the related
consolidated statements of loss and comprehensive loss, cash flows and changes in equity for each of the years in the two-year
period ended December&nbsp;31, 2019, and the related notes (collectively, the consolidated financial statements). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December&nbsp;31,
2019 and 2018, and its financial performance and its cash flows for each of the years in the two-year period ended December&nbsp;31,
2019, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>Change in Accounting Principle</I></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">As discussed in note 2(e) to the
consolidated financial statements, the Company has changed its accounting policy for leases as of January 1, 2019 due to the adoption
of IFRS 16, Leases.</P>

<P STYLE="font: italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">Basis for Opinion</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">These consolidated financial statements
are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 11pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 10.1pt 0 126pt"><FONT STYLE="font-size: 5.5pt">KPMG
LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (&ldquo;KPMG International&rdquo;), a Swiss entity. KPMG Canada provides services to KPMG LLP.</FONT><FONT STYLE="font-size: 6.5pt"><BR>
<BR></FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="kpmg2.jpg" ALT=""></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><I>Equinox Gold Corp.</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Page 2</I></P>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><B>//s// KPMG LLP</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Chartered Professional Accountants<BR>
<BR>
</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">We have served as the Company&rsquo;s auditor since 2016</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Vancouver, Canada<BR>
February 28, 2020</P>

<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="ex991_header.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Consolidated Statements of Financial Position</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">As at December 31, 2019 and 2018</P>

<P STYLE="margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">(Expressed in thousands of United States dollars)</P>

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<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 14pt; color: #21405E">Assets</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current assets</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">67,716</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">60,822</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Accounts receivable, prepaid expenses and deposits</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">6</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">31,784</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">21,409</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Inventory</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">7</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">46,262</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">42,945</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Marketable securities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">988</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,782</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Restricted cash - current</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">8</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">607</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">633</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Derivative assets - current</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">14(a)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,299</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 1%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 57%; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">148,656</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">127,591</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Non-current inventory</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">7</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">141,578</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">100,543</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Restricted cash</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">8</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">14,678</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">14,963</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Exploration and evaluation assets</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">9</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">13,750</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">171,709</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Mineral properties, plant and equipment</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">10</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">497,944</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">316,911</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt">Deferred tax assets</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">21</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Equity accounted investment</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">5(d)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">7,162</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Other assets</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">11</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,582</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">9,092</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Total assets</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">839,350</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">741,873</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 14pt; color: #21405E">Liabilities and Equity</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current liabilities</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">12</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">67,204</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">55,065</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Current portion of loans and borrowings</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">13</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">61,574</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">54,704</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Other current liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,145</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">396</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">131,923</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">110,165</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Loans and borrowings</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">13</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">202,475</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">159,855</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Derivative liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">14(b)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">56,146</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">18,861</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Reclamation obligations</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">15</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">29,885</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">23,546</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Other long-term liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">16</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,150</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,596</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Deferred tax liabilities </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">21</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,712</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">9,552</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Total liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">436,291</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">332,575</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Shareholders&rsquo; equity</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Share capital</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">17</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">505,686</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">491,100</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Reserves</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">27,959</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,402</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Deficit</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(130,586)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(111,723)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Equity attributable to Equinox Gold shareholders</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">403,059</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">394,779</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Non-controlling interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">5(d)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">14,519</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Total equity</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">403,059</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">409,298</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">839,350</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">741,873</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Commitments and contingencies (notes 10 and 28)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Subsequent events (notes 1 and 5(a))</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.8pt; padding-left: 4.8pt; text-indent: -4.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.8pt; padding-left: 4.8pt; text-indent: -4.8pt">The accompanying notes form an integral part of these consolidated financial statements.</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0cm">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0cm">Approved on behalf of the Board of Directors</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; text-indent: 0cm">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-indent: 0cm"><I>&ldquo;Ross Beaty&rdquo;</I></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-indent: 0cm"><I>&ldquo;Lenard Boggio&rdquo;</I></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; text-indent: 0cm">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm">Director</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm">Director</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="ex991_header.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Consolidated Statements of Loss and Comprehensive Loss</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">For the years ended December 31, 2019 and 2018</P>

<P STYLE="margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">(Expressed in thousands of United States dollars, except share
and per share amounts)</P>

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<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="width: 3%; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2019</TD>
    <TD STYLE="width: 3%; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Revenue</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">281,697</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">30,159</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Operating expenses</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">18</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(159,198)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(19,028)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Depreciation and depletion</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(38,645)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(4,201)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Earnings from mine operations</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">83,854</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,930</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Exploration</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(8,754)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(12,232)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">General and administration</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">19</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(19,976)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(16,461)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Asset impairments</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(13,283)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: middle; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt">Income (loss) from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">55,124</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(35,046)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Finance expense</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(17,537)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(6,698)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Finance income</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,950</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">4,436</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Other income (expense)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">20</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(52,723)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">238</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net income (loss) before taxes</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(13,186)</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(37,070)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current tax expense</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">21</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(7,250)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(468)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Deferred tax recovery (expense)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">21</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">112</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,867)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net loss from continuing operations </TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(39,405)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Loss from discontinued operations</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">5(e)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(27,491)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net loss and comprehensive loss</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(66,896)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net loss from continuing operations attributable to</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Equinox Gold shareholders</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(18,360)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(38,741)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Non-controlling interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">5(d)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,964)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(664)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(39,405)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net loss and comprehensive loss attributable to</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Equinox Gold shareholders</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(18,360)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(65,534)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Non-controlling interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">5(d)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,964)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,362)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(66,896)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net loss per share from continuing operations, basic and diluted</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(0.16)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(0.42)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net loss per share, basic and diluted</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(0.16)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(0.71)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Weighted average shares outstanding, basic and diluted</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">112,001,484</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">92,341,128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">The accompanying notes form an integral part of these consolidated financial statements.</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</FONT></P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Consolidated Statements of Cash Flows</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2019</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2018</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Cash provided by (used in):</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Operations</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Net loss for the year</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(66,896)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Adjustments for:</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Tax expense</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">21</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">7,138</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2,335</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Income taxes paid</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(4,868)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Depreciation and depletion</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">39,129</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">4,773</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Share-based compensation</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,123</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,649</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Change in fair value of derivative liabilities</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">20</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">38,185</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(19,002)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-left: 21.25pt; text-align: left; text-indent: -4.95pt">Unrealized foreign exchange gain</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(685)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,390</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Finance expense</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">17,537</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,865</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Finance fees paid</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(17,500)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(6,410)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Loss on extinguishment of debt and production payment liability</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(b),(c)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">14,123</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,299</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Loss on sale of discontinued operation</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">5(e)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">24,680</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Impairment of assets</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">13,283</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Impairment of value-added taxes receivable</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,772</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Other</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,717)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">4,507</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Changes in non-cash working capital:</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Accounts receivable, prepaid expenses and deposits</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(4,200)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,158</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Inventory</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(36,492)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(4,229)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 21.25pt; text-indent: -4.95pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 25.35pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">24,273</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(3,181)</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">59,722</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(23,007)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Investing</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 13.65pt; text-align: left; text-indent: -5.95pt">Capital expenditures</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(97,577)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(102,970)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 13.65pt; text-indent: -5.95pt">Acquisition of Mesquite, net of cash acquired</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; text-align: center; text-indent: 0cm">5(a)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(12,451)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(144,335)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 13.65pt; text-indent: -5.95pt">Deconsolidation of Solaris </TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; text-align: center; text-indent: 0cm">5(d)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,135)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 13.35pt; text-indent: -5.95pt">Other</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">870</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,633</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(111,293)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(240,672)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Financing</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-left: 12.45pt; text-align: left; text-indent: -4.95pt">Draw down of debt facilities </TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">13</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">189,661</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">192,000</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Repayment of long-term debt </TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">13</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(136,888)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(817)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Proceeds from equity financings, net of issuance costs</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">17</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">87,042</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Proceeds from Solaris financings, net of issuance costs</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">5(d)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,446</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Restricted cash</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">8</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">537</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(10,596)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt">Other</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">240</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">691</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">56,996</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">268,320</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Effect of foreign exchange on cash and cash equivalents</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,469</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(6,777)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Increase (decrease) in cash and cash equivalents</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,894</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,136)</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Cash and cash equivalents, beginning of year</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">60,822</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">62,958</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Cash and cash equivalents, end of year</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">67,716</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">60,822</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Supplemental cash flow information (note 23)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: left">The accompanying notes form an integral part of these consolidated financial statements.</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="ex991_header.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">Consolidated Statements of Changes in Equity</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars, except share
amounts)</P>

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<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: center; text-indent: -3.85pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">Share Capital</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; padding-top: 0.65pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Shares</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Amount</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Reserves</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Deficit</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Non-controlling<BR>
interests</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; width: 51%; padding-top: 0.65pt; vertical-align: middle">December 31, 2017</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">80,949,759</TD>
    <TD STYLE="width: 1%; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="width: 6%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">383,297</TD>
    <TD STYLE="width: 1%; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="width: 7%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">12,742</TD>
    <TD STYLE="width: 1%; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="width: 6%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(38,794)</TD>
    <TD STYLE="width: 2%; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="width: 6%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">8,131</TD>
    <TD STYLE="width: 1%; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="width: 7%; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">365,376</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Shares issued to settle debenture (note 13(e))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,703,703</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,504</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,504</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Shares issued on exercise of shareholder anti-dilution right (note 17(b)) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">4,200,000</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,239</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: left; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,239</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-top: 0.65pt; text-align: left">Shares issued in equity financings (note 17(b)) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">20,526,320</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">74,270</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">74,270</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Shares issued in debt financings (note 17(b))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">350,000</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,320</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,320</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Shares issued on exercise of warrants, stock options and RSUs</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">695,619</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,937</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,989)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">948</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Share issue costs</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,467)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,467)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Share-based compensation</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,649</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,649</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Transfer of assets to Solaris (note 5(d))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(7,395)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">7,395</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-top: 0.65pt; text-align: left">Disposal of interest in Koricancha Mill Joint Venture (note 5(e))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">355</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">355</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Net loss and comprehensive loss</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(65,534)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,362)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(66,896)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; border-top: Black 1pt solid; padding-top: 0.65pt; vertical-align: middle">December 31, 2018 </TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">110,425,401</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">491,100</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">15,402</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(111,723)</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">14,519</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">409,298</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Shares issued to settle debenture (note 13(e))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2,227,835</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,110</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,110</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-top: 0.65pt; text-align: left">Shares issued on exercise of warrants, stock options and RSUs (note 17)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">799,127</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">4,476</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,896)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,580</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 1pt; padding-right: 2.15pt; vertical-align: middle">Equity component of Convertible Notes (note 13(b))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,217</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">10,217</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Share-based compensation (note 17(c), (e))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,236</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">5,236</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Changes in non-controlling interest from equity offerings and other (note 5(d))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(503)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,949</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">3,446</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">Deconsolidation of Solaris (note 5(d))</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(16,504)</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(16,504)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: Black 1pt solid; padding-top: 0.65pt; text-align: left">Net loss and comprehensive loss</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(18,360)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: center; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,964)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(20,324)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; border-bottom: Black 1.5pt solid; padding-top: 0.65pt; vertical-align: middle">Balance December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">113,452,363</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">505,686</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">27,959</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(130,586)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">403,059</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-top: 0.65pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-left: 3.85pt; text-align: right; text-indent: -3.85pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.65pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="padding-top: 3pt; padding-left: 3.85pt; text-indent: -3.85pt">The accompanying notes form an integral part of these consolidated financial statements.</TD></TR>
</TABLE>
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<P STYLE="text-align: center; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature of operations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">Equinox Gold Corp. (the
        &ldquo;Company&rdquo; or &ldquo;Equinox Gold&rdquo;) was incorporated under the Business Corporations Act of British Columbia on
        March 23, 2007. Equinox Gold&rsquo;s primary listing is on the Toronto Stock Exchange (&ldquo;TSX&rdquo;) in Canada where its common
        shares trade under the symbol &ldquo;EQX&rdquo; and its warrants trade under the symbol &ldquo;EQX.WT&rdquo;. The Company&rsquo;s
        shares also trade on the NYSE American Stock Exchange (&ldquo;NYSE-A&rdquo;) in the United States under the symbol &ldquo;EQX&rdquo;
        and its warrants also trade on the OTC Markets in the United States under the symbol &ldquo;EQXWF&rdquo;.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">Equinox Gold is a gold mining
        company engaged in the development and operation of mineral properties. Its principal assets are the Mesquite Mine (&ldquo;Mesquite&rdquo;)
        in the United States which is in production, the Aurizona Mine (&ldquo;Aurizona&rdquo;) in Brazil that commenced production as
        of July 1, 2019, and the Castle Mountain Mine (&ldquo;Castle Mountain&rdquo;) in the United States, which is a development-stage
        project the Company expects to advance to production in 2020.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">On January 28, 2020, the
        shareholders of the Company approved the acquisition of Leagold Mining Corporation (&ldquo;Leagold&rdquo;). Under the terms of
        the agreement, Leagold shareholders will receive 0.331 of an Equinox Gold share for each Leagold share held. The transaction is
        expected to close in March 2020 (note 5(a)).</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">On August 3, 2018, the Company
        finalized the distribution to its shareholders of 60% of the shares of Solaris Resources Inc. (&ldquo;Solaris&rdquo;), a subsidiary
        of the Company formed to hold its copper assets (note 5(d)). On August 21, 2018, the Company completed the sale of its 83% interest
        in the Koricancha Mill Joint Venture (&ldquo;Koricancha&rdquo;) in Peru (note 5(e)). On October 30, 2018, the Company completed
        its acquisition of Mesquite from New Gold Inc. (&ldquo;New Gold&rdquo;) (note 5(b)). The results of Solaris were consolidated with
        those of the Company to June 30, 2019 and the results of operations of Koricancha are presented as discontinued operations in these
        consolidated financial statements. The results of operations of Mesquite were consolidated from October 30, 2018.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">These consolidated financial
        statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the Company will
        be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities
        in the normal course of operations.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">At December 31, 2019, the
        Company had cash and cash equivalents of $67.7 million (December 31, 2018 - $60.8 million), working capital of $16.7 million (December
        31, 2018 - $17.4 million) and $29.7 million (December 31, 2018 - $10 million) of undrawn debt facilities. The Company believes
        cash flows from operations are sufficient to achieve the Company&rsquo;s current business objectives for at least the next 12 months.
        The Company has limited history of revenue from operations; as such, the Company&rsquo;s ability to continue as a going concern
        in the longer term is dependent on successful execution of its business plan and ultimately generating net income and positive
        cash flow from mining operations.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36.15pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;Statement of compliance</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;) and interpretations of the IFRS Interpretations Committee (&ldquo;IFRIC&rdquo;) issued and outstanding as of December 31, 2019.&nbsp;&nbsp;These consolidated financial statements were approved and authorized for issuance by the Board of Directors on February 28, 2020.</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&nbsp;&#9;&nbsp;&nbsp;Basis of presentation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">These consolidated financial
        statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Effective August 20, 2019,
        the Company completed a consolidation of its common shares at a ratio of five pre-consolidation common shares for one post-consolidation
        common share. As a result of the consolidation, shares issuable pursuant to the Company&rsquo;s outstanding options, warrants,
        restricted share units and other convertible securities were proportionally adjusted on the same basis. All common share numbers,
        numbers of shares issuable under options, warrants and restricted share units and related per share amounts in these consolidated
        financial statements have been retrospectively adjusted to reflect the share consolidation.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Basis of consolidation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">These consolidated financial
        statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control
        is defined as Equinox Gold having power over the entity, rights to variable returns from its involvement with the entity, and the
        ability to use its power to affect the amount of returns. All intercompany transactions and balances are eliminated on consolidation.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">At December 31, 2019, the Company&rsquo;s
        material subsidiaries include the following:</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Company</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Location</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Ownership Interest</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Castle Mountain Venture</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">USA</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Minera&ccedil;&atilde;o Aurizona S.A. (&ldquo;MASA&rdquo;)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Brazil</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Western Mesquite Mines, Inc.</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">USA</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(d)&#9;&nbsp;&nbsp;&nbsp;Functional currency and presentation currency</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Except as otherwise noted,
        these financial statements are presented in United States dollars (&ldquo;US dollars&rdquo;), the functional currency of the Company
        and its subsidiaries.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Transactions in foreign currencies
        are initially recorded in the functional currency by applying the exchange rates prevailing at the date of the transaction. Monetary
        assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement
        of financial position. Non-monetary assets and liabilities are translated at historical exchange rates, unless the item is carried
        at fair value, in which case it will be translated at the exchange rate in effect at the date when the fair value was determined.
        Resulting foreign exchange gains and losses are recognized in income or loss. Foreign currency gains and losses are reported on
        a net basis.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(e)&#9;&nbsp;&nbsp;&nbsp;Changes in accounting standards</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company adopted IFRS 16,
        <I>Leases</I> (&ldquo;IFRS 16&rdquo;) on January 1, 2019. A number of other new standards are effective from January 1, 2019, including
        IFRIC 23, <I>Uncertainty over Income Tax Treatments</I>, but they do not have a material effect on the Company&rsquo;s consolidated
        financial statements.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">IFRS 16 introduced a single,
        on-balance sheet accounting model for lessees. As a result, the Company, as a lessee, has recognized right-of-use assets representing
        its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments. The Company may
        elect to not apply IFRS 16 to leases with a term of less than 12 months or leases where the underlying asset is of low value. Previously,
        the Company determined at contract inception whether an arrangement was or contained a lease in accordance with IAS 17, <I>Leases</I>
        and IFRIC 4, <I>Determining Whether an Arrangement contains a Lease</I>. The Company now assesses whether a contract is or contains
        a lease based on the new definition of a lease. Under IFRS 16, a contract is or contains a lease if the contract conveys a right
        to control the use of an identified asset for a period of time in exchange for consideration.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">&nbsp;&nbsp;<U>Transition</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company adopted IFRS 16
        using the modified retrospective approach. Accordingly, the comparative information presented for 2018 has not been restated.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On transition to IFRS 16, the
        Company elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS
        16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC
        4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed
        on or after January 1, 2019.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company leases various
        assets including equipment and offices that had previously been classified as operating leases under IAS 17. On transition, lease
        liabilities for these leases were measured at the present value of remaining lease payments, discounted at the Company&rsquo;s
        incremental borrowing rate as of January 1, 2019. The average incremental borrowing rate at January 1, 2019 was 6.5%. The Company
        elected to measure the right-of-use assets at an amount equal to the lease liability, adjusted by the amount of any prepaid or
        accrued lease payments.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On initial adoption, the Company
        used the following practical expedients as permitted by the standard when applying IFRS 16 to leases previously classified as operating
        leases under IAS 17:</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied
        the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term remaining.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied
        a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining
        lease term for a similar class of underlying asset in a similar economic environment).</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Used
        hindsight, such as in determining the lease term if the contract contains options to extend or terminate the lease.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company did not have any
        leases classified as finance leases under IAS 17 on the adoption date.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On transition to IFRS 16, the
        Company recognized right-of-use assets and lease liabilities for its office leases, resulting in an increase to property, plant
        and equipment of $0.2 million at January 1, 2019. A corresponding lease liability was recognized for $0.2 million in other long-term
        liabilities. Right-of-use assets are presented within the applicable category of mineral property, plant and equipment and lease
        liabilities are presented in other liabilities in the statement of financial position.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">A reconciliation of lease commitments as reported at December 31, 2018 to the lease liabilities recorded at January 1, 2019 is as follows:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 73%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Operating lease commitments at December 31, 2018</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">307</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Impact of discounting using the incremental borrowing rate at January 1, 2019</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(25)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Recognition exemption for leases with less than 12 months of lease term at transition</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(53)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">229</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-left: 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt"><I></I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt"><U>Impact on financial statements </U></TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-right: 2.15pt; padding-bottom: 6pt">Information about leases for which the Company is a lessee is presented below.</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt"><I>Right-of-use assets</I></TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 6pt 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Plant and</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">equipment</P></TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">Computer &amp; office equipment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - January 1, 2019</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">229</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Additions</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">782</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">537</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Depreciation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(202)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(225)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">580</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">541</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 2.15pt 3pt 5.95pt; text-indent: -5.95pt"><I>Lease liabilities</I></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Current lease liabilities included in other current liabilities</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">501</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Non-current lease liabilities included in other long-term liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">848</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,349</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Business combinations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">A business combination is an
        acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that
        consist of inputs, 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. A business also includes those assets and liabilities that do
        not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes
        of the Company to create outputs.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">When acquiring a set of activities
        or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine
        whether the set of activities or assets is a business.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Business combinations are accounted
        for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities,
        are recorded at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control
        over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes
        the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The consideration transferred
        in a business combination is measured at fair value, which is calculated as the sum of the fair values of the assets at the acquisition
        date transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the company to former
        owners of the acquiree and the equity interests issued by the Company. The measurement date for equity interests issued by the
        Company is the acquisition date. Acquisition-related costs are expensed as incurred.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Non-controlling interests (&ldquo;NCI&rdquo;)
        are the equity in a subsidiary not attributable, directly or indirectly, to a parent. NCI are recorded at their proportionate share
        of the fair value of identifiable net assets acquired on initial recognition. Goodwill is recognized as the sum of the total consideration
        (acquisition date fair value) transferred by the Company, including contingent consideration and the NCI in the acquiree, less
        the fair value of net assets acquired.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&#9;&nbsp;&nbsp;&nbsp;Revenue recognition</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Revenue is generated from the sale of gold dor&eacute; with each shipment considered a separate performance obligation.&nbsp;&nbsp;The Company recognizes revenue at the point when the customer obtains control of the product. Control is transferred when title has passed to the purchaser, the customer controls the risks and rewards of ownership and the Company has the present right to payment for the delivery of gold dor&eacute;. &nbsp;Sales proceeds from saleable gold produced during the testing phase before a mine is determined to be operating in the manner intended by management is deducted from capitalized mine development costs. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(c)&#9;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Cash and cash equivalents consist of cash on hand with banks and highly liquid investments with a maturity date at purchase of less than 90 days.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(d)&#9;&nbsp;&nbsp;Restricted cash</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Restricted cash consists of deposits held as security for income tax assessments and letters of credit.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(e)&#9;&nbsp;&nbsp;&nbsp;Inventory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Finished goods, work-in-process,
        heap leach ore and stockpiled ore are valued at the lower of weighted average production cost and net realizable value. Production
        costs include the cost of raw materials, direct labour, mine-site overhead expenses and depreciation and depletion of mining interests.
        Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less
        estimated future production and selling costs to convert the inventories into saleable form.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The recovery of gold from certain
        ores is achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is treated with a chemical
        solution which dissolves the gold contained in ore. The resulting solution is further processed in a plant where the gold is recovered.
        For accounting purposes, costs are added to ore on leach pads for current mining and leaching costs, including applicable depreciation,
        depletion and amortization relating to mining interests and purchase price allocations. Costs are removed from ore on leach pads
        as ounces of gold are recovered based on the average cost per recoverable ounce on the leach pad.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Estimates of recoverable gold
        on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads),
        the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type). Although the quantities
        of recoverable gold placed on each leach pad are reconciled by comparing the grades of ore placed on the leach pad to the quantities
        actually recovered, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. The
        recovery of gold from the leach pad is not known until the leaching process has concluded. In the event that the Company determines,
        based on engineering estimates, that a quantity of gold or other metal contained in ore on leach pads is to be recovered over a
        period exceeding 12 months, that portion is classified as non-current.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Work-in-process inventory
represents materials that are currently in the process of being converted into finished goods. The average production cost of
finished goods represents the average cost of work-in-process inventories incurred prior to the refining process, plus applicable
refining costs and associated royalties.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Consumable stores
inventory includes the costs of consumables used in operations and is valued at the lower of average cost and net realizable value,
with replacement costs being the typical measure of net realizable value.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Write-downs of inventory are
        reported in current period operating costs. The Company may reverse a write-down in the event there is a subsequent increase in
        the net realizable value of the inventory.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(f)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation expenditures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Exploration and evaluation
        activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial
        viability of an identified resource. Exploration and evaluation activity includes exploratory drilling and sampling, surveying
        transportation and infrastructure requirements, and gathering exploration data through geophysical studies.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company capitalizes significant
        direct costs of acquiring resource property interests. Option payments are considered acquisition costs if the Company has the
        intention of exercising the underlying option.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Exploration, evaluation and
        property maintenance costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit
        that contains proven and probable reserves are expensed as incurred up to the date of establishing that property costs are economically
        recoverable, that the project is technically feasible and upon receipt of project development approval from the Board of Directors.
        The approval from the Board of Directors will be dependent upon the Company obtaining necessary permits and licenses to develop
        the mineral property. When approval for project development is received, the related capitalized exploration and evaluation costs
        are assessed for impairment and the related carrying value is then reclassified to mineral property. If no economically viable
        ore body is discovered, previously capitalized acquisition costs are expensed in the period that the property is determined to
        be uneconomical or abandoned. Value-added taxes are included in exploration and evaluation costs when the recoverability of these
        amounts is uncertain.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Although the Company has taken
        steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the
        Company&rsquo;s title. Such properties may be subject to prior agreements or transfers, and non-compliance with regulatory requirements
        or title may be affected by undetected defects.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(g)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">&nbsp;&nbsp;(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mineral properties and mine development costs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Development expenditures
        are those incurred subsequent to the establishment of economic recoverability and after receipt of project approval from the Board
        of Directors. Development costs are capitalized and included in the carrying amount of the related property.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Mineral property and mine
        development costs capitalized are amortized using the units-of-production method over the estimated life of the proven and probable
        reserves.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: right; padding-top: 1pt; padding-right: 10pt">(ii)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">Deferred stripping costs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: right; padding-top: 1pt; padding-right: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-top: 1pt; padding-right: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">Stripping
                                         activity that improves access to ore is accounted for as an addition to or enhancement
                                         of an existing asset. Stripping activity assets are recognized when the following three
                                         criteria are met:</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&bull;
                                         &nbsp;&nbsp;&nbsp;It is probable that the future economic benefit (improved access to
                                         the ore body) associated with the stripping activity will flow to the entity;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&bull;
                                         &nbsp;&nbsp;&nbsp;The Company can identify the component of the ore body for which access
                                         has been improved; and</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&bull;
                                         &nbsp;&nbsp;The costs relating to the stripping activity associated with that component
                                         can be measured reliably.</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">During
                                         the development of a mine, stripping costs are capitalized and included in the carrying
                                         amount of the assets that they relate to within mineral properties, plant and equipment.
                                         These assets are amortized on a units-of-production basis over the remaining proven and
                                         probable reserves of the respective components.</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">During
                                         the production phase of a mine, stripping costs incurred to provide access to sources
                                         of reserves that will be produced in future periods that would not have otherwise been
                                         accessible are capitalized and included in the carrying amount of the related mining
                                         property. Stripping costs incurred and capitalized during the production phase are depleted
                                         using the units-of-production method over the reserves that directly benefit from the
                                         specific stripping activity. Costs incurred for regular waste removal that do not give
                                         rise to future economic benefits are considered as costs of sales and included in operating
                                         expenses.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: justify; padding-top: 1pt; padding-right: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: right; padding-top: 1pt; padding-right: 10pt">(iii)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">Plant and equipment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: right; padding-top: 1pt; padding-right: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">Plant
                                         and equipment is carried at cost, less accumulated amortization and accumulated impairment
                                         losses. The cost of an item of plant and equipment consists of the purchase price, any
                                         costs directly attributable to bringing the asset to the location and condition necessary
                                         for its intended use, initial estimates of the costs of dismantling and removing an item
                                         and restoring the site on which it is located and, where applicable, borrowing costs.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">The
                                         carrying amounts of plant and equipment are depreciated using either the straight-line
                                         or units-of-production method over the shorter of the estimated useful life of the asset
                                         or the life of mine. The significant classes of depreciable plant and equipment and their
                                         estimated useful lives are as follows:</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 57%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Asset Class</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Estimated useful life (years)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Fixed plant &amp; related components and infrastructure</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Units-of-production over life of mine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Mobile equipment</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">3-10 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt"><FONT STYLE="line-height: 13pt">The Company
    conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for plant and equipment
    and any changes arising from the assessment are applied by the Company prospectively.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(h)&#9;&nbsp;&nbsp;&nbsp;Goodwill</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Goodwill may arise on or from
        the Company&rsquo;s acquisitions and is not amortized. The Company performs an impairment test for goodwill annually and when events
        or changes in circumstances indicate that the related carrying amount may not be recoverable. If the carrying amount of an operation,
        which is the cash-generating unit to which goodwill has been allocated, exceeds the recoverable amount, an impairment loss is recognized
        for the amount of the excess.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The impairment loss is allocated
        first to reduce the carrying amount of goodwill allocated to the operation to nil and then to the other assets based on the relative
        carrying amounts of those assets. Impairment losses recognized for goodwill are not reversed in subsequent periods.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Financial instruments are recognized
        initially at fair value. Subsequent to initial recognition, financial instruments are classified and measured as described below.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Transaction costs associated
        with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated
        with all other financial instruments are included in the initial carrying amount of the asset or the liability.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.45pt; text-align: justify; text-indent: -18pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized
        cost</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Financial assets are recorded
        at amortized cost if both of the following criteria are met: 1) the objective of the Company&rsquo;s business model for these financial
        assets is to collect their contractual cash flows; and 2) the asset&rsquo;s contractual cash flows represent &lsquo;solely payments
        of principal and interest&rsquo;.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company&rsquo;s cash
        and cash equivalents, accounts receivable and deposits, accounts receivable from Serabi Gold plc, Inca One Gold Corp. and the sale
        of Elk Gold, and reclamation bonds are recorded at amortized cost as they meet the required criteria.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.45pt; text-align: justify; text-indent: -18pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
        assets recorded at fair value through income (loss)</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Financial assets are classified
        at fair value if they are acquired for the purpose of selling in the near term. Gains or losses on these items are recognized in
        net income (loss). The Company&rsquo;s marketable securities are classified as financial assets measured at fair value through
        income (loss).</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.45pt; text-align: justify; text-indent: -18pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
        liabilities</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Accounts payable and accrued
        liabilities, loans and borrowings and certain other long-term liabilities are accounted for at amortized cost using the effective
        interest rate method. The amortization of debt issue costs is calculated using the effective interest rate method.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(j)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Derivatives are initially recognized
        at their fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company&rsquo;s
        derivatives are subsequently re-measured at their fair value at each statement of financial position date with changes in fair
        value recognized in net income or loss.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">As the exercise price of certain
        of the Company&rsquo;s share purchase warrants is fixed in Canadian dollars, and the functional currency of the Company is the
        US dollar, these warrants are considered a derivative as a variable amount of cash in the Company&rsquo;s functional currency will
        be received on exercise. Accordingly, these share purchase warrants are classified and accounted for as a derivative liability.
        The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end date or the market
        price on the TSX for warrants that are trading.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(k)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Leases </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">A contract is or contains a
        lease when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company recognizes a right-of-use
        asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently
        at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability.
        The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made
        at or before the commencement date, less any lease incentives received and any initial direct costs and, if applicable, an estimate
        of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located
        or restoring the underlying asset to the condition required by the terms and conditions of the lease.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The lease liability is initially
        measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate
        implicit in the lease or, if that rate cannot be readily determined, the Company&rsquo;s incremental borrowing rate. The incremental
        borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset
        of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental
        borrowing rate as the discount rate.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The lease liability is subsequently
        increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change
        in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable
        under a residual value guarantee, or, as appropriate, changes in the assessment of whether a purchase or extension option is reasonably
        certain to be exercised or a termination option is reasonably certain not to be exercised.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company does not recognize
        right-of-use assets and lease liabilities for leases of low-value assets and leases with lease terms that are less than 12 months.
        Lease payments associated with these leases are instead recognized as an expense over the lease term on either a straight-line
        basis, or another systematic basis if more representative of the pattern of benefit.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company has applied
judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment
of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the
amount of lease liabilities and right-of-use assets recognized.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company presents
right-of-use assets in the same line item as it presents underlying assets of the same nature that it owns. The Company presents
lease liabilities in other liabilities in the statement of financial position.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(l)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation and restoration provisions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company is subject to
        environmental laws and regulations. Provisions for closure and reclamation costs are recognized at the time the legal or constructive
        obligation first arises which is generally the time that the environmental disturbance occurs. Upon initial recognition of the
        provision, the corresponding cost is added to the carrying amount of mineral properties, plant and equipment and is amortized using
        the same method as applied to the specific asset. Following the initial recognition of the provision, the carrying amount is increased
        for unwinding of the discount and for changes to the discount rate and the amount or timing of cash flows needed to settle the
        obligation. The unwinding of the discount is recognized as finance expense in net income or loss while the effect of the changes
        to the discount rate and the amount or timing of cash flows are recognized in mineral properties, plant and equipment.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Due to uncertainties inherent
        in environmental remediation, the ultimate cost of future site closure and reclamation could differ from the amounts provided.
        The estimate of future site closure and reclamation costs is subject to change based on amendment to laws and regulations, changes
        in technologies, price increases and changes in interest rates, and as new information concerning the Company&rsquo;s closure and
        reclamation obligations becomes available. Such changes are reflected prospectively in the determination of the provision.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Other provisions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">A provision is recognized if, because of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.&nbsp;&nbsp;Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflect the current market assessments of the time value of money and the risks specific to the liability.&nbsp;&nbsp;The unwinding of the discount is recognized as finance expense.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(m)&#9;&nbsp;Share capital</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Common shares are classified as equity.&nbsp;&nbsp;Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects.&nbsp;&nbsp;Proceeds related to the issuance of units are allocated between the common shares and warrants on a relative fair value basis where warrants are classified as equity instruments.&nbsp;&nbsp;For warrants classified as derivative liabilities, the fair value of the warrants is determined with the residual amount allocated to the common shares.</TD></TR>
</TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(n)&#9;&nbsp;&nbsp;Impairment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-financial assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The carrying amounts of the
        Company&rsquo;s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment.
        If any such indication exists, then the asset&rsquo;s recoverable amount is estimated. Goodwill is tested for impairment at least
        annually regardless of whether an indicator of impairment exists.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The recoverable amount of
        an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future
        cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
        time value of money and the risks specific to the asset. Fair value less costs to sell is the amount obtainable from the sale of
        an asset or cash generating unit in an arm&rsquo;s length transaction between knowledgeable, willing parties, less costs of disposal.
        When a binding sale agreement is not available, fair value less costs to sell is estimated using a discounted cash flow approach
        with inputs and assumptions consistent with those at market. For the purpose of impairment testing, assets are grouped together
        into the smallest group of assets that generate cash inflows from continuing use that are largely independent of cash inflows of
        other assets or groups of assets (the &ldquo;cash generating unit&rdquo; or &ldquo;CGU&rdquo;). This generally results in the Company
        evaluating its non-financial assets on a property-by-property basis.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">An impairment loss is recognized
        if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net income
        or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased
        to the revised estimate of its recoverable amount. An impairment charge is reversed through net income or loss only to the extent
        that the asset&rsquo;s carrying amount does not exceed the carrying amount that would have been determined, net of any applicable
        depreciation, if no impairment loss had been recognized. An impairment loss for goodwill is not reversed.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company recognizes a
        loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the
        loss allowance for the financial assets is measured at an amount equal to lifetime expected credit losses if the credit risk on
        the financial asset has increased significantly since initial recognition. If, at the reporting date, the credit risk on the financial
        asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset and amount
        equal to the twelve month expected credit losses. For trade receivables, the Company applies the simplified approach to providing
        for expected credit losses, which allows the use of a lifetime expected loss provision.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Impairment losses on financial
        assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be
        objectively related to an event occurring after the impairment was recognized.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(o)&#9;&nbsp;&nbsp;Share-based payments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company grants stock
        options to acquire common shares to directors, officers and employees. The Board of Directors determines the specific grant terms
        within the limits set by the Company&rsquo;s stock option plan.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The fair value of the estimated
        number of stock options that will eventually vest, determined as of the date of the grant, is recognized as share-based compensation
        expense over the vesting period of the stock options, with a corresponding increase in shareholders&rsquo; equity (in other reserves).
        The total amount recognized as an expense is adjusted to reflect the number of options expected to vest at each reporting date.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The cost of the stock options
        is measured using the estimated fair value at the date of the grant determined using the Black-Scholes option pricing model. The
        Black-Scholes option pricing model requires the input of subjective assumptions, including the expected term of the option and
        stock price volatility. The expected term of the options granted is determined based on historical data on the average hold period
        before exercise, cancellation or expiry. Expected volatility is estimated with reference to the historical volatility of the share
        price of the Company. These estimates involve inherent uncertainties and the application of management judgement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Restricted share units (&ldquo;RSUs&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company grants to employees,
        officers, directors and consultants, RSUs in such numbers and for such terms as may be determined by the Board of Directors. RSUs
        granted under the RSU Plan are exercisable into common shares for no additional consideration after the vesting conditions, as
        specified by the Board of Directors, are met. RSUs are measured at fair value on the date of grant and the corresponding share-based
        compensation is recognized over the vesting period in cost of sales, exploration or general and administration expenses, as applicable.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">In addition to service conditions,
        RSUs may have performance-based vesting conditions (&ldquo;pRSU&rdquo;). Share-based compensation for these pRSUs is measured on
        the grant date but is recognized only when it is more likely than not that the performance vesting conditions will be met.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(p)&nbsp;&nbsp;&#9;Employee benefits</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Short-term employee benefit obligations are recognized as personnel expenses as the corresponding service is provided. Liabilities are recognized at the amount that is expected to be paid if the Company has a present legal or constructive obligation to pay that amount based on past services rendered by the employee, and the obligation can be estimated reliably.&nbsp;&nbsp;There are no long-term employee benefits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(q)&#9;&nbsp;&nbsp;Borrowing costs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Borrowing costs directly attributable to the acquisition, construction/development or exploration of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed as finance expense in the period in which they are incurred.</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(r)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Income tax</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Income tax on income or loss
        comprises current and deferred tax. Income tax is recognized in net income or loss except to the extent that it relates to items
        recognized directly in equity, in which case it is recognized in equity.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Current tax expense is the
        expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted
        for amendments to tax payable or receivable related to previous years.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Deferred tax is recognized
        for differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
        taxation purposes. Deferred taxes are not recorded for temporary differences related to the initial recognition of assets or liabilities
        that affect neither accounting nor taxable profit, temporary differences arising on the initial recognition of goodwill and temporary
        differences relating to the investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable
        future. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse
        based on laws that have been enacted or substantively enacted at period end.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">A deferred tax asset is recognized
        only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Tax assets and liabilities
        are offset when there is a legally enforceable right to offset tax assets against tax liabilities and when they are related to
        income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on
        a net basis.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(s)&nbsp;&nbsp;&nbsp;&#9;Income (loss) per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Basic income (loss) per share (&ldquo;EPS&rdquo;) is calculated by dividing the income or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period.&nbsp;&nbsp;Diluted EPS is determined by adjusting the income or loss attributable to common shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential common shares, which comprise warrants, options and RSUs.&nbsp;&nbsp;The dilutive effect of warrants, options and RSUs assumes that the proceeds to be received on exercise are applied to repurchase common shares.&nbsp;&nbsp;Dilutive warrants, options and RSUs are only included in the dilutive calculations to the extent exercise prices are below the average market price of the common shares.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(t)&#9;&nbsp;&nbsp;&nbsp;Comparative information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">Certain comparative amounts have been reclassified to conform with the current year&rsquo;s financial statement presentation. Such reclassifications were not considered material.</TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">4.&#9;&nbsp;&nbsp;&nbsp;Use of judgements and estimates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 19.55pt; text-align: justify; line-height: 13pt">In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Company&rsquo;s accounting policies and the reported amounts of assets, liabilities, income and expense.&nbsp;&nbsp;Actual results may differ.&nbsp;&nbsp;All estimates and underlying assumptions are reviewed on an ongoing basis.&nbsp;&nbsp;Revisions are recognized in the period in which the estimates are revised and in any future periods affected.&nbsp;&nbsp;Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the consolidated financial statements are as follows:</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">4.&#9;&nbsp;&nbsp;&nbsp;Use of judgements and estimates (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;&nbsp;Judgements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;Commencement of commercial production</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Management considers several factors in determining when a mining property is capable of operating at levels intended by management.&nbsp;&nbsp;Until a mine is capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the related mining properties and proceeds from mineral sales are offset against costs capitalized.&nbsp;&nbsp;Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Amongst other quantitative and qualitative factors, throughput, mill grades and recoveries were assessed over a reasonable period to make this determination.&nbsp;&nbsp;The Company determined that Aurizona was capable of operating at levels intended by management effective July 1, 2019. &nbsp;A minimum of 80% of planned output and/or design capacity measures over a 30-day period was utilized in determining the appropriate timing.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Management applies judgement in assessing whether the facts and circumstances pertaining to each investment result in the Company having control, joint control or significant influence over an investee.&nbsp;&nbsp;During the year ended December 31, 2019, the Company determined that Solaris was no longer a controlled subsidiary as the Company&rsquo;s ownership interest reduced to approximately 30% as a result of the completion of external financings, and Solaris was self-sustaining for an extended period with no capital injections made by Equinox Gold.&nbsp;&nbsp;The Company determined that it retained significant influence over Solaris, and accounts for its interest using the equity method effective June 30, 2019.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(iii)&#9;&nbsp;&nbsp;&nbsp;Acquisitions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 - <I>Business Combinations</I>. If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded that the acquisition of Mesquite on October 30, 2018 met the criteria of a business combination.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(iv)&#9;&nbsp;&nbsp;&nbsp;Indicators of impairment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Judgement is required in assessing whether certain factors would be considered an indicator of impairment. The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired, or reversal of impairment is needed.&nbsp;&nbsp;Factors considered include current and forecast economic conditions, internal projections and the Company&rsquo;s market capitalization relative to its net asset carrying amount. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(v)&#9;&nbsp;&nbsp;&nbsp;Functional currency</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">The functional currency for each of the Company&rsquo;s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar. Assessment of functional currency involves certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions that determined the primary economic environment.&nbsp;&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">4.&#9;&nbsp;&nbsp;&nbsp;Use of judgements and estimates (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(vi)&#9;&nbsp;&nbsp;Contingencies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&#9;&nbsp;&nbsp;Key sources of estimation uncertainty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of assets and liabilities acquired</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Accounting for acquisitions
        requires estimates with respect to the fair value of the assets and liabilities acquired. Such estimates require valuation methods
        including discounted cash flows, depreciated replacement costs and other methods. These models use forecasted cash flows, discount
        rates, current replacement costs and other assumptions. Changes in these assumptions changes the value assigned to the acquired
        assets and liabilities and goodwill, if any.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Significant assumptions related
        to the Company&rsquo;s acquisitions are disclosed in note 5<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Estimated recoverable ounces</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">The Company estimates recoverable ounces for determining the number of ounces in heap leach inventory.&nbsp;&nbsp;Changes to the estimates of recoverable ounces in the heap leach inventory can impact the Company&rsquo;s ability to recover the carrying value of the inventory in the normal course of operations.&nbsp;&nbsp;&nbsp;Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the pads, the grade of ore placed on the leach pads and an estimated percentage of recovery.&nbsp;&nbsp;Timing and ultimate recovery of gold contained on leach pads can vary significantly from the estimates.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(iii)&nbsp;&nbsp;&nbsp;&#9;Inventory valuation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Management values production inventory at the lower of weighted average production costs and net realizable value (&ldquo;NRV&rdquo;). Weighted average production costs include expenditures incurred and depreciation and depletion of assets used in mining and processing activities that are deferred and accumulated as the cost of ore in stockpiles, ore on leach pads, work-in-process and finished metals inventories.&nbsp;&nbsp;The allocation of costs to ore in stockpiles, ore on leach pads and in-process inventories and the determination of NRV involve the use of estimates.&nbsp;&nbsp;Costs are removed from the leach pad based on the average cost per recoverable ounce of gold and silver on the leach pad as gold is recovered.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(iv)&#9;&nbsp;&nbsp;&nbsp;Impairment of mineral properties, plant and equipment </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">The determination of fair value less costs to sell and value in use of an asset or CGU requires management to make estimates and assumptions about expected production, sales volumes, commodity prices, mineral reserves, operating costs, closure and rehabilitation costs and future capital expenditures and discount rates.&nbsp;&nbsp;The estimates and assumptions are subject to risk and uncertainty, hence, there is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the asset or CGU.&nbsp;&nbsp;In such circumstances some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in net income (loss). </TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">4.&#9;&nbsp;&nbsp;Use of judgements and estimates (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(v)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mineral reserve and mineral resource estimates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company estimates its
        mineral reserves and mineral resources based on information compiled by qualified persons as defined by National Instrument (&ldquo;NI&rdquo;)
        43-101. Mineral reserves determined in this way are used in the calculation of depreciation, amortization and impairment charges,
        and for forecasting the timing of the payment of closure and restoration costs. In assessing the life of a mine for accounting
        purposes, mineral resources are only taken into account where there is a high degree of confidence of economic extraction.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">There are numerous uncertainties
        inherent in estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when
        new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery
        rates may change the economic status of mineral reserves and may, ultimately, result in mineral reserve estimates being revised.
        Such changes in mineral reserves could impact depreciation and amortization rates, asset carrying values and the provision for
        closure and restoration costs<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(vi)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mine closure and reclamation costs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company&rsquo;s provision
        for mine closure and reclamation cost obligations represents management&rsquo;s best estimate of the present value of the future
        cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange
        rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting
        the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Changes to mine closure and
        reclamation cost obligations are recorded with a corresponding change to the carrying amounts of related mineral properties, plant
        and equipment for the year. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result in
        a change to future depletion expense.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">Assumptions with respect
        to the Company&rsquo;s mine closure and reclamation costs are disclosed in note 15.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(vii)&#9;&nbsp;&nbsp;Valuation of derivatives and other financial instruments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">The valuation of the Company&rsquo;s derivative financial instruments requires the use of option pricing models or other valuation techniques. Measurement of warrants with exercise prices denominated in Canadian dollars is based on an option pricing model that uses assumptions with respect to share price, expected life, share price volatility and discount rates. Measurement of embedded derivatives such as interest rate floors and prepayment options require estimates of future yield curves and credit spread. Measurement of foreign exchange contracts are based on forward foreign exchange rates. Changes in these assumptions and estimates result in changes in the fair value of these instruments and a corresponding change in the amount recognized in net income (loss). Significant assumptions related to derivatives are disclosed in note 14.&nbsp;&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">4.&#9;&nbsp;&nbsp;&nbsp;Use of judgements and estimates (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(viii)&nbsp;&nbsp;&#9;Share-based payments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">The Company utilizes the Black-Scholes Option Pricing Model (&ldquo;Black-Scholes&rdquo;) to estimate the fair value of stock options granted to directors, officers and employees. The use of Black-Scholes requires management to make various estimates and assumptions that impact the value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend yield, the expected life of the stock options and the number of options expected to vest. Any changes in these assumptions could change the amount of share-based compensation recognized.&nbsp;&nbsp;Significant assumptions related to share-based payments are disclosed in note 17(c).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(ix)&nbsp;&nbsp;&#9;Income taxes and value-added taxes receivable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The determination of the
        Company&rsquo;s tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgement
        by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates
        of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings,
        which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation
        authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment
        of taxes. The Company provides for such differences where known based on management&rsquo;s best estimate of the probable outcome
        of these matters.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify">The Company has receivables
        from various governments for federal and state value-added taxes (&ldquo;VAT&rdquo;), and for federal income taxes. Significant
        estimates and judgements are involved in the assessment of recoverability of these receivables. Changes in management&rsquo;s impairment
        assumptions may result in an additional impairment provision, or a reduction to any previously recorded impairment provision, with
        the impact recorded in net income (loss).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(x)&#9;&nbsp;&nbsp;&nbsp;Contingencies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 53.8pt; text-align: justify; line-height: 13pt">Due to the nature of the Company&rsquo;s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. In the event that management&rsquo;s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the period in which such changes occur.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">5.&#9;&nbsp;&nbsp;&nbsp;Acquisitions and divestitures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leagold merger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-right: 2.15pt; padding-left: 53.8pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">On
                                         January 28, 2020, the shareholders of the Company approved the acquisition of 100% of
                                         the issued and outstanding shares of Leagold (the &ldquo;Transaction&rdquo;). Under the
                                         terms of the Transaction, Leagold shareholders will receive 0.331 of an Equinox Gold
                                         share for each Leagold share held.&nbsp; Leagold is a publicly traded gold mining company
                                         with four operating mines, one development project and one expansion project, all located
                                         in the Americas including the Los Filos Mine Complex in Mexico, and the Fazenda, RDM,
                                         Pilar and Santa Luz mines in Brazil.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">The
                                         Supreme Court of British Columbia issued its final order approving the arrangement with
                                         Leagold on January 30, 2020, the Mexican Comisi&oacute;n Federal de Competencia Econ&oacute;mica
                                         issued its clearance decision on February 28, 2020, and the Company has received conditional
                                         approval from the TSX and NYSE-A stock exchanges. Assuming other customary terms and
                                         conditions related to the transaction are met, the transaction and concurrent financing
                                         are expected to close in the second week of March 2020.&nbsp; Acquisition related costs
                                         incurred in 2019 amounting to $1.3 million have been expensed in 2019 and are presented
                                         as transactions costs within professional fees.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">Concurrent
                                         with the Transaction, the Company is arranging a $670 million financing package comprised
                                         of an at-market $40 million private placement of the Company&rsquo;s common shares, a
                                         new $130 million convertible debenture issued to Mubadala Investment Company, and a $400
                                         million corporate revolving credit facility and $100 million term loan.&nbsp; Proceeds
                                         from the financings will be used to repay the existing revolving credit facilities of
                                         the two companies.&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-right: 2.15pt; padding-left: 53.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Mesquite</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-right: 2.15pt; padding-left: 53.8pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">On
                                         October 30, 2018, the Company completed the acquisition of Mesquite in California from
                                         New Gold for cash consideration of $158 million before closing adjustments (the &ldquo;Mesquite
                                         Acquisition&rdquo;).</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">At
                                         December 31, 2018, the purchase consideration included a working capital adjustment estimated
                                         at $9.1 million.&nbsp; As part of the purchase agreement, Equinox Gold also agreed to
                                         distribute to New Gold certain Alternative Minimum Tax (&ldquo;AMT&rdquo;) credits recorded
                                         as of the closing date as the AMT credit amounts are realized by the Company.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">During
                                         the first quarter of 2019, the Company finalized the working capital adjustment with
                                         New Gold, resulting in an increase in consideration paid of $3.4 million.&nbsp; During
                                         the third quarter of 2019, the Company adjusted the fair values of heap leach inventory
                                         and mineral properties, plant and equipment.&nbsp; Management determined that there were
                                         a higher number of ounces in the heaps that would be recoverable over a longer period
                                         of time, resulting in an increase of $48.1 million to inventory. &nbsp;Consequently,
                                         the value attributed to mineral properties, plant and equipment was reduced by $52.5
                                         million as a result of application of an economic obsolescence provision.&nbsp; The deferred
                                         tax asset was also adjusted based on the benefit expected to be realized from the tax
                                         attributes acquired. The Company finalized the purchase price allocation in the fourth
                                         quarter of 2019.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="line-height: 13pt">As
                                         a result of the change in fair values of consideration transferred and assets acquired,
                                         the bargain purchase gain recognized on acquisition was reduced by $14.6 million from
                                         $15.2 million to $0.6 million and operating expenses for the year ended December 31,
                                         2018 increased by $1.1 million to reflect the impact of the adjustments to the fair value
                                         of assets and liabilities acquired.&nbsp;&nbsp; Comparative figures have been recast
                                         to reflect these adjustments.</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">5.&#9;&nbsp;&nbsp;&nbsp;Acquisitions
    and divestitures (continued)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Preliminary</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Adjustments</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Total</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Cash consideration </TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">158,000</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">158,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Working capital adjustment</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">9,063</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,388</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12,451</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Total consideration paid</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">167,063</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,388</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; text-align: right; text-indent: 0cm">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">170,451</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">The purchase consideration was allocated as follows:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Net assets/(liabilities) acquired</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Reported as of December 31, 2018</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Adjustments</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: left; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Final allocation</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,665</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; text-align: right; text-indent: 0cm">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,665</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Accounts receivables, prepaids expenses and deposits</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,842</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,842</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Inventory</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">91,975</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">48,097</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">140,072</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Current tax receivable</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,779</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(2,003)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">776</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Mineral property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">95,736</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(52,542)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">43,194</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Other assets</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">75</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">75</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Deferred tax assets</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,319</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(4,255)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,064</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(11,267)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(494)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(11,761)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Reclamation obligation</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(17,675)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(17,675)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Other liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(150)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(150)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Fair value of Mesquite net assets acquired</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">182,299</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(11,197)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">171,102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0 5.95pt; text-indent: -5.95pt">Bargain purchase gain recognized
        in net loss at</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0 11.4pt; text-indent: -5.95pt">October 30, 2018</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">15,236</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(14,585)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; text-align: right; text-indent: 0cm">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">651</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt; width: 100%">Consolidated revenue for the year ended December 31, 2018 includes revenues from Mesquite of $30.2 million.&nbsp;&nbsp;Consolidated net loss for the year ended December 31, 2018 includes pre-tax net income from Mesquite of $6.8 million.&nbsp;&nbsp;Had the transaction occurred January 1, 2018, pro-forma unaudited consolidated revenue and pre-tax net loss from continuing operations for the year ended December 31, 2018 would have been approximately $176 million and $32 million, respectively.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(c)&#9;&nbsp;&nbsp;&nbsp;Sale of Elk Gold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Elk Gold project is located
        near Merritt, British Columbia, Canada within the Similkameen Mining District and consists of 27 contiguous mineral claims and
        one mining lease covering 16,566 hectares. During 2018, the Company determined it would no longer perform exploration or development
        work at Elk Gold and recognized an impairment loss of $9.9 million.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On May 16, 2019, the Company
        sold its 100% interest in the Elk Gold project for gross proceeds of $7.4 million (C$10.0 million) comprised of: (i) $0.7 million
        (C$1.0 million) cash payment received on closing; and a (ii) $6.7 million (C$9.0 million) non-interest bearing promissory note
        payable in annual instalments of $2.2 million (C$3.0 million) commencing two years from closing. The total amount due under the
        promissory note may be adjusted such that if the buyer pays an additional C$7 million within two years from closing, that will
        represent full and final payment; or if the buyer pays an additional C$8.5 million within three years from closing, that will represent
        full and final payment.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The fair value of consideration
        received was determined to be $5.2 million, of which $4.4 million is included in other receivables. The fair value of the consideration
        was determined by discounting the expected cash flows using a discount rate of 15%. The Company recorded a gain on disposal of
        Elk Gold of $0.1 million in other income for the year ended December 31, 2019.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and divestitures (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(d)&#9;&nbsp;&nbsp;&nbsp;Distribution of shares of Solaris</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On August 3, 2018, pursuant
        to a plan of arrangement (the &ldquo;Arrangement&rdquo;) approved by the shareholders of Equinox Gold, the business of Equinox
        Gold was reorganized into two companies: Equinox Gold and Solaris and all of the Company&rsquo;s copper assets were transferred
        to Solaris.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">As a result of the Arrangement,
        common shares of Solaris (the &ldquo;Solaris Shares&rdquo;) were distributed to Equinox Gold shareholders such that each shareholder
        received: (i) one new common share of Equinox Gold for each common share of Equinox Gold held; and (ii) one-tenth of a Solaris
        Share for each common share of Equinox Gold held. Equinox Gold warrants, options and restricted share units were adjusted pursuant
        to the Arrangement to be exercisable into shares of both companies.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Upon completion of the Arrangement,
        Equinox Gold&rsquo;s shareholders collectively held 60% of Solaris Shares, with the remaining 40% interest held by Equinox Gold.
        At the time of the distribution, the Company determined the transaction did not result in a loss of control. The transaction was
        accounted for as a distribution of non-cash assets to non-controlling interests at carrying value, without gain or loss, and resulted
        in an increase in non-controlling interests of $7.4 million with a corresponding increase in deficit.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">The closing of the Arrangement resulted in the following assets and liabilities being distributed to Solaris on August 3, 2018:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Cash </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">618</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Accounts receivable and prepaid expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">32</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Exploration and evaluation assets </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">19,899</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">48</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(484)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">20,113</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On March 19, 2019, Solaris
        completed a private placement issuing 15.7 million common shares at a price of C$0.25 per common share for gross proceeds of $3.0
        million (C$3.9 million). On June 20, 2019, Solaris completed a further private placement issuing 2.5 million common shares at a
        price of C$0.25 per common share for gross proceeds of $0.5 million (C$0.6 million). The Company did not participate in these private
        placements. The Company recorded a dilution loss of $0.5 million as a result of these private placements in equity.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">In June 2019, the Company determined
        that Solaris was no longer a controlled subsidiary due to the dilution of its interest in Solaris to approximately 32% and the
        fact that Solaris was self-sustaining for an extended period. On the date control was lost, the Company recorded its interest retained
        in Solaris at fair value. The Company recorded a gain of $2.3 million on loss of control in other income.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On November 18, 2019, Solaris
        completed a further private placement of units. The Company subscribed for 6.9 million units in exchange of the cancellation of
        $2.1 million (C$2.8 million) receivable from Solaris. Each unit is comprised of one common share and one-half of a share purchase
        warrant. Each full warrant entitles the Company to purchase one common share of Solaris at a price of C$0.60 over a three-year
        period. Consequently, the Company maintained its pro-rata interest in Solaris at approximately 32%. No gain or loss was recognized
        on settlement of the related party receivable.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On December 30, 2019, Solaris
        completed a non-brokered private placement of units. The Company did not participate in this private placement. As a result of
        the share issuance, the Company&rsquo;s interest in Solaris decreased to 30%. At December 31, 2019, the Company recorded a dilution
        gain of $0.6 million in other income (expense). For the year ended December 31, 2019, the Company recorded an equity loss from
        its investment in Solaris of $0.9 million in other income (expense).</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">5.&#9;&nbsp;&nbsp;&nbsp;Acquisitions and divestitures (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(e)&#9;&nbsp;&nbsp;&nbsp;Sale of Koricancha</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On August 21, 2018, the Company
        completed the sale of the Company&rsquo;s interest in the Koricancha Mill Joint Venture (&ldquo;Koricancha&rdquo;) to Inca One
        Gold Corp. (&ldquo;Inca One&rdquo;) and the settlement of the related 3.5% gold stream obligation for gross consideration of C$15.9
        million ($12.1 million) as follows:</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;51.3
        million common shares of Inca One (representing a 19.99% interest) valued at $2.0 million;</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;&nbsp;&nbsp;</FONT>&nbsp;A
        $6.8 million promissory note payable in: (i) three annual installments of $1.9 million in cash or shares of Inca One at the option
        of Inca One, and (ii) one installment of $1.1 million in cash two years from closing;</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;&nbsp;&nbsp;</FONT>&nbsp;Payments
of up to $2.2 million related to certain recoverable taxes of Koricancha, contingent on collection of these amounts by Inca One
over a five-year period; and</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
        working capital adjustment payment of $1.1 million payable in cash to Equinox Gold three years from closing.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Inca One&rsquo;s option to
        settle certain payments in common shares is subject to the Company not owning more than 19.99% of Inca One subsequent to such settlement.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">In connection with the sale
        of Koricancha, the 3.5% stream on gold production from Koricancha was extinguished with payment to the stream holder of: (i) 51.3
        million common shares of Inca One valued at $2.0 million and issued directly to the stream holder by Inca One; and (ii) $1.9 million
        in cash two years from closing to be paid by the Company to the stream holder. The Company accounted for the $1.9 million it is
        required to pay as a cost to sell Koricancha. The Company granted to the stream holder a put option, which, if exercised, would
        require the Company to purchase from the stream holder the above-mentioned Inca One shares issued on settlement of the stream at
        a price of C$0.068 per Inca One common share. The put option is exercisable from August 21, 2021 until such time all of the Inca
        One shares have been either put back to the Company or sold by the stream holder. Exercise of the put option is subject to the
        Company not owning more than 19.99% of Inca One subsequent to such exercise.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The fair value of the net consideration
        totaled $7.7 million which included the fair value of the common shares of Inca One received by the Company, the fair value of
        the future cash payments to be received for the promissory note, working capital adjustment payment and recoverable tax payment
        and the future cash payment to the stream holder, discounted at 10% per annum. The fair value of the put option was not material.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">At June 30, 2018, the Company
        had classified the assets and liabilities of Koricancha as assets and liabilities held for sale and measured the asset group at
        the lower of carrying value and its estimated fair value less costs to sell (&ldquo;FVLCS&rdquo;) which resulted in an impairment
        charge of $24.1 million. The net loss from discontinued operations for the year ended December 31, 2018 included the change in
        estimated FVLCS from June 30, 2018 to the final purchase consideration received, less disposal costs.</P></TD></TR>
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">5.&#9;&nbsp;&nbsp;&nbsp;Acquisitions and divestitures (continued)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Consideration, net of costs to sell</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">7,731</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Less: Carrying value of Koricancha net assets as of August 20, 2018</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(8,248)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Other closing adjustments</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(28)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net loss on sale</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(545)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Impairment </TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(24,135)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Total loss from discontinued operation for the year ended December 31, 2018</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(24,680)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: justify; padding-top: 1pt; padding-right: 2.15pt">The net loss from Koricancha for the year ended December 31, 2018 was presented as a discontinued operation and is set out below:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Revenues</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">17,284</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Operating costs</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(19,346)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Amortization</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(420)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Impairment</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(24,680)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Loss from operations</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(27,162)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Other income (expense)</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(329)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net loss from discontinued operation</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(27,491)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net loss from discontinued operation attributable to:</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">Equinox Gold shareholders</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(26,793)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 14.85pt; text-indent: -5.95pt">Non-controlling interests</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(698)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(27,491)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Loss per share from discontinued operation attributable to Equinox Gold shareholders - basic and diluted</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(0.30)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-top: 1pt; padding-right: 2.15pt">Comparative cash flows have not been re-presented to include Koricancha as a discontinued operation.&nbsp;&nbsp;The cash flows from discontinued operation for 2018 is as follows:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net cash flows from operating activities</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,024)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net cash flows from investing activities</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(236)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Net cash inflows (outflows)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(2,260)</TD></TR>
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 16%; vertical-align: middle">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">6.&#9;&nbsp;&nbsp;Accounts receivable, prepaid expenses and deposits </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt; width: 48%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt; width: 12%">Note</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 16%">December 31,<BR> &nbsp; 2019</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 16%">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Value-added and income tax receivables </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">6(a)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12,181</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,276</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Due from Serabi Gold plc </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">6(b)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12,033</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">10,909</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Receivable from Inca One</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">5(e)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,716</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,706</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">460</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">685</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Prepaid expenses and deposits</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,394</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,833</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">31,784</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">21,409</TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, prepaid expenses and deposits (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 37.45pt; text-align: justify; text-indent: -18pt">(a)&nbsp;&nbsp;&nbsp;The
        Company has VAT receivable from the Brazilian federal government totaling $12.8 million (BRL $51.5 million) (2018 - BRL $12.9 million).
        As an exporter, the Company&rsquo;s sales are not subject to VAT. Federal VAT receivable may be used to offset other taxes payable
        including income and payroll taxes. As at December 31, 2019, $3.4 million (2018 - $nil) of the federal VAT receivable was included
        in other assets as they are expected to be recovered over a period which exceeds twelve months.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 37.45pt; text-align: justify; text-indent: 0cm">At December
        31, 2019, the Company has VAT receivable from the Maranh&atilde;o state government totaling $1.1 million (BRL $4.5 million) (2018
        - BRL $4.6 million) net of an impairment provision. During 2019, the state government certified the balance of VAT receivable.
        The Company is in the process of identifying a buyer to sell all or a portion of these credits.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&nbsp;&nbsp;&nbsp;&#9;In December 2019, the share and debt purchase agreement between the Company and Serabi Gold plc (&ldquo;Serabi&rdquo;) in respect of the purchase of Coringa (note 13(d)) was amended to extend the maturity date of the third and final instalment of $12.0 million from December 19, 2019 to March 31, 2020. The receivable incurs interest at a rate of 10% per annum. &nbsp;The receivable is secured by a pledge in the Company&rsquo;s favour on the shares of Chapleau Resources Ltd.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2019</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Heap leach ore (current and non-current)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">158,598</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">127,077</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Less: Non-current portion of heap leach ore</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(141,578)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(100,543)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current portion of heap leach ore</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">17,020</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">26,534</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Stockpiles</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">9,776</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Work-in-process</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6,366</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,475</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-indent: 0cm">Supplies</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12,329</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">10,005</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-indent: 0cm">Finished goods</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">771</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">931</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current inventory</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">46,262</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">42,945</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 19.55pt; text-align: justify; line-height: 13pt">Non-current inventory relates to heap leach ore at Mesquite not expected to be recovered in the next year.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">8.&#9;&nbsp;&nbsp;&nbsp;Restricted cash</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.9pt 6pt 19.45pt; text-align: justify; line-height: 13pt">Restricted cash is cash and cash equivalent amounts whose withdrawal or use under the terms of certain contractual agreements is restricted.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">Note</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2018</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Letters of credit</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,406</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">633</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Credit facility financial covenant compliance</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">7,500</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Brazil income tax insurance bond collateral</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">28</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,879</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">7,463</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Total restricted cash</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">15,285</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">15,596</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Less: Current portion of restricted cash</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(607)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(633)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Non-current portion of restricted cash</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">14,678</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">14,963</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">9.&#9;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 6pt 19.45pt; text-align: justify; line-height: 13pt">Exploration and evaluation assets are comprised of acquisition costs for the following properties:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2019</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Castle Mountain</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"></TD>
    <TD>$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">133,060</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Aurizona</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,750</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,750</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Elk Gold </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Solaris </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">19,899</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,750</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">171,709</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.9pt 6pt 19.55pt; text-align: justify; line-height: 13pt">In October 2019, the Board of Directors approved construction of Phase 1 at Castle Mountain. As a result, the Company transferred $133.1 million in Castle Mountain from exploration and evaluation assets to mineral properties (note 10).</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="14" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">10.&#9;&nbsp;Mineral properties, plant and equipment</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Mineral properties</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">Plant and</P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">equipment</P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Pre-development<BR>
assets</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Construction in-progress</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Other</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Total</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Cost</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 8%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">72,592</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">47,873</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">44,194</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">223</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">164,882</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Acquisition of Mesquite (note 5(b))</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">27</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">43,167</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">43,194</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Additions</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">308</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,285</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">123,124</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">38</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">125,755</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Impairment</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(4,448)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(206)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(13)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(4,667)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Transfers</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp; -</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(44,194)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">44,194</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Disposals</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(9,270)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(570)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(89)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(9,929)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Change in reclamation cost asset</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,465</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,465</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">74,392</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">79,607</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">166,542</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">159</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">320,700</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Additions</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">16,924</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(6,641)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">78,748</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">942</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">89,973</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Transfers</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">55,318</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">133,694</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(200,038)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,089</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(9,937)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Transfer from exploration and evaluation assets (note 9)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">133,060</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">133,060</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Disposals</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(1,758)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(74)</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(1,832)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Change in reclamation cost asset</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6,080</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6,080</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">285,774</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">204,902</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">45,252</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,116</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">538,044</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-indent: 0cm">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,167</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">43</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,210</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Additions</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">326</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,135</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">87</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4,548</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Disposals</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(1,939)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(30)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(1,969)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">326</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,363</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">100</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">3,789</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Additions</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12,682</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">24,136</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">294</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">37,112</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Disposals </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(766)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(35)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(801)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,008</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">26,733</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">359</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">40,100</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Net book value:</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">At December 31, 2018</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">74,066</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">76,244</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">166,542</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">59</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">316,911</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">At December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">272,766</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">178,169</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">45,252</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,757</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">497,944</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">10.&#9;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment (Continued)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">During the year ended December
        31, 2019, the Company capitalized $41.7 million (2018 - $121.7 million) of construction costs at Aurizona, which includes interest
        and accretion on the Aurizona project debt totaling $5.1 million (2018 - $6.5 million). Pre-production income of $5.6 million earned
        during the ramp-up of Aurizona was deducted from construction-in-progress.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">On commencement of commercial
        production at Aurizona on July 1, 2019, the Company transferred $195.3 million from construction-in-progress to mineral properties
        ($53.5 million) and plant and equipment ($131.9 million). In addition, $9.9 million was transferred from construction-in-progress
        to inventory. In September 2019, the Company recognized $11.3 million as a reduction to mineral properties, plant and equipment
        related to a recoverable credit for value-added taxes paid that was made available during Aurizona construction.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">During the year ended December
        31, 2019, the Company capitalized to construction-in-progress $21.0 million of costs at Castle Mountain.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 6pt 19.55pt; text-align: justify; line-height: 13pt">Certain of the Company&rsquo;s mining properties are subject to royalty arrangements based on their net smelter returns (&ldquo;NSR&rdquo;s) or gross revenues.&nbsp;&nbsp;At December 31, 2019, the Company&rsquo;s significant royalty arrangements were as follows:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Mineral property</TD>
    <TD STYLE="width: 69%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Royalty arrangements</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Mesquite</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">0.5%-7% NSR </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Aurizona</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">1.5% of gross sales; 3%-5% sliding scale NSR based on gold price</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Castle Mountain</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">2.65% NSR</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">11.&#9;&nbsp;Other assets (continued)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2019</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Long-term receivable from Inca One </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">5(e)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,800</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,923</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Elk Gold receivable</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">5(c)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,469</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Value-added taxes receivable </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">6(a)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,422</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Deferred financing costs </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,801</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">936</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Consumable stores inventory </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,392</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Derivative assets</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm">14(a)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">341</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Other receivables and deposits</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">749</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">841</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">15,582</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">9,092</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 2.9pt; padding-left: 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">12.&#9;&nbsp;Accounts Payable and Accrued Liabilities</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">Note</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2018</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Trade payables </TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">45,057</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">21,227</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Capital related</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">18,833</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">18,153</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Working capital adjustment payable</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">5(b)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">12,451</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Accrued interest</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,553</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,480</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Income taxes payable</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,761</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,754</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">67,204</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">55,065</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD>
        <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">13.&#9;Loans and borrowings</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">&nbsp;</P></TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">December 31, <BR>
2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Revolving Credit Facility</TD>
    <TD STYLE="padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(a),(c) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">116,625</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">97,858</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Convertible Notes</TD>
    <TD STYLE="padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(b) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">125,850</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Sprott Facility </TD>
    <TD STYLE="padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(b)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">18,249</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Aurizona Construction Facility </TD>
    <TD STYLE="padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(b) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">68,831</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Standby Loan </TD>
    <TD STYLE="padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(d) </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">12,000</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">11,803</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Debenture </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">13(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">9,574</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">17,818</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">264,049</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">214,559</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Less: Current portion of loans and borrowings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(61,574)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">(54,704)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Non-current portion of loans and borrowings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">202,475</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt; vertical-align: middle">159,855</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&nbsp;&nbsp;&#9;Revolving Credit Facility</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On April 11, 2019, the Company
        converted its $100 million Mesquite Acquisition Credit Facility into a senior secured $130 million corporate revolving credit facility
        (the &ldquo;Revolving Credit Facility&rdquo;) with the existing syndicate of lenders led by the Bank of Nova Scotia. Under the
        terms of the Revolving Credit Facility, $100 million was available immediately and outstanding at closing. The remaining $30 million
        was made available in late June 2019 upon registration of certain security documents, the achievement of certain production metrics
        at Aurizona and the satisfaction of customary conditions. The Revolving Credit Facility matures on October 30, 2022, at which date
        it must be repaid in full, and bears interest at an annual rate of LIBOR plus 2.5% to 4%, subject to certain leverage ratios.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Until certain operating performance
        criteria are met at Aurizona, credit availability reductions of $40 million will be required on December 31, 2020 and 2021 and
        amounts drawn in excess of the reduced credit availability would become due. On achievement of the performance criteria, no further
        principal payments will be due until maturity of the facility. As at December 31, 2019, these criteria had not been met.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company determined that
        amending the Mesquite Acquisition Credit Facility to become the Revolving Credit Facility was a non-substantial modification of
        the existing outstanding debt. The Company recognized a gain on modification of debt of $0.9 million to reflect the adjusted amortized
        cost of the drawn portion of the Revolving Credit Facility, recorded within other income (expense). Additional transaction costs
        of $1.0 million were incurred in relation to the Revolving Credit Facility, of which $0.8 million was allocated to the drawn portion
        and $0.2 million has been recognized as deferred financing costs within other assets related to the remaining $30 million loan
        commitment. The carrying value of the drawn portion is accreted to the principal amount over the term of the Revolving Credit Facility
        using an effective interest rate of 6.3%.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Revolving Credit Facility
        is secured by first-ranking security over all present and future property and assets of the Company. The Revolving Credit Facility
        is subject to standard conditions and covenants, including maintenance of debt service coverage ratio and leverage ratio. As at
        December 31, 2019, the Company is in compliance with these covenants.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 2.15pt; padding-left: 19.5pt"><P STYLE="margin-top: 0; margin-bottom: 0">(b)&nbsp;&nbsp;&#9;Convertible
Notes</P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify; padding-right: 2.15pt; padding-left: 36pt"><FONT STYLE="line-height: 13pt">On April 11, 2019, the Company
    issued $130 million in Convertible Notes to Mubadala Investment Company (&ldquo;Mubadala&rdquo;) and on May 7, 2019, pursuant
    to a pre-existing investor rights agreement, the Company issued $9.7 million in additional convertible notes (referred to
    together with the Mubadala notes as the &ldquo;Notes&rdquo;) to Pacific Road Resources Funds (&ldquo;Pacific Road&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">13.&#9;&nbsp;&nbsp;&nbsp;Loans and borrowings (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Notes mature on
April 12, 2024 and bear interest at a fixed rate of 5% per year payable quarterly in arrears. The Notes are convertible at the
holder&rsquo;s option into common shares of the Company at a fixed conversion price of US$5.25 per share. Holders may exercise
their conversion option at any time, provided that the holder owns less than 20% of the outstanding common shares of the Company.
On or after October 11, 2022, the Company has a call right that may be exercised if the 90-day volume weighted average price (&ldquo;VWAP&rdquo;)
of the Company&rsquo;s shares exceeds US$6.825 for a period of 30 consecutive days. If the call right is exercised, the holders
would be required to either (i) exercise the conversion option on the remaining principal outstanding or (ii) demand cash payment
from the Company subject to a predetermined formula based on the conversion price of US$5.25 per share and the Company&rsquo;s
share price at the time of redemption.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">Gross proceeds from the Notes
        of $139.7 million was allocated to the debt and equity components. The fair value of the debt portion of $126.8 million was estimated
        using a discounted cash flow model based on an expected term of 5 years and a discount rate of 7.5%. The residual of $10.5 million
        ($12.8 million net of deferred tax expense of $2.3 million) was recognized in other equity reserves. The debt component is recorded
        at amortized cost, net of transaction costs, and is accreted to the principal amount over the term of the Notes using an effective
        interest rate of 7.7%. Transaction costs of $3.2 million were incurred and allocated on a pro-rata basis with $2.9 million allocated
        to the debt component and $0.3 million allocated to the equity component.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Notes are secured by all
        assets of the Company and are subordinate to the Revolving Credit Facility.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On April 11, 2019, in conjunction
        with the issuance of the Notes, the Company used $116.9 million of available proceeds from the Notes to repay in full the principal
        and accrued interest outstanding under the Sprott Facility and the Aurizona Construction Facility and terminate the associated
        Aurizona production-linked payment obligation to Sprott. The Company recorded a loss on settlement of debt of $13.3 million and
        loss on settlement of the production-payment liability of $0.6 million.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(c)&#9;&nbsp;&nbsp;&nbsp;Short-term Loan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On April 11, 2019, the Company
        entered into a one-year, unsecured $20 million revolving credit facility (the &ldquo;Short-term Loan&rdquo;) with the Company&rsquo;s
        Chairman, Ross Beaty, which is a related party transaction, to provide short-term financing for general corporate and working capital
        purposes. The facility bears interest at 8% per annum, payable monthly, and matures on April 12, 2020.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On September 27, 2019, the
        Company drew an additional $20 million from the Revolving Credit Facility. Proceeds from the draw were used to repay principal
        and accrued interest outstanding under the Short-term Loan. Repayment of the Short-term Loan and accrued interest is also a related
        party transaction. The Company recorded a loss on settlement of the Short-term Loan of $0.2 million related to unamortized transaction
        costs.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(d)&#9;&nbsp;&nbsp;&nbsp;Standby Loan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On August 2, 2018, the Company
        entered in to a standby loan arrangement (the &ldquo;Standby Loan&rdquo;) with the Company&rsquo;s Chairman, Ross Beaty, wherein
        he would make available up to $12.0 million that could be used by the Company for the continued development, construction and general
        working capital requirements of Aurizona.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On October 4, 2018,
the Company drew the full amount of the Standby Loan. The loan bears interest at 8% per annum and is subject to a drawdown fee
of 1% and standby fee of 1%. Principal and accrued interest is payable upon receipt of the final instalment due from Serabi in
relation to Anfield Gold Corp.&rsquo;s disposal of its Coringa project immediately prior to Anfield&rsquo;s acquisition by Equinox
Gold. The Company incurred financing costs of $0.2 million in respect to the Standby Loan, which have been included in the carrying
value of the Standby Loan and are amortized using an effective interest rate of 9.7%.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">13.&#9;&nbsp;&nbsp;&nbsp;Loans and borrowings (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Standby Loan is
unsecured. In the event the Company defaults on repayment, Mr. Beaty has the right to assume the security the Company holds for
its $12.0 million receivable from Serabi.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">In December 2019, the Standby
        Loan agreement was amended to extend the term of the loan to March 31, 2020. The Company determined the amendment to the Standby
        Loan was a non-substantial modification. No gain or loss was recorded on modification and no additional transaction costs were
        incurred.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(e)&#9;&nbsp;&nbsp;&nbsp;Sandstorm Debenture</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">At December 31, 2017, the Company
        had a $30.0 million debenture with Sandstorm (the &ldquo;Sandstorm Debenture&rdquo;). The Sandstorm Debenture bears interest at
        a rate of 5% per annum and was repayable in three equal annual tranches of $10.0 million plus outstanding accrued interest beginning
        June 30, 2018. The Company has the right to repay the principal and interest owing on each repayment date with common shares of
        the Company. The number of common shares to be issued is determined based on the principal and interest to be repaid divided by
        the higher of C$4.50 per share and the 20-day volume weighted average Canadian dollar trading price of the Company&rsquo;s common
        shares (the &ldquo;Conversion Price&rdquo;) provided that Sandstorm owns less than 20% of the outstanding common shares of the
        Company after such share issuance.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On January 3, 2018, Sandstorm
        sold to Mr. Beaty $15.0 million principal of the Sandstorm Debenture. In connection with this transaction, the Company agreed to
        amend the Sandstorm Debenture such that the $15.0 million principal purchased by Mr. Beaty was settled immediately via conversion
        to 3,703,703 Equinox Gold common shares. The Sandstorm Debenture was also modified on January 3, 2018, such that: (i) $3.9 million
        of outstanding accrued interest was added to the remaining principal; (ii) the June 30, 2018 instalment payment was eliminated;
        (iii) the June 30, 2019 instalment payment is $9.0 million principal plus outstanding accrued interest; and (iv) the final instalment
        payment on June 30, 2020 is $9.9 million principal plus outstanding accrued interest. No financing costs were incurred in respect
        of the transaction.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">For the year ended December
        31, 2018, the Company recognized a loss of $1.3 million on settlement of $15.0 million principal of the Sandstorm Debenture, which
        was determined by the difference between the $15.5 million fair value of the shares issued and the carrying value of the portion
        of the debenture extinguished. The carrying value of the portion extinguished was determined based on the relative fair values
        of the settled and outstanding portions of the Sandstorm Debenture as of January 3, 2018.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company determined the
        amendments to the Sandstorm Debenture did not result in a substantial modification of the instrument. Interest on the Sandstorm
        Debenture is recognized at the effective interest rate of 11.45% which amortizes the difference between the carrying value and
        the principal amount over the term to maturity.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On June 30, 2019, the Company
        issued to Sandstorm 2,227,835 common shares in consideration of the first instalment payment and accrued interest due of $10.5
        million. The Company recorded a gain on extinguishment of debt of $0.3 million.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">13.&#9;&nbsp;Loans and borrowings (continued)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(f)&#9;&nbsp;&nbsp;&nbsp;Loans and borrowings continuity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.15pt 6pt 36pt; text-align: justify; line-height: 13pt">The following is a summary of the changes in loans and borrowings arising from investing and financing activities for the years ended December 31, 2019 and 2018:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">43,461</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Carrying value of debt extinguished by issuance of shares </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(14,205)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$60.0 million draw from Aurizona Construction Facility, net of deferred financing costs </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">51,829</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$120.0 million draw from Mesquite acquisition facilities, net of deferred financing costs</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">114,576</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$12.0 million draw from Standby Loan, net of deferred financing costs </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">11,760</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Accretion and accrued interest</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">6,692</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Embedded derivative liability</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">1,283</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Repayment of long-term debt</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(837)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">214,559</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$10 million draw from Aurizona Construction Facility, net of deferred financing costs </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">8,814</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$20 million draw from Short-term Loan, net of deferred financing costs</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">19,600</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">$20 million draw from Revolving Credit Facility, net of deferred financing costs </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">19,592</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Modification gain and transaction costs on conversion of Mesquite Acquisition Credit Facility to Revolving Credit Facility </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(1,804)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Debt component of Convertible Notes, net of deferred financing costs</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">123,942</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Repayment of Sprott loans and Short-term Loan </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(131,211)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Loss on extinguishment of Sprott debt and Short-term Loan </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">13,540</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Debenture principal repayment settled by issuance of shares</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">(10,450)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Accretion and accrued interest</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">7,467</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right">264,049</TD></TR>
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">14.&#9;&nbsp;&nbsp;Derivative financial instruments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;Foreign exchange contracts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt">Certain of the Company&rsquo;s expenditures at its Brazilian operation are denominated in the Brazilian R&eacute;al (&ldquo;BRL&rdquo;). During 2019, the Company initiated a foreign currency exchange risk management program to reduce its exposure to fluctuations in the value of the BRL relative to the US dollar. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt">As at December 31, 2019, the Company had in place USD:BRL put and call options (the &ldquo;Collars&rdquo;) with the following notional amounts, weighted average rates and maturity dates:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Dates</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: left; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">USD notional amount</TD>
    <TD STYLE="text-align: right; width: 19%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">Call options&rsquo;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 1pt 0 0">weighted average</P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">USD:BRL rates</P></TD>
    <TD STYLE="text-align: right; width: 19%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">Put options&rsquo;</P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">weighted average</P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">USD:BRL rates</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">January 1 - December 31, 2020</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">84,200</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.03</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">January 1 - April 30, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">19,100</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.07</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">103,300</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.03</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4.41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt"></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="6" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">14.&#9;&nbsp;&nbsp;Derivative financial instruments (continued)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt">The Collars have not been designated as hedges and are recorded at fair value at the end of each reporting period with changes in fair value recognized in foreign exchange gains and losses within other income (expense).&nbsp;&nbsp;The Company entered into these contracts at no premium and therefore incurred no investment costs at inception. For the year ended December 31, 2019, the Company recorded a realized loss of $1.2 million on Collars settled in the period in foreign exchange gains and losses within other income (expense) and an unrealized gain of $1.6 million on Collars outstanding at period end. The fair value of Collars at December 31, 2019 was $1.6 million, of which $1.3 million was recorded as current derivative assets and $0.3 million was included in other assets.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&#9;&nbsp;&nbsp;&nbsp;Warrant liability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The functional currency of
        the Company is the US dollar. As the exercise price of the Company&rsquo;s share purchase warrants is fixed in Canadian dollars,
        these warrants are considered a derivative as a variable amount of cash in the Company&rsquo;s functional currency will be received
        on exercise. Accordingly, these share purchase warrants are classified and accounted for as a derivative liability at fair value
        through net income or loss.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The fair value of the warrants
        is determined using the Black Scholes option pricing model at the period-end date or the market price on the TSX for warrants that
        are trading.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">37,784</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Warrants issued</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">336</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Warrants exercised</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(257)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Change in fair value</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(19,002)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">18,861</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Warrants exercised</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(868)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Change in fair value</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">38,153</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">56,146</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt">The fair value of non-traded warrants was calculated with the following weighted average assumptions:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2019</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 57%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Risk-free rate</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.7%</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.9%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Warrant expected life</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.2 years</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2.2 years</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Expected volatility</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">45.1%</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">46.2%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Expected dividend</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.0%</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.0%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Share price (C$)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$10.16</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$5.25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt">The fair value of traded warrants was based on the market price of C$0.42 per warrant on December 31, 2019 (December 31, 2018 - C$0.17).</TD></TR>
</TABLE>
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<TR>
    <TD>
        <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">15.&#9;Reclamation obligation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">Mesquite</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">Aurizona</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">Castle Mtn</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">Koricancha</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">Total</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 41%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4,735</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">339</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">348</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">5,422</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Assumed with acquisition</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">17,675</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">17,675</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Accretion</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">92</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">275</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">16</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">383</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Disposals</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(364)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(364)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Change in estimates</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,690</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(225)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">67</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,532</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Foreign exchange translation</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(706)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(706)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">19,457</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4,079</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">406</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">23,942</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Accretion</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">385</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">334</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">719</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Change in estimates</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">1,579</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">3,586</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">508</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">5,673</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Foreign exchange translation</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(105)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(105)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">21,421</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">7,894</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">914</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">30,229</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Current portion</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(344)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">(344)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Non-current portion</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">21,077</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">7,894</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">914</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">29,885</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">The Company&rsquo;s environmental
        permits require that it reclaims any land it disturbs during mine development, construction and operations. The majority of these
        reclamation costs are expected to be incurred subsequent to the end of the expected useful life of the operation to which they
        relate. The Company&rsquo;s provision for mine closure and reclamation consists of costs accrued based on the current best estimate
        of mine closure and reclamation activities. The Company&rsquo;s provision for future site closure and reclamation costs is based
        on the level of known disturbance at the reporting date, known legal requirements and internal and external cost estimates.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">The Company measures the
        provision at the expected value of future cash flows using inflation rates of 2.2% to 3.3% and discounted to the present value
        using discount rates of 1.8% to 5.8% depending on the region in which the liabilities will be realized. The undiscounted value
        of the provision as of December 31, 2019 was $38.1 million (2018 - $31.8 million).</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify">The Company&rsquo;s subsidiary,
        Western Mesquite Mines Inc., is required to post security for reclamation and for closure with Imperial County, California as lead
        agency under the California Surface Mining and Reclamation Act, and for pit backfill with the California State Lands Commission
        under a public/private land lease agreement. The Company has met its security requirements in the form of bonds posted through
        surety underwriters totaling $0.3 million.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold">16.&#9;OTHER LONG-TERM Liabilities</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt">Note</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2019</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31,<BR>
2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Production payment liability </TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; text-align: center; text-indent: 0cm">13(b)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,977</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Provision for legal and tax matters </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; text-align: center; text-indent: 0cm">28</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,049</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,763</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Note payable</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; text-align: center; text-indent: 0cm">5(e)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,706</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Other liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,101</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: left; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">150</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,150</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">10,596</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD>
        <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 2.9pt; width: 100%; text-align: left"><FONT STYLE="color: #21405E"><B>17.&nbsp;
    &nbsp; SHARE CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Authorized and issued</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company is authorized to
        issue an unlimited number of common shares with no par value.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On August 20, 2019, the Company
        completed a consolidation of its common shares at a ratio of five pre-consolidation common shares for one post-consolidation common
        share (the &ldquo;Consolidation&rdquo;). No fractional common shares were issued in connection with the Consolidation. As a result
        of the Consolidation, shares issuable pursuant to the Company&rsquo;s outstanding options, warrants, restricted share units and
        other convertible securities were proportionally adjusted on the same basis.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">At December 31, 2019, 113.5
        million common shares were issued and outstanding.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(b)&#9;&nbsp;&nbsp;Share issuances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On January 16, 2018, Pacific
        Road exercised its pre-existing non-dilution rights in connection with the acquisition of Castle Mountain in December 2017, resulting
        in the issuance of 4.2 million common shares for gross proceeds of $15.2 million (C$19.2&nbsp;million). The Company incurred $0.5
        million in share issuance costs.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On October 12, 2018, the Company
        closed brokered and non-brokered private placements (collectively, the &ldquo;Private Placements&rdquo;) of subscription receipts
        (the &ldquo;Subscription Receipts&rdquo;) to fund the Mesquite Acquisition. The Subscription Receipts were priced at C$4.75 each
        for aggregate gross proceeds of approximately $75 million (C$97.5 million). Each Subscription Receipt entitled the holder to receive
        one common share of Equinox Gold upon satisfaction of certain conditions (the &ldquo;Release Conditions&rdquo;), which were achieved
        on closing of the Mesquite Acquisition.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The brokered Private Placement
        consisted of 6,843,000 Subscription Receipts issued pursuant to an underwriting agreement entered into with a syndicate of banks
        (collectively, the &ldquo;Underwriters&rdquo;). The non-brokered Private Placement consisted of 13,683,320 Subscription Receipts
        issued pursuant to subscription agreements with investors. In connection with the brokered Private Placement, the Company agreed
        to pay the Underwriters, subject to certain adjustments, a cash fee of 5% of the gross proceeds of the brokered Private Placement
        on satisfaction of the Release Conditions. The Company incurred $2.0 million in share issuance costs in respect of the Private
        Placements.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">In connection with the $20
        million Sprott Facility obtained on October 30, 2018, the Company issued to Sprott 0.4 million common shares. An amendment of the
        existing credit facility between the Company&rsquo;s wholly-owned subsidiary, Aurizona Goldfields Corp., and Sprott was required
        in connection with the Sprott Facility and provided for the issuance of 875,000 warrants to purchase common shares of the Company
        to Sprott at an exercise price of C$5.70, for a term of 4.25 years.</P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">On June 30, 2019, the Company
        issued to Sandstorm 2.2 million common shares as settlement of the first principal instalment and accrued interest due under the
        Debenture.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt">(c) &nbsp;&nbsp;&nbsp;Share purchase options</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify">The Company has an incentive stock option plan (the &ldquo;Option Plan&rdquo;) whereby the Company may grant stock options
to eligible employees, officers, directors and consultants with the exercise price, expiry date, and vesting conditions determined
by the Board of Directors.&nbsp;&nbsp;All options are equity settled.&nbsp;&nbsp;The Option Plan provides for the issuance
of up to 10% of the Company&rsquo;s issued common shares as at the date of the grant.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt"><FONT STYLE="color: #21405E"><B>17.</B></FONT></TD>
    <TD COLSPAN="15" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="color: #21405E"><B>SHARE
    CAPITAL (CONTINUED)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="line-height: 13pt">During
    the year ended December 31, 2019, the Company granted 0.4 million (2018 - 0.5 million) share purchase options to directors,
    officers, employees and consultants of the Company.&nbsp;&nbsp;The fair value of options granted was determined using the
    Black-Scholes option pricing model using the following weighted average assumptions:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">2019</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Exercise price (C$)</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">$5.30</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">$5.45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Risk-free interest rate</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">1.8%</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">2.1%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Volatility</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">65.7%</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">68.6%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Dividend yield</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">0.0%</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">0.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Expected life</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">5.0 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">4.8 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="padding-bottom: 6pt; text-align: justify; padding-top: 6pt; padding-right: 2.9pt">Total share-based compensation expense for the year ended December 31, 2019 related to the vesting of stock options was $0.9 million (2018 - $1.0 million).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="padding-bottom: 6pt; text-align: justify; padding-top: 3pt; padding-right: 2.9pt">A summary of the Company&rsquo;s share purchase options is as follows:</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Shares issuable on exercise of options</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Weighted</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">average exercise</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">price (C$)</P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 0cm">Outstanding, December 31, 2017</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,635,747</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">7.00</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Granted</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">543,052</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5.45</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Exercised</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(158,520)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3.10</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Expired/forfeited</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(243,977)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">10.70</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 0cm">Outstanding, December 31, 2018</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,776,302</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6.35</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Granted</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">359,210</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5.30</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Exercised</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(240,895)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2.85</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Expired/forfeited</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(219,504)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">10.97</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.8pt; text-indent: -4.8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-indent: 0cm">Outstanding, December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,675,113</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5.99</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-left: 4.8pt; text-indent: -4.8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-top: 6pt; white-space: nowrap; vertical-align: bottom; text-indent: 0cm; padding-bottom: 6pt">At December 31, 2019, the Company had the following options issued and outstanding:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Options Outstanding</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Options Exercisable</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-top: 0.8pt; text-indent: 0cm">Range of exercise price (C$)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Number of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">options</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">Weighted average exercise price (C$)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Weighted average remaining contractual life (years)</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Number of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">options</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Weighted</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">average</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">exercise</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">price (C$)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">$2.15 - $2.99</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">781,930</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">2.52</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.63</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">781,930</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2.52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">$3.00 - $5.99</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,393,181</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">5.26</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3.45</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">869,748</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3.26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">$6.00 - $8.99</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">114,923</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">6.79</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.89</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">104,014</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6.17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">$9.00 - $11.99</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">46,126</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">11.62</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2.45</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">46,126</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">11.62</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">$12.00 - $17.15</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">338,953</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">15.94</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.53</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">338,953</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">15.94</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,675,113</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,140,771</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="padding-top: 6pt; padding-right: 2.9pt; padding-bottom: 6pt; white-space: nowrap; text-align: justify">The weighted average exercise price of options exercisable at December 31, 2019, was C$5.32.</TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 19%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 11%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%; vertical-align: middle">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 2.9pt; text-align: left; width: 100%"><FONT STYLE="color: #21405E"><B>17.&nbsp;
    &nbsp; SHARE CAPITAL (CONTINUED)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(d)&nbsp;&nbsp;&nbsp;Share
purchase warrants</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-bottom: 6pt; padding-top: 6pt">A continuity of the Company&rsquo;s share purchase warrants is as follows:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Shares issuable on exercise of warrants</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Weighted average exercise price (C$)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Outstanding, December 31, 2017</TD>
    <TD STYLE="width: 14%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">23,457,178</TD>
    <TD STYLE="width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="width: 13%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12.45</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Issued </TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,575,000</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5.35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Exercised</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(127,915)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2.35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Expired</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(338,401)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">23.15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Outstanding, December 31, 2018</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">24,565,862</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">11.90</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Exercised</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(363,235)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5.36</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Expired</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(151,437)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">14.60</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Outstanding, December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">24,051,190</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">12.00</TD></TR>
</TABLE><BR STYLE="clear: both">


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom"><TD COLSPAN="5" STYLE="padding-bottom: 6pt; padding-top: 6pt; text-indent: 0cm">At December 31, 2019, the Company had the following share purchase warrants issued and outstanding:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-indent: 0cm"><P STYLE="margin-top: 0; margin-bottom: 0">Range
of exercise</P>
                                                                                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">price (C$)<SUP>(1)</SUP></P></TD>
    <TD STYLE="white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">Shares issuable</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">on exercise</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0">of warrants</P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Weighted</P>
                                                                                                                                                                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">average
exercise</P>
                                                                                                                                                                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">price (C$)<SUP>(1)</SUP></P></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Expiry dates</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">$3.67 - $4.99</TD>
    <TD STYLE="width: 27%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,632,455</TD>
    <TD STYLE="vertical-align: middle; width: 2%; padding-top: 0.8pt; text-align: right; text-indent: 0cm">$</TD>
    <TD STYLE="text-align: right; width: 14%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">4.43</TD>
    <TD STYLE="width: 39%; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: center; text-indent: -5.95pt">June 2020 - May 2021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">$5.00 - $9.99</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">3,359,046</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">5.61</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">June 2020 - May 2023</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">$10.00 - $14.99</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">830,495</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">11.53</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">December 2020 - August 2021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">$15.00 - $19.99</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">16,093,384</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">15.00</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">October 2021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt">$20.00 - $25.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">135,810</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">20.83</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">June 2020 - July 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">24,051,190</TD>
    <TD STYLE="vertical-align: middle; padding-top: 0.8pt; text-align: right; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; width: 4%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; width: 96%; text-align: justify"><FONT STYLE="font-size: 8pt">Pursuant to the Arrangement (note 5(d)), 24,051,190 warrants with a weighted average exercise price of $12.00 are exercisable into one common share of Equinox Gold and one-half of a share of Solaris. Equinox Gold will receive nine-tenths of the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid to Solaris.</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Subsequent
to December 31, 2019, the Company issued 932,647 common shares for warrants exercised, including 155,000 common shares for warrants
that were exercised on December 31, 2019.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 25pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(e) Restricted share units</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Equity settled RSUs</FONT></P>

<P STYLE="text-align: justify; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">Under
the terms of the Equinox Gold Restricted Share Unit Plan (&ldquo;RSU Plan&rdquo;) the Board of Directors may, from time to time,
grant to employees, officers and consultants, RSUs and pRSUs in such numbers and for such terms as may be determined by the Board
of Directors. RSUs granted under the RSU Plan are exercisable in shares after the vesting conditions, as specified by the Board
of Directors, are met and until the third calendar year after the year in which the RSUs have been granted.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">During
year ended December 31, 2019, the Company granted 0.5 million RSUs (2018 - 0.7 million) and 0.1 million pRSUs (2018 - 0.1 million)
to directors, officers and employees. The fair value of RSUs was determined based on the Company&rsquo;s share price on the date
of grant. The weighted average share price for RSUs granted in the year was C$5.65 (2018 - C$6.40). The pRSUs vest three years
from the date of grant and the actual number of shares issued will range from 50% to 150% of the pRSU grant based on the Company&rsquo;s
share price performance compared to the Junior Gold Miner&rsquo;s Index (GDXJ). Compensation expense related to the pRSUs is recorded
over the three-year vesting period and the amount is adjusted at each reporting period to reflect the change in quoted market
value of the Company&rsquo;s common shares, the number of pRSUs expected to vest, and the expected performance factor.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="line-height: 13pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 2.9pt; text-align: left; width: 100%"><FONT STYLE="color: #21405E"><B>17.&nbsp;
    &nbsp; SHARE CAPITAL (CONTINUED)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">In
2018, the Company granted 0.8 million pRSUs to the Company&rsquo;s Chairman, Ross Beaty, which have a fair value of $1.9 million.
Vesting of these pRSUs is based on the Company&rsquo;s share price reaching specified levels as determined by the Board of Directors.
The term to expiry is five years and any shares issued in connection with the grant have a mandatory hold period of two years.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">The
number of shares issued upon vesting of these pRSUs is determined by multiplying the number of pRSUs granted by an adjustment
factor, which ranges from 0 to 3.0 based on the share price achieved by the Company. The estimated fair value of the pRSUs is
amortized on a straight-line basis over the expected performance period.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">During
the year ended December 31, 2019, the Company issued 0.2 million and 0.1 million common shares to settle RSUs and pRSUs, respectively,
that vested in the year (2018 - 0.3 million RSUs; 0.1 million pRSUs). Total share-based compensation expense for the year ended
December 31, 2019 related to the vesting of RSUs and pRSUs was $3.9 million (2018 - $4.6 million).</FONT></P>

<P STYLE="text-align: justify; font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 93%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 2.9pt; text-align: justify; line-height: 13pt">A continuity table of the equity-settled RSUs and pRSUs outstanding is as follows:</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 55%; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 23%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">RSUs</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 22%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">pRSUs</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Outstanding, December 31, 2017</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">143,363</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">441,994</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Granted</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">690,998</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">822,100</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Settled</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(287,634)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(121,550)</TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Forfeited</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(3,450)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Outstanding, December 31, 2018</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">543,277</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,142,544</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Granted</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">488,560</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">143,740</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Settled</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(220,289)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(129,706)</TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt">Forfeited</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(8,500)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(44,200)</TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Outstanding, December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">803,048</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,112,378</TD>
    </TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Cash
settled RSUs</I></FONT></P>

<P STYLE="text-align: justify; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">Under
the terms of the RSU plan, certain RSUs granted to eligible employees entitle the holder to a cash payment equal to the number
of RSUs granted, multiplied by the quoted market value of the Company&rsquo;s common shares on completion of the vesting period
(the &ldquo;cash-settled RSUs&rdquo;). Compensation expense related to these RSUs is recorded over a two-year vesting period.
The amount of compensation expense is adjusted at each reporting period to reflect the change in quoted market value of the Company&rsquo;s
common shares and the number of RSUs expected to vest.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 40pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 13pt">During
the year ended December 31, 2019, the Company granted 0.2 million cash-settled RSUs (2018 - nil) with a weighted average grant
date fair value of C$6.11. The total fair value of cash settled RSUs outstanding as at December 31, 2019 was $0.2 million and
is included in other liabilities.</FONT></P>



<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">18.&#9;&nbsp;operating
    expenses</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 5.4pt 6pt 19.55pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Operating
    expenses consists of the following components by nature:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 60%; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Raw materials and
    consumables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">86,407</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11,541</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Salaries and employee
    benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">36,524</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,532</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Contractors</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">31,819</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,221</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Repairs and maintenance</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">20,195</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,783</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Site administration</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">10,823</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">997</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9,451</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">799</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">195,219</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">24,873</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Less:
    Change in inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(36,021)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(5,845)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total
    operating expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">159,198</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">19,028</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">19.&#9;&nbsp;General
    and administration</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 5.4pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">General
    and administration for the Company consists of the following components by nature:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 60%; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Salaries and benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,904</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,547</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Share-based compensation</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,017</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,649</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Professional fees</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,672</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,390</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Office and other
    expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,899</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,798</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">484</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">77</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total
    general and administration</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">19,976</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16,461</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 5pt 2.15pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">20.&#9;&nbsp;&nbsp;Other
    income (expense) (continued)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Other
    income (expense) consists of the following components:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 3%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Change
    in fair value of warrants</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">14(b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(38,185)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">19,002</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Foreign
    exchange gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">288</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(7,834)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Loss
    on settlement of debt and production payment liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">13(b),(c)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(14,123)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,299)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Other
    income (expense)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">178</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(9,631)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Loss
    from equity investment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">5(d)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(881)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total
    other income (expense)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.15pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(52,723)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 6pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">238</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%; padding: 5pt 2.9pt 5pt 19.45pt; font: bold 9pt/13pt Arial, Helvetica, Sans-Serif; text-indent: -18pt; color: #21405E; text-transform: uppercase">21.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</TD></TR>
</TABLE>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
tax expense differs from the amount that would result from applying Canadian federal and provincial income tax rates of 27% (2018
- 27%) to earnings before income taxes. These differences result from the following items:</FONT></P>


<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Loss before income taxes</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(13,186)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(37,070)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Canadian federal
    and provincial income tax rates</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">27%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">27%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Expected income tax recovery based on the
    above rates</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,560)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,009)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">3,000</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">3,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Non-taxable bargain purchase gain from Mesquite
    Acquisition</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(176)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Impairment and disposition of Elk Gold</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">536</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">2,679</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Change in fair value of derivative liabilities</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">10,310</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(5,394)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Repayment of long-term debt</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">1,448</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Deconsolidation of Solaris</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">1,008</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Disposition of discontinued operation</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,761)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Tax effect of deferred tax assets for which
    no tax benefit has been recognized</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">5,238</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">8,097</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Foreign exchange
    and other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,842)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">7,649</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Total tax
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">7,138</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">2,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Current tax expense</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">7,250</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">468</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Deferred tax
    expense (recovery)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(112)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">1,867</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Total tax
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">7,138</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">2,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-right: 2.9pt; padding-bottom: 6pt; white-space: nowrap; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The
    significant components of the Company&rsquo;s recognized net deferred tax assets and liabilities are as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 20pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt">December
31,</FONT></P>
                                                                                                                                           <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt"></FONT>2019</P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 20pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt">December
31,</FONT></P>
                                                                                                                                           <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt"></FONT>2018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Non-capital losses</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">11,698</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">7,559</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Mineral property, plant and equipment</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">4,727</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">3,691</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">1,290</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">1,671</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Total
    deferred tax assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">17,715</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">12,921</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Mineral properties, plant and equipment</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(18,456)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,800)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(9,971)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,609)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Total deferred
    tax liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(28,427)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(21,409)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt"><FONT STYLE="font-size: 9pt">Net deferred
    tax liability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,712)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 20pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,488)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 20pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 66%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt; width: 15%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt; width: 15%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt/13pt Arial, Helvetica, Sans-Serif; padding: 5pt 2.9pt 5pt 19.45pt; white-space: nowrap; text-indent: -18pt; color: #21405E; text-transform: uppercase; width: 100%">21.&#9;&nbsp;&nbsp;&nbsp;Income
    taxes (CONTINUED)</TD></TR>
</TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 8pt 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
movement in the deferred tax assets and liabilities during the year is as follows:</FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2017</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(7,685)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Recognized in net loss</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(1,867)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Acquisition of Mesquite</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2018</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(8,488)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Recognized in net loss</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Recognized in equity component of Convertible Notes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(2,336)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Balance - December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(10,712)</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 8pt 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
reconciliation of net deferred tax assets and liabilities to the amounts presented in the consolidated statements of financial
position follows:&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">December 31,</P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">2019</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Deferred tax asset</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Deferred tax liability</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(10,712)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(9,552)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Net deferred tax liability</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(10,712)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(8,488)</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 8pt 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;In
assessing the recoverability of deferred tax assets other than deferred tax assets arising from the initial recognition of assets
and liabilities that do not affect accounting or taxable profit, management considers whether it is probable that some portion
or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation
of future taxable income during the periods in which those temporary differences become deductible.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 25pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Deductible temporary differences,
unused tax losses and unused tax credits for which deferred tax assets have not been recognized are as follows:</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31, <BR>
2019</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">December 31, <BR>
2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Non-capital losses</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">41,647</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">58,304</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">State non-capital losses</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">41,025</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">42,325</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Mineral properties, plant and equipment</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">18,735</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">31,141</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Share issue costs</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,522</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">4,976</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Inventory</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">27,422</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">13,079</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Unrealized foreign exchange losses on investment and advances</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">38,948</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">53,850</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Reclamation obligation</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">28,609</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">14,018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">State alternative minimum tax credit</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6,525</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">6,525</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Capital losses</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">36,570</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">21,501</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Interest expense</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">16,557</TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">18,024</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">2,100</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">5,456</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">262,660</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">269,199</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; white-space: nowrap; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">21.&#9;&nbsp;&nbsp;Income
    taxes (continued)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding: 3pt 2.9pt 6pt 19.55pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The
    non-capital losses may be applied to reduce future years&rsquo; taxable income.&nbsp;&nbsp;The loss carryforwards expire as
    follows:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 62%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">December
    31,<BR>
    2019</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">December
    31,<BR>
    2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Brazil (no expiry)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,929</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">16,692</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Mexico (expire between
    2019-2028)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">15,988</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Canada (expire between
    2026-2039)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">34,719</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">23,420</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Peru (expire between
    2019-2022)</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,544</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Chile
    (no expiry)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">660</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">41,648</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">58,304</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="14" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">22.&#9;Segmented
    information</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Mesquite</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Aurizona</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Castle
    Mountain</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Other<SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Corporate<SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Year
    ended December 31, 2019</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Revenues</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">178,175</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">103,522</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">281,697</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Operating
    expenses</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(108,573)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(50,625)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(159,198)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,764)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(21,881)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(38,645)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Earnings
    from mine operations</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">52,838</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">31,016</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">83,854</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Exploration</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,028)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,723)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,003)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,754)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">General
    and administration</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,115)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(18,861)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(19,976)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Earnings
    (loss) from operations</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">52,838</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">28,988</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,723)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,118)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(18,861)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">55,124</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Finance
    expense</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(385)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(552)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(49)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,551)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(17,537)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Finance
    income</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">17</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">184</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">28</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,717</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,950</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Other
    income (expense)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,756)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,179)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(46,788)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(52,723)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Income
    (loss) before taxes</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">50,714</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">24,441</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,768)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,090)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(80,483)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(13,186)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Tax
    recovery (expense)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(6,713)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,970)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">135</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2,410</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(7,138)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Net
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">44,001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">21,471</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,768)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,955)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(78,073)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(20,324)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="14" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 39.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-size: 9pt"><SUP>(1)&nbsp;&nbsp;</SUP>Includes
                                         results of Solaris and Gold Mountain until respective deconsolidation and disposal.</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 39.75pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-size: 9pt"><SUP>(2)&nbsp;&nbsp;</SUP>Includes
        equity loss from Solaris from the date of deconsolidation.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="24" STYLE="vertical-align: top; padding-top: 5pt; padding-right: 2.9pt; padding-left: 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">22.&#9;Segmented
    information (continued)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Mesquite</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Aurizona</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Castle
    Mountain</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Corporate</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Year
    ended December 31, 2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">30,159</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">30,159</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Operating
    expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(19,028)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(19,028)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,201)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,201)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Earnings
    from mine operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,930</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,930</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Impairment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,360)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(9,923)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(13,283)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Exploration</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,531)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,176)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,523)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,232)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">General
    and administration</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(313)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,148)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,461)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Earnings
    (loss) from operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,928</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,891)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,176)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,759)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,148)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(35,046)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Finance
    expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,911)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(300)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(120)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,367)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(6,698)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Finance
    income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2,525</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,905</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4,436</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Other
    income (expense)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">102</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(13,974)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">75</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">14,031</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">238</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Income
    (loss) before taxes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">5,119</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,640)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,292)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,678)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,579)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(37,070)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Tax
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(448)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,588)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(299)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,335)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Net
    income (loss) from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4,671</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(18,228)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,292)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,977)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,579)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(39,405)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="24" STYLE="vertical-align: top; padding: 3pt 2.9pt 6pt 39.75pt; text-align: justify; text-indent: 0cm; font-size: 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 9pt">Total
    assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 9pt">Total
    liabilities</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">December
    31,</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">December
    31,</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Mesquite</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">247,797</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">210,371</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; text-align: right; text-indent: 0cm"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">(135,192)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(162,724)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Aurizona</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">380,641</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">321,223</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">(55,625)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(111,165)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Castle
    Mountain</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">158,127</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">134,843</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">(11,231)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,466)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">25,715</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(416)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Corporate</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">52,785</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">49,721</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">(234,243)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(55,804)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">839,350</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">741,873</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; text-align: right; text-indent: 0cm"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">(436,291)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(332,575)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="24" STYLE="vertical-align: bottom; padding: 3pt 2.9pt 6pt 19.55pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The
    Company has only one revenue stream, being the sale of gold dor&eacute;. &nbsp;All revenue is attributable to the sale of
    dor&eacute; from Mesquite in the United States and Aurizona in Brazil to one customer.&nbsp;&nbsp;Information about the Company&rsquo;s
    non-current assets by jurisdiction is detailed below:</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD COLSPAN="9" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0"><FONT STYLE="font-size: 9pt">December
                                         31,</FONT></P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0"><FONT STYLE="font-size: 9pt">2019</FONT></P></TD>
    <TD COLSPAN="5" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0"><FONT STYLE="font-size: 9pt">December
                                         31,</FONT></P>
        <P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0"><FONT STYLE="font-size: 9pt">2018</FONT></P></TD>
    <TD STYLE="text-align: right; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">United
    States</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; text-indent: 0cm"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">347,784</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">280,248</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">310,241</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">294,343</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">32,669</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">19,781</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Mexico</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">19,460</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">450</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; text-indent: 0cm"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; text-indent: 0cm"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">690,694</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">614,282</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 32%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">23.&#9;Supplemental
    cash flow information</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; padding: 3pt 2.9pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">During
    the years ended December 31, 2019 and 2018, the Company conducted the following non-cash investing and financing transactions:</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 61%; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Shares
    and warrants issued to settle debt (note 13(e))</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">10,110</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">15,504</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Non-cash
    changes in accounts payable in relation to capital expenditures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,427)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">17,379</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Non-cash
    proceeds from disposition of assets (note 5(c))</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4,431</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">7,791</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Recoverable
    taxes reclassified from mineral properties, plant and equipment to accounts receivable and other assets (note 10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(11,294)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Right-of-use
    assets recognized</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,548</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Shares
    issued in debt financing (note 17(b))</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,320</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Consideration
    payable for Mesquite Acquisition (note 5(b))</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">12,451</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 2.15pt; padding-left: 2.9pt; font-size: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>


<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%; padding: 5pt 2.9pt 5pt 19.45pt; font: bold 9pt/13pt Arial, Helvetica, Sans-Serif; text-indent: -18pt; color: #21405E; text-transform: uppercase">24.&#9;Related party transactions</TD></TR>
</TABLE>


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

<P STYLE="text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;<FONT STYLE="line-height: 12pt">Related
party expenses and balances</FONT></I></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">The
Company&rsquo;s Chairman, Ross Beaty, is a significant shareholder and considered a related party of the Company. In April 2019,
the Company entered into a one-year unsecured $20 million revolving credit facility with Mr. Beaty (note 13(c)), which it repaid
in September 2019.</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">In
January 2018, the Company issued 3.7 million common shares to Mr. Beaty to settle the $15.0 million debenture owned by Mr. Beaty
(note 13(e)). In October 2018, Mr. Beaty invested $10.0 million in the Private Placements to purchase an additional 2,736,842
common shares (note 17(b)).</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">At
December 31, 2019, the total balance owing to Mr. Beaty was $13.2 million (2018 - $12.2 million), including accrued interest of
$1.2 million related to the Company&rsquo;s Standby Loan (note 13(d)).</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt"><I>Key
management personnel compensation</I></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 12pt">The
key management of the Company comprises executive and non-executive directors and members of executive management. The remuneration
of the Company&rsquo;s directors and other key management personnel during the years ended December 31 are as follows:</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 64%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 3%; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 2%; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
    <TD STYLE="padding-left: 19.5pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Salaries, directors&rsquo;
    fees and other short-term benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2,762</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2,690</FONT></TD>
    <TD STYLE="padding-left: 19.5pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Share-based
    payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,940</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">2,078</FONT></TD>
    <TD STYLE="padding-left: 19.5pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Total
    key management personnel compensation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4,702</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 19.5pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 19.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4,768</FONT></TD>
    <TD STYLE="padding-left: 19.5pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt"><FONT STYLE="font-size: 9pt; line-height: 13pt">At
December 31, 2019, $1.2 million (December 31, 2018 - $0.9 million) was owed by the Company to management for accrued salary and
bonuses and the reimbursement of expenses.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">25.&#9;&nbsp;&nbsp;&nbsp;Capital
    management</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.45pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
                                         Company&rsquo;s primary objective when managing capital is to ensure it will be able
                                         to continue as a going concern and that it has sufficient ability to satisfy its capital
                                         obligations and ongoing operational expenses, as well as having sufficient liquidity
                                         to fund suitable business opportunities as they arise.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.45pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        capital of the Company includes the components of equity and loans and borrowings net of cash and cash equivalents. Capital,
        as defined above is summarized in the following table:</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">December 31,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">2019</FONT></P></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">December 31,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">2018</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Equity</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">403,059</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">394,779</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Loans
    and borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">264,049</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">214,559</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">667,108</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">609,338</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(67,716)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">(60,822)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">599,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">548,516</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
                                         Company manages its capital structure and make adjustments as necessary. In order to
                                         maintain the capital structure, the Company may, from time to time, issue or buy back
                                         equity, repay debt, or sell assets. The Company manages and makes adjustments to its
                                         capital structure in light of economic conditions. The Company, upon approval from its
                                         Board of Directors, intends to balance its overall capital structure through new share
                                         issues or by undertaking other activities as deemed appropriate under the specific circumstances.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pacific
        Road has certain non-dilution rights pursuant to an investment agreement dated May 7, 2015 whereby as long as Pacific
        Road holds at least 5% of Equinox Gold's common shares, Pacific Road has the right to maintain all or a portion of its
        ownership interest in the Company following any new issuance of Equinox Gold common shares.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">In
        connection with the issuance of the Convertible Notes, the Company and Mubadala entered into an investor rights agreement,
        providing Mubadala, among certain other rights, the right to a nominee on the Company&rsquo;s Board of Directors and standard
        anti-dilution rights.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">26.&#9;&nbsp;&nbsp;&nbsp;Financial
    instrument risk exposure and risk management</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The Company
    is exposed in varying degrees to a variety of financial instrument related risks.&nbsp;&nbsp;The Board of Directors approves
    and monitors the risk management process.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 37.5pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
    risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">Credit
                                         risk is the risk of financial loss to the Company if a counterparty to a financial instrument
                                         fails to meet its contractual obligations and arises principally from the Company&rsquo;s
                                         financial assets.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        Company is primarily exposed to credit risk on its cash and cash equivalents, accounts receivable and deposits and reclamation
        bonds. Exposure to credit risk related to financial institutions and cash deposits is limited through maintaining cash
        and equivalents and short-term investments with high-credit quality financial institutions and instruments. Credit risk
        with respect to receivables from the sale of non-core assets is mitigated by security held in the event of default.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        carrying value of these financial assets totaling $104.6 million represents the maximum exposure to credit risk.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 5pt 5.4pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">26.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
    instrument risk exposure and risk management (continued)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(b)&#9;&nbsp;&nbsp;Liquidity
    risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Liquidity
    risk is the risk that the Company will not be able to meet its financial obligations as they become due.&nbsp;&nbsp;The Company
    ensures that there is sufficient capital in order to meet short term business requirements after taking into account the Company&rsquo;s
    holdings of cash and cash equivalents. A summary of contractual maturities of financial liabilities is included in note 28.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(c)&#9;&nbsp;&nbsp;Market
    risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 36pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Market
    risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
    prices.&nbsp;&nbsp;Market prices comprise three types of risk: commodity price risk; interest rate risk and currency risk.&nbsp;&nbsp;Financial
    instruments affected by market risk include cash and cash equivalents, accounts receivable, marketable securities, reclamation
    deposits, accounts payable and accrued liabilities, debt and derivatives.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Interest
    rate risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
                                         Company&rsquo;s interest rate risk arises primarily from the interest received on cash
                                         and short-term deposits and interest paid on floating rate borrowings.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify"><FONT STYLE="font-size: 9pt">Deposits
        are invested on a short-term basis to enable adequate liquidity for payment of operational and capital expenditures. The
        Company does not believe that it is exposed to material interest rate risk on its cash and short-term deposits.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.8pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        Company is exposed to interest rate risk due to the floating rate interest on its Revolving Credit Facility. A 10% change
        in interest rates at the reporting date would have a $0.2 million impact on net loss in the year.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Foreign
    currency risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 53.8pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The
    Company&rsquo;s functional currency is the US dollar.&nbsp;&nbsp;The Company is exposed to currency risk on transactions and
    balances in currencies other than the functional currency, primarily the Brazilian Real and Canadian dollar.&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding: 3pt 2.9pt 6pt 53.85pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Financial
    assets and liabilities denominated in currencies other than the US dollar are as follows:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2018</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: right; vertical-align: middle; width: 11%; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: middle; width: 30%; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 2%; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 13%; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt">Financial</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0"><FONT STYLE="font-size: 9pt">assets</FONT></P></TD>
    <TD STYLE="vertical-align: middle; width: 2%; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 13%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Financial<BR>
    liabilities</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 2%; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Financial<BR>
    assets</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 2%; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Financial<BR>
    liabilities</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right; width: 1%; vertical-align: middle"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Brazilian
    Reals</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">28,653</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">28,986</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">19,810</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">20,984</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Canadian
    dollars</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">18,721</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,987</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">26,311</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">3,026</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">47,374</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: center; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">35,973</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">46,121</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">24,010</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="padding-right: 2.9pt; padding-left: 53.85pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 5pt 19.45pt; width: 100%; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">26.&#9;&nbsp;&nbsp;Financial
    instrument risk exposure and risk management (continued)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.85pt; text-align: justify"><FONT STYLE="font-size: 9pt">Of
                                         the financial assets listed above, $12.9 million (December 31, 2018 - $19.8 million)
                                         represent cash and cash equivalents held in Brazilian Reals and $7.8 million (December
                                         31, 2018 - $25.8 million) represent cash and cash equivalents held in Canadian dollars.
                                         Minimal cash is held in other currencies.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.85pt; text-align: justify"><FONT STYLE="font-size: 9pt">At
        December 31, 2019, with other variables unchanged, a 10% strengthening of the US dollar against the above currencies would
        have decreased net loss by approximately $1.0 million (December 31, 2018 - $2.0 million). A 10% weakening of the US dollar
        would have the opposite effect on net loss.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 53.85pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        Company has a foreign currency exchange risk management program (note 14(a)) in order to manage foreign currency risk
        on its Brazilian Real expenditures.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 53.45pt; text-align: justify; text-indent: -18pt; line-height: 13pt"><FONT STYLE="font-size: 9pt">(iii)&#9;&nbsp;&nbsp;Commodity
    price risk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 6pt 53.8pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">Gold prices
    are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation
    and the political and economic conditions of major gold producing countries.&nbsp;&nbsp;The profitability of the Company is
    directly related to the market price of gold.&nbsp;&nbsp;A decline in the market price for this precious metal could negatively
    impact the Company&rsquo;s future operations.&nbsp;&nbsp;The Company has not hedged any of its gold sales.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">27.&#9;&nbsp;&nbsp;&nbsp;Fair
    value measurements</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">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. The fair
                                         value hierarchy establishes three levels in which to classify the inputs of valuation
                                         techniques used to measure fair values.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">Level
        1 - quoted market prices (unadjusted) in active markets for identical assets or liabilities.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">Level
        2 - inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either
        directly, such as prices, or indirectly (derived from prices).</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 36pt; text-align: justify"><FONT STYLE="font-size: 9pt">Level
        3 - inputs are unobservable (supported by little or no market activity) such as non-corroborative indicative prices for
        a particular instrument provided by a third party.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">As
                                         at December 31, 2019, marketable securities and traded warrants are measured at fair
                                         value using Level 1 inputs and non-traded warrants and Collars are measured at fair value
                                         using Level 2 inputs. The fair value of the long-term receivables, Convertible Notes,
                                         Debenture, Revolving Credit Facility, and Standby Loan, for disclosure purposes, are
                                         determined using Level 2 inputs. The carrying values of cash and cash equivalents, accounts
                                         receivable, reclamation bond, and accounts payable and accrued liabilities approximate
                                         fair value due to their short terms to maturity.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        fair value of marketable securities is measured based on the quoted market price of the related common shares at each
        reporting date, and changes in fair value are recognized in net income (loss).</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        fair value of the traded warrants is measured based on the quoted market price of the warrants at each reporting date.
        The fair value of the non-traded warrants is determined using an option pricing formula (note 14(b)). The fair value of
        Collars is measured based on forward foreign exchange rates.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        fair value of the long-term receivables, Convertible Notes, Debenture, Revolving Credit Facility, and Standby Loan for
        disclosure purposes is determined using discounted cash flows based on the expected amounts and timing of the cash flows
        discounted using a market rate of interest adjusted for appropriate credit risk.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">There
        were no transfers between fair value levels during the year.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-bottom: 4pt">&nbsp;<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Notes to Consolidated Financial Statements</P><P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(Tables expressed in thousands of United States dollars, except share and per share amounts)</P><P STYLE="border-bottom: Black 2pt solid; margin: 0; font: 9pt/107% Arial, Helvetica, Sans-Serif">For the years ended December 31, 2019 and 2018</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #21405E; font: bold 9pt/13pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">27.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Fair
                                         value measurements (continued)</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 3pt 2.9pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">The
    following table provides the fair value of each classification of financial instrument as at December 31:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 61%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Loans and receivables:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">67,716</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">60,822</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Restricted cash</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">15,285</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">15,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Receivable from Serabi</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">12,033</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">10,909</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Long term receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">11,986</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">7,629</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Reclamation bonds
    and other receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">577</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">767</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Financial
    assets at FVTPL:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Marketable
    securities</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">988</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,782</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 14.85pt; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">Collars</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,640</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total
    financial assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">110,225</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">97,505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Financial liabilities
    at FVTPL:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Traded warrants</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">26,056</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">9,730</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Non-traded warrants</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">30,090</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">9,131</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Other:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Accounts payable
    and accrued liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">67,047</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">55,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Convertible Notes</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">137,995</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Revolving Credit
    Facility</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">120,225</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">84,844</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Debenture</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">10,061</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">17,746</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Sprott Facility</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">18,452</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Aurizona Credit Facility</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">67,627</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Standby Loan</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">13,252</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">12,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Production-linked
    liability</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">5,024</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 12.45pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Other
    liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,795</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,706</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total
    financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">406,521</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">281,720</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">28.&#9;&nbsp;Commitments
    and contingencies</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding: 3pt 2.9pt 6pt 19.45pt; text-align: justify; line-height: 13pt"><FONT STYLE="font-size: 9pt">At
    December 31, 2019, the Company had the following contractual obligations outstanding: &nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-left: 2.9pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 2%; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Within
    1<BR>
    year</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">1-2</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">years</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">2-3</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">years</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">3-4</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">years</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">4-5</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">years</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">Thereafter</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Loans
    and borrowings and accrued interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">331,720</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">77,462</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">53,364</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">52,280</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">6,983</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">141,631</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Accounts
    payable and accrued liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">67,047</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">67,047</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Reclamation
    obligations<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">38,116</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">459</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">3,642</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">4,547</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">3,204</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">3,717</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">22,547</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Purchase
    commitments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">27,638</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">25,008</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,541</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">969</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">112</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Lease
    commitments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">1,068</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">365</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">204</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">210</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">216</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">465,589</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">170,341</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">58,751</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">58,006</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">10,515</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">145,428</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-left: 4.95pt; text-align: right; text-indent: -4.95pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 9pt">22,548</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding: 3pt 2.9pt 6pt 37.45pt; text-align: justify; text-indent: -18pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Amount
    represents undiscounted future cash flows.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">Due
                                         to the nature of the Company&rsquo;s operations, various legal, tax, environmental and
                                         regulatory matters are outstanding from time to time. By their nature, contingencies
                                         will only be resolved when one or more future events occur or fail to occur. The assessment
                                         of contingencies inherently involves the exercise of significant judgement and estimates
                                         of the outcome of future events. While the outcomes of these matters are uncertain, based
                                         upon the information currently available, the Company does not believe that these matters
                                         in aggregate will have a material adverse effect on its consolidated financial statements.
                                         In the event that management&rsquo;s estimate of the future resolution of these matters
                                         changes, the Company will recognize the effects of these changes in its consolidated
                                         financial statements in the period in which such changes occur.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


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    <TD COLSPAN="16" STYLE="padding: 5pt 2.9pt 5pt 19.45pt; text-indent: -18pt; line-height: 13pt; color: #21405E; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 9pt">28.&#9;&nbsp;Commitments
    and contingencies (CONTINUED)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 7.55pt; text-indent: -7.55pt; width: 4%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-indent: -4.95pt; width: 24%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.95pt; text-align: left; text-indent: -4.95pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
                                         Company is a defendant in various lawsuits and legal actions, including for alleged fines,
                                         taxes and labour related matters in the jurisdictions in which it operates. Management
                                         regularly reviews these lawsuits and legal actions with outside counsel to assess the
                                         likelihood that the Company will ultimately incur a material cash outflow to settle the
                                         claim. To the extent management believes it is probable that a cash outflow will be incurred
                                         to settle the claim, a provision for the estimated settlement amount is recorded. At
                                         December 31, 2019, the Company recorded a legal provision for these items totaling $4.0
                                         million (December 31, 2018 - $2.9 million) which is included in other long-term liabilities.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">The
        Company is contesting federal income and municipal VAT assessments in Brazil. Brazilian courts often require a taxpayer
        to post cash or a guarantee for the disputed amount before hearing a case. It can take up to five years to complete an
        appeals process and receive a final verdict. At December 31, 2019, the Company has recorded restricted cash of $13.9 million
        (December 31, 2018 - $7.5 million) in relation to insurance bonds for tax assessments in the appeals process. The Company
        may in the future have to post security, by way of cash, insurance bonds or equipment pledges, with respect to certain
        federal income and municipal tax assessments being contested, the amounts and timing of which are uncertain. The Company
        and its advisor believe that the federal income and municipal tax assessments which are under appeal are wholly without
        merit and no provision has been recorded with respect to these matters.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">In
        certain jurisdictions where the Company operates, entities that are exporters are permitted to maintain offshore bank
        accounts and are required to register all transactions resulting in deposits into and payments out of those accounts.
        The Company has identified that in certain instances it has not registered all transaction prior to 2017. The Company
        has been advised by its tax and foreign trade legal advisors that material fines are imposable under statute that could
        result from non-compliance with a five-year statute of limitations.</FONT></P>
        <P STYLE="font: 9pt/13pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt 19.55pt; text-align: justify"><FONT STYLE="font-size: 9pt">If
        the Company is unable to resolve all these matters favorably, there may be an adverse impact on the Company&rsquo;s financial
        performance, cash flows and results of operations.</FONT></P></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2019
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-right: 10pt; margin-top: 3pt; margin-bottom: 3pt; text-align: center">&nbsp;<IMG SRC="equinoxlogo.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: center"><B>Management&rsquo;s Discussion
and Analysis</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: center"><B>For the three months and year
ended December 31, 2019</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">(Expressed in United States Dollars,
unless otherwise stated)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">This Management&rsquo;s Discussion
        and Analysis (&ldquo;MD&amp;A&rdquo;) of the financial position and results of operations for Equinox Gold Corp. (the &ldquo;Company&rdquo;
        or &ldquo;Equinox Gold&rdquo;) (TSX: EQX, NYSE American: EQX) should be read in conjunction with the audited consolidated financial
        statements of the Company for the year ended December 31, 2019 and the related notes thereto, which have been prepared in accordance
        with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board.
        For further information on the Company, reference should be made to its public filings on SEDAR at www.sedar.com and on EDGAR at
        www.edgar.gov.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">This MD&amp;A is prepared by management
        and approved by the Board of Directors as of February 28, 2020. This discussion covers the three months (&ldquo;Q4 2019&rdquo;
        or the &ldquo;Quarter&rdquo;) and the year ended December 31, 2019 and the subsequent period up to the date of issuance of the
        MD&amp;A. All dollar amounts are in United States (&ldquo;US&rdquo;) dollars, except where otherwise noted.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">This MD&amp;A contains forward-looking
        statements. Readers are cautioned as to the risks and uncertainties related to the forward-looking statements, the risks and uncertainties
        associated with investing in the Company&rsquo;s securities and the technical and scientific information under National Instrument
        43-101 (&ldquo;NI 43-101&rdquo;) concerning the Company&rsquo;s material properties, including information about mineral reserves
        and resources. All forward-looking statements are qualified by cautionary notes in this MD&amp;A as well as risks and uncertainties
        discussed in the Company&rsquo;s 2018 Annual Information Form dated August 9, 2019 and its Management Information Circular dated
        December 20, 2019 which are filed on SEDAR and EDGAR.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Throughout this MD&amp;A cash costs,
        cash costs per ounce sold, all-in sustaining costs (&ldquo;AISC&rdquo;), AISC per ounce sold, adjusted net income, adjusted EPS,
        adjusted EBITDA, and sustaining and non-sustaining capital expenditures are non-IFRS financial measures with no standard meaning
        under IFRS. Non-IFRS measures are further discussed in the section Non-IFRS Measures on page 21 of this MD&amp;A.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; width: 92%; text-align: justify"><FONT STYLE="color: #21405E"><B>CONTENTS</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; width: 8%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Business Overview</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">2019 Highlights</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Highlights for the Three Months Ended December 31, 2019</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Recent 2020 Highlights</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Operating and Financial Results for the Three Months and Year Ended December 31, 2019</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">2019 Guidance Comparison</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">2020 Outlook</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Operations</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Development Properties</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Reserves &amp; Resources</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Health, Safety, Environment &amp; Sustainability</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Corporate</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Recent Developments</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Financial Results</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Liquidity and Capital Resources</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Outstanding Share Data</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Commitments and Contingencies</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Related Party Transactions</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Non-IFRS Measures</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Risks and Uncertainties</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Accounting Matters</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Cautionary Notes and Forward-looking Statements</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 3pt 5.4pt; text-align: justify">Technical Information</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right">45</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; color: #21405E; text-transform: uppercase">Business Overview</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; text-align: justify; font-weight: bold">Operations description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is a growth-focused
        mining company delivering on its strategy of becoming a multi-asset gold producer. The Company has quickly grown from a single-asset
        developer to a multi-asset gold producer with two mines in production and a mine in construction. Equinox Gold&rsquo;s principal
        assets are the Mesquite Gold Mine in California, USA (&ldquo;Mesquite&rdquo;), the Aurizona Gold Mine in Maranh&atilde;o, Brazil
        (&ldquo;Aurizona&rdquo;) and the Castle Mountain Gold Mine in California, USA (&ldquo;Castle Mountain&rdquo;). Each asset is wholly
        owned by the Company.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold was formed with the
        strategic vision of building a company that is responsibly and safely producing more than one million ounces of gold annually by
        the end of 2023. To achieve its growth objectives, Equinox Gold intends to expand production from its current asset base through
        exploration and development and look for opportunities to merge with or acquire other companies, producing mines and/or development
        projects that fit the Company&rsquo;s portfolio and strategy.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold expects to accelerate
        its vision of becoming a million-ounce gold producer by completing an at-market merger with Leagold Mining Corporation (&ldquo;Leagold&rdquo;).
        The merger and concurrent $670 million financing were announced on December 16, 2019, were approved by the shareholders of both
        companies on January 28, 2020 and are expected to close the second week of March 2020, subject to various approvals. When complete,
        the combined company will have six producing mines, two development projects and two expansion projects and will be fully funded
        to achieve its development objectives, creating one of the world&rsquo;s top gold producers operating entirely in the Americas.
        The Company will continue to be opportunistic with respect to future growth and will also look at opportunities to streamline and
        enhance the combined portfolio of assets. The pending merger is discussed in the <I>Recent Developments</I> section of this MD&amp;A.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s common shares
        trade under the symbol &ldquo;EQX&rdquo; on both the Toronto Stock Exchange (&ldquo;TSX&rdquo;) in Canada and the NYSE American
        Stock Exchange (&ldquo;NYSE-A&rdquo;) in the United States. The Company has warrants that trade on the TSX under the symbol &ldquo;EQX.WT&rdquo;
        and on the OTC Markets in the United States under the symbol &ldquo;EQXWF&rdquo;. The traded warrants have a C$3.00 exercise price
        and expire on October 6, 2021. Each warrant exercises into 0.10 shares of Solaris Resources&nbsp;Inc. and 0.20 shares of Equinox
        Gold, requiring five warrants to be exercised to receive one full share of Equinox Gold.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; color: #21405E; text-transform: uppercase">2019 Highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; text-align: justify; font-weight: bold">Operational and financial highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Completed
        Aurizona construction with no lost-time injuries (1.8 million work hours total in 2018 and 2019)</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Completed
        3.3 million work hours in 2019 with two lost-time injuries across all of the Company&#8217;s sites</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Achieved
        production guidance with total production of 201,018 ounces (&#8220;oz&#8221;) of gold at mine all-in sustaining costs (&#8220;AISC&#8221;)
        of $931 per oz sold<SUP>(<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%">1</FONT>)</SUP>,
        which beat the AISC guidance range of $940 to $990 per oz </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT>&#9;<FONT STYLE="font-weight: normal">Aurizona
achieved commercial production on July 1, 2019, producing 75,282 oz of gold at AISC of $928/oz</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Mesquite
        produced 125,736 oz of gold at AISC of $933/oz</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Sold
        196,803 oz of gold, generating revenue of $281.7 million</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Mine
        cash costs of $809/oz<SUP>(1)</SUP></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Earnings
        from mine operations of $83.9 million</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Cash
        flow from operations of $59.7 million </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Adjusted
        EBITDA of $98.2 million<SUP>(1,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 107%">2</FONT>)</SUP></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"></P>



<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 0pt; width: 33%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; line-height: 107%"><SUP>1
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash cost per oz sold, AISC per oz sold,
adjusted EBITDA, adjusted net income, and adjusted EPS are non-IFRS measures. See <I>Non-IFRS Measures </I>and <I>Cautionary Notes</I>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-family: Arial, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>Primary adjustments were $38.2 million loss on change in fair value of warrants, $14.1 million loss on early settlement
of debt and $5.0 million non-cash share-based compensation expense.</FONT></P>



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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Adjusted
net income of $38.3 million<SUP>(1,2)</SUP></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Adjusted
        earnings per share (&#8220;EPS&#8221;), basic and diluted, of $0.34 and $0.29, respectively<SUP>(1,2)</SUP></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Net
        loss of $20.3 million or $0.16 per share, which includes non-cash losses related to:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Change
        in fair value of derivative liability of $38.2 million for warrants with a Canadian dollar exercise price; and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Early
        debt settlement of $14.1 million after refinancing project debt with revolving credit facility</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Cash
        and cash equivalents (unrestricted) of $67.7 million at year end</FONT></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt; text-align: justify; font-weight: bold">Corporate highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Completed
        strategic $130 million investment by Mubadala Investment Company (&#8220;Mubadala&#8221;)</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Arranged
        $130 million corporate revolving credit facility and repaid Sprott facilities </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Commenced
        trading on the NYSE-A and the TSX under symbol &#8220;EQX&#8221;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Completed
        a 5:1 share consolidation to achieve the NYSE-A listing</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Graduated
        from the TSX Venture Exchange to the Toronto Stock Exchange</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Announced
        at-market merger with Leagold to create a premier Americas gold producer</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Arranged
        refinancing package of $670 million to close concurrently with the merger</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; text-align: justify; font-weight: bold">Development highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Commenced
        Castle Mountain Phase 1 construction </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Initiated
        Castle Mountain Phase 2 feasibility study</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Drilled
        6,735 metres on the Tatajuba target at Aurizona with a resource update targeted for H1 2020</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Advanced
        Aurizona underground studies with a preliminary economic assessment targeted for mid 2020</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Drilled
        48,045 metres on mineralized waste material at Mesquite and stacked 13.1 million tonnes of economic mineralized material</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; color: #21405E; text-transform: uppercase">Highlights for the Three Months Ended December 31, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; text-align: justify; font-weight: bold">Operational and financial highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Produced
        80,176 oz of gold, with 40,321 oz from Mesquite and 39,855 oz from Aurizona</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Sold
        80,330 oz of gold, generating revenue of $119.0 million</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Mine
        cash costs of $759 per oz sold<SUP>(1)</SUP> and AISC of $848 per oz sold<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Earnings
        from mine operations of $38.5 million</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Adjusted
        EBITDA of $47.9 million<SUP>(1,3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Adjusted
        net income of $20.9 million<SUP>(1,3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Adjusted
        EPS, basic and diluted, of $0.18 and $0.15, respectively<SUP>(1,3)</SUP></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Net
        loss of $8.5 million and $0.08 per share, which includes non-cash loss related to change in fair value of derivative liability
        of $26.8 million for warrants with a Canadian dollar exercise price</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD></TR>
</TABLE>








<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 0pt; width: 33%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>Cash cost per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, and adjusted EPS are non-IFRS measures. See
<I>Non-IFRS Measures</I> and <I>Cautionary Notes</I>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>Primary adjustments were $38.2 million loss on change in fair value of warrants, $14.1 million loss on early settlement
of debt and $5.0 million non-cash share-based compensation expense.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3
</SUP>Primary adjustments were $26.8 million loss on change in fair value of warrants and $2.0 million non-cash share-based compensation
expense.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 12pt 2.15pt 3pt; text-align: justify; color: #21405E; text-transform: uppercase">Recent 2020 Highlights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Merger
        with Leagold expected to close in the second week of March 2020</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Received
        shareholder approval for the merger on January 28, 2020</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt">-<FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Received
Mexican Comisi&#243;n Federal de Competencia Econ&#243;mica clearance decision on February 28, 2020</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Received
        conditional approval from the TSX and NYSE-A</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Castle
        Mountain construction approximately 50% complete and on schedule for Q3 2020 first gold pour</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Process
        pond and event pond excavation complete</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt">-<FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Leach
pad earthworks complete</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Leach
        pad double liner system 35% complete</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Concrete
        works 65% complete</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Structural
        steel erection underway in CIC plant, 25% complete</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 43.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">-</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">Equipment
        manufacturing in progress and on schedule </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; padding: 12pt 2.9pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Operating and Financial Results for the Three Months and Year Ended December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-align: center; text-indent: 0cm">Year ended</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Operating data </I></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Unit</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 13%; padding: 1pt 2.9pt; text-align: right">December 31, 2018</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">December 31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold produced</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">80,176</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">25,601</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">194,941</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">25,601</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold produced pre-commercial operation </TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">-</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">6,076</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold sold</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">80,330</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">24,384</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">196,803</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">24,384</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Realized gold price</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,482</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1,237</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,431</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1,237</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Mine AISC per oz<SUP>(1,2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">848</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">886</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">931</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">886</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Financial data </I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Revenue</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">119.0</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">30.2</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">281.7</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">30.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Earnings from mine operations</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">38.5</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">6.9</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">83.9</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">6.9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Net loss from continuing operations</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">(8.5)</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">(25.9)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">(20.3)</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">(39.4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Adjusted EBITDA<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">47.9</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">0.9</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">98.2</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">(11.8)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Adjusted net income (loss)<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">20.9</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">(4.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">38.3</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">(20.0)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Balance sheet and cash flow data</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Cash (unrestricted)</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">67.7</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">60.8</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">67.7</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">60.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Operating cash flow</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">38.9</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">1.5</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">59.7</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">(23.0)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 15.65pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-weight: normal">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
        mine AISC per oz sold excludes corporate general and administration expenses</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 15.65pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-weight: normal">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
        cost per oz sold, AISC per oz sold, adjusted EBITDA and adjusted net income are non-IFRS measures. See <I>Non-IFRS Measures</I>
        and <I>Cautionary Notes</I>. </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">2019 Guidance Comparison</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><FONT STYLE="font-weight: normal">The Company achieved its 2019 production guidance of 200,000 to 235,000 oz of gold and beat its AISC per oz sold guidance of $940 to $990 per oz sold as outlined below: </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">2019 Actuals</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">2019 Guidance</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">Production (oz)</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">AISC ($ per oz)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">Production (oz)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding: 1pt 2.9pt; text-align: right">AISC ($ per oz)</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Mesquite</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 2.9pt; text-align: right">125,736</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">933</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1pt 2.9pt; text-align: right">125,000 - 145,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1pt 2.9pt; text-align: right">930 - 980</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Aurizona<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">75,282</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">928</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">75,000 - 90,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">950 - 1,025</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Total</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">201,018</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">931</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">200,000 - 235,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">940 - 990</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding: 6pt 2.15pt 3pt 12.45pt; text-indent: -12.45pt; font-size: 10pt; text-align: justify; font-weight: bold"><FONT STYLE="font-size: 8pt; font-weight: normal">(1)&#9;Aurizona production for the twelve months ended December 31, 2019 includes 6,076 oz poured during construction and commissioning, prior to the July 1, 2019 start of commercial production. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><FONT STYLE="font-weight: normal">The Company&rsquo;s capital expenditures were less than 2019 guidance, as outlined below: </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Sustaining Capital Expenditures</I></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt"><I>$ amounts in millions</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Actual</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">Guidance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Mesquite</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">7.1</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">8.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Aurizona</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">13.7</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">21.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Total</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">20.8</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">29.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Non-sustaining Capital Expenditures</I></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Actual</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Guidance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt"><I>$ amounts in millions</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Reserve expansion<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Construction<SUP>(2)</SUP></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">Reserve expansion</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">Construction</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Mesquite</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt; text-align: right">8.7</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">-</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">8.0</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Aurizona</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt; text-align: right">1.0</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">46.1</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">2.0</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">37.6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Castle Mountain</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">21.0</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">-</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">28.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Total</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">9.7</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">67.1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">10.0</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">65.6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 16.35pt; text-align: justify; text-indent: -14.9pt"><FONT STYLE="font-weight: normal">(1)&nbsp;&nbsp;Reserve
        expansion at Aurizona relates to exploration drilling at near-mine targets outside of the existing reserve boundary. Amounts are
        expensed on the consolidated statement of loss in the period.</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 15.65pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-weight: normal">(2)&nbsp;&nbsp;Aurizona
        costs do not include $11.3 million in recoverable tax credits recognized as a reduction to construction expenditures that are expected
        to be realized as cash savings over the next two years. </FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">2020 Outlook</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On January 28, 2020, Equinox Gold
        and Leagold securityholders voted 99.9% and 99.7% in favour, respectively, of the previously announced at-market merger. The merger
        and concurrent financing are expected to close in the second week of March 2020. The combined entity will continue as Equinox&nbsp;Gold.
        The pending merger is discussed in the <I>Recent Developments</I> section (p. 12) of this MD&amp;A.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The merger will significantly expand
        Equinox Gold&rsquo;s asset portfolio. At completion, Equinox Gold will have six operating mines: Los Filos in Mexico, Mesquite
        in California, and Aurizona, Fazenda, RDM and Pilar in Brazil. The merger will also enhance Equinox Gold&rsquo;s growth profile,
        with two development projects: Castle Mountain Phase 1 in California and the Los Filos expansion in Mexico, and two growth projects:
        Castle Mountain Phase 2 and Santa Luz in Brazil. In addition, Equinox Gold intends to undertake exploration programs across the
        combined operations and is finalizing a preliminary economic assessment for the potential to develop an underground mine at Aurizona.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold will provide 2020
        production, cost and capital expenditure guidance after completion of the merger.</P></TD></TR>
<TR>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Operations</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Mesquite Gold Mine, California, USA</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold acquired Mesquite on October 30, 2018. &nbsp;Mesquite is an open-pit, run-of-mine (&ldquo;ROM&rdquo;) heap leach gold mine located in Imperial County, California, approximately 200 miles south of Castle Mountain. The mine has a long history of successful operations and a strong environmental record. Mesquite has produced more than four million ounces of gold since it commenced operations in 1985 with average annual gold production of approximately 130,000 oz over the last 10&nbsp;years. </TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Operating and financial results for the three months and year ended December 31, 2019 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-align: center; text-indent: 0cm">Three months ended</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%; padding-top: 6pt; padding-right: 2.15pt; padding-bottom: 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Operating data </I></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Unit</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; padding: 1pt 2.9pt; text-align: right">September 30, 2019</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">December 31, 2018</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Ore mined and placed on leach pad</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Kt</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">5,547</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">6,925</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">3,880</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">25,221</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Waste mined</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Kt</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">8,403</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">7,708</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">3,372</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">32,925</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Open pit strip ratio</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">w:o</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1.52</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1.11</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">0.87</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1.31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Average gold grade stacked to leach pad</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">g/t</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">0.31</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">0.29</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">0.35</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">0.32</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold produced</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">40,321</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">32,177</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">25,601</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">125,736</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold sold</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">41,316</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">31,313</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">24,384</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">126,724</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Financial data </I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Revenue</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">61.2</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">46.2</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">30.2</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">178.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Operating expenses</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">34.8</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">25.7</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">19.0</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">108.6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Sustaining capital<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">0.8</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">0.5</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">2.0</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: left; font-weight: bold">Unit analysis</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Realized gold price per ounce sold</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,481</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1,475</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1,237</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,406</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Cash cost per ounce sold<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">841</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">819</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">780</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">857</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">AISC per ounce sold<SUP>(2)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">881</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">855</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">886</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">933</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 18pt; text-align: justify; text-indent: -18pt">(1)&nbsp;&nbsp;&nbsp;Comparative
        figures for the year ended December 31, 2018 are the same as the three months ended December 31, 2018 as Mesquite was acquired
        on October 30, 2018. As such, comparative figures are not presented.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 18pt; text-align: justify; text-indent: -18pt">(2)&nbsp;&nbsp;&nbsp;Cash
        cost per oz sold, AISC per oz sold, and sustaining capital are non-IFRS measures. See <I>Non-IFRS Measures</I> and <I>Cautionary
        Notes</I>.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Q4 and 2019 Analysis</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Production</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Production increased during each
        quarter of 2019, largely due to more oxidized material stacked to the leach pads than planned, sourced partly from mineralized
        low-grade historical dumps and leach pads on the property, as well as increased solution flow to the leach pads. With total 2019
        production of 125,736 oz gold, the Company achieved the lower end of Mesquite production guidance, which was forecast at 125,000
        to 145,000 oz of gold.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">AISC per oz of gold sold was $933,
        compared to guidance of $930 to $980 per oz sold. AISC per oz sold improved quarter-on-quarter as a result of optimization activities
        and an updated mine plan based on new drilling and engineering data.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During 2019 the Company amended
        its Mesquite operating permit to allow the Company to stack 37 million tons of ore annually on the leach pads (an increase from
        25 million tons). The Company has applied to increase its total material mined (waste plus ore) limit from 65 million tons to 75
        million tons annually.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Exploration and
    development</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During the Quarter, the Company
        spent $2.0 million in non-sustaining capital, focused primarily on drilling historical low-grade dumps and leach pads to identify
        economic-grade material. During the Quarter, the Company spent $0.8 million in sustaining capital on miscellaneous site projects.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During 2019, the Company spent
        $8.7 million in non-sustaining capital and $7.1 million in sustaining capital. Activities at Mesquite during 2019 focused on:</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Executing
        on opportunities to increase production and reduce costs</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Completing
        infill and mine life extension drill programs, including targets in and peripheral to existing open pits</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Advancing
        permitting to explore and drill new near-mine concessions</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Installing
        additional infrastructure to allow better access to current water allocation to increase process flows</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During 2019 the Company completed
        48,045 metres of drilling on historical low-grade dumps and leach pads and stacked 13.1 million tonnes of economic-grade material
        identified through these drill programs, resulting in 78,000 additional recovered oz. Incorporating this mineralized material into
        the Mesquite mine plan contributed to the reduction in AISC, since the material did not require blasting, had a very low strip
        ratio and was located close to the leach pads resulting in short haul times. The material was also mostly oxidized ore, which has
        a shorter leach cycle and higher recoveries than non-oxidized ore.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">A total of 21,115 metres of drilling
        was completed during 2019 on targets in and peripheral to the pits. The Company is preparing applications to drill new near-mine
        concessions with the objective of extending the mine life.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Outlook</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Guidance</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company will provide 2020 production and cost guidance after completion of the merger.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Aurizona Gold Mine, Maranh&atilde;o, Brazil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Aurizona is an open-pit gold mine
        located in northeastern Brazil that achieved commercial production as of July&nbsp;1, 2019. Accordingly, Q3 2019 was Equinox Gold&rsquo;s
        first full quarter of production from Aurizona.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The reserve model for Aurizona
        outlines a 6.5-year mine life with average annual production of approximately 130,000 oz of gold. The Company believes the mine
        life can be extended with exploration success along strike from existing reserves and is also reviewing the potential for mine
        life extension by developing an underground mine.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Operating and financial results for the three months and year ended December 31, 2019 (continued)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Operating data </I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Unit</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">September 30, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Ore mined</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Kt</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,271</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">574</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,845</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Waste mined</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Kt</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">7,239</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">4,843</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">12,082</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Open pit strip ratio</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">w:o</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">5.69</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">8.44</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">6.55</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Tonnes milled</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Kt</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">800</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">771</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,571</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Average gold grade milled</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">g/t</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1.62</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1.30</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1.46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Recovery</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">%</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">90.1</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">91.3</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">91.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold produced</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">39,855</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">29,350</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">69,206</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold produced pre-commercial operation </TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">-</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">6,076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Gold sold<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">oz</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">39,014</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">31,066</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">70,080</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Operating and financial results for the three months and year ended December 31, 2019 (continued)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-align: center; text-indent: 0cm">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-bottom: 1pt; text-indent: 0cm">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Financial data </I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Unit</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">September 30, 2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Revenue</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">57.8</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">45.7</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">103.5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Operating expenses</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">26.2</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">24.4</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">50.6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Sustaining capital<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">M$</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">5.2</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">8.5</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">13.7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: left; font-weight: bold"><I>Unit analysis</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Realized gold price per ounce sold</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,482</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">1,471</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">1,477</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Cash cost per ounce sold<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">672</TD>
    <TD STYLE="padding: 1pt 2.9pt; text-align: right">785</TD>
    <TD STYLE="padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">722</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">AISC per ounce sold<SUP>(2)</SUP></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$/oz</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">814</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; text-align: right">1,070</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; background-color: #D9D9D9; text-align: right">928</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 18pt; text-align: justify; text-indent: -18pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes
        1,883 oz gold that was produced prior to July 1, 2019.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 18pt; text-align: justify; text-indent: -18pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
        cost per oz sold, AISC per oz sold, and sustaining capital are non-IFRS measures. See <I>Non-IFRS Measures</I> and <I>Cautionary
        Notes</I>.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Q4 and 2019 Analysis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Production</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company completed construction
        and commissioning of Aurizona during Q2 2019 and declared commercial production effective July 1, 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Production increased in Q4 2019
        as the Company processed higher-grade feed sourced from the Piaba Main pit, compared to third quarter production feed that was
        sourced primarily from the lower-grade stockpile. With total 2019 production of 75,282 oz of gold (including 6,076 oz poured during
        commissioning and ramp-up), the Company achieved the lower end of Aurizona production guidance, which was forecast at 75,000 to
        90,000 oz of gold (including pre-commercial production oz).</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">AISC per oz of gold sold at Aurizona
        was $928 per oz compared to its cost guidance of $950 to $1,025 per oz of gold sold. The lower AISC is a result of deferral of
        planned stripping activities as well as favourable foreign exchange impacts due to depreciation of the Brazilian Real against the
        US dollar.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During the Quarter, activities
        at Aurizona focused on the next tailings storage facility lift, drainage systems around the mine and stockpiling ore on the ROM
        pad, all in preparation for the rainy season during the first half of 2020. The Company had stockpiled 662,600 tonnes of ore by
        year-end 2019. The Company also opened the length of the mine floor of the Piaba Main pit, exposed ore in the upper Central portion
        of the pit, which can be accessed during the rainy season, prepared the Piaba East pit to provide ore with short hauls to the ROM
        pad, and increased the mining fleet of articulated trucks.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During the Quarter, the Company
        spent $5.2 million on sustaining capital primarily related to the tailings dam raise and an additional $5.8 million of non-sustaining
        capital primarily related to expenses remaining from construction and commissioning. During 2019 the Company spent $13.7 million
        on sustaining capital and $47.1 million on non-sustaining capital, of which $46.1 million was related to construction and commissioning.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Exploration and development</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Following the achievement of commercial
        production, the Company refocused its attention on mine life extension and commenced exploration at the high-priority Tatajuba
        target, which represents a potential 4-km extension to the Piaba Trend. The Company drilled 6,735 metres at Tatajuba during 2019,
        focused on a 600-metre long portion of Tatajuba where historical drilling identified significant gold mineralization characteristically
        the same as the Piaba gold deposit that is currently being mined. A maiden resource for Tatajuba is targeted for H1 2020.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During 2019, the Company also advanced
        studies examining the potential to develop an underground mine at Aurizona, either as a sequential project or concurrently with
        open-pit mining to increase production with higher-grade feed from underground resources. The Company expects to publish a preliminary
        economic assessment of the underground potential in mid 2020.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Outlook </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Guidance</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company will provide 2020 production and cost guidance after completion of the merger. &nbsp;</TD></TR>
</TABLE>
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    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Development Properties</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Castle Mountain Gold Mine, California, USA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Castle Mountain is a past-producing
        open-pit heap leach gold mine located in San Bernardino County, California, approximately 200 miles north of Mesquite. Castle Mountain
        produced more than 1.3 million oz of gold from 1992 to 2004 when production ceased due to low gold prices. The key operating permits
        have been maintained in good standing since production ceased.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company completed a prefeasibility
        study in July 2018 with the intention of restarting operations, contemplating a low-cost heap leach gold mine that will produce
        2.8 million oz of gold over an initial 16-year mine life. The prefeasibility study outlines a two-phase development plan, with
        annual average gold production of 45,000 oz during Phase 1 and annual average gold production of 200,000 oz during Phase&nbsp;2.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Q4 and 2019 Analysis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company initiated early works
        Phase 1 construction activities at Castle Mountain during Q3 2019 and on October 30, 2019, Equinox Gold&rsquo;s Board of Directors
        approved full-scale Phase 1 construction for Castle Mountain, with a budget of $58 million that includes a 12% contingency and
        is fully funded.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Phase 1 will consist of a ROM heap leach operation
        processing primarily 12,700 t/d of stockpiled ore from previous operations. Loaded carbon from Castle Mountain will be trucked
        to Mesquite and processed in the Mesquite carbon stripping and refining plant, resulting in increased operating efficiencies for
        both mines. The Company received a number of permits during 2019 including a revised Conditional Use Permit approving modifications
        to the mine and reclamation plan, the Authority to Construct air emissions permit from the local air district, and a Streambed
        Alteration Agreement from the California Department of Fish and Wildlife, among other minor/non-discretionary permits, all of which
        are required for operations.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="background-color: white">Construction
        activities during Q4 2019 included site earthworks for the leach pad and plant area, including pond excavations, haul road construction,
        and mobilization of the general contractor for the plant construction. Approximately $39 million of the total budgeted spend had
        been committed at December 31, 2019, of which approximately $21 million was incurred on Phase 1 construction to the end of 2019.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">The Phase 2 detailed feasibility study is
        underway and is estimated to increase production to 200,000 oz per year and throughput to 41,000 t/d of ore, of which 2,340 t/d
        of higher-grade ore will be processed through a mill and carbon-in-leach circuit with the remainder going to the heap leach. While
        Phase 2 is expected to operate within the existing mine boundary, the changes to previously analyzed impacts, such as increased
        land disturbance within the approved mine boundary and increased water use, will require amendments to the Mine and Reclamation
        Plan (Plan of Operation) for the Project.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Outlook</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">At the date of this MD&amp;A, Castle Mountain construction is approximately 50% complete and on schedule for Q3 2020 first gold pour.&nbsp;&nbsp;Process pond and event pond excavation and leach pad earthworks are complete.&nbsp;&nbsp;Installation of the heap leach pad double liner system is 35% complete.&nbsp;&nbsp;Concrete works is 65% complete and structural steel erection of the CIC plant is 25% complete.&nbsp;&nbsp;Equipment manufacturing is in progress and on schedule. Construction activities for the remainder of Q1 2020 will focus on leach pad liner installation, plant concrete and steel erection, piping and electrical installation, and haul road construction. Construction progress is updated regularly in a photo gallery on Equinox Gold&rsquo;s website at www.equinoxgold.com. First gold pour is targeted for Q3 2020. </TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Reserves &amp; Resources</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt; font-size: 10pt; text-align: justify">The Company will provide an updated reserve and resource estimate in mid 2020.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Health, Safety, Environment &amp; Sustainability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Health &amp; Safety</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold achieved excellent
        safety results during 2019, working more than 3.3 million hours with two lost-time injuries. Mesquite achieved a milestone in November
        2019 of more than three years with no lost-time injuries. Equinox Gold&rsquo;s Lost-time Injury Frequency Rate for full-year 2019
        is 0.12 per 200,000 hours worked. The Company&rsquo;s Total Recordable Injury Frequency Rate, which is a measure of all injuries
        that require the attention of medically trained personnel, is 0.54 for full-year 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company formulated a set of
        comprehensive Health &amp; Safety Standards during Q4 2019. These standards are intended to capture best practices and to ensure
        a unified approach to managing site Health &amp; Safety by implementing common practices across all sites.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Environment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">During 2019, Equinox Gold formed
        an Independent Tailings Review Board (&ldquo;ITRB&rdquo;). The ITRB is composed of independent technical experts with the mandate
        to further review the design, construction and management practices for the Company&rsquo;s tailings storage facilities, and to
        provide advice and recommendations to the site team and the Company&rsquo;s senior management team. As at December 31, 2019, the
        Company had only one tailings storage facility, located at Aurizona.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is committed to implementing
        best practices at its sites. As part of this commitment, during 2019 Equinox Gold became a signatory to the International Cyanide
        Management Code, which commits the Company to applying leading practices in the transport and use of cyanide at all of its sites.
        Mesquite has been certified under the Code since 2011.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">There were four externally reportable
        environmental incidents (incidents that trigger reporting to external agencies) at the Company&rsquo;s sites during full-year 2019.
        During Q4 2019, a small spill of anti-freeze occurred at Mesquite and there were two incidents of process water leaving the leach
        pad containment area. The water incidents occurred during intense rain events and have led to a review of and improvements to water
        containment at the heap leach pad. In all cases the solution was contained on site and there was no impact on waterways or wildlife.
        Contaminated soils were excavated and placed in bins for off-site decontamination and disposal, and the incidents were reported
        to the relevant authorities.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Sustainability</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Further to its commitment to provide long-lasting sustainable benefits to local communities, during Q4 2019 the Company hired 35 young apprentices from local communities to work at Aurizona, developing valuable skills that can be used for employment at Aurizona or other mines. In addition, the Company assisted with the construction of a new school in the Aurizona village.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">ESG Reporting</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold intends to publish its first ESG (Environment, Social, Governance) report in 2020, summarizing the Company&rsquo;s ESG performance during 2019, its targets for 2020 and its sustainability commitments. The objective is to generate a report that is aligned with ESG frameworks and addresses the reporting needs of the Company&rsquo;s investors and other stakeholders. The Company has been collating data from the sites throughout 2019 and also reached out to existing investors, requesting feedback on the issues that are most important to the Company&rsquo;s investors and their clients. The Company looks forward to publishing its first ESG report and providing a new disclosure platform that will facilitate a deeper level of engagement and discussion with the Company&rsquo;s stakeholders.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Corporate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Merger with Leagold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic"><FONT STYLE="font-style: normal; font-weight: normal">On December 16, 2019, the Company announced that it had entered into a definitive agreement to combine in an at-market merger with Leagold. The Board of Directors of both companies unanimously approved the transaction and recommended that shareholders vote in favour of the transaction. Security holders of both companies approved the transaction at their respective special meetings on January 28, 2020. Additional detail is provided in </FONT><FONT STYLE="font-weight: normal">Recent Developments <FONT STYLE="font-style: normal">in this MD&amp;A. </FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Share consolidation and stock exchange listings</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">On
        August 20, 2019, the Company completed a consolidation of its common shares at a ratio of five pre-consolidation common shares
        for one post-consolidation common share (the &ldquo;Consolidation&rdquo;). The Consolidation reduced the number of Equinox Gold&rsquo;s
        outstanding common shares to approximately 113.3 million common shares. As a result of the Consolidation, shares issuable pursuant
        to the Company&rsquo;s outstanding options, warrants, restricted share units and other convertible securities were proportionally
        adjusted on the same basis, with no change to the expiry dates.</FONT></P>
        <P STYLE="font: italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">Equinox
        Gold completed the Consolidation in order to obtain a dual listing on a U.S. stock exchange. Equinox Gold&rsquo;s common shares
        commenced trading on the NYSE-A at market open on September 16, 2019 under ticker symbol &ldquo;EQX&rdquo;. Equinox Gold&rsquo;s
        warrants were not listed on the NYSE-A and continue to trade on the OTC Markets under symbol &ldquo;EQXWF&rdquo;. Following the
        Consolidation, each of the tradeable warrants is now exercisable into 0.20 shares of Equinox Gold and 0.10 shares of Solaris Resources
        Inc. The expiry date is unchanged at October 6, 2021. </FONT></P>
        <P STYLE="font: italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">Equinox
        Gold graduated to the TSX and its common shares and warrants commenced trading on the TSX at market open on November 25, 2019,
        with the same ticker symbols of &ldquo;EQX&rdquo; and &ldquo;EQX.WT&rdquo;, respectively. </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Mubadala investment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On April 11, 2019, Equinox Gold
        announced that it had completed the issuance of $130 million of convertible notes (the &ldquo;Notes&rdquo;) to Mubadala, as previously
        announced on February 25, 2019. The Notes have a 5-year term, bear interest at a fixed rate of 5% per year and are convertible
        at the holder&rsquo;s option into common shares of the Company at a fixed US$ conversion price of&nbsp;$5.25 per share. The Company
        paid $2.0 million in transaction fees to Mubadala on issuance of the Notes.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Of the total gross proceeds of
        $130 million, $120 million was immediately available at closing and used to repay in full the $20 million Mesquite acquisition
        facility and the $85 million Aurizona construction facility provided by Sprott Private Resource Lending (Collector), L.P., including
        accrued interest, to terminate the related Aurizona production-linked payment obligation of $20 per oz on 300,000 oz, and for certain
        other transaction fees and expenses.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Remaining proceeds from the Notes
        were restricted until the submission for registration of certain security documents, the completion of certain additional post-closing
        documentation and the satisfaction of customary conditions. These conditions were completed during Q2 2019 and the remaining $10
        million was released to Equinox Gold on June 24, 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify"><FONT STYLE="background-color: white">Equinox
        Gold and Mubadala also entered into an agreement providing Mubadala, among certain other rights, standard non-dilution rights and
        the right to name a nominee for election to the Company&rsquo;s board of directors. Tim Breen is the Mubadala nominee on Equinox
        Gold&rsquo;s board of directors.</FONT></P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Pacific Road Resources Funds (&ldquo;Pacific
        Road&rdquo;) exercised its pre-existing non-dilution right pursuant to an investment agreement dated May&nbsp;7, 2015, and on May
        7, 2019 was issued approximately $9.7 million in convertible notes on the same terms as the Notes.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Revolving credit facilities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On April 11, 2019, the
Company converted its $100 million Mesquite acquisition facility into a senior secured $130&nbsp;million corporate revolving credit
facility (the &ldquo;Revolving Credit Facility&rdquo;) with its existing syndicate of lenders led by the Bank of Nova Scotia.
The Revolving Credit Facility matures on October 30, 2022, at which date it must be repaid in full, and incurs interest at an
annual rate of LIBOR plus 2.5% to 4%, subject to certain leverage ratios.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; width: 100%">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Under the terms of the
Revolving Credit Facility, $100 million was immediately available and outstanding at closing. In late June 2019, the Company achieved
the conditions required for the release of the additional $30 million available under the Revolving Credit Facility. $9.7 million
remained undrawn at December 31, 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Mubadala investment and Revolving
        Credit Facility simplified the Company&rsquo;s balance sheet, reduced interest costs, deferred principal payments and increased
        capital available to the Company.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Short-term loan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">On April 11, 2019, the Company entered into a one-year, unsecured $20 million revolving credit facility with the Company&rsquo;s Chairman, Ross Beaty, which is a related party transaction, to provide short-term financing for general corporate and working capital purposes.&nbsp;&nbsp;The facility bears interest of 8% per annum, payable monthly, and matures on April 12, 2020. Equinox Gold repaid the facility in full on September 27, 2019.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Sandstorm debenture</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">On June 28, 2019, pursuant to the terms of a secured convertible debenture in favour of Sandstorm Gold, the Company settled a payment of $9.0 million in principal and $1.5 million in accrued interest by issuing 2,227,835 common shares of the Company to Sandstorm Gold at a price of C$6.15 per share.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Foreign currency contracts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Certain of the Company&rsquo;s expenditures at its Brazilian operation are denominated in the Brazilian R&eacute;al (&ldquo;BRL&rdquo;). During Q3 2019, the Company initiated a foreign currency risk management program to reduce its exposure to fluctuations in the value of the BRL relative to the US dollar. As at December 31, 2019, the Company had in place offsetting USD:BRL put and call options (the &ldquo;Collars&rdquo;) with the following notional amounts, weighted average rates and maturity dates:</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Dates</TD>
    <TD STYLE="vertical-align: top; width: 25%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right">USD notional amount</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right"><I>(in millions US$)</I></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Call options&rsquo;<BR>
weighted average<BR>
&nbsp;USD:BRL rates</TD>
    <TD STYLE="border-top: Black 1.5pt solid; vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">Put options&rsquo;<BR>
weighted average<BR>
USD:BRL rates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">January 1 - December 31, 2020</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">84.2</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.03</TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">January 1, 2021 - April 30, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">19.1</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.07</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-indent: -5.95pt">Total</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">103.3</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.03</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt">4.41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Collars have not been designated as hedges and are recorded at fair value at the end of each reporting period with changes in fair value recognized in foreign exchange gains and losses within other income (expense). The Company entered into these contracts at no premium and therefore incurred no investment costs at inception. For the three and twelve months ended December 31, 2019, the Company recorded a realized loss of $1.2 million on Collars settled in the period and an unrealized gain of $1.6 million on Collars outstanding at period end.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Elk Gold sale</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">On May 22, 2019, the Company announced the sale of its non-core Elk Gold project in British Columbia, Canada to Bayshore Minerals Incorporated (&ldquo;Bayshore&rdquo;) for total consideration of C$10 million, with C$1 million received in cash on closing of the sale and C$9 million in a first-ranking secured promissory note payable in annual installments of C$3 million commencing two years from closing. The total amount due under the promissory note may be adjusted such that if Bayshore pays an additional C$7 million within two years from closing, that will represent full and final payment; or if Bayshore pays an additional C$8.5 million within three years from closing, that will represent full and final payment. Sale of the Elk Gold project was completed by way of a purchase by Bayshore of the shares of Equinox Gold&rsquo;s wholly-owned subsidiary, Gold Mountain Mining Corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Share-based compensation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">On May 9, 2019, the Company announced that pursuant to its stock option plan and restricted share unit (&ldquo;RSU&rdquo;) plan, it had granted stock options exercisable into 29,090 common shares in the Company and RSUs exercisable into 16,000 shares in the Company to two new directors. The stock options are exercisable at C$5.40 per share with a 5-year term, with 50% vesting one year after the date of grant and 50% vesting after two years. The RSUs vest 50% one year after the date of grant with the remainder vesting after two years. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Investment in Solaris Resources</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Previously, the results of Solaris Resources Inc. (&ldquo;Solaris&rdquo;) were consolidated with the results of Equinox Gold. During the three months ended June 30, 2019, the Company determined that Solaris was no longer a controlled subsidiary since the Company&rsquo;s ownership interest was reduced to 32% as a result of external financings completed and Solaris was self-sustaining for an extended period with no capital injections made by Equinox Gold.&nbsp;&nbsp;Accordingly, with effect from June 30, 2019, the Company no longer consolidates Solaris and the Company recorded a $2.3 million gain on deconsolidation of Solaris.&nbsp;&nbsp;The Company&rsquo;s 32% interest retained in Solaris was recognized at fair value.&nbsp;&nbsp;Subsequently, this investment is accounted for using the equity method.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.9pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Recent Developments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Merger with Leagold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.9pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">On January 28, 2020, Equinox Gold and Leagold securityholders voted 99.9% and 99.7%, respectively, in favour of the previously announced merger. Upon closing, Leagold shareholders will receive 0.331 of an Equinox Gold share for each Leagold share held and Leagold shares will be de-listed from the TSX (ticker &ldquo;LMC&rdquo;) and the OTC Markets (ticker &ldquo;LMCNF&rdquo;). The combined entity will continue as Equinox Gold. The Supreme Court of British Columbia issued its final order approving the arrangement with Leagold on January 30, 2020, the Mexican Comisi&oacute;n Federal de Competencia Econ&oacute;mica (&ldquo;COFECE&rdquo;) issued its clearance decision on February 28, 2020, and the Company has received conditional approval from the TSX and NYSE-A stock exchanges. Assuming all other customary terms and conditions related to the transaction are met, the transaction and concurrent financing are expected to close in the second week of March 2020.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.9pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><I>Concurrent Financing</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Concurrent with closing of the
        merger, Equinox Gold will complete a $670 million financing comprising a $40 million at-market equity investment, a $130 million
        subordinated convertible debenture issued to Mubadala, a $400 million senior corporate revolving credit facility and a $100 million
        senior term loan.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Ross Beaty will subscribe for up
        to $40 million in a private placement of Equinox Gold common shares at a price of C$8.15 per common share, which was the TSX closing
        price of Equinox Gold shares the day before announcement of the merger, to maintain an approximate 9% stake in the Company. Mubadala
        will subscribe for $130 million in a new subordinated 5-year convertible debenture bearing interest at 4.75% and convertible into
        Equinox Gold common shares at a fixed US$ price of $7.80 per share, for an approximate 25% premium over Equinox Gold&rsquo;s C$8.15
        share price the day before announcement of the merger. To refinance existing debt and credit facilities of both Equinox Gold and
        Leagold, a syndicate of banks led by The Bank of Nova Scotia, Soci&eacute;t&eacute; G&eacute;n&eacute;rale, Bank of Montreal, and
        ING Capital LLC provided underwritten commitments for a 4-year senior revolving credit facility of $400 million and a 5-year senior
        amortizing term loan of $100 million. Close of financing is subject to customary conditions precedent.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Financial Results</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Selected financial results for the three months and year ended December 31, 2019 and 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Selected consolidated financial results for the three months and year ended December 31, 2019 and 2018 are summarized below.&nbsp;&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt"><I>$ amounts in millions, except per share amounts</I></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; text-align: right; vertical-align: middle; padding-left: 2.9pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">Three months ended</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P></TD>
    <TD COLSPAN="4" STYLE="text-align: right; vertical-align: bottom; border-top: Black 1.5pt solid; padding-left: 2.9pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">Year ended</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; vertical-align: middle">2019</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; vertical-align: middle">2018<SUP>(1)</SUP></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; vertical-align: middle">2019</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; vertical-align: middle">2018<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Revenue<SUP>(1)</SUP></TD>
    <TD STYLE="width: 3%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 10%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">119.0</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 10%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">30.2</TD>
    <TD STYLE="width: 2%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 10%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">281.7</TD>
    <TD STYLE="width: 3%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 10%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">30.2</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Operating expenses<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(61.0)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(19.0)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(159.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(19.0)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Depreciation and depletion<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(19.4)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(4.2)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(38.6)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(4.2)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Earnings from mine operations<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">38.5</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">6.9</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">83.9</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">6.9</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Exploration </TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(1.7)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(3.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(8.8)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(12.2)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">General and administration</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(9.9)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(6.7)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(20.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(16.5)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Asset impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(13.3)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(13.3)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Income (loss) from operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">26.9</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(16.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">55.1</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(35.0)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Other income (expense)</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(32.6)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(8.3)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(68.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(2.0)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss before taxes</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(5.7)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(25.2)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(13.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(37.1)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Tax expense</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(2.8)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(0.6)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(7.1)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(2.3)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss from continuing operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(8.5)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(25.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(20.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(39.4)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Loss from discontinued operation </TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(27.5)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss and comprehensive loss</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(8.5)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(25.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(20.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(66.9)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss per share from continuing operations attributable to Equinox Gold shareholders, basic and diluted</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(0.08)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(0.25)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(0.16)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: right">(0.44)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 17.85pt; font-size: 8pt; text-align: justify; text-indent: -17.85pt">(1)&#9;Mesquite was acquired on October 30, 2018 and Aurizona commenced commercial production on July 1, 2019, hence prior period figures are not comparable.&nbsp;&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Earnings from mine operations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 5pt; text-align: justify">Revenue for Q4 2019 was $119.0
        million on sales of 41,316 oz of gold from Mesquite and 39,014 oz of gold from Aurizona compared to $91.9 million on sales of 31,313
        oz of gold from Mesquite and 31,066 oz of gold from Aurizona in Q3 2019. Revenue for 2019 was $281.7 million compared to $30.2
        million in 2018. The increase in revenue from prior year is due to Aurizona commencing commercial production in the second half
        of 2019 and a full year of operating results from Mesquite, which was acquired on October 30, 2018.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 5pt; text-align: justify">Operating expenses increased in
        Q4 2019 to $61.0 million (Q3 2019 - $49.9 million) and depreciation and depletion increased in Q4 2019 to $19.4 million (Q3 2019
        - $11.2 million). The increase from Q3 2019 is due to increased gold production at both Mesquite and Aurizona.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Exploration </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Exploration in Q4 2019 was $1.7 million (Q4 2018 - $3.9 million) and for the year ended December 31, 2019 was $8.8 million (2018 - $12.2 million).&nbsp;&nbsp;The decrease in exploration expense is due to Castle Mountain Phase 1 construction beginning in October 2019.&nbsp;&nbsp;The decrease from prior year is also partly due to deconsolidation of Solaris effective June 30, 2019.&nbsp;&nbsp;This is partially offset by $1.0 million spent at Aurizona on exploration at the Tatajuba target.&nbsp;&nbsp;At Mesquite, 2019 exploration activities focused on reserve expansion and all associated costs were capitalized in the period.&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">General and administration</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">General and administration expenditures in Q4 2019 were $9.9 million (Q4 2018 - $6.7 million) and for the year ended December 31, 2019 were $20.0 million (2018 - $16.5 million).&nbsp;&nbsp;The increase in general and administration is largely due to an increased number of employees at the corporate office as the Company has grown from a single asset developer to a multi-asset producer.&nbsp;&nbsp;General and administration includes non-cash amortization of share-based compensation of $2.0 million and $5.0 million for Q4 2019 and the year ended December 31, 2019, respectively (Q4 2018 - $2.1 million; year ended December 31, 2018 - $5.6 million).&nbsp;&nbsp;During Q4 2019, the Company incurred $1.3 million in respect of the Leagold merger which is included in professional fees within general and administration. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic">Other income (expense)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 5pt; text-align: justify">Other income (expense) is comprised
        of finance (including interest) expense, finance income and other income (expense). Finance expense in Q4 2019 was $5.1 million
        (Q4 2018 - $3.8 million) and for the year ended December 31, 2019 was $17.5 million (2018 - $6.7 million). The increase from prior
        year periods is due to cessation of interest capitalization on construction-related debt as Aurizona is now in production and due
        to higher debt balances through 2019 compared to 2018. Finance income in Q4 2019 was $0.6 million (Q4 2018 - $1.5 million) and
        for the year ended December 31, 2019 was $2.0 million (2018 - $4.4 million). The decrease is due to less accretion of non-current
        receivables and interest income on cash deposits.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 5pt; text-align: justify">Other expense for Q4 2019 was $28.1
        million (Q4 2018 - $6.0 million) and for the year ended December 31, 2019 was $52.7 million (2018 - other income of $0.2 million).
        Other expense for the three months and year ended December 31, 2019 is largely driven by losses on the change in fair value of
        warrants of $26.8 million and $38.2 million, respectively, which result from the Company&rsquo;s share price increasing significantly.
        The Company&rsquo;s non-traded share purchase warrants are considered derivatives for accounting purposes as they are to be settled
        in Canadian dollars, which differs from the Company&rsquo;s US dollar functional currency. Accordingly, the Company&rsquo;s share
        purchase warrants are recorded at fair value with changes in fair value recognized through profit or loss. Other expense in 2019
        was also impacted by a $14.1 million loss on early settlement of the Sprott Facility, Aurizona Construction Facility and related
        production-payment liability.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Selected annual information</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; vertical-align: middle"><I>$ amounts in millions, except per share amounts</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; background-color: White; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: center">Year ended December 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(217,217,217); border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">2019</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">2018</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">2017</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Revenue<SUP>(1)</SUP></TD>
    <TD STYLE="background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">281.7</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">30.2</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss from continuing operations attributable to Equinox Gold shareholders<SUP>(1)</SUP></TD>
    <TD STYLE="background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(18.4)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(38.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(12.9)</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss per share from continuing operations attributable to Equinox Gold shareholders</TD>
    <TD STYLE="background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.16)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.44)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.41)</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss attributable to Equinox Gold shareholders</TD>
    <TD STYLE="background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(18.4)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(65.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(17.3)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: left">Net loss per share attributable to Equinox Gold shareholders<SUP>(1)</SUP></TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.16)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.71)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.55)</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Total assets</TD>
    <TD STYLE="background-color: rgb(217,217,217); padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">839.4</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">741.9</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">486.3</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Total long-term liabilities</TD>
    <TD STYLE="background-color: rgb(217,217,217); border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(217,217,217); vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">304.4</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">222.4</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">90.1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 17.85pt; font-size: 8pt; text-align: justify; text-indent: -17.85pt">(1)&#9;Balances reflect results from operations at Mesquite from the acquisition date of October 30, 2018 and at Aurizona from the commencement of commercial production of July 1, 2019</TD></TR>
<TR>
    <TD STYLE="text-align: left; width: 54%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Selected quarterly information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The following tables set out selected unaudited consolidated quarterly results for the last eight quarters through December 31, 2019:</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt"><I>$ amounts in millions, except per share amounts</I></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">September 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">June 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019<SUP>(1)</SUP></P></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">March 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019<SUP>(1)</SUP></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 48%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Revenue<SUP>(2)</SUP></TD>
    <TD STYLE="width: 3%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">119.0</TD>
    <TD STYLE="width: 3%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">91.9</TD>
    <TD STYLE="width: 3%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">35.4</TD>
    <TD STYLE="width: 3%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">35.4</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Operating costs<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(61.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(49.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(24.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(24.1)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Depreciation and depletion<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(19.4)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(11.2)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.8)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(4.2)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Earnings from mine operations<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">38.5</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">30.8</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">7.6</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">7.1</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Exploration </TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(1.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.9)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">General and administration</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(9.9)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.3)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.7) </TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.1)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Income from operations</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">26.9</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">26.5</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">0.7</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">1.0</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Other income (expense)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(32.6)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(14.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(13.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(7.3)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net income (loss) before taxes</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(5.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">11.6</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(12.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(6.3)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Tax recovery (expense) </TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.8)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.5)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">1.2</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.0)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net income (loss) and comprehensive income (loss)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(8.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">8.1</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(11.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(8.3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net income (loss) per share attributable to Equinox Gold shareholders, basic and diluted</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.08)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">0.07</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.09)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.07)</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt"><I>$ amounts in millions, except per share amounts</I></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">December 31, 2018<SUP>(1)</SUP></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">September 30, 2018</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">June 30,<BR>
&nbsp;2018</TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle; border-bottom: Black 1pt solid; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">March 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2018</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Revenue<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">30.2</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Operating costs<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(19.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Depreciation and depletion<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(4.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Earnings from mine operations<SUP>(2)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">6.9</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Exploration expenses</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.9)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.6)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.0)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">General and administration</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(6.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.0)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.4)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Asset impairment</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(13.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Loss from operations</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(17.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(5.6)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(6.0)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(6.4)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Other income (expense)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(8.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(2.2)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">5.7</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">2.7</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Loss before taxes</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(25.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(7.8)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.3)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.7)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Tax expense</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.6)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.3)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(1.4)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss from continuing operations</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(25.9)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(8.1)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(1.7)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(3.7)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Loss from discontinued operation<SUP>(3)</SUP></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.9)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(25.8)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.7)</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 9.35pt; text-indent: -9.35pt">Net loss and comprehensive loss</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(25.9)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(9.0)</TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(27.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(4.4)</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 2.15pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 1pt 9.35pt; text-indent: -9.35pt">Net loss per share from continuing
        operations attributable to Equinox Gold shareholders,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 1pt 9.35pt; text-indent: -9.35pt">basic and diluted</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.25)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.09)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.02)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2.15pt; text-align: right">(0.05)</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="padding-left: 2.15pt">
        <P STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 18pt; text-align: left; text-indent: -18pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;Restated
        to reflect changes to Mesquite purchase price allocation. Net loss for the three months ended December 31, 2018, March 31, 2019
        and June 30, 2019 increased by $15.8 million, $2.5 million and $0.9 million, respectively, from previously reported figures.</P>
        <P STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 18pt; text-align: left; text-indent: -18.15pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;Mesquite
        was acquired on October 30, 2018 and Aurizona commenced commercial production on July 1, 2019, hence there are no prior period
        comparatives for certain balances.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 1pt 18pt; text-indent: -18pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;Results
        from Koricancha have been re-presented in prior periods as a discontinued operation as it was disposed of during August 2018.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Liquidity and Capital Resources</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Working capital</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">At December 31, 2019, Equinox Gold
        had $68.7 million (December 31, 2018 - $62.6 million) in unrestricted cash and marketable securities. The Company had working capital
        of $16.7 million at December 31, 2019, compared to $17.4 million at December 31, 2018. The decrease in working capital from December
        31, 2018 was due to an increase in trade payables as a result of Castle Mountain construction.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">As at December 31, 2019, current
        accounts receivable and deposits were $31.8 million (December 31, 2018 - $21.4 million) comprised of $11.7 million (December 31,
        2018 - $4.9 million) of value-added taxes receivable from the Brazilian government; $12.0 million (December 31, 2018 - $10.9 million)
        receivable from Serabi Gold plc representing the final instalment due from the sale of Anfield&rsquo;s Coringa project; $2.7 million
        (December 31, 2018 - $1.7 million) receivable from Inca One from the sale of Koricancha; and $5.4 million (December 31, 2018 -
        $3.7 million) in miscellaneous receivables, advances and prepaid expenses.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Current inventory at December 31,
        2019 totalled $46.3 million, up from $42.9 million at December 31, 2018. The increase in inventories was mainly due to commercial
        production at Aurizona beginning July 1, 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Current liabilities at December
        31, 2019 were $131.9 million (December 31, 2018 - $110.2 million). Included in current liabilities were accounts payable and accrued
        liabilities at December 31, 2019 of $67.2 million (December&nbsp;31, 2018 - $55.1 million). The increase from December 31, 2018
        was due to increased capital related accruals at Castle Mountain as a result of Phase 1 construction and at Aurizona relating to
        the tailings dam raise.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Also included in current liabilities
        at December 31, 2019 was the current portion of the Company&rsquo;s debt facilities totalling $61.6 million (December 31, 2018
        - $54.7 million). During 2019, the Company restructured its debt facilities to defer a significant portion of its principal repayments.
        At December 31, 2019, the current portion of loans and borrowings includes a $40 million amortization payment on the Revolving
        Credit Facility due on December 31, 2020.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">At December 31, 2019, the Company
        had unrestricted cash and cash equivalents of $67.7 million (December 31, 2018 - $60.8 million), working capital of $16.7 million
        (December 31, 2018 - $17.4 million) and $29.7 million in undrawn loan facilities. The Company believes cash flows from operations
        are sufficient to achieve the Company&rsquo;s current business objectives for the next 12 months. The Company has a history of
        operating losses and has limited history of revenue from operations. The Company&rsquo;s ability to continue as a going concern
        in the longer term is dependent on successful execution of its business plan and ultimately generating net income and positive
        cash flow from mining operations.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Cash flow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Cash generated by operations increased
        in 2019 to $59.7 million (2018 - $23.0 million used in operations), due to a full year of Mesquite operations and the addition
        of Aurizona&rsquo;s cash flows from two quarters of commercial operations. The Company generated $76.1 million in cash from operations
        prior to changes in non-cash working capital. This was offset by an increase in inventory as a result of increased ounces stacked
        to the Mesquite leach pad in 2019 and inventory at Aurizona.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Cash used in investing activities
        in 2019 was $111.3 million (2018 - $240.7 million), which is primarily related to construction during the first half of the year
        at Aurizona and at Castle Mountain during Q4 2019. Cash used in investing activities in the prior year includes $144.3 million
        spent on the acquisition of Mesquite. During 2019, the Company paid to New Gold $12.5 million in a working capital adjustment due
        under the purchase agreement.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Cash provided by financing activities
        for 2019 was $57.0 million (2018 - $268.3 million). During Q1 2019, the Company made a final draw of $10 million from the Aurizona
        Construction Facility. In Q2 2019, the Sprott Facility, Aurizona Construction Facility and related production-linked payment obligation
        were repaid in full for $116.9 million using a draw from the Company&rsquo;s revolving credit facility. This was offset by $139.7
        million proceeds received from the issuance of convertible notes and $20.0 million received from a short-term loan with the Company&rsquo;s
        Chairman. During Q3 2019, the Company made a draw of $20 million from the Revolving Credit Facility and used the proceeds to repay
        the short-term loan.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Share capital transactions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company issued shares in conjunction with the following transactions during 2019:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2.15pt; padding-left: 5.95pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right"># Shares</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Balance December 31, 2018</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">110,425,401</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Issued to settle debenture</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">2,227,835</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Issued on exercise of warrants, stock options and vested RSUs</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">799,127</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Balance December 31, 2019</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.15pt; text-align: right">113,452,363</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 2.15pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Outstanding Share Data</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">As at the date of this MD&amp;A, the Company has 114,822,476 shares issued and outstanding, 2,363,240 shares issuable under stock options, 23,253,543 shares issuable under share purchase warrants and 1,847,315 shares issuable under restricted share units. &nbsp;The fully diluted outstanding share count is 143,339,044.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Commitments and Contingencies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">At December 31, 2019, the Company had the following contractual obligations outstanding:</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt"><I>$ amounts in millions</I></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Total</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Within 1 year</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">1-2<BR>
years</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">2-3<BR>
years</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">3-4<BR>
years</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">4-5<BR>
years</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1pt solid; padding: 1pt 2.9pt; vertical-align: middle">Thereafter</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 36%; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Loans, borrowings and interest</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 8%; padding: 1pt 2.9pt">331.7</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 8%; padding: 1pt 2.9pt">77.4</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 8%; padding: 1pt 2.9pt">53.4</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 8%; padding: 1pt 2.9pt">52.3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 8%; padding: 1pt 2.9pt">7.0</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 7%; padding: 1pt 2.9pt">141.6</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; vertical-align: middle; width: 1%; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 9%; padding: 1pt 2.9pt">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">67.0</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">67.0</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">-</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">-</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; vertical-align: middle; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Reclamation payments<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">38.0</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.5</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">3.6</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">4.5</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">3.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">3.7</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; vertical-align: middle; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">22.5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Purchase commitments</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">27.6</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">25.0</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">1.5</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">1.0</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">0.1</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">-</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 2.9pt; vertical-align: middle">-</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Lease payments</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">1.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.4</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">0.1</TD>
    <TD STYLE="padding: 1pt 2.9pt 1pt 5.95pt; vertical-align: middle; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; padding: 1pt 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 9.35pt; text-indent: -9.35pt">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">465.4</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">170.3</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">58.7</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">58.0</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">10.5</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle">145.4</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 2.9pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">22.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="15" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-size: 8pt">(1) Amount represents undiscounted future cash flows.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="15" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Due to the nature of the Company&rsquo;s
        operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. By their nature, contingencies
        will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves
        the exercise of significant judgment and estimates of the outcome of future events. While the outcomes of these matters are uncertain,
        based upon the information currently available, the Company does not believe that these matters in aggregate will have a material
        adverse effect on its consolidated financial statements. In the event that management&rsquo;s estimate of the future resolution
        of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the
        period in which such changes occur.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company is a defendant in various
        lawsuits and legal actions, including for alleged fines, taxes and labour related matters in the jurisdictions in which it operates.
        Management regularly reviews these lawsuits and legal actions with outside counsel to assess the likelihood that the Company will
        ultimately incur a material cash outflow to settle the claim. To the extent management believes it is probable that a cash outflow
        will be incurred to settle the claim, a provision for the estimated settlement amount is recorded. At December 31, 2019, the Company
        recorded a legal provision for these items totaling $4.0 million (December 31, 2018 - $2.9 million) which is included in other
        long-term liabilities.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company is contesting federal
        income and municipal value-added tax assessments in Brazil. Brazilian courts often require a taxpayer to post cash or a guarantee
        for the disputed amount before hearing a case. It can take up to five years to complete an appeals process and receive a final
        verdict. At December 31, 2019, the Company has recorded restricted cash of $13.9 million (December 31, 2018 - $7.5 million) in
        relation to insurance bonds for tax assessments in the appeals process. The Company may in the future have to post security, by
        way of cash, insurance bonds or equipment pledges, with respect to certain federal income and municipal tax assessments being contested,
        the amounts and timing of which are uncertain. The Company and its advisors believe that the federal income and municipal tax assessments
        which are under appeal are wholly without merit and no provision has been recorded with respect to these matters.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">In certain jurisdictions where
        the Company operates, entities that are exporters are permitted to maintain offshore bank accounts and are required to register
        all transactions resulting in deposits into and payments out of those accounts. The Company has identified that in certain instances
        it has not registered all transactions prior to 2017. The Company has been advised by its tax and foreign trade legal advisors
        that material fines are imposable under statute that could result from non-compliance with a five-year statute of limitations.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">If the Company is unable to resolve
        all these matters favorably, there may be a material adverse impact on the Company&rsquo;s financial performance, cash flows and
        results of operations.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Related Party Transactions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The key management of the Company comprises executive and non-executive directors and members of executive management.&nbsp;&nbsp;The remuneration of the Company&rsquo;s directors and other key management personnel during the years ended December 31, 2019 and 2018 are as follows:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">2019</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Salaries, directors&rsquo; fees and other short-term benefits</TD>
    <TD STYLE="padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">2.8</TD>
    <TD STYLE="padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">2.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Share-based payments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">1.9</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">2.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Total key management personnel compensation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">4.7</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">4.8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Ross Beaty is a related party of the Company.&nbsp;&nbsp;On April 11, 2019, the Company entered into a one-year, unsecured $20 million revolving credit facility with Mr. Beaty.&nbsp;&nbsp;On September 27, 2019, the Company repaid in full the principal and accrued interest outstanding under the loan. &nbsp;At December 31, 2019, the Company has a balance owing to Mr. Beaty of $13.2 million, including accrued interest of $1.2 million related to the Company&rsquo;s Standby Loan which was entered into in 2018 (together, the &ldquo;Beaty Loans&rdquo;).</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Non-IFRS Measures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold"><FONT STYLE="font-weight: normal">This MD&amp;A refers to cash costs, cash costs per ounce sold, all-in sustaining costs (&ldquo;AISC&rdquo;), AISC per ounce sold, adjusted EBITDA and sustaining and non-sustaining capital expenditures that are measures with no standardized meaning under International Financial Reporting Standards (&ldquo;IFRS&rdquo;), i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Adjusted EBITDA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization, adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes in the value of warrants, foreign exchange gains and losses, and share-based compensation.&nbsp;&nbsp;It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets.&nbsp;&nbsp;The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use adjusted EBITDA to evaluate the Company&rsquo;s performance and ability to generate cash flows and service debt.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The following table provides the calculation of adjusted EBITDA, as adjusted and calculated by the Company for the three months ended December 31, 2019, September 30, 2019, and December 31, 2018, and the year ended December 31, 2019.</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt"><I>$&rsquo;s in millions</I></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-top: 1pt; padding-right: 5.75pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">September 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2018</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Net income (loss) before tax</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 13%; background-color: #D9D9D9; padding: 1pt 5.75pt; text-align: right">(5.7)</TD>
    <TD STYLE="width: 13%; padding: 1pt 4.3pt; text-align: right">11.6</TD>
    <TD STYLE="width: 13%; padding: 1pt 4.3pt; text-align: right">(26.9)</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="width: 13%; background-color: #D9D9D9; padding: 1pt 4.3pt; text-align: right">(13.2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Add: Depreciation and depletion</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">19.7</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">11.3</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">4.2</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">39.1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.95pt; text-indent: -9.35pt">Finance costs</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">5.1</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">5.3</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">3.8</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">17.5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Non-cash share-based compensation</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">2.0</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.9</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">2.1</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">5.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Non-cash change in fair value of warrants</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">26.8</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">7.4</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.2</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">38.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Change in unrealized foreign exchange (gains) losses</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">(1.7)</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">1.7</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">1.9</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(1.3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Other expenses (income)<SUP>(1)</SUP></TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">2.3</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.1</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">17.1</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">14.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Deduct: Finance income</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">(0.6)</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">(0.1)</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">(1.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(1.9)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Adjusted EBITDA</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">47.9</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">38.2</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">0.9</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">98.2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 6pt; padding-bottom: 3pt; padding-left: 15.9pt; font-size: 8pt; text-align: justify; text-indent: -15.9pt">(1)&#9;&nbsp;&nbsp;For the year ended December 31, 2019, other expenses primarily relates to $14.1 million loss on settlement of debt. For the three months ended December 31, 2018, other expenses includes a $13.3 million impairment loss.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Adjusted net income</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Adjusted net income and adjusted net income per share are used by management and investors to measure the underlying operating performance of the Company.&nbsp;&nbsp;Adjusted net earnings is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as&nbsp;&nbsp;the impact of fair value changes in the value of warrants, foreign exchange gains and losses, share-based compensation.&nbsp;&nbsp;It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets.&nbsp;&nbsp;Adjusted net income per share amounts are calculated using the weighted average umber of shares outstanding on a basic and diluted basis as determined by IFRS.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The following table provides the calculation of adjusted net earnings and adjusted net earnings per share, as adjusted and calculated by the Company for the three months ended December 31, 2019, September 30, 2019, and December 31, 2018, and the year ended December 31, 2019.</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt"><I>$&rsquo;s in millions</I></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-top: 1pt; padding-right: 5.75pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">September 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2018</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Basic weighted average shares outstanding</TD>
    <TD STYLE="width: 2%; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="width: 13%; background-color: #D9D9D9; padding: 1pt 5.75pt; text-align: right">113,420,056</TD>
    <TD STYLE="width: 13%; padding: 1pt 4.3pt; text-align: right">113,288,119</TD>
    <TD STYLE="width: 13%; padding: 1pt 4.3pt; text-align: right">103,581,802</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; background-color: #D9D9D9; padding: 1pt 4.3pt; text-align: right">112,001,484</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Diluted weighted average shares outstanding</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">141,965,548</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">115,146,248</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">103,581,802</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">133,687,303</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Net income (loss) attributable to Equinox Gold shareholders</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">(8.5)</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">8.1</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">(25.5)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(18.4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Add: Non-cash share based compensation</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">2.0</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.9</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">2.1</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">5.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Non-cash change in fair value of warrants</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">26.8</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">7.4</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.2</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">38.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Change in unrealized foreign exchange (gains) losses</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">(1.7)</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">1.7</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">1.9</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(1.3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Other expenses (income)<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">2.3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">0.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">17.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">14.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Adjusted net income (loss) attributable to Equinox Gold shareholders</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">20.9</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">18.2</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">(4.2)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">38.3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Per share - basic ($/share)</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$</TD>
    <TD STYLE="padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">0.18</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">0.16</TD>
    <TD STYLE="padding: 1pt 4.3pt; text-align: right">(0.04)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">0.34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 29.25pt; text-indent: -9.35pt">Per share - diluted ($/share)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt; background-color: #D9D9D9; text-align: right">0.15</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">0.16</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">(0.04)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">0.29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt 18pt; font-size: 8pt; text-align: justify; text-indent: -18pt">(1)&#9;For the year ended December 31, 2019, other expenses primarily relates to $14.1 million loss on settlement of debt. For the three months ended December 31, 2018, other expenses includes $13.3 million impairment loss.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Cash costs per ounce sold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cast costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company&rsquo;s performance and ability to generate operating income and cash flow from mining operations. Cash costs include mine site operating costs, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales and then divided by ounces sold to arrive at cash costs per ounce. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">AISC per ounce sold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company is reporting AISC per oz of gold sold.&nbsp;&nbsp;The methodology for calculating AISC was developed internally and is calculated below, and readers should be aware that this measure does not have a standardized meaning.&nbsp;&nbsp;Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes the AISC measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><B>Cash cost and mine AISC reconciliation </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis.</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt"><I>$&rsquo;s in millions, except oz and per oz figures</I></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.75pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; vertical-align: middle; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; vertical-align: middle; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">September 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2018</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt; vertical-align: middle">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Operating expenses</TD>
    <TD STYLE="width: 2%; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="padding: 1pt 5.75pt; text-align: right; width: 13%; background-color: #D9D9D9; vertical-align: middle">61.0</TD>
    <TD STYLE="vertical-align: middle; width: 13%; padding: 1pt 4.3pt; text-align: right">50.0</TD>
    <TD STYLE="vertical-align: middle; width: 13%; padding: 1pt 4.3pt; text-align: right">19.0</TD>
    <TD STYLE="width: 2%; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%; background-color: #D9D9D9; padding: 1pt 4.3pt; vertical-align: middle">159.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Gold oz sold</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 1pt 5.75pt; background-color: #D9D9D9; vertical-align: middle">80,330</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">62,379</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">24,384</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">196,803</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Cash costs per gold oz sold </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 1pt 5.75pt; background-color: #D9D9D9; vertical-align: middle">759</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">802</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">780</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">809</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Operating expenses</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="padding: 1pt 5.75pt; text-align: right; background-color: #D9D9D9; vertical-align: middle">61.0</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">50.0</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">19.0</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">159.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Add: Sustaining capital expenditures</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; text-align: right; background-color: #D9D9D9; vertical-align: middle">6.0</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">9.0</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">2.0</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">20.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 31pt; text-indent: -9.35pt">Reclamation expenses</TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.75pt; text-align: right; background-color: #D9D9D9; vertical-align: middle">1.0</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">0.8</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">0.6</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">2.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 31pt; text-indent: -9.35pt">Sustaining exploration</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 1pt 5.75pt; background-color: #D9D9D9; vertical-align: middle">0.2</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">0.2</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; vertical-align: middle">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">0.4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Total mine AISC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 1pt 5.75pt; background-color: #D9D9D9; vertical-align: middle">68.2</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">60.0</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">21.6</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">183.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">AISC per gold oz sold</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding: 1pt 5.75pt; background-color: #D9D9D9; vertical-align: middle">848</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; vertical-align: middle">962</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; vertical-align: middle">886</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; vertical-align: middle">931</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 4.3pt; padding-left: 4.3pt; font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 6pt 4.3pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Sustaining and non-sustaining capital reconciliation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; padding: 3pt 4.3pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The following table provides a reconciliation of sustaining and non-sustaining capital to the most directly comparable IFRS measure on an aggregate basis. </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.75pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; vertical-align: middle; text-align: center; text-indent: -9.35pt">Three months ended</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 4.3pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4.3pt 1pt 9.35pt; vertical-align: middle; text-align: center; text-indent: -9.35pt">Year ended</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt"><I>$&rsquo;s in millions</I></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: middle; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">September 30,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: middle; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2018</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">December 31,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Capital additions on mineral properties, plant and equipment<SUP>(1)</SUP></TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="vertical-align: middle; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.75pt; text-align: right">28.3</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">7.5</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">125.8</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">90.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 22.25pt; text-indent: -22.25pt">Add:&nbsp;&nbsp;Adjustment for value-added taxes on construction additions<SUP>(2)</SUP></TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.75pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">11.3</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">-</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">11.3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Less: Non-sustaining capital expenditures<SUP>(3)</SUP></TD>
    <TD STYLE="padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.75pt; text-align: right">(20.3)</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">(8.1)</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; text-align: right">(123.8)</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(71.8)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 33.1pt; text-indent: -9.35pt">Non-sustaining exploration - capitalized</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.75pt; text-align: right">(2.0)</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">(1.7)</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">(8.7)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">Sustaining capital expenditures</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 5.75pt 1pt 9.35pt; text-indent: -9.35pt">$</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.5pt solid; background-color: #D9D9D9; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5.75pt; text-align: right">6.0</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">9.0</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; text-align: right">2.0</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 4.3pt; padding-left: 4.3pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.5pt solid; padding: 1pt 4.3pt; background-color: #D9D9D9; text-align: right">20.8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 4.3pt; padding-left: 4.3pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 18pt; text-align: justify; text-indent: -18pt">(1)&nbsp;&nbsp;Per
        note 10 of the consolidated financial statements.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 15.9pt; text-align: justify; text-indent: -15.9pt">(2)&nbsp;&nbsp;Capital
        additions are net of value added tax credits related to Aurizona construction.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 15.9pt; text-align: justify; text-indent: -15.9pt">(3)&nbsp;&nbsp;For
        the three months ended December 31, 2019 and September 30, 2019, non-sustaining capital expenditures includes Castle Mountain construction
        expenditures and Corporate capital expenditures. For the three months ended December 31, 2018, non-sustaining capital expenditures
        includes Aurizona construction expenditures.</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Risks and Uncertainties</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Financial instrument risk exposure</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company is exposed in varying degrees to a variety of financial instrument related risks.&nbsp;&nbsp;The Board of Directors approves and monitors the risk management process.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Credit risk</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Credit risk is the risk
        of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises
        principally from the Company&rsquo;s financial assets.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company is primarily
        exposed to credit risk on its cash and cash equivalents, accounts receivable and deposits and reclamation bonds. Exposure to credit
        risk related to financial institutions and cash deposits is limited through maintaining cash and equivalents and short-term investments
        with high-credit quality financial institutions and instruments. Credit risk with respect to receivables from the sale of non-core
        assets is mitigated by security held in the event of default.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The carrying value of these
        financial assets totaling $104.6 million represents the maximum exposure to credit risk.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Liquidity risk</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.&nbsp;&nbsp;The Company ensures that there is sufficient capital in order to meet short term business requirements after taking into account the Company&rsquo;s holdings of cash and cash equivalents.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(iii)&#9;&nbsp;&nbsp;&nbsp;Market risk</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.&nbsp;&nbsp;Market prices comprise three types of risk: commodity price risk; interest rate risk and currency risk.&nbsp;&nbsp;Financial instruments affected by market risk include cash and cash equivalents, accounts receivable, marketable securities, reclamation deposits, accounts payable and accrued liabilities, debt and derivatives.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Interest rate risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company&rsquo;s interest
        rate risk arises primarily from the interest received on cash and short-term deposits and interest paid on floating rate borrowings.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Deposits are invested on
        a short-term basis to enable adequate liquidity for payment of operational and capital expenditures. The Company does not believe
        that it is exposed to material interest rate risk on its cash and short-term deposits.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company is exposed to
        interest rate risk due to the floating rate interest on its Revolving Credit Facility. A 10% change in interest rates at the reporting
        date would have a $0.2 million impact on net loss in the year.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.4pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Foreign currency risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.4pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company&rsquo;s functional currency is the US dollar.&nbsp;&nbsp;The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency, primarily the Brazilian Real and Canadian Dollar.&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Financial assets and liabilities denominated in currencies other than the US dollar are as follows:</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">December 31, 2019</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-align: center; text-indent: -9.35pt">December 31, 2018</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 36%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt"><I>$&rsquo;s in millions</I></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt">Financial assets</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt">Financial liabilities</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt">Financial assets</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle; width: 13%; border-bottom: Black 1pt solid; padding: 1pt 2.15pt">Financial liabilities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Brazilian reais</TD>
    <TD STYLE="padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">28.7</TD>
    <TD STYLE="padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">29.0</TD>
    <TD STYLE="padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">19.8</TD>
    <TD STYLE="padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="padding: 1pt 2.15pt; text-align: right">21.0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Canadian dollars</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">18.7</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">6.9</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">26.3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">3.0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 9.35pt; text-indent: -9.35pt">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">47.4</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">35.9</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">46.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt 1pt 5.95pt; text-align: right; text-indent: -5.95pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2.15pt; text-align: right">24.0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Of the financial assets
        listed above, $12.9 million (December 31, 2018 - $19.8 million) represent cash and cash equivalents held in Brazilian reals and
        $7.8 million (December 31, 2018 - $25.8 million) represent cash and cash equivalents held in Canadian dollars. Minimal cash is
        held in other currencies.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">At December 31, 2019, with
        other variables unchanged, a 10% strengthening of the US dollar against the above currencies would have decreased net loss by approximately
        $1.0 million (December 31, 2018 - $2.0 million). A 10% weakening of the US dollar would have the opposite effect on net loss.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company has hedged a
        portion of its Brazil reals expenditures through its foreign currency exchange risk management program.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt 22.4pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Commodity price risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Gold prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the political and economic conditions of major gold producing countries.&nbsp;&nbsp;The profitability of the Company is directly related to the market price of gold.&nbsp;&nbsp;A decline in the market prices for this precious metal could negatively impact the Company&rsquo;s future operations.&nbsp;&nbsp;The Company has not hedged any of its gold sales.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Other risk factors</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold&rsquo;s business activities are subject to significant risks including, but not limited to, those described in previous disclosure documents. Any of these risks could have a material adverse effect on Equinox Gold, its business and prospects, and could cause actual events to differ materially from those described in forward-looking statements relating to Equinox Gold. These risks are in addition to those discussed in technical reports and other documents filed by Equinox Gold from time to time on SEDAR and on EDGAR. In addition, other risks and uncertainties not presently known by management of Equinox Gold or that management currently believes are immaterial could affect Equinox Gold, its business and prospects.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Commodity price risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The price of Equinox Gold&rsquo;s shares, financial results and exploration, and development and mining activities in the future may be materially adversely affected by declines in the price of gold. Gold prices fluctuate widely and are affected by numerous factors beyond Equinox Gold&rsquo;s control, such as the sale or purchase of metals by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar, Canadian dollar, Brazilian Real and foreign currencies, global and regional supply and demand, and the political and economic conditions of major metals-producing and metals-consuming countries throughout the world. The price of gold has fluctuated widely in recent years, and future price declines could cause continuous development of and commercial production from Equinox Gold&rsquo;s properties to be uneconomic. Future production from Equinox Gold&rsquo;s mining properties is dependent on gold prices that are adequate to make these properties economically viable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Production and cost estimates</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold prepares estimates of operating costs and/or capital costs for each operation and project. Equinox Gold&rsquo;s actual costs may vary from estimates. Equinox Gold&rsquo;s actual costs are dependent on a number of factors, including:</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 10pt; width: 100%">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;&bull;<FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">the
exchange rate between the United States dollar and the Canadian dollar and Brazilian Reals;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">smelting
        and refining charges;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">royalties;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">the
        price of gold and by-product metals;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">the
        timing and cost, which can be considerable, of construction and maintenance activities at the processing facilities;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">the
        availability and costs of skilled labour and specialized equipment;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">the
        availability and cost of appropriate processing and refining arrangements;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">potential
        increases in operating costs due to changes in the cost of fuel, power, materials and other inputs used in mining operations; and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">production
        levels.</FONT></P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Forecasts of future production
        are estimates based on interpretation and assumptions, and actual production may be less than estimated. Unless otherwise noted,
        Equinox Gold&rsquo;s production forecasts are based on full production being achieved. Equinox Gold&rsquo;s ability to achieve
        and maintain full production rates is subject to a number of risks and uncertainties, including the accuracy of mineral reserve
        and mineral resource estimates, the accuracy of assumptions regarding ore grades and recovery rates, ground conditions, physical
        characteristics of ores, the accuracy of estimated rates and costs of mining and processing, and the receipt and maintenance of
        permits.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Operational risks</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s principal
        operation is the mining of and exploration for precious metals. Equinox Gold&rsquo;s mining operations and processing and related
        infrastructure facilities are subject to risks normally encountered in the mining and metals industry. Although adequate precautions
        to minimize risk will be taken, operations are subject to such hazards, which could have a material adverse effect on the business,
        production, operations and financial condition and liquidity of Equinox Gold.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Such risks include, without limitation,
        environmental hazards, tailings risks, industrial accidents, labour disputes, changes in laws, technical difficulties or failures,
        late delivery of supplies or equipment, unusual or unexpected geological formations or pressures, cave-ins, pit-wall failures,
        rock falls, unanticipated ground, grade or water conditions, flooding, actual ore mined varying from estimates of grade or tonnage,
        metallurgical or other characteristics, interruptions in or shortages of electrical power or water, periodic or extended interruptions
        due to the unavailability of materials and force majeure events.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Additionally, Equinox Gold&rsquo;s
        operations are subject to seasonal conditions. As a result of potentially heavy rainfall, pit access and the ability to mine ore
        may be lower in the first half of the year and the cost of mining may also be higher. In addition, a prolonged dry season may result
        in drought conditions, which may also impact production due to a lack of water that is necessary for processing.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Such risks could result in reduced
        production, damage to, or destruction of, mineral properties or producing facilities, damage to or loss of life or property, environmental
        damage, delays in mining or processing, losses and possible legal liability.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">It is common in new processing
        operations to experience unexpected problems and delays during development and start-up. In addition, delays in the commencement
        of sustainable and profitable production often occur. While Equinox Gold is confident that long-term regular recovery of value
        added taxes or other amounts receivable from various governmental and nongovernmental counter parties will be established, Equinox
        Gold cannot assure investors that such taxes will be recovered or that its activities will result in profitable processing operations.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Construction risks</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold intends to complete
        Phase 1 construction at Castle Mountain in 2020. Construction of a project requires substantial expenditures and is prone to material
        cost overruns versus budget. The capital expenditures and time required to construct Castle Mountain or develop any new mines are
        considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build
        the project.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Construction costs and timelines
        can be impacted by a wide variety of factors, many of which are beyond the control of Equinox Gold. These include, but are not
        limited to, weather conditions, ground conditions, availability of appropriate rock and other material required for construction,
        availability and performance of contractors and suppliers, delivery and installation of equipment, design changes, accuracy of
        estimates and availability of accommodations for the workforce. Project development schedules are also dependent on obtaining and
        maintaining governmental approvals and the timeline to obtain such approvals is often beyond the control of Equinox Gold. A delay
        in startup of commercial production would increase capital costs and delay receiving revenues. Given the inherent risks and uncertainties
        associated with construction for Castle Mountain, there can be no assurance that the construction will continue in accordance with
        current expectations or at all, that construction costs will be consistent with the budget, that production will be achieved on
        schedule, or that the mine will operate as planned.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Foreign operations</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold conducts mining, development,
        exploration and other activities through subsidiaries in foreign countries, including the United States and Brazil. Mining activities
        are subject to the risks normally associated with any conduct of business in foreign countries including:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">expropriation,
        nationalization, and the cancellation, revocation, renegotiation, or forced modification of existing contracts, permits, licenses,
        approvals, or title, particularly without adequate compensation; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">changing
        political and fiscal regimes, and economic and regulatory instability; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">unanticipated
        adverse changes to laws and policies, including those relating to mineral title, royalties and taxation; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">delays
        or inability to obtain or maintain necessary permits, licenses or approvals; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">opposition
        to mine projects, which include the potential for violence, property damage and frivolous or vexatious claims; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">restrictions
        on foreign investment; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">unreliable
        or undeveloped infrastructure; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">labour
        unrest and scarcity; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">difficulty
        obtaining key equipment and components for equipment; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">regulations
        and restrictions with respect to imports and exports; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">high
        rates of inflation; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">extreme
        fluctuations in currency exchange rates and restrictions on foreign exchange, currencies and repatriation; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">inability
        to obtain fair dispute resolution or judicial determinations because of bias, corruption or abuse of power; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">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; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">difficulties
        enforcing judgments, particularly judgments obtained in Canada or the United States, with respect to assets located outside of
        those jurisdictions; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">difficulty
        understanding and complying with the regulatory and legal framework with respect to mineral properties, mines and mining operations,
        and permitting; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">violence
        and the prevalence of criminal activity, including organized crime, theft and illegal mining; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">civil
        unrest, terrorism and hostage taking; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">military
        repression and increased likelihood of international conflicts or aggression; and </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">increased
        public health concerns.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Government regulation</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The operating, development and exploration activities of Equinox Gold are subject to various laws governing prospecting, development, production, exports, imports, taxes, labour standards and occupational health and safety, mine safety, toxic substances, waste disposal, environmental protection and remediation, protection of endangered and protected species, land use, water use, land claims of local people and other matters. The occurrence of mining regime changes in both the developed and developing countries adds uncertainties that cannot be accurately predicted and any future material adverse changes in government policies or legislation in the jurisdictions in which the Company operates.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Any changes in government policy
        may result in changes to laws affecting ownership of assets, mining policies, monetary policies, taxation, royalty rates, rates
        of exchange, environmental regulations, labour relations and return of capital. This may affect both Equinox Gold&rsquo;s ability
        to undertake operating. development and exploration activities in respect of present and future properties in the manner currently
        contemplated, as well as its ability to continue to explore, develop and operate those properties in which it has an interest or
        in respect of which it has obtained exploration and development rights to date. The possibility that future governments may adopt
        substantially different policies, which might extend to expropriation of assets, cannot be ruled out.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">No assurance can be given that
        new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could
        have an adverse effect on Equinox Gold&rsquo;s financial position. Amendments to current laws, regulations and permits governing
        operating, development and exploration activities, or more stringent or different implementation, could have a material adverse
        impact on Equinox Gold&rsquo;s financial position, or could require abandonment or delays in the development of new mining properties.
        Failure to comply with any applicable laws, regulations or permitting requirements may result in enforcement actions against Equinox
        Gold, including orders issued by regulatory or judicial authorities causing process, development or exploration activities to cease
        or be curtailed or suspended, and may include corrective measures requiring capital expenditures, installation of additional equipment
        or remedial actions.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is currently appealing
        federal and municipal value-added tax assessments in Brazil, as discussed elsewhere in these Risk Factors. Equinox Gold could be
        forced to compensate those suffering loss or damage by reason of its processing, development or exploration activities and could
        face civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Any such regulatory or judicial
        action could materially increase Equinox Gold&rsquo;s operating costs and delay or curtail or otherwise negatively impact Equinox
        Gold&rsquo;s activities.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Uncertainty of Mineral Reserve and Mineral Resource estimates</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The figures for mineral reserves
        and mineral resources published by Equinox Gold are estimates only and no assurance can be given that the anticipated tonnages
        and grades will be achieved, that the indicated level of recovery will be realized or that Mineral Reserves could be mined or processed
        profitably. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources, including many factors
        beyond Equinox Gold&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. Short-term operating factors relating to the Mineral Reserves, such as the need for
        orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable
        in any particular accounting period. In addition, there can be no assurance that metals recoveries in small scale laboratory tests
        will be duplicated in larger scale tests under on-site conditions or during production.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Fluctuation in commodities prices,
        results of drilling, metallurgical testing and production and the evaluation of mine plans subsequent to the date of any estimate
        may require revision of such estimate. Any material reductions in estimates of Mineral Reserves and Mineral Resources, or of Equinox
        Gold&rsquo;s ability to extract these Mineral Reserves, could have a material adverse effect on Equinox Gold&rsquo;s results of
        operations and financial condition. Inferred Mineral Resources that are not Mineral Reserves do not have demonstrated economic
        viability and have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.
        A significant amount of exploration work must be completed in order to determine whether an Inferred Mineral Resource may be upgraded
        to a higher category.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Permitting</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold&rsquo;s operating, development and exploration activities are subject to receiving and maintaining licenses, permits and approvals (collectively, &ldquo;permits&rdquo;) from appropriate governmental authorities. Before any operations, development or exploration on any of its properties Equinox Gold must receive numerous permits. Equinox Gold may be unable to obtain on a timely basis or maintain in the future all necessary permits to explore and develop its properties, commence construction or operation of mining facilities and properties or maintain continued operations. Delays may occur in connection with obtaining necessary renewals of permits for Equinox Gold&rsquo;s existing operations and activities, additional permits for existing or future operations or activities, or additional permits associated with new legislation. It is possible that previously issued permits may become suspended or revoked for a variety of reasons, including through government or court action. Equinox Gold can provide no assurance that it will continue to hold or obtain, if required to, all permits necessary to develop or continue operating at any particular site, which could adversely affect its operations. Operation, development and exploration of Equinox Gold&rsquo;s Aurizona, Mesquite and Castle Mountain mines require permits from various governmental authorities in Brazil and the United States, respectively. There can be no assurance that all future permits that Equinox Gold requires for its operations at Aurizona, Mesquite or Castle Mountain will be obtainable or renewable on reasonable terms, or at all. Delays or a failure to obtain required permits, or the expiry, revocation or failure to comply with the terms of any such permits that Equinox Gold has already obtained, would adversely affect its business.</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Debt and liquidity risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold must generate sufficient
        internal cash flows and/or be able to utilize available financing sources to finance its growth and sustain capital requirements.
        If Equinox Gold does not realize satisfactory prices for the gold from its gold mining operations, it could be required to raise
        significant additional capital through the capital markets and/or incur significant borrowings to meet its capital requirements.
        These financing requirements will result in dilution to existing Equinox Gold Shareholders and could adversely affect its ability
        to access the capital markets in the future to meet any external financing requirements Equinox Gold might have. If there are significant
        delays in when these projects are completed and are producing on a commercial and consistent scale, and/or their capital costs
        were to be significantly higher than estimated, these events could have a significant adverse effect on Equinox Gold&rsquo;s results
        of operation, cash flow from operations and financial condition.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold has limited operating
        cash flow. Although Equinox Gold has the Revolving Credit Facility, Beaty Loans and Notes (collectively, the &ldquo;Equinox Gold
        Credit Facilities&rdquo;), there is no guarantee that additional funding will be available for further development of its projects.
        Further activities may depend on Equinox Gold&rsquo;s ability to obtain financing through equity or debt financing and failure
        to obtain this financing may result in delay or indefinite postponement of its activities.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">As of December 31, 2019, Equinox
        Gold had aggregate consolidated principal indebtedness in the amount of $284 million. Equinox Gold's ability to make scheduled
        payments on the Equinox Gold Credit Facilities and any other indebtedness will depend on its financial condition and operating
        performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative,
        regulatory and other factors beyond its control. There is no guarantee that additional funding will be available for development
        of projects or to refinance existing corporate and project debt. There may be an inability to complete the investment on the proposed
        terms or at all due to delays in obtaining or inability to obtain consent of lends or to execute intercreditor agreements or obtain
        required regulatory and exchange approvals.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is exposed to interest
        rate risk on variable rate debt. Liquidity risk is the risk that Equinox Gold will not be able to meet its financial obligations
        as they become due, including, among others, debt repayments, interest payments and contractual commitments. If Equinox Gold&rsquo;s
        cash flows and capital resources are insufficient to fund its debt service obligations, Equinox Gold could face substantial liquidity
        problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations,
        seek additional debt or equity capital or restructure or refinance Equinox Gold&rsquo;s indebtedness, including indebtedness under
        the Equinox Gold Credit Facilities. Equinox Gold may not be able to effect any such alternative measures on commercially reasonable
        terms or at all and, even if successful, those alternatives may not allow Equinox Gold to meet its scheduled debt service obligations.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">In addition, a breach of the covenants,
        including the financial covenants under the Equinox Gold Credit Facilities or Equinox Gold&rsquo;s other debt instruments from
        time to time could result in an event of default under the applicable indebtedness. Such a default may allow the creditors to impose
        default interest rates or accelerate the related debt, which may result in the acceleration of any other debt to which a cross
        acceleration or cross default provision applies. In the event a lender accelerates the repayment of Equinox Gold&rsquo;s borrowings,
        Equinox Gold may not have sufficient assets to repay its indebtedness.</P></TD></TR>
</TABLE>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Equinox Gold Credit Facilities
        contain a number of covenants that impose significant operating and financial restrictions on Equinox Gold and may limit Equinox
        Gold&rsquo;s ability to engage in acts that may be in its long term best interest. In particular, the Equinox Gold Credit Facilities
        restricts Equinox Gold&rsquo;s ability to dispose of assets to make dividends or distributions and to incur additional indebtedness
        and grant security interests or encumbrances. As a result of these restrictions, Equinox Gold may be limited in how it conducts
        its business, may be unable to raise additional debt or equity financing, or may be unable to compete effectively or to take advantage
        of new business opportunities, each of which restrictions may affect Equinox Gold&rsquo;s ability to grow in accordance with its
        strategy.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Further, Equinox Gold&rsquo;s maintenance
        of substantial levels of debt could adversely affect its financial condition and results of operations and could adversely affect
        its flexibility to take advantage of corporate opportunities. Substantial levels of indebtedness could have important consequences
        to Equinox Gold, including:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">limiting
        Equinox Gold&#8217;s ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions
        or other general corporate requirements, or requiring Equinox Gold to make nonstrategic divestitures;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">requiring
        a substantial portion of Equinox Gold&#8217;s cash flows to be dedicated to debt service payments instead of other purposes, thereby
        reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate
        purposes;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">increasing
        Equinox Gold&#8217;s vulnerability to general adverse economic and industry conditions;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">exposing
        Equinox Gold to the risk of increased interest rates for any borrowings at variable rates of interest;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">limiting
        Equinox Gold&#8217;s flexibility in planning for and reacting to changes in the industry in which it competes;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">placing
        Equinox Gold at a disadvantage compared to other, less leveraged competitors; and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 25.2pt; text-align: justify; text-indent: -14.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&bull;</FONT><FONT STYLE="font-family: Symbol; font-weight: normal">&#9;</FONT><FONT STYLE="font-weight: normal">increasing
        Equinox Gold&#8217;s cost of borrowing.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Share price fluctuation</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Securities markets have experienced a high degree of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations which have not necessarily been related to their operating performance, underlying asset values or prospects. There can be no assurance that these kinds of share price fluctuations or lack of liquidity will not occur in the future, and if they do occur, the Company does not know how severe the impact may be on Equinox Gold&rsquo;s ability to raise additional funds through equity issues. If Equinox Gold is unable to generate such revenues or obtain such additional financing, any investment in Equinox Gold may be materially diminished in value or lost.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Access to water at Castle Mountain</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Historically the Castle Mountain operation successfully processed approximately 3.6 million tons of ore per year over a ten-year period with continued leaching for several years after mining ceased. Equinox Gold, through its wholly-owned subsidiary, maintains water rights including two producing wells at Castle Mountain. Historically, the mine had sufficient water for processing purposes and Equinox Gold has the water supply to commence Phase 1 production. However, additional sources of ground water will have to be located and permitted to expand throughput production as contemplated in Phase 2. If Equinox Gold is unable to source additional water supplies it could prevent or limit the ability to conduct exploration and development activities and ultimately expand production at Castle Mountain.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Environmental risks, regulations and hazards</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">All phases of Equinox Gold&rsquo;s
mining operations are subject to environmental regulation in the jurisdictions in which they operate. These regulations mandate,
among other things, the maintenance of air and water quality standards and land reclamation. They also set out limitations on the
generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner
which will likely, in the future, require stricter standards and enforcement, increased fines and penalties for non-compliance,
more stringent environmental assessments of proposed projects and heightened degree of responsibility for companies and their officers,
directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect
the mining operations. Environmental hazards may exist on the properties which are unknown at present which have been caused by
previous or existing owners or operators of the properties. Equinox Gold may become liable for such environmental hazards caused
by previous owners or operators of the properties.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Failure to comply with applicable
        laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory
        or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures,
        installation of additional equipment or remedial actions. Parties engaged in mining operations or in the exploration or development
        of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may have
        civil or criminal fines or penalties imposed for violations of applicable laws or regulations.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Previous mining by artisanal miners
        (&ldquo;Garimpeiros&rdquo;) has occurred and continues today at Equinox Gold&rsquo;s Aurizona properties. Garimpeiros are known
        to use motor oils, other substances and greases in their mining processes, which can result in environmental damage. While Equinox
        Gold has taken steps to address the activities of the Garimpeiros and the related environmental impacts, there is no certainty
        that such activities will be discontinued and Equinox Gold may become liable for such environmental hazards caused by previous
        owners or operators of the properties.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The extraction process for gold
        and metals can produce tailings, which are the slurry and sand-like materials which remain from the extraction process. Tailings
        are stored in engineered facilities which are designed, constructed, operated and closed in conformance with local requirements
        and best practices. Hazards such as equipment failure or failure of retaining dams around tailings disposal areas may result in
        environmental pollution and consequent liability.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s historical
        operations have generated chemical and metals depositions in the form of tailing ponds, rock waste dumps, and heap leach pads.
        The Company&rsquo;s ability to obtain, maintain and renew permits and approvals and to successfully develop and operate mines may
        be adversely affected by real or perceived impacts associated with Equinox Gold&rsquo;s activities or of other mining companies
        that affect the environment, human health and safety.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The water collection, treatment
        and disposal operations at Equinox Gold&rsquo;s mines are subject to substantial regulation and involve significant environmental
        risks. If collection or management systems fail, overflow or do not operate properly, untreated water or other contaminants could
        spill onto nearby properties or into nearby streams and rivers, causing damage to persons or property, injury to aquatic life and
        economic damages. Liabilities resulting from damage, regulatory orders or demands, or similar, could adversely and materially affect
        Equinox Gold&rsquo;s business, results of operations and financial condition. Moreover, in the event that Equinox Gold is deemed
        liable for any damage caused by overflow, Equinox Gold&rsquo;s losses or consequences of regulatory action might not be covered
        by insurance policies.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Information systems</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Targeted attacks on Equinox Gold&rsquo;s systems (or on systems of third parties that Equinox Gold relies on), failure or non-availability of key information technology (&ldquo;IT&rdquo;) systems or a breach of security measures designed to protect Equinox Gold&rsquo;s IT systems could result in disruptions to Equinox Gold&rsquo;s operations, extensive personal injury, property damage or financial or reputational risks. Equinox Gold has engaged IT consultants to implement and test system controls and disaster recovery infrastructure for certain IT systems. As the threat landscape is ever-changing, Equinox Gold must make continuous mitigation efforts, including risk prioritized controls to protect against known and emerging threats, tools to provide automate monitoring and alerting and backup and recovery systems to restore systems and return to normal operations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Community action</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">Communities and non-governmental organizations
(&ldquo;NGOs&rdquo;) have become more vocal and active with respect to mining activities at or near their communities. Some communities
and NGOs have taken actions that could have a material adverse effect on our operations, such as setting up road closures and
commencing lawsuits. In certain circumstances, such actions might ultimately result in the cessation of mining activities and
the revocation of permits and licenses. These actions relate not only to current activities but are often in respect of past activities
by prior owners of mining properties.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">Equinox Gold has initiated various
programs to enhance our community engagement processes, drive world-leading environmental practices and reinforce our commitment
to the safety and health of our employees and surrounding communities. However, there is no assurance that our efforts will be
successful at mitigating all impacts of community actions to our operations, and we may suffer material negative consequences to
our business.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; width: 100%"><I>Future acquisitions, business arrangements or transactions</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold will continue to seek new mining and development opportunities in the mining industry as well as business arrangements or transactions. In pursuit of such opportunities, Equinox Gold may fail to select appropriate acquisition targets or negotiate acceptable arrangements, including arrangements to finance acquisitions or integrate the acquired businesses and their workforce into Equinox Gold. Ultimately, any acquisitions would be accompanied by risks, which could include change in commodity prices, difficulty with integration, failure to realize anticipated synergies, significant unknown liabilities, delays in regulatory approvals and exposure to litigation. There is no guarantee that the sources of financing that have been announced will be successful and that additional funding will be available for development of projects or to refinance existing corporate and project debt. There may be an inability to complete the investment on the proposed terms or at all due to delays in obtaining or inability to obtain consent of lenders or to execute intercreditor agreements or obtain required regulatory and exchange approvals. Any material issues that Equinox Gold encounters in connection with an acquisition, business arrangement or transaction could have a material adverse effect on its business, results or operations and financial position.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Limited operating history and uncertainty of future revenues</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold has a limited operating history and it is therefore difficult to evaluate Equinox Gold&rsquo;s business and future prospects. The future success of Equinox Gold is dependent on Equinox Gold&rsquo;s ability to implement its strategy. While the Equinox Gold leadership team is optimistic about the Company&rsquo;s prospects, there is no certainty that anticipated outcomes and sustainable revenue streams will be achieved. Equinox Gold faces risks regarding its future growth and prospects will depend on its ability to manage growth and to continue to expand and improve operational, financial and management information and quality control systems on a timely basis, while at the same time maintaining effective cost controls. Any failure to expand and improve operational, financial and management information and quality control systems in line with Equinox Gold&rsquo;s growth could have a material adverse effect on Equinox Gold&rsquo;s business, financial condition and results of operations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Reclamation estimates, costs and obligations</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s operations
        are subject to reclamation plans that establish its obligations to reclaim properties after minerals have been mined from a site.
        It is difficult to determine the exact amounts which will be required to complete all land reclamation activities in connection
        with the properties in which Equinox Gold holds an interest. Reclamation bonds and other forms of financial assurance represent
        only a portion of the total amount of money that will be spent on reclamation activities over the life of a mine. Accordingly,
        these obligations represent significant future costs for Equinox Gold and it may be necessary to revise planned expenditures, operating
        plans and reclamation concepts and plans in order to fund reclamation activities. Such increased costs may have a material adverse
        impact upon the financial condition and results of operations of Equinox Gold.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">There is a potential future liability
        for cleanup of tailings deposited on the mining license areas by others during previous periods of mining and reprocessing. It
        is not possible to quantify at this time what the potential liability may be and detailed assessments need to be made to determine
        future land reclamation costs, if any.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Exchange rate fluctuations</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold reports its results in United States dollars, while many of Equinox Gold&rsquo;s investments, costs and revenues may be denominated in other currencies. This may result in additions to Equinox Gold&rsquo;s reported costs or reductions in Equinox Gold&rsquo;s reported revenues. Fluctuations in exchange rates between currencies in which Equinox Gold invests, reports, or derives income may cause fluctuations in its financial results that are not necessarily related to Equinox Gold&rsquo;s underlying operations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Infrastructure</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">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 which affect capital and operating costs. Unusual or infrequent weather phenomena, terrorism, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect Equinox Gold&rsquo;s operations, financial condition and results of operations.</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Properties located in remote areas</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s properties
        may be located in remote areas, some of which have severe climates, resulting in technical challenges for conducting both geological
        exploration and mining. Equinox Gold benefits from modern mining transportation skills and technologies for operating in areas
        with severe climates. Nevertheless, Equinox Gold may sometimes be unable to overcome problems related to weather and climate at
        a commercially reasonable cost, which could have a material adverse effect on Equinox Gold business and results of operations.
        The remote location of Equinox Gold&rsquo;s operations may also result in increased costs and transportation difficulties.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Aurizona is situated in a region
        where other mining activity is developing. Aurizona has access to existing roads and paved highways as well as local water and
        power supply; however, the existing road to the village of Aurizona may require relocation in the future to allow access to the
        western portion of the ore body, which will also require permitting and community support. Generators currently act as back-up
        for power outages but, despite provision for backup infrastructure, there can be no assurance that challenges or interruptions
        in infrastructure and resources will not be encountered.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Internal controls over financial reporting</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold may fail to maintain
        the adequacy of its internal control over financial reporting as such standards are modified, supplemented or amended from time
        to time, and Equinox Gold may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls
        over financial reporting. Equinox Gold&rsquo;s failure to satisfy the requirements of Canadian legislation on an ongoing, timely
        basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm
        Equinox Gold&rsquo;s business and negatively impact the trading price of its Shares or market value of its other securities. In
        addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could
        harm Equinox Gold&rsquo;s operating results or cause it to fail to meet its reporting obligations.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold may fail to maintain
        the adequacy of its disclosure controls. Disclosure controls and procedures are designed to ensure that the information required
        to be disclosed by Equinox Gold in reports filed with securities regulatory agencies is recorded, processed, summarized and reported
        on a timely basis and is accumulated and communicated to Equinox Gold&rsquo;s management, as appropriate, to allow timely decisions
        regarding required disclosure.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">No evaluation can provide complete
        assurance that Equinox Gold&rsquo;s financial and disclosure controls will detect or uncover all failures of persons within Equinox
        Gold to disclose material information otherwise required to be reported. A control system, no matter how well designed and operated,
        can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement
        preparation. The effectiveness of Equinox Gold&rsquo;s controls and procedures could also be limited by simple errors or faulty
        judgments.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Counterparty risk</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Counterparty risk is the risk to Equinox Gold that a party to a contract will default on its contractual obligations to Equinox Gold. Equinox Gold is exposed to various counterparty risks including, but not limited to: (i) financial institutions that hold Equinox Gold&rsquo;s cash and short term investments; (ii) companies that have payables to Equinox Gold; (iii) providers of its risk management services, such as hedging arrangements; (iv) shipping service providers that move Equinox Gold&rsquo;s material; (iv) Equinox Gold&rsquo;s insurance providers; and (v) Equinox Gold&rsquo;s lenders. Although Equinox Gold makes efforts to limit its counterparty risk, Equinox Gold cannot effectively operate its business without relying, to a certain extent, on the performance of third party service providers.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Public perception</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Damage to Equinox Gold&rsquo;s reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although Equinox Gold places great emphasis on protecting its image and reputation, it does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and act as an impediment to Equinox Gold&rsquo;s overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows and growth prospects.</TD></TR>
</TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Equinox Gold may become subject to additional legal proceedings</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold is currently subject to litigation and claims in Brazil and the United States and may, from time to time, become involved in various claims, legal proceedings, regulatory investigations and complaints. Equinox Gold cannot reasonably predict the likelihood or outcome of any actions should they arise. If Equinox Gold is unable to resolve any such disputes favorably, it may have a material adverse effect on Equinox Gold&rsquo;s financial performance, cash flows, and results of operations. To the extent management believes it is probable that a material cash outflow will be incurred to settle the claim, a provision for the estimated settlement amount is recorded. Equinox Gold&rsquo;s assets and properties may become subject to further liens, agreements, claims, or other charges as a result of such disputes. Any claim by a third party on or related to any of Equinox Gold&rsquo;s properties, especially where mineral reserves have been located, could result in Equinox Gold losing a commercially viable property. Even if a claim is unsuccessful, it may potentially affect Equinox Gold&rsquo;s operations due to the high costs of defending against the claim. If Equinox Gold loses a commercially viable property, such a loss could lower its future revenues, or cause Equinox Gold to cease operations if the property represents all or a significant portion of Equinox Gold&rsquo;s mineral reserves.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Defects in land title</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Title insurance is not available for Equinox Gold&rsquo;s properties, and Equinox Gold&rsquo;s ability to ensure that it has obtained a secure claim to individual mineral properties or mining concessions may be severely constrained. Equinox Gold has not conducted surveys of all of the claims in which it holds direct or indirect interests and, therefore, the precise area and location of such claims may be in doubt. Equinox Gold can provide no assurances that there are no title defects affecting its properties. Accordingly, its mineral properties may be subject to prior unregistered liens, agreements, transfers or claims, including indigenous land claims, and title may be affected by, among other thing, undetected defects. In addition, Equinox Gold may be unable to operate its properties as permitted or to enforce its rights with respect to its properties.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Management</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The success of Equinox Gold will be largely dependent on the performance of its Board of Directors and its senior management. The loss of the services of these persons would have a materially adverse effect on Equinox Gold&rsquo;s business and prospects. There is no assurance Equinox Gold can maintain the services of its Board of Directors and management or other qualified personnel required to operate its business. Failure to do so could have a material adverse effect on Equinox Gold and its prospects.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Employee recruitment and retention</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Recruiting and retaining qualified personnel is critical to Equinox Gold&rsquo;s success. The number of persons skilled in the acquisition, exploration, development and operation of mining properties is limited and competition for such persons is intense. In particular, there is intense competition for engineers, geologists and persons with mining expertise. As Equinox Gold&rsquo;s business activity grows, it will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff at its operations. Although Equinox Gold believes that it will be successful in attracting and retaining qualified personnel, there can be no assurance of such success as competition for such persons with these skill sets increases. If Equinox Gold is not successful in attracting and retaining qualified personnel, the efficiency of our operations could be impaired, which could have an adverse impact on Equinox Gold&rsquo;s future cash flows, earnings, results of operations, and financial condition.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Property commitments</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The properties held by Equinox Gold may be subject to various land payments, royalties and/or work commitments. Failure by Equinox Gold to meet its payment obligations or otherwise fulfill its commitments under these agreements could result in the loss of related property interests.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Competition</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The mining industry is very competitive,
        particularly with respect to properties that produce, or are capable of producing, gold and other metals. Mines have limited lives
        and, as a result, Equinox Gold continually seeks out 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 Equinox Gold would consider conducting
        exploration and/or production activities. As Equinox Gold faces significant and increasing competition from a number of large established
        companies, some of which have greater financial and technical resources than Equinox Gold, for a limited number of suitable properties
        and resource acquisition opportunities, Equinox Gold may be unable to acquire such mining properties which it desires on terms
        it considers acceptable.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold competes with these
        other mining companies for the recruitment and retention of qualified directors, professional management, employees and contractors.
        Competition is also intense for the availability of 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 gold mines, gold
        developmental projects, gold producing companies, or properties having significant exploration potential. As a result, there can
        be no assurance that the Company&rsquo;s acquisition and exploration programs will yield new mineral reserves to replace or expand
        current mineral reserves, or that the Company will be able to maintain production levels in the future.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Employee and labour relations</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Some of Equinox Gold&rsquo;s employees
        and contractors are unionized. In particular, a union has been established at one of the Company&rsquo;s operations. Although the
        Company has reached agreements and places significant emphasis on maintaining positive relationships with the union and employees,
        there is risk of labour strikes and work stoppages. Should they occur, some labour strikes and work stoppages have the potential
        to significantly affect the Company&rsquo;s operations and thereby adversely impact the Company&rsquo;s future cash flows, earnings,
        production, and financial conditions.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Further, relations with employees
        may be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in
        the jurisdictions in which the mining operations are conducted. Changes in such legislation or otherwise in Equinox Gold&rsquo;s
        relationships with its employees may result in strikes, lockouts or other work stoppages, any of which could have a material adverse
        effect on the mining operations, results of operations and financial condition.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Climate change</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Governments are moving to introduce climate change legislation and treaties at the international, national, state/province and local levels. Regulation relating to emission levels (such as carbon taxes) and energy efficiency is becoming more stringent. If the current regulatory trend continues, Equinox Gold expects that this will result in increased costs. In addition, physical risk of climate change may also have an adverse effect on Equinox Gold&rsquo;s operations. These risks include: sea level rise, extreme weather events, and resource shortages due to delivery disruptions. Equinox Gold can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on its operations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Uninsurable risks</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is subject to a number
        of risks and hazards generally, including adverse environmental conditions, industrial accidents, labour disputes, unusual or unexpected
        geological conditions, ground or slope failures, mechanical failures, changes in the regulatory environment and natural phenomena
        such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or
        production facilities, personal injury or death, environmental damage to Equinox Gold&rsquo;s current properties and future properties
        of Equinox Gold or the properties of others, delays in mining, monetary losses and possible legal liability.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Although Equinox Gold
maintains insurance to protect against certain risks in such amounts as it considers to be reasonable, any such insurance may
not cover all the potential risks associated with its operations. Equinox Gold may also be unable to maintain insurance to cover
these risks at economically feasible premiums or for other reasons.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; width: 100%">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Insurance coverage may
not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as
environmental pollution or other hazards as a result of exploration and production is not generally available to Equinox Gold
or to other companies in the mining industry on acceptable terms. Equinox Gold might also become subject to liability for pollution
or other hazards which may not be insured against or which Equinox Gold may elect not to insure against because of premium costs
or other reasons. Losses from these events may cause Equinox Gold to incur significant costs that could have a material adverse
effect upon its cash flows, results of operations and financial condition.</P></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Speculative nature of mining exploration and development</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The long-term operation and success
        of Equinox Gold is dependent, in part, on the cost and success of our exploration and development projects. Mineral exploration
        and development is highly speculative and involves significant risks. Major expenses are typically required to locate and establish
        mineral reserves.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Development of Equinox Gold&rsquo;s
        mineral projects will only follow upon obtaining satisfactory results. Few properties which are explored are ultimately developed
        into producing properties. There is no assurance that Equinox Gold&rsquo;s exploration and development activities will result in
        any discoveries of commercial bodies of ore. There is also no assurance that, even if commercial quantities of ore are discovered,
        any of Equinox Gold&rsquo;s mineral projects will be brought into commercial production.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The processes of exploration and
        development also involves risks and hazards, including environmental hazards, industrial accidents, labour disputes, unusual or
        unexpected geological conditions or acts of nature. These risks and hazards could lead to events or circumstances which could result
        in the complete loss of a project or could otherwise result in damage or impairment to, or destruction of, mineral properties and
        future production facilities, environmental damage, delays in exploration and development interruption, and could result in personal
        injury or death.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Although Equinox Gold evaluates
        the risks and carries insurance policies to mitigate the risk of loss where economically feasible, not all of these risks are reasonably
        insurable and insurance coverages may contain limits, deductibles, exclusions and endorsements. Equinox Gold cannot assure that
        its coverage will be sufficient to meet its needs. Such a loss may have a material adverse effect on Equinox Gold.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Corruption and bribery laws</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold&rsquo;s operations are governed by, and involve interactions with, many levels of government in numerous countries. Equinox Gold is required to comply with anti-corruption and anti-bribery laws, including the Canadian Criminal Code, and the Canadian Corruption of Foreign Public Officials Act, as well as similar laws in the countries in which Equinox Gold conducts its business. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Although Equinox Gold has adopted steps to mitigate such risks, including the implementation of training programs, internal monitoring, reviews and audits, and policies to ensure compliance with such laws, such measures may not always be effective in ensuring that Equinox Gold, its employees, contractors or third-party agents will comply strictly with such laws. If Equinox Gold finds itself subject to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines and/or sanctions imposed on Equinox Gold resulting in a material adverse effect on Equinox Gold&rsquo;s reputation and results of its operations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Public company obligations</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold&rsquo;s business is
        subject to evolving corporate governance and public disclosure regulations that have increased both Equinox Gold&rsquo;s compliance
        costs and the risk of non-compliance, which could adversely impact Equinox Gold&rsquo;s share price.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Equinox Gold is subject to changing
        rules and regulations promulgated by a number of governmental and self-regulated organizations, including the Canadian and United
        States securities administrators and regulators, the TSX, the NYSE-A, and the International Accounting Standards Board. These rules
        and regulations continue to evolve in scope and complexity creating many new requirements. Equinox Gold&rsquo;s efforts to comply
        with such legislation could result in increased general and administration expenses and a diversion of management time and attention
        from revenue-generating activities to compliance activities.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>No history of dividends</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold and its predecessor companies have not paid a dividend since incorporation. Equinox Gold intends to continue to retain earnings and other cash resources for its business. Any future determination to pay dividends will be at the discretion of Equinox Gold&rsquo;s Board of Directors and will depend upon the capital requirements of Equinox Gold, results of operations and such other factors as Equinox Gold&rsquo;s Board of Directors considers relevant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Foreign exchange transactions registration compliance</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">In certain jurisdictions where Equinox Gold operates, entities that are exporters are permitted to maintain offshore bank accounts and are required to register all transactions resulting in deposits into and payments out of those accounts. Equinox Gold has identified that in certain instances it has not registered all transactions. Equinox Gold has been advised by its tax and foreign trade legal advisors that the maximum fines imposable under statute that could result from non-compliance are up to 15% of the unreported foreign currency transaction, with a five-year statute of limitations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Significant shareholders</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company has certain significant shareholders and holders of convertible rights (including the Notes), that have or will have on exercise of such convertible rights the ability to influence the outcome of corporate actions requiring shareholder approval, including the election of directors of Equinox Gold and the approval of certain corporate transactions. Although, each of these significant shareholders is or will be a strategic partner of Equinox Gold, their respective interests may differ from the interests of Equinox Gold or its other shareholders. The concentration of ownership of the common shares may also have the effect of dissuading third-party offers or delaying or preventing other possible strategic transactions of Equinox Gold.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Conflicts of interest</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Certain of the directors and/or officers of Equinox Gold also serve as directors and/or officers of other companies involved in natural resource exploration, development and mining operations and consequently there exists the possibility for such directors to be in a position of conflict. In particular, Ross Beaty, Chairman of Equinox Gold, is a significant Equinox Gold shareholder and a lender and Tim Breen, a director of Equinox Gold, is also an employee of Mubadala which has a material relationship with Equinox Gold. Any decision made by any of such directors and/or officers will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of Equinox Gold and Equinox Gold shareholders. In addition, each director is required to declare and refrain from voting on any matter in which such director may have a conflict of interest in accordance with the procedures set forth in the British Columbia <I>Business Corporations Act</I> and other applicable laws.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Risk Factors Related to the Proposed Transaction Between Equinox Gold and Leagold</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold entered into a Plan of Arrangement Agreement (the &ldquo;Arrangement&rdquo;) to acquire 100% of the issued and outstanding common shares of Leagold Mining Corporation. As a result of this Arrangement, Leagold will become a wholly-owned subsidiary of Equinox Gold.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Possible failure to realize anticipated benefits of the Arrangement</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The ability to realize the benefits of the Arrangement will depend in part on successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient manner, as well as on Equinox Gold&rsquo;s ability to realize the anticipated growth opportunities and synergies from integrating Leagold&rsquo;s business following completion of the Arrangement. This integration will require the dedication of management effort, time and resources which may divert management&rsquo;s focus and resources from other strategic opportunities available to Equinox Gold following completion of the Arrangement, and from operational matters during this process. The integration process may result in the loss of key employees or directors and the disruption of ongoing business and employee relationships that may adversely affect the ability of Equinox Gold to achieve the anticipated benefits of the Arrangement as well as any anticipated benefits from possible future acquisitions.</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Risks related to the businesses of Equinox Gold and Leagold</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">While Equinox Gold and Leagold have completed due diligence investigations on the other company, including reviewing technical, environmental, legal, tax accounting, financial and other matters, certain risks either may not have been uncovered or are not known at this time. Such risks may have an adverse impact on Equinox Gold and the combined assets of Equinox Gold and Leagold following the Arrangement and may have a negative impact on the value of the Equinox Gold common shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Significant capital requirements associated with the expanded portfolio of development projects</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Equinox Gold must be able to utilize available financing sources to finance its growth and sustain capital requirements. Equinox Gold could be required to raise significant additional capital through equity financings in the capital markets or to incur significant borrowings through debt financings to meet its capital requirements. If these financings are required, Equinox Gold&rsquo;s cost of raising capital in the future may be adversely affected. In addition, if Equinox Gold is required to make significant interest and principal payments resulting from a debt financing, Equinox Gold&rsquo;s financial condition and ability to raise additional funds may be adversely impacted. Any significant delay in completing its development projects or the incurring of capital costs that are significantly higher than estimated could have a significant adverse effect on Equinox Gold&rsquo;s results of operations and financial condition. If additional capital is raised by the issuance of Equinox Gold common shares following completion of the Arrangement, both Equinox Gold and Leagold shareholders may suffer dilution.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><I>Anti-dilution rights</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Mubadala and Pacific Road are entitled to certain anti-dilution rights. In the event that such anti-dilution rights are exercised, Mubadala and/or Pacific Road, as the case may be, may subscribe for up to their pro rata share on the Equinox Gold common shares or instruments convertible into Equinox Gold common shares, being approximately 30.0 million Equinox Gold common shares and 11.1 million Equinox Gold common shares, respectively. If one or both of Mubadala and Pacific Road exercise their anti-dilution rights in connection with the Arrangement, Equinox shareholders and Leagold shareholders will suffer dilution.</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Accounting Matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Use of judgement and estimates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Except as otherwise noted, the
        Company&rsquo;s financial statements are presented in United States dollars, the functional currency of the Company and its subsidiaries.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">In preparing the Company&rsquo;s
        consolidated financial statements in conformity with IFRS, management has made judgements, estimates and assumptions that affect
        the application of the Company&rsquo;s accounting policies and the reported amounts of assets, liabilities, income and expense.
        Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized
        in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and
        estimates in applying accounting policies that have the most significant effect on amounts recognized in the consolidated financial
        statements are as follows:</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt; font-weight: bold; font-style: italic"><FONT STYLE="font-style: normal">Judgements</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.25pt; text-indent: -22.25pt; font-size: 10pt; text-align: justify; line-height: 12pt">(i)&#9;&nbsp;&nbsp;&nbsp;Commencement of commercial production</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Management considers several factors in determining when a mining property is capable of operating at levels intended by management.&nbsp;&nbsp;Until a mine is capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the related mining properties and proceeds from mineral sales are offset against costs capitalized.&nbsp;&nbsp;Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Amongst other quantitative and qualitative factors, throughput, mill grades and recoveries were assessed over a reasonable period to make this determination.&nbsp;&nbsp;The Company determined that Aurizona was capable of operating at levels intended by management effective July 1, 2019.&nbsp;&nbsp;A minimum of 80% of planned output and/or design capacity measures over a 30-day period were utilized in determining the appropriate timing.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(ii)&#9;&nbsp;&nbsp;&nbsp;Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Management applies judgement in assessing whether the facts and circumstances pertaining to each investment result in the Company having control, joint control or significant influence over an investee.&nbsp;&nbsp;During Q2 2019, the Company determined that Solaris was no longer a controlled subsidiary as the Company&rsquo;s ownership interest reduced to approximately 32% as a result of the completion of external financings, and Solaris was self-sustaining for an extended period with no capital injections made by Equinox Gold.&nbsp;&nbsp;The Company determined that it retained significant influence over Solaris, and accounts for its interest using the equity method effective June 30, 2019.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(iii)&#9;&nbsp;&nbsp;Acquisitions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 - Business Combinations. If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded that the acquisition of Mesquite on October 30, 2018 met the criteria of a business combination.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Indicators of impairment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Judgement is required in assessing whether certain factors would be considered an indicator of impairment. The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired, or reversal of impairment is needed.&nbsp;&nbsp;Factors considered include current and forecast economic conditions, internal projections and the Company&rsquo;s market capitalization relative to its net asset carrying amount.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(v)&#9;&nbsp;&nbsp;&nbsp;Functional currency</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The functional currency for each of the Company&rsquo;s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar. Assessment of functional currency involves certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.3pt; text-indent: -22.3pt; font-size: 10pt; text-align: justify; line-height: 12pt">(vi)&#9;&nbsp;&nbsp;&nbsp;Contingencies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Key sources of estimation uncertainty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of assets and liabilities acquired</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Accounting for
acquisitions requires estimates with respect to the fair value of the assets and liabilities acquired. Such estimates require
valuation methods including discounted cash flows, depreciated replacement costs and other methods. These models use forecasted
cash flows, discount rates, current replacement costs and other assumptions. Changes in these assumptions changes the value assigned
to the acquired assets and liabilities and goodwill, if any.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; width: 100%">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Significant assumptions
related to the Company&rsquo;s acquisitions are disclosed in note 5 of the 2019 audited consolidated financial statements.</P></TD></TR>
</TABLE>

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    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Estimated recoverable ounces</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company estimates recoverable ounces for determining the number of ounces in heap leach inventory.&nbsp;&nbsp;Changes to the estimates of recoverable ounces includes in the heap leach inventory can impact the Company&rsquo;s ability to recover the carrying value of the inventory in the normal course of operations.&nbsp;&nbsp;&nbsp;Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the pads, the grade of ore placed on the leach pads and an estimated percentage of recovery.&nbsp;&nbsp;Timing and ultimate recovery of gold contained on leach pads can vary significantly from the estimates.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(iii)&#9;&nbsp;&nbsp;Inventory valuation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Management values production inventory at the lower of weighted average production costs and net realizable value (&ldquo;NRV&rdquo;). Weighted average production costs include expenditures incurred and depreciation and depletion of assets used in mining and processing activities that are deferred and accumulated as the cost of ore in stockpiles, ore on leach pad, work-in-process and finished metals inventories.&nbsp;&nbsp;The allocation of costs to ore in stockpiles, ore on leach pads and in-process inventories and the determination of NRV involve the use of estimates.&nbsp;&nbsp;Costs are removed from the leach pad based on the average cost per recoverable ounce of gold and silver on the leach pad as gold is recovered.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(iv)&#9;&nbsp;&nbsp;&nbsp;Impairment of mineral properties, plant and equipment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The determination of fair value less costs to sell and value in use of an asset or cash generating unit requires management to make estimates and assumptions about expected production, sales volumes, commodity prices, mineral reserves, operating costs, closure and rehabilitation costs and future capital expenditures and discount rates.&nbsp;&nbsp;The estimates and assumptions are subject to risk and uncertainty, hence, there is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the asset or cash generating unit.&nbsp;&nbsp;In such circumstances some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in net income (loss).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(v)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mineral reserve and mineral resource estimates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company estimates its
        mineral reserves and mineral resources based on information compiled by qualified persons as defined by National Instrument (&ldquo;NI&rdquo;)
        43-101. Mineral reserves determined in this way are used in the calculation of depreciation, amortization and impairment charges,
        and for forecasting the timing of the payment of closure and restoration costs. In assessing the life of a mine for accounting
        purposes, mineral resources are only taken into account where there is a high degree of confidence of economic extraction.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">There are numerous uncertainties
        inherent in estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when
        new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery
        rates may change the economic status of mineral reserves and may, ultimately, result in mineral reserve estimates being revised.
        Such changes in mineral reserves could impact on depreciation and amortization rates, asset carrying values and the provision for
        closure and restoration costs.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(vi)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Mine closure and reclamation costs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company&rsquo;s
provision for mine closure and reclamation cost obligations represents management&rsquo;s best estimate of the present value of
the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign
exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates
for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the
Company.</P></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; width: 100%">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Changes to mine
closure and reclamation cost obligations are recorded with a corresponding change to the carrying amounts of related mineral properties,
plant and equipment for the year. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result
in a change to future depletion expense.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Assumptions with respect
        to the Company&rsquo;s mine closure and reclamation costs are disclosed in note 15 of the 2019 audited consolidated financial statements.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(vii)&#9;&nbsp;&nbsp;&nbsp;Valuation of derivatives and other financial instruments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The valuation of the Company&rsquo;s
        derivative financial instruments requires the use of option pricing models or other valuation techniques. Measurement of warrants
        with exercise prices denominated in C$ is based on an option pricing model which uses assumptions with respect to share price,
        expected life, share price volatility and discount rates. Measurement of embedded derivatives such as interest rate floors and
        prepayment options require estimates of future yield curves and credit spread. Measurement of foreign exchange contracts are based
        on forward foreign exchange rates. Changes in these assumptions and estimates result in changes in the fair value of these instruments
        and a corresponding change in the amount recognized in net income (loss).</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Significant assumptions
        related to derivatives are disclosed in note 14 of the 2019 audited consolidated financial statements.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(viii)&#9;&nbsp;Share-based payments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company utilizes the
        Black-Scholes Option Pricing Model (&ldquo;Black-Scholes&rdquo;) to estimate the fair value of stock options granted to directors,
        officers and employees. The use of Black-Scholes requires management to make various estimates and assumptions that impact the
        value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend
        yield, the expected life of the stock options and the number of options expected to vest. Any changes in these assumptions could
        change the amount of share-based compensation recognized.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">Significant assumptions
        related to share-based payments are disclosed in note 17(c) of the 2019 audited consolidated financial statements.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(ix)&#9;&nbsp;&nbsp;&nbsp;Income taxes and value-added taxes receivable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The determination of the
        Company&rsquo;s tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgement
        by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates
        of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings,
        which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation
        authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment
        of taxes. The Company provides for such differences where known based on management&rsquo;s best estimate of the probable outcome
        of these matters.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 22.5pt; text-align: justify">The Company has receivables
        from various governments for federal and state value-added taxes (&ldquo;VAT&rdquo;), and for federal income taxes. Significant
        estimates and judgements are involved in the assessment of recoverability of these receivables. Changes in management&rsquo;s impairment
        assumptions may result in an additional impairment provision, or a reduction to any previously recorded impairment provision, with
        the impact recorded in net income (loss).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 21.6pt; text-indent: -21.6pt; font-size: 10pt; text-align: justify; line-height: 12pt">(x)&#9;&nbsp;&nbsp;&nbsp;Contingencies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt 22.5pt; font-size: 10pt; text-align: justify; line-height: 12pt">Due to the nature of the Company&rsquo;s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. In the event that management&rsquo;s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the period in which such changes occur.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Adoption of new IFRS pronouncements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">The Company adopted IFRS 16, <I>Leases</I> (&ldquo;IFRS 16&rdquo;) on January 1, 2019. A number of other new standards are effective from January 1, 2019, including IFRIC 23, <I>Uncertainty over Income Tax Treatments</I>, but they do not have a material effect on the Company&rsquo;s consolidated financial statements.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">IFRS 16 introduced a single, on-balance
        sheet accounting model for lessees. As a result, the Company, as a lessee, has recognized right-of-use assets representing its
        rights to use the underlying assets and lease liabilities representing its obligation to make lease payments. The Company may elect
        to not apply IFRS 16 to leases with a term of less than 12 months or leases where the underlying asset is of low value.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Previously, the Company determined
        at contract inception whether an arrangement was or contained a lease in accordance with IAS 17, Leases and IFRIC 4, Determining
        Whether an Arrangement contains a Lease. The Company now assesses whether a contract is or contains a lease based on the new definition
        of a lease. Under IFRS 16, a contract is or contains a lease if the contract conveys a right to control the use of an identified
        asset for a period of time in exchange for consideration.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Transition</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company adopted IFRS 16 using
        the modified retrospective approach. Accordingly, the comparative information presented for 2018 has not been restated.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On transition to IFRS 16, the Company
        elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only
        to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were
        not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on
        or after January 1, 2019.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company leases various assets
        including equipment and offices that had previously been classified as operating leases under IAS 17. On transition, lease liabilities
        for these leases were measured at the present value of remaining lease payments, discounted at the Company&rsquo;s incremental
        borrowing rate as of January 1, 2019. The average incremental borrowing rate at January 1, 2019 was 6.5%. The Company elected to
        measure the right-of-use assets at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease
        payments.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On initial adoption, the Company
        used the following practical expedients as permitted by the standard when applying IFRS 16 to leases previously classified as operating
        leases under IAS 17:</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Applied
        the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term remaining.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Applied
        a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining
        lease term for a similar class of underlying asset in a similar economic environment).</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT>Used
        hindsight, such as in determining the lease term if the contract contains options to extend or terminate the lease.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company did not have any leases
        classified as finance leases under IAS 17 on the adoption date.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">On transition to IFRS 16, the Company
        recognized right-of-use assets and lease liabilities for its office leases, resulting in an increase to property, plant and equipment
        of $0.2 million at January 1, 2019. A corresponding lease liability was recognized for $0.2 million in other long-term liabilities.
        Right-of-use assets are presented as other property and equipment within mineral property, plant and equipment and lease liabilities
        are presented in other liabilities in the statement of financial position.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt"><U>Significant accounting policies</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The following is the new accounting
policy for leases under IFRS 16:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">A contract is or contains a lease
when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company recognizes a right-of-use
        asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently
        at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability.
        The cost of the right of use asset includes the amount of the initial measurement of the lease liability, any lease payments made
        at or before the commencement date, less any lease incentives received, any initial direct costs; and if applicable, an estimate
        of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located
        or restoring the underlying asset to the condition required by the terms and conditions of the lease.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The lease liability is initially
        measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate
        implicit in the lease or, if that rate cannot be readily determined, the Company&rsquo;s incremental borrowing rate. The incremental
        borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset
        of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental
        borrowing rate as the discount rate.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The lease liability is subsequently
        increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change
        in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable
        under a residual value guarantee, or, as appropriate, changes in the assessment of whether a purchase or extension option is reasonably
        certain to be exercised or a termination option is reasonably certain not to be exercised.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company does not recognize
        right-of-use assets and lease liabilities for leases of low-value assets and leases with lease terms that are less than 12 months.
        Lease payments associated with these leases are instead recognized as an expense over the lease term on either a straight-line
        basis, or another systematic basis if more representative of the pattern of benefit.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">The Company has applied judgment
        to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether
        the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease
        liabilities and right-of-use assets recognized.</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">Right-of-use assets are presented
        in the same line item as it presents underlying assets of the same nature that it owns. The Company presents lease liabilities
        in other liabilities in the statement of financial position.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 2.15pt 3pt; font-size: 10pt; text-align: justify; font-weight: bold">Evaluation of Disclosure Controls and Procedures and Internal Controls Over Financial Reporting</TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">As required by National Instrument
52-109, Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings, Equinox Gold conducted an evaluation of the effectiveness
of the disclosure controls and procedures and the system of internal control over financial reporting based on Internal Control
- Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on
this evaluation, management concluded that the Company&rsquo;s system of internal control over financial reporting was effective
as at December 31, 2019. The evaluation was carried out under the supervision and with the participation of the Chief Executive
Officer (&ldquo;CEO&rdquo;) and the Chief Financial Officer (&ldquo;CFO&rdquo;). Based on the evaluation, Equinox Gold&rsquo;s
CEO and CFO concluded that the Company&rsquo;s disclosure controls and procedures are effective in providing reasonable assurance
that material information relating to Equinox Gold and its consolidated subsidiaries is made known to them by others within those
entities, particularly during the period in which the annual filings are being prepared.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">In addition, Equinox Gold&rsquo;s
CEO and CFO concluded that the Company&rsquo;s internal controls over financial reporting are effective in providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for Equinox Gold and its
consolidated subsidiaries for the period in which the annual filings are being prepared. The CEO and CFO confirm that there were
no changes in the controls which materially affected, or are reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting during the year ended December 31, 2019.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 5pt; text-align: justify">There have been changes in the
Company&rsquo;s internal controls over financial reporting (&ldquo;ICFR&rdquo;) during 2019 resulting from the Company&rsquo;s
conversion and upgrade of its enterprise resource planning system (&ldquo;ERP&rdquo;) at Mesquite. However, there have been no
changes in the Company&rsquo;s ICFR in the year ended December 31, 2019 that have materially affected, or are reasonably likely
to materially affect, its ICFR.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">During the ERP conversion and upgrade, the Company&rsquo;s internal controls were maintained or supplemented by controls added during the system implementation and related business process improvements. The Company performed fulsome system conversion testing to ensure that prior period balances were translated into the new system completely and accurately.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Cautionary Notes and Forward-looking Statements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">This MD&amp;A includes certain statements that constitute &ldquo;forward-looking statements&rdquo;, and &ldquo;forward-looking information&rdquo; within the meaning of applicable securities laws collectively &ldquo;forward-looking statements&rdquo;.&nbsp;&nbsp;These statements appear in a number of places in this MD&amp;A and include statements regarding the Company&rsquo;s intent, or the beliefs or current expectations of the Company&rsquo;s officers and directors. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company&rsquo;s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.&nbsp;&nbsp;When used in this MD&amp;A, words such as &ldquo;believe&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;intend&rdquo;, &ldquo;expect&rdquo;, &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;plan&rdquo;, &ldquo;objective&rdquo;, &ldquo;anticipated&rdquo;, &ldquo;advancing&rdquo;, &ldquo;start&rdquo;, &ldquo;underway&rdquo;, &ldquo;commence&rdquo;, &ldquo;outlook&rdquo;, &ldquo;budget&rdquo;, &ldquo;schedule&rdquo;, &ldquo;potential&rdquo; and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo; or the negative connotation of such terms. As well, forward-looking statements may relate to the Company&rsquo;s future outlook and anticipated events, such as the Company&rsquo;s ability to successfully operate Mesquite and Aurizona and achieve the annual production and costs estimated for Mesquite and Aurizona, exploration results at Mesquite and Aurizona and the Company&rsquo;s ability to expand the resource base and extend the mine life at Mesquite and Aurizona, the Company&rsquo;s ability to advance Castle Mountain to Phase 1 operations and achieve production, to complete a feasibility for Phase 2 operations, to ultimately advance Castle Mountain to Phase 2 operations, ability to fully fund Castle Mountain Phase 1 construction, the Company&rsquo;s ability to achieve the results anticipated in the Castle Mountain prefeasibility study, the ability to complete the merger with Leagold on time or at all, the strengths, characteristics and potential of the combined company, the underwritten term loan, revolving credit facility and the financings by Ross Beaty and Mubadala, and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto, and the ability to obtain the approval of the merger from the Mexican anti-trust commission (COFECE), conditions and risks associated with the corporate revolving credit facility, conditions and risks associated with the convertible notes, and statements regarding the Company&rsquo;s assets, future financial position, business strategy, budgets, litigation, projected costs, financial results, exploration results, taxes, plans and objectives. The Company has based these forward-looking statements largely on the Company&rsquo;s current expectations and projections about future events and financial trends affecting the financial condition of the Company&rsquo;s business.&nbsp;&nbsp;These forward-looking statements were derived using numerous assumptions regarding expected growth, results of operations, performance and business prospects and opportunities that could cause the Company&rsquo;s actual results to differ materially from those in the forward-looking statements and include but are not limited to: (1) there being no significant disruptions affecting Equinox Gold&rsquo;s operations or projects; (2) political, security and legal developments in jurisdictions where Equinox Gold operates or may in future operate, being consistent with Equinox Gold&rsquo;s current expectations; (3) the accuracy of Equinox Gold&rsquo;s mineral
reserve and mineral resource estimates; (4) the exchange rates between the Canadian dollar, the U.S. dollar and the Brazilian reals being approximately consistent with current levels; (4) prices for key supplies, equipment, labour and material costs being consistent with Equinox Gold&rsquo;s current expectations; and (5) all required permits, licenses and authorizations being obtained in a timely manner or at all, or if obtained, remaining in place, from relevant governments. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on these forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management&rsquo;s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this MD&amp;A are expressly qualified in their entirety by this cautionary statement.</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;<IMG SRC="ex991_header.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Management&rsquo;s Discussion and Analysis</B></P><P STYLE="border-bottom: Black 2pt solid; margin-top: 0; margin-bottom: 0">For the three months and year ended December 31, 2019</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding: 12pt 2.15pt 3pt; font-weight: bold; text-align: justify; font-size: 10pt; color: #21405E; text-transform: uppercase">Technical Information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.15pt 5pt; font-size: 10pt; text-align: justify; line-height: 12pt">James (Jim) Currie, P.Eng., Equinox Gold&rsquo;s Chief Operating Officer, and Scott Heffernan, MSc, P.Geo. Equinox Gold&rsquo;s EVP Exploration, are the Qualified Persons under NI 43-101 for Equinox Gold and have reviewed, approved and verified the technical content of this document.</TD></TR>
</TABLE>
<P STYLE="color: #21405E; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-transform: uppercase; text-align: justify">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
